How to make your business “recession-proof”
I was standing in line at the gas station the other day. And the dude standing in front of me said, “If gas prices go any higher, I’m not going to work anymore.”
This wasn’t the first time a random person struck up a conversation with me about the gas prices either.
A recession’s coming quick fast.
At the time of writing this…
Gas prices surged over $5/gal where I live.
For context: I live in one of the most cost-effective areas in America. (Barring the one time I paid $12 for a case of water in the middle of the pandemic.)
So you should worry and panic? Or should you do everything in your power to make your business “recession-proof?”
I hope the answer’s as obvious to you as it is to me.
Let’s dissect some recession psychology for a second:
Most people choose the worry and panic route.
They cut expenses. They cancel “nice-to-have” services. And they try to save their way through the recession.
But this is backwards thinking:
Your subconscious is more powerful than most give it credit for. Meaning, cutting expenses, canceling services, and saving money to become wealthy is impossible:
Your subconscious “sniffs out” that you’re slipping into a scarcity mindset (vs an abundance mindset) like a hungry junkyard dog preying on the unfortunate gopher with a broken leg who just trespassed on his “property.”
Not to mention…
If you’re an investing typa person, the best time to invest is during recessions. Everyone repeats “buy low and sell high,” until it’s time to buy low and sell high. Then, they withdraw everything at a loss and wonder why they can’t build real wealth.
Recessions are a massive opportunity.
But alas, people don’t make sense.
Including your clients and customers.
That’s why building a “recession-proof” business becomes more crucial with each passing day.
It reminds me of March 2020.
I was fresh off starting my email copywriting business.
Then… the pandemic hit.
Everything shut down.
Many of my clients even reached out to me saying they don’t know if they’d be able to continue with my services.
But y’know what?
Part of it was luck — the pandemic-induced “recession” didn’t last long.
But part of it was this fact:
My services directly lead to money in the bank for my clients.
I’d argue more so than any other type of advertising medium.
You have to pay for Facebook, TikTok, and Instagram ads.
You have to pay for Google PPC.
You have to pay your time for podcast interviews (which may or may not lead to sales soon). Same goes with SEO — plus the fact that it takes months or even years to see any results.
You get the point.
Email is relatively low cost (barring my “outlandish” fees). And generates a sky-high ROI.
But what if you’re not an email copywriter?
Here are some ways to make your business “recession-proof.”
Some will be easier than others, yes. But the longer this recession bleeds through the pockets of the average man, the more necessary each will become.
1. Make sure your products or services are a “must-have” vs a “nice-to-have.”
Keeping the examples simple, a “must-have” is something like email marketing that generates an absurd ROI. A “nice-to-have” is a branding expert that may or may not impact ROI.
And a real life example:
One of my clients runs a podcasting agency. He’s pivoting his business from only producing podcasts to becoming more of a business development and growth partnership.
The latter is a “must-have.” The former is a “nice-to-have.”
2. Don’t let your mind infect you with a scarcity mindset.
This is the root of all self-sabotage.
An abundance mindset (as “guru-y” as it sounds) will not only protect you from foolish mistakes, but it will make everything cheaper the more everyone panics. Everything will be on sale — and you can scoop up oodles of it if’n you have the dough.
3. Tie your offer to revenue as much as you can.
Let’s use a weird example to bring home the point:
Let’s say you offer fitness services, which, in most cases, is a “nice-to-have” service when recessions strike.
I recommend making the case in every piece of your advertising how your fitness service directly correlates to your clients' income.
As a copywriter, I think better after I lift. Thinking better leads to writing better. Writing better leads to more confidence (and more sales). More confidence leads to closing bigger deals—and more sales leads to clients sticking with me for years.
You can apply this to any industry.
Or how about this counterintuitive lesson…
4. Charge more for your products and services.
I know, I know. Charging more in a recession sounds flat-out stupid. Or is that your scarcity mindset I warned you about seeping into your psyche?
Both are probably true.
But here’s the case for charging more:
You can now make the same (or more) moolah with less clientele.
So you don’t have to bang your head against the wall looking for more customers that don’t exist because everyone acts wonky during recessions.
Plus, there’s the whole psychology piece behind it.
Let me use an example from Mint Mobile:
Ryan Reynolds is an owner of Mint Mobile. He pops up on many and many-a Mint Mobile commercials to lend it credibility.
And Mint Mobile offers an insanely good deal:
Unlimited phone and text for no more than like $30 bucks a month.
Sounds almost too good to be true doesinnit?
Yup, I feel the same way.
Sure, I’d love to cut my phone bill by 60 or 70%.
But because their prices are so low, I don’t believe their service will be good.
This applies to every cheap product and service — during a recession or otherwise.
And let’s wrap this up with one final point you should already be doing…
5. Continue leveling up your skills.
The more persuasive you become, the more sales you’ll make.
As you become a more proficient copywriter, you can land bigger clients and deals.
The more you study direct response, the more ideas your brain cooks up to make the number in your bank account shoot up while everyone else’s fiddles away.
Here’s a quick lil story from my personal life:
I didn’t grow up in a rich family.
Most of my family members don’t understand that your skill set makes a direct impact on your income.
That’s why I don’t believe in raising the minimum wage:
If you learn a high-paying skill, you’ll never have to work for minimum wage as long as you live. (Yes, even if you’re like your humble narrator here and don't have a college degree.)
Especially if the high-paying skill you learn and develop has a direct impact on a business’s ROI.
Of course, there are other ways to make your business “recession-proof.”
But I hope I gave you a few rounds of “hope ammo,” so you can take advantage of the recession (if it comes).
And if it doesn’t come?
Your business will be in a much better spot a year from now than it is today.
If you need help slanging more of your offer through email...
And do so soon — there’s a lot of strategies we can implement today to get a head start on this recession should it come banging on our doorsteps.