So much talk lately on the news about a coming recession. One speaker even said that he believed the more the media talked about it, the more likely it would happen!
But he also emphasized that in reality, some sectors of the economy are already in a recession, auto makers and the realty market to name two.
So, how can you recession proof your business and your website? Here are 6 tips:
1) Lower Your Debt
Any debt that you have , now is the time to work as hard as possible on bringing it down. The less money you have going out on a regular basis, the easier it will be to survive through a recession.
2) Reach Out To A Larger Audience
If you are currently only selling your product or service to a local area, think about how you could sell it to a national or international area. If you are only marketing to a certain segment of the population, how can you market to other segments? This may mean changing your product line or adding products, it may mean using your services in different ways.
3) Be Unconventional
Really think outside the box. If you’re a divorce attorney working in Ohio you probably can’t handle divorce cases in Alabama. But, you can write and sell “divorce kits” to anyone looking to make their divorce as easy as possible. You can even provide lists of local divorce attorneys in each kit. If you sell shaving cream products for men, think about how you can re-package the product for teen boys who are just beginning to shave. The more people and the more uses your product or service can provide, the larger your sales will be.
4) Can you incorporate a side business?
If you sell greeting cards online, can you also add personalized stationary, gifts, baby announcements, etc? These new products don’t have to be showcased in your store or your website, they can have their own website (actually, it’s better if they do – creates more of a niche). Think! Clients that purchase your product or service, what else would they be searching for? Here are some ideas…
a) Anyone buying a house may also need a local handyman.
b) Anyone looking for local entertainment may also need party favors.
c) Anyone looking for legal services may also need credit repair services.
d) Anyone looking for psychiatric care may also need a professional organizer or maid service.
e) Anyone looking for mortgage loans may also need a local realtor.
You get the idea – think about what your clients might need and see if you can give it to them.
5) Identify and Market Your USP (Unique Selling Point)
What makes you so special? What makes your product or service better than someone else’s? Write it down, and market it!!! Put it on your business cards, your car magnets, your phone messages, your website, flyers, brochures and everywhere else!
6) Adopt Cost Cutting Techniques
Is there any way that you can do what you do quicker or more streamlined? Is there software that can make it easier for you? Are there tools that you can purchase that will cut your time and/or your workers’ time? A little investment in this area will help you in the long run.
These techniques can help you survive a recession, if an when it comes. From what I hear and read on the news stations and newspapers is that it’s not a matter of IF a recession will occur, it’s more a matter of WHEN. So, be prepared.