In this video, I’ll show you how to recession proof your business in five easy steps.
The show notes are below.
TIP 1: SHIFT YOUR MINDSET
The first step to recession-proofing your business is to shift your mindset. Our brains have a fascinating mechanism called the Reticular Activating System (RAS), which filters information and focuses our attention on what we perceive as important. To take advantage of this, you need to believe that opportunities are out there, waiting to be discovered.
It’s crucial to avoid dwelling on what you know you should be doing but aren’t or what’s going wrong in your business. Constantly focusing on difficulties or negative aspects will send your subconscious mind down the negativity bias rabbit hole, and as a result, you’ll likely see and experience more of those negative outcomes.
Remember, there’s a world of possibilities waiting for you if you proactively create new opportunities in your business – these could be new clients, power partner relationships or maybe even an idea for an offer that everyone else is overlooking. Train your mind to be open to possibilities and maintain a positive outlook, so your RAS starts filtering in those opportunities that align with your goals.
Shift your mindset, make a plan and take consistent imperfect action on that plan!
TIP 2: EVALUATE & ELIMINATE UNNECESSARY EXPENSES
Another important tip for recession-proofing your coaching business is to take a close look at your current overhead and analyze the platforms and tools you’re spending money on. It’s essential to be mindful of your expenses and ensure that every dollar you invest contributes to your business’s growth and success.
Start by making a list of all the platforms and tools you’re using, and evaluate their costs and benefits. Identify the must-haves, like Canva, which simplifies content creation and saves you time and effort. Another must-have is your email marketing platform so you can communicate consistently with your subscribers and build relationships. These investments can save you time and help generate revenue too!
MY MUST-HAVE TOOLS:
>>> CANVA PRO
On the other hand, be honest about the tools or subscriptions that you’ve purchased on impulse or simply forgotten about, such as those tempting tech deals on AppSumo.
Once you’ve identified the tools that aren’t providing value, consider canceling or downgrading them to save some money. Keeping your expenses in check is crucial, as it helps maintain your business’s financial stability and profitability.
TIP 3: DIVERSIFY YOUR MARKETING EFFORTS
Next, you need to market consistently through multiple channels. Don’t put all your eggs in one basket—instead, diversify your marketing efforts to reach more people. Pick your platforms and be consistent. I always recommend including a platform like Pinterest or Youtube, so your content is binge-able like Netflix. When it comes to diversifying your efforts, a powerful way to do this is by getting on stage, both live and virtual.
Speaking engagements allow you to showcase your expertise and connect with your target audience on a personal level. Seek out online summits that are relevant to your niche and pitch yourself as an expert speaker. Podcasts are another excellent platform for reaching a wider audience, and there are two very active groups on FB where you can find a LOT of opportunities.
Remember, the more visible you are, the more likely people are to think of you when they need coaching services.
#4: DO A MINI-PROMO FOR A QUICK REVENUE BOOST
If you’re looking for a quick revenue boost but don’t have the time for a full-on offer promotion, consider what I like to call a Mini-Promo. A Mini-Promo is a simplified version of your regular promotion strategy.
Identify an existing offer you’d like to promote, create a compelling spin on it, and share it with your audience through your marketing channels. This could be a limited-time discount or a valuable bonus that adds extra value to your service.
A Mini-Promo can generate quick revenue while also creating excitement and engagement around your business. Track everyone who expresses an interest so you can continue to follow up with them in a nonsalesy way.
#5: CREATE A ONE-TIME SPECIAL OFFER FOR EXISTING CLIENTS
Lastly, consider creating a one-time special offer for your existing clients. These clients already know, like, and trust you, so they’re more likely to invest in additional services when presented with an irresistible deal.
Craft an offer that’s relevant and valuable to your clients and make it time-sensitive to encourage fast action. This could be a discounted coaching package, a complimentary session, or access to an exclusive workshop.
Not only will this generate additional revenue, but it also shows your appreciation and commitment to your clients’ success.
The talk of a recession may cause some stress, but it can also be a great opportunity to make your online coaching business even better. By taking control and implementing these 5 steps, you are better prepared to weather any storm and ensure the long-term success of your business. Take imperfect action today and start planning for the future.
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