Embracing a Recession as an Entrepreneur

Embracing a Recession as an Entrepreneur

Dustin Lien
March 30, 2020

Federal Reserve Chairman Jerome Powell said on Thursday that the U.S. economy might already be in a recession.

What does that mean for entrepreneurs?

It means we have to adapt. We have to embrace the recession, and strategically move through it.

This is a unique time for businesses.

It's not cool to try to profit FROM a pandemic, but it's 100% ok to profit DURING a pandemic. Very different things—check yourself.

The reality though, is that this pandemic has forced a recession.

On one hand, businesses need to continue making revenue.

On the other hand, it's also a really good idea to help however and whoever you can during this time.

Your customers will not forget your efforts to be helpful and show kindness when they needed it the most.

You can't help everyone, but you can help some people, and it's the right thing to do.

My advice?

  • Give away more free advice
  • Adapt your offers
  • Share your resources where you can
  • Do something to help someone

A couple of examples:

  1. At Jump, we've already modified our consulting packages to include lower priced options, and we're considering more performance-based offers. So far, we haven't lost any clients, and we're still getting new leads.
  2. ConvertKit (email marketing platform) extended their free version to include more subscribers and help struggling small businesses save on cost.
  3. Ecommerce stores across the internet are offering free shipping since their storefronts can't be open.

Now's the time to get creative and embrace reality.

Who knows how long this pandemic and recession will last, but I'm buckling up for the long haul.

If you try to "wait it out", your business is not going to last.

Act now.