Premium Only Content

9 Ways To Recession Proof Your Business And Set Yourself Up For Success
Are you like many entrepreneurs across the U.S. (and the world) worried about your business during these crazy coronavirus times? Are you wondering how you can recession-proof your business for future tough times? If so, grab hold of these safety net tips before your livelihood goes under.
Show Notes & Transcript: https://www.amazonseller.school/17
SBA Disaster Loan Application: https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources
Get on the waitlist for Todd's small group coaching course: https://www.amazonseller.school/group
Cash Is King
Businesses that fail during recessions are highly leveraged and swimming in debt. In emergencies like these, hold-off spending all your money on inventory so you can use cash on hand as a sail to weather you through the storm.
Shorten Your Stock
Because recessions mean slower sales, reduce your inventory. In times like these, product investments pose greater risks. To reduce risk, stay safe and trade inventory investments for cash cushions that will sustain you through slow seasons.
Target Essentials
No one is racing to Amazon for car accessories so shift your focus to food, medication, toilet paper, and other items that everyone needs regardless of their budget. This is also a great opportunity to open new accounts. Amidst an economic downturn, businesses are more open to Amazon sellers. Take advantage of the lower barriers to entry and show brands you're still in business!
Eliminate Unnecessary Expenses
Per Tip #1, now is the time to trade investments for cash. Avoid investing in software systems, courses, travel, and anything else that boosts your businesses' outflow. If there was ever a time to stay stingy, it's now.
Get Access To Capital
Even if you don't need credit now, banks are about to tighten the reins so grab a line of credit while it's still available and you'll at least have the option to use it further down the line. Also take advantage of government loans like these now that everyone's eager to help out businesses.
Focus On Your Strengths
Now is the time to stay in your lane, whether that be private label or wholesale. It's also important to emphasize your skills to suppliers desperate for sale-boosting services. If you're great at snagging discounts or profitable products, do more of that and save your bottom line. Use this time to hone your skillset and emphasize what separates you from the rest of the pack.
Negotiate
Everyone understands the hardships faced by small business owners during times like these. It's always smart to approach suppliers about temporary discounts on products and rent. Remember, if you never ask, the answer is always no.
Pay Your Debts
If you've got debt, you don't have cash on hand (see Tip #1). So pay it off and focus on earning cash cushions.
Know Your Numbers
If you don't have a professional bookkeeper, get one. If not, make sure your accounting is accurate. Otherwise, it's impossible to know what's hurting or helping your business's bottom line. If your profit margin or ROI is shrinking, it's time to switch your strategy, but if you don't have accurate profit or loss statements, you'll never know that change is needed.
Bonus Tip: Don't Quit Your Day Job
This one's pretty self-explanatory. Now more than ever, it's essential to have a safety net. As a rule of thumb, wait to quit your day job until your side hustle has secured you 3-6 months of savings and you can pay yourself.
Overall
Don't just survive the recession – help your business thrive in spite of an economic downturn! It sounds impossible, but if you follow these ten tips, you'll be swimming far ahead of the pack when waters inevitably return to normal.
If you're working hard on your Amazon venture, Todd is leading a group coaching course to help you build a successful business. Join the waitlist now.
As always, leave a review wherever you're listening and share this information with anyone who needs it to stay afloat. Happy selling.
FIND GOLD PRODUCTS TO SELL: Amazon FBA Wholesale Mine & Refine Method: https://amazonseller.school/38
-
39:53
Amazon Seller School, How to Sell on Amazon
1 month agoAmazon News Live: Prime Day Mystery, Walmart Shift & Seller Surge
11 -
1:44:47
Side Scrollers Podcast
17 hours agoKimmel RETURNS + Twitch University + More! | Side Scrollers
32.2K1 -
13:19
The Pascal Show
16 hours agoCOMEBACK DERAILED! Jimmy Kimmel's Return To Late Night Hit After ABC Affiliates REFUSE To Air Show
1.82K2 -
LIVE
Lofi Girl
2 years agoSynthwave Radio 🌌 - beats to chill/game to
205 watching -
2:17:05
FreshandFit
4 hours agoFrom SMALLVILLE to AB'SVILLE w/ Sam Jones III
118K6 -
3:05:45
Price of Reason
10 hours agoTrump's UN Takedown! BACKLASH Over Disney's Jimmy Kimmel Return! Tulsa King Season 3 Premiere Review
124K16 -
3:03:12
Badlands Media
13 hours agoDEFCON ZERQ Ep. 010: Government Overreach and the Battle for Freedom
169K56 -
9:46
Levi
1 day agoWhy XRP's Bull Run Will Be 10x Bigger Than The Last One - Raoul Pal
7.92K1 -
20:13
Paul Barron Network
26 days ago $0.85 earnedXRP Vault Yields Coming in September!?🔥Flare CEO INTERVIEW
9.09K -
3:00:12
TimcastIRL
7 hours agoJimmy Kimmel Show IN CHAOS Before Return, Affiliates REFUSE, Staff Says THEYLL QUIT
360K107