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Truth: Recession Is Coming
According to the U.S. National Bureau of Economic Research (the official arbiter of U.S. recessions) the great recession began in December 2007 and ended in June 2009, and thus extended over eighteen months. seeing signs that recession 2020 is inevitable. With the Covid-19 virus looming around the globe, it has helped fueled the unemployment and retrenchment rate.
There is no bulletproof solution to avoid a recession and we are all worried about recession because it will lead to:
- High unemployment rate
- Falling of average incomes
- Increased inequality
- Higher government borrowing
- Everything becomes more expensive to purchase
- Increased cost of living
Recession 2020 will impact everyone, especially those who are living from paycheck to paycheck. As the economy takes years to recover from a recession, you got to be prepared to prepare for the word.
Parents need to think of a solid framework to generate enough income your kids and loved ones.
Singles need to focus in building a strong financial stability because you might lose your job overnight.
What’s I’m about to share with you are golden stuffs—stuffs that will help you build strong financials and stability that I had personally used for over 14 years now. Bookmark this page and share with your friends now. This is an important time to take action.
Here’s a quick summary of what you can expect from this post.
Table of Contents
Understand How Recession Will Impact You
Recession 2020 will going to impact you, me, your neighbours and everyone you know. Even the richest in the world will be impacted one way or another.
The goal here is to understand WHAT will happen when recession kicks in, not during the early stages but when it goes into a full-blown problem for the world. That’s exactly when everyone will feel the pinch.
Those living from paycheck to paycheck
I’m sorry but this category of people will have the heaviest impacts. Because you are working from one paycheck to another, there is absolutely no room for error. You need to understand that you need to have secondary and tertiary income streams to ensure that you are constantly putting food on the table.
This group of people are most likely employees and look out for signs shall the company downsize or closing down.
Parents with one or more kids
Every kid needs education and education can be expensive. Sure, some governments provide subsidize for education but these only go that far. You need to understand that when you start putting money into your kids’ education, your financials are going to be super tight.
I’m sorry but there is no way to sugarcoat this. It’s your responsibility as a parent to provide the best (education) for them.
Younger Generation
Another group that will be impacted badly from the recession 2020 is the younger generation—those who had just finished college and universities, and those who had just been in the workforce under 5 years.
You are most likely to draw a lower pay but if the company is going to downsize or close down for business, there is no escape.
The advance that the younger generation has is that they are often good with computers and Internet. If you are one of those, pay close attention to the next part where I’ll show you exactly how you can build strong passive income quickly and without leaving your day job.
Experienced Employees
Last but not least, experienced employees are often the hardest hit during any recession. When recession happens, organizations (big or small) would want to reduce cost and probably downsize. The fastest way to remove huge overhead expenses is to remove the highest salaried employees and replace with less experience ones (with a pay cut).
During recession, everyone will be looking out for themselves and there will be a large majority who would take a pay cut just to survive!
Building Blocks To Keep Afloat During Recession 2020
This is the juicy part and I recommend you to read this part at least several times. Memorize them if you want, but you need to take action. What you will find here are actionable strategies that you must take to survive a recession, unemployment or retrenchment.
You don’t have to follow them all, but you need to take at least one strategy and stick to it.
It is important to understand that most of these strategies are going to force you out of your comfort zones. With recession 2020 coming your way, you can’t stay pat in where you are and hope for the best.
You can only survive if you take action … and take action right now!
Here’s a summary of what you CAN and MUST do to survive the next great recession that is coming your way. You may click on any of them that you are comfortable with, or read them all of them before deciding.
Financial Strategies To Stay Alive During Recession
Start Your Own Business Right Now
“The best time for anything was yesterday. So, what are you waiting for today?”
The above quote was shared to me once by someone influential that I knew of.
Let me start by asking you some questions.
- Is there a business that you want to start for ages (but never seem to get off the ground)?
- Is there a burning passion to provide a service but you are worried of failing?
- Have you quit a side hustle business in the past (due to time/financial constrains) and regretted badly?
- Do you hate your day job so much that you can’t wait to start something you can be truly proud of?
- Are you working just enough to get a paycheck and not getting fired from work?
If the answer is “Yes” to any of the above, this is for you.
There is no better time to start a business that you can be truly proud of. But before you start thinking that this is the bad time for business (due to recession), let me ask you this.
Food delivery industry had always been in the floating (life or death) for the past few years. With the uncontrolled emergence of the Covid-19 and forced controlled movement, food delivery companies are growing exponentially—more than anyone can imagine.
How To Start A Business Before A Recession?
This is exactly how you can start a business on the right foot and leverage the current economy.
- Start planning. Get a drawing board and plan what is needed in the economy right now. Focus on the pain and the solution. The business of choice can be in a form of a physical shop, fully online (eCommerce) or both. I recommend going with either eCommerce or a mixture of both to leverage the current state of economy. Plus, there are many tools such as Shopify that help you launch your online store within minutes not months.
- Test out the market. The fastest way to know if the business works is to test out. Reach out to the people experiencing the issues and create a pilot program. As time is an important factor, use tools such as ClickFunnels and GetResponse to collect data and build a following.
- Create a pilot group. Spend between $100 to $500 in social media ads to build your pilot group under 7 days or less. You should work with at least 10 to 100 people at one time, depending on the complexity of your idea.
- Tweak and tweak even more. Get feedbacks from your pilot group and make the needed changes to your service/program. These valuable feedback is going to create a nice base (revenue) for you, as well as opening opportunities to reach out to a wider range of audience.
- Nurture and build ambassadors. Great brand ambassadors are going to drive words of mouth and recommendations to your business on automation. They are chosen from your pilot program and often given better perks (such as commission) for every sale they make.
FREE Masterclass: Be the first 100 to join the masterclass and learn how to start an information product business in under 7 days! Register for free.
What Type Of Business Will Flourish During Recession?
It is important to understand that there is no bulletproof business that can withstand recession. However, there are certainly two types of businesses during recession:
- Businesses that grow during recession
- Businesses that fall during recession
For business that grow during recession, there are industries that will enjoy growth rate compared to others. These are businesses that you need to start building right now before recession 2020 starts.
Here are some of the best businesses to start right before a recession.
Information Products
Regardless the state of economy, information always sells. The demand for information is on high gear and it will get even higher in the coming months.
Take a look at Udemy, an online space for course creators and tutors. Hundreds of thousands of students had enrolled and studied courses online.
Why?
Because information is powerful and yes, information is recession proof (kinda).
Specific Services
When recession hits, there are several things business owners would usually do.
- They understand that they need to ‘do more’ to turn cold leads into buyers.
- They are going to cut cost by reducing manpower.
So, how can they grow the business when they have a smaller workforce?
Chances are they are going to get the workers to multitask and some smart business owners are going to hire freelancers or outsource to get the jobs done.
This can be from auditing, administrative works, social media marketing and branding strategizing.
Hiring freelancers or creative agencies allow business owners to get more job done under one roof and on project basis instead of paying for permanent employees which will increase the headcount dramatically.
Freelancing
Last but not least, freelancing is one of the best ways to make money during a recession (especially during recession 2020).
The demand for freelance writers are growing by the day because they are affordable and they get the job done quickly.
If you think that you have no skill, you are wrong.
We have skills (whether we know it or not) and it can be from painting, gardening or having meticulous mindset to do designing.
Platforms such as Freelancer.com and Upwork.com are excellent mediums for you to get started quickly and without paying a single cent. You only need to pay a certain amount for every successful job you had been awarded to and completed.
Here are two guides I wrote about freelancing to get your started on the right foot.
Recession 2020: An Inevitable Event That Bound To Happen
Recession is coming and we need to prepare to brace for it. If you are a salaried employee, I strong recommend you to take action right now to build at least an additional stream of income.
I want to help you get started on the right foot. What you will find below are two different guides that I will be sending to you via email (once you opt in). Both of them are absolutely free—and I want to help you build a passive income stream in the coming 3 months or less.
Help Me Launch An Information Product And Make Money Under 90 Days
Help Me Launch A Freelance Business And Make Money Under 90 Days
About Reginald
About Reginald
Young at heart and a deep passion for entrepreneurial success, Reginald is devoted to share everything he had learned about online marketing with the public. Follow him for more awesome postings.
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