are we in a recession is the us
about to experience a market crash and if that happens where does that leave
small businesses and solo entrepreneurs like you who are working in the
coaching and consulting space [Music] hey this is laura gotcha founder and ceo
of viral growth media and vgm specializes in helping small businesses and solopreneurs in
the coaching and consulting space fordify their business foundations so they can actually grow and
scale their businesses and increase their revenue up to six and seven figures every single month
recently we've been getting a lot of questions from our clients based in the united states about
this exact topic are we going into a recession are we going to lose money what's going to happen
to our business if there's a market crash first let's tackle the question are we in a recession
a recession by definition is two consecutive quarters of economic decline and we've had two in
the first quarter this year gdp dropped by 1.6 and just last july it was announced that it dropped
again by 0.9 percent if we're going by technical definitions we are in a recession however the
nber or national bureau of economic research which determines whether the us is in a recession hasn't
officially said anything and the white house seems to be avoiding the term altogether but whether
we're calling it a recession or not the fact is we have been in an economic decline in the last
two quarters and economists have acknowledged that parts of the economy are already slowing down
that means that a market crash is a very real possibility market crashes are when there's
a drastic drop in stock market prices and it actually has caused big million and billion dollar
companies to close down and it's usually followed by an even longer stretch of recession it's a
scary thought but i'm going to give you some comfort right now market crashes and the recession
can actually be a very good thing for smaller businesses like yours if you're smart about it and
know what to do a lot of really great companies emerge during a market crash and recession we're
talking big name companies like netflix revlon ge microsoft and uber you know why because when these
huge companies that are essentially monetizing the market shut down it creates a space for smaller
businesses to come up and if you're smart about it you can actually make millions so what can you
as a coach or consultant do to make sure your business stays afloat during the recession and
a possible market crash and you even make more money here are our top 10 tips number one don't
panic panicking is of course a very human reaction when something happens that could be a real threat
to your financial security you know it's not just the money it's the thought of not being able to
take care of ourselves and our loved ones but the thing is if you let that panic take over you are
more prone to making really bad decisions people either hold on to their money when they should
be investing let go of opportunities out of fear or spend on something that they actually shouldn't
so you don't want to be in this boat if you want to panic then give yourself that time and space
but never make decisions especially decisions concerning your business and money while you're in
that state learn to recognize if you're operating or making decisions out of fear rather than sound
logic and if you're still unsure ask people you can trust you know this brings us to our second
tip number two look for support being a small business owner during a recession or market crash
is not the time to try to do everything on your own you will need all the support you can get you
have your colleagues and your employees at your business and you have your family but it's also
good to build a support system outside of your immediate circle now remember you are not the only
business going through a recession every business out there is they know exactly what you're feeling
and what you're going through you can discuss and share tips you may even have a chance to explore
new opportunities that could help you and another business join groups join communities as early
as right now if you're interested we actually have a group over on facebook i'll put the
link below and we actually have a bunch of coaches and consultants there who often share
their situations and everyone comes together to give some advice but even if you don't want to
do that just don't close yourself off to others this is the time when you need all the support you
can get number three emerge as a leader recessions and market crashes are a time when there's so
much uncertainty not just within your business but within the world as a whole you know during this
time everyone is looking for someone who will step up and be willing to help and get people through
the tough times you know people are looking for a leader if you haven't been acting like a leader
in your own business now is the time to step up we are talking about real leaders not just
someone who has something inspirational to say show up when you tell people you'll show up do
what you promise to do for your clients and your team and be the one who gives your team the
confidence guidance and development that they need to direct your business towards success when you
show up for your business you're going to see that clients are going to see that investors are
going to see that and they'll know that in this age where there's a lot of uncertainty
they can depend on you to do the work four find your why when i ask you this question i'm
not asking about why you're doing this for your client or your company's mission and vision i'm
asking you why you're doing this for yourself just you not because you had a great idea that would
make others lives better or you want to promote a method that you think will do the world good why
are you doing this for yourself and look there are no wrong answers here maybe you want to be able to
retire at 50 or you have the capacity to help out your family or or even just be able to take more
vacations and enjoy life more whatever that why is that is what's going to keep you going that's
what's going to motivate you to work harder and reach for greater heights so discover your why and
use it to push yourself every single [ __ ] day five stop unnecessary spending okay review
everything that you're spending your money on from utilities to your marketing materials to your
daily coffee and people on your payroll it's still a recession so it's important to make sure that
all your money only goes to resources that are absolutely necessary for you to operate and bring
in revenue this is especially true for small businesses that may not have the same cash flow
as bigger businesses in your industry you know you want to make sure that you're not spending more
than you can and keep your situation realistic maybe you can't buy everyone on your
team starbucks in the morning anymore what's important is that your business stays open
and they can keep their jobs number six keep an eye out for discounts you know what else happens
in a recession prices go down services stocks or products that you weren't able to afford may be
within your reach now so if you've been good at handling your cash before the recession started
your decision to save is about to pay off big time but again study what you're buying don't just
purchase something because it's cheaper or you can actually finally afford it think about how it
will help you and your business in your current state and whether it will actually bring in
revenue or just give you more problems seven look out for talent during a recession there's a
lot of movement in terms of employment so they're made talent that's available that wasn't available
to you before and if you have a person in mind or even just a job position in mind that you know
will add more value to your team in business now is a good time to get in touch with that
person or put out a job ad eight build yourself up during this time people are a lot more careful
about spending just as you're making sure every time money goes out it's for something that
is necessary and worthwhile everyone else is doing the same so make sure you and your business
are necessary and worthwhile investments you know build yourself up either by reading more books
taking on more skills or improving your services so that you offer more value to the customer show
them that your business is worth investing in nine always be on the lookout for opportunities
you know a lot of changes can't occur during a recession or market crash businesses especially
big companies may close down or downsize you know there's a lot of movement which means there are
a lot of opportunities clients may be looking for new businesses to work with or there
may be opportunities for collaboration and mergers be on the lookout and be ready so that
when an opportunity comes up you can actually move to it quickly 10 work hard and smart so this
feels like a common sense thing but we can't not include it it's going to be a hard time and you
may need to work harder than you would with a booming economy but that doesn't mean your entire
life should revolve around your business and leave everything behind you need to couple working
hard with working smart so you can still achieve that balance this time is a litmus test on which
businesses are offering real value versus those that are relying on hype and flashiness you know
the good news is recessions and market crashes are typically followed by long periods of economic
growth so if you're to survive and thrive through this you are bound for success in even greater
heights let us know about how your business is doing right now we want to hear about your own
experience in the comments below and if you want you can also book a consultation call with us
i'll include the link to our calendar below and our brand experts can give you some
advice and tips about how you can actually better cope during this time and some changes
you can actually make subscribe to our channel click the notification button so you don't miss
out on our next videos i'll see you guys then
