Featured in High Life North, 10th November 2022 by Laura Kingston
We caught up with eight entrepreneurs who have weathered the storm in previous recessions, to find out what lessons they learned and what tips they can share with fellow business owners who might be facing a recession for the first time.
The first lesson is managing your mindset. There are so many examples of businesses that have flourished during recessions, but our automatic thought tends to be recession = losing business. Instead, switch your mindset to spot potential opportunities. Don’t let fear or potential negatives overtake you.The second, and biggest lesson for me, was creating a business model that has recurring revenue, meaning you are less likely to lose a big chunk of business over night.
Take a step back and look at where your revenue comes from – it is from diverse sources? Are there ways to make your service a product too? Where could you create longer term partnerships with recurring revenue? The more diversified you are, the less likely your whole revenue will be impacted.Also, keep your mindset in check – it has the potential to do way more damage than any recession will!← Back to all Press