3 Tips for New Business Owners During a Recession

Let’s face it, the economy has crashed and we’re likely facing the worst recession any of us have ever lived through.

As of March 2020, the global financial impact from COVID-19 is terrifying. An inordinate amount of people have already been laid off, others are losing their investments and business owners everywhere are fighting to not close their doors for good … all in a matter of a couple of weeks.

NOW is the Time for BOLD ACTION
Whether you were already on a path to Entrepreneurship through a side hustle or you’ve been cranking away at a new business; I’m here to offer some actionable steps to position your brand in a mindful way.

1. Positioning (Branding & Messaging)

To describe what positioning means, I’m going to share a story with you… I’ve been known as the “VA Guy” for a number of years and by that I mean people in my network defer to me on how to streamline one’s business operations by working with Virtual Assistants (VA’s) AKA remote workers that are freelancers (not employees).
The messaging of my business (CloneYourselfUniversity.com) has been around working less and making more so you can play more. Well, right now that message does not resonate.

Prior to this economic crash the economy had been doing great for a long stretch of time and I could position my business around how I can help you actually enjoy your life and not be a slave to your business.
Well, times have changed in what feels like overnight… NOW, my positioning is centered around building a brand and helping businesses “open doors”. That’s just the thing… my old positioning would fall on deaf ears because right now everyone is just trying to survive.

I haven’t talked about it a ton in my content previously, but I’m an expert at reaching a new target audience through content marketing and now is the time business people will need to find new and more creative ways to “open doors”. You can think of this change in messaging as a pivot, but the point I’m illustrating is how I’m positioning my brand (and business).

YOUR ACTION: Ask Yourself: How will I need to position my brand so that it resonated with my target audience?

2. Target Audience (Willing and Able)
We need to get clear on who your marketing to…
Here are some questions to consider as you redefine your “Ideal Client(s)”…

What do they do for work?
What industry are they in?
What is the role in their company?
What is their life like outside of work?
What types of activities and hobbies do they like?
Where do they hang out “offline”?
Where do they hang out online?

3. Content Marketing
Now is the time to double down on your content marketing strategy … and if you don’t currently produce any content, then get started!

Mark my words… years from now we’ll look back at successful brands and businesses that got their start as a result of the Coronavius pandemic.

As I see it, you have 2 options right now. You can work on your business and/or yourself or you can let this time pass you by. PLEASE do not be one of those people that coasts through this lock down.

I would LOVE to see you working on your personal development and spiritual practices, but that’s not what this article is about. We are here to talk business… so, I’m here to tell you YES you can work on your inner Self and your business in conjunction with one another. Just do not be one of those people that takes this “time off” for granted.

SO, now that I’m off my soapbox; let’s go ahead and discuss why content marketing is so important.
First, you have the time to produce content like never before. The majority of business people I know have more time now than they did previously. So, what is your excuse for putting off that book you’ve been wanting to write? Or launching that podcast or getting in front of the camera?

The secret is it doesn’t need to be costly or take a lot of time. You can literally start content marketing for free! You can do something as simple as a consistent IGTV series.

The reason why you want to do content marketing is because creating content establishes you as a “Thought Leader” in your niche. Not only will it expose you to the demographic that wants your products and/or services, but it will give you “street cred”. Make sure to sign-up for this workshop where I teach how to open doors through content marketing, but I’ll give you a hint here. You need to be crystal clear on who your ideal client is and cater the content you are creating to their interests.
It’s for that reason I asked you to explore all those questions about your clients.

Finally, I’m going to leave you with a simple Road Map for your website. Websites don’t need to be tricky, they can be as simple as one-page but they need the following information…

1. About Section (3–5 sentences about you and/or your business)
2. What: You can write this in a variety of ways… such as “Shop” / “Services” etc, but briefly explain your offer
3. Contact (Use a Professional Email and Consider Getting a Grasshopper phone line)
4. Sign-up Form: I teach to use lead magnets, but if you are going to do something simple like sign-up for updates at least tell them why they should sign-up for updates (here is my article on why lead magnets are crucial and how to build them)
5. Pictures of You
6. Testimonials: If you don’t have testimonials yet, consider gifting your product or services for free in exchange for testimonials
7. Links to your Social Media

Your website can literally be that simple!

You have the tools. You have the mindset. Now is the time, please go take action!

-Sam

P.S. If you’d like to work with me as your Coach, join my Mastermind or just pick my brain — feel free to schedule a 15 minute strategy call with me by clicking this link :)