My email on Saturday about “how to prep for an economic recession” seems to have struck a chord…
So I’m gonna do a follow up today.
Here’s a few more things you can do to make sure you won’t take a beating if the economy sours…
– If you’re a freelancer, you need stable income as well as bigger projects
One of my recommendations to freelancers is to always have at least one retainer client who pays you $5k, $10k or even $20k a month.
Why?
Because it gives you security.
That’s money you know is going to be there.
Which gives you peace of mind.
Especially when SHTF.
Once you have a retainer client, then you should go after bigger projects and things with more upside.
Like “beat your control” challenges where you get paid on performance.
Or a gig where you get paid less upfront and get paid more on the backend.
Those can be hit and miss.
But if you have some stable income, you can take shots on gigs like this that have a big payday.
But you need some stable income first, so I always recommend getting a retainer client to start.
– There will be lots of BUYING opportunities for smart businesses
I mentioned this in my last email, but I want to hit on it again.
Most people in this industry have an offer and not a business.
And they will be very vulnerable if the economy goes south.
Bad news for them.
But good news for you if you have a real business.
You’ll be able to gobble-up winning offers from people in your niche and roll them out to your list…
Probably even get a nice ROI right away if your list is big.
Point being, when the economy goes in the toilet, there will be lots of opportunity to buy up winning offers.
– Don’t panic, you will survive
If there’s one thing I learned from the 2008 recession, it’s that as bad as things can get, they will eventually get better.
Recessions are a NORMAL part of the economy.
You can’t stop a recession.
But you can keep your emotions in check.
You don’t want to be selling off your investments…
Or cashing in your 401k…
Stay the course on whatever your plan was.
– A recession will force you to be a better marketer
Back in 2016 after Trump got elected my old business partner Allen told me that their sruvival business dropped 40%.
Which really put them in a bad spot.
They were in the red for two straight months and wondering if the they were gonna be able to pay their staff.
However, this disaster ended up being one of the best things to happen to them.
Why?
Because it forced them to get better at monetizing their list.
With none of their front-end stuff working as well as it usually would, they went all-in on making more from their current list.
From what I remember, they went from making like $2 million from their email list to $5 million within a year.
That’s $3 million more in profit.
Which is huge.
And that can make up for a lot of stuff going wrong.
So while being in a recession sucks…
It absolutely forces you to be a better marketer.
To be blunt, things have been TOO easy lately.
Any schmo with a Clickfunnels account if making money these days online.
In a recession, that’s not the case.
It’s the smart marketers who will thrive.
I can’t really think of anything else to add…
Hope this is helpful for ya.
And just remember, as bad as things might get, it will end.
And things will bounce back.
Keep that in mind.
– Justin
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