You can’t get away from the propaganda – the US stock market nosedive, home repossessions, house prices falling, banks being nationalised. Lots of people are scared and anxious about their mortgage, their job and their finances. Remember that the media make money by scaring us – the more we’re scared, the more we buy papers and watch the news. There’s no money in good news.
I’ve been watching this from the sidelines and now its time to speak up. Let’s look at things from a different angle. The fact is, people still have money – your wage hasn’t gone down, but your expenses have gone up. Chicken is more expensive, petrol, bread, everything costs more. So you probably have less disposable income per month. That means people are being cautious. They’re being more choosy about what they buy. They want to know more about the details and they want to get a good deal. But people still have needs and wants, and that means they still spend money.
Then there’s the law of cycles and rhythms – this is a sine wave, and it always turns out OK. The good times will return. Like fashion, economics, trends. Up and down then up again. There’s no need to panic. Recessions make millionaires – certain informed people make more in troubled times than in any other time in history. You can decide if you are going to struggle, or thrive in the recession…
So here’s 4 points to think about.
1. The self employed entrepreneur adapts – we’re proactive, we alter our approach. We change tack. The average person is reactive - eats up the propaganda and stays scared, at the beck and call of the media.
2. Our business relies on sales by providing valuable products and services to the public. Others care about bling, keeping up with the Jones’ and having the best toys. Expensive and superficial.
3. We think about abundance and optimising, looking for opportunities. Most of the population will focus on scarcity and will medicate themselves with food, alcohol and other numbing habits.
4. Marketing is the key – direct response marketing that asks for action. Everyone else will engage in the activity called “waiting”. Remember that waiting is an activity.
OK so there is an economic problem – that we can all agree on. But here’s the thing, in a recession people make fortunes. This is an opportunity. The average person is going to panic and freeze like a rabbit in the headlights. It’s not the economy that determines how well your business performs – it’s how you react to it.
What you need to do is to market more effectively, make your message more punchy and to the point. Increase your free taster sessions, become the industry watchdog and guided counsel. Educate your target market more and they’ll reward you with their business.
