Economic downturns, uncertainty and recessions are facts of life that are always going to happen.
And since the pandemic of 2020, we’re aware more than ever that circumstances completely outside our control can have a huge impact on our businesses through absolutely no fault of our own.
So how do we prepare for that? How do we plan to minimise the impact and to handle these sort of difficult situations when they DO impact us and our businesses?
The most important step is accepting that taking risks is part of owning a business.
It’s not about being foolhardy, but business is not for everyone and in deciding to have your own business you took on that element of risk.
Of course the potential for reward is far greater than staying in employment.
- There is the potential to make a lot more money! But it can mean working a lot harder – at least in the early days – than in an employed role.
- There’s the freedom of being your own boss (eventually! After that hard working startup period!)
- The huge satisfaction of doing something you love and knowing you’re helping people – and their pets!
When you accept that there is risk and that no matter how well you plan, there are some things outside of your control, you can find peace in knowing that even if outside circumstances impact your business, it’s not your fault. You’re not stupid and you certainly don’t deserve it!
And in accepting the risks, you also get to accept that no matter how difficult things get, you can find a way through any sort of difficult circumstances.
How you do that exactly is going to depend on the circumstances.
Here are some ways you can ensure your Pet Sitting or Dog Walking business is in the best possible position to handle a recession
#1.Know that there will ALWAYS be people who need your services
Unfair as it is, recessions hit everyone differently. Whilst the majority may struggle financially in a recession, there are some who are unaffected and even those who thrive because of the shift in circumstances.
Keep marketing to people who can afford your services. And this brings me nicely to the next point…
#2. Be the BEST at what you do and Build a Solid Reputation
In difficult times the cream rises to the top and now is the time to establish yourself as the best.
Make sure you have robust operating procedures and contingencies in place for when things go wrong so you can develop a solid reputation.
- Ask your clients for reviews to bolster your reputation.
- Build your reputation as a trustworthy expert with your Blog.
- Build community through your Social Media.
#3. Grow Your Audience and Website Traffic Through Your Blog
In difficult times, businesses that are easy to find and book will have a better chance of survival.
And you know what they say, the best time to do marketing is when you don’t need to! So grow that blog so that you can handle any sort of recession or issue outside your control!
#4. Grow Your E-mail List.
A recession may not impact Social Media, but who knows? It might! Some platforms might not survive a recession. Or they may move to a paid model.
If you have your own e-mail list you can continue to market there and if you decide to move to a different platform you can bring them with you.
It’s also much easier to make sales to your regular subscribers than on social media.
Boy did we hear that word a lot in 2020 when the lockdowns first started!
It’s not wise to make any knee-jerk decisions, but keep an open mind and look at ways you can adapt or evolve your business in challenging situations.
Having a loyal following will help with this too as they’ll tell you what they need and support your new initiatives.
We can’t stop recessions from happening, but I hope you feel better prepared to handle one or anything else the world throws at you! And even if it doesn’t happen – these tips will all improve your business even in the best of circumstances.