Aug 8, 2022

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3 Money Habits Every Business Needs to Prepare for Recession


hands extend from top, holding a stack of $100s, the black text underneath reads "How to Protect Your Business During a Recession"

Are you over hearing the fear-mongering about a possible recession? It feels like we are constantly being bombarded with contradicting messages from so many different places. I’m diving deep into money habits to help you ditch the fear and fill in control of your life and business. 

Keep reading and you’ll walk away knowing how to:

  • Have more money in 5 minutes

  • Create more demand in your business

  • Reduce your money anxiety

You’ll walk away with confidence, knowing you’re going to be okay because you have practical things you can start doing right now. So buckle up friend, and let’s dive in.

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A Recession-Proof Money Mindset

If you’re anything like me you are so over hearing the fear-mongering about the recession. Regardless of the fear-mongering and all the confusing information out there, I do want you to be prepared and help ease your anxiety. 

These 3 simple tips will help set you and your business up for success and leave you feeling confident through a recession. 

#1: Check Your Subscriptions

I’ll be honest with you, this might be a little embarrassing to admit but it’s important to regularly go through your bank and credit card statements to see where your money is going. It’s amazing how much money we can spend on subscriptions that we’re not even using. 

In some cases, it’s important to look at the big picture. In many cases, you can save a bit of money by paying an annual fee instead of a monthly fee. For things that you are definitely going to use for the full year, pay it in full to save yourself some money. It’s important to remember to only do this for things that you will definitely use.

Don’t go signing up for a bunch of things simply because they’re flashy and exciting, it’ll probably end up sitting on the digital shelf totally untouched. 

Every few months you should go through your subscriptions and unsubcribe to anything you’re not using. A general rule of thumb is that if you haven’t used it in the last 2 months, get rid of it. 

You might be tempted to keep an unused subscription because you don’t want to pay a premium to re-subscribe. But here’s the truth, it’s too high of a price already if you’re not using it. 

Not only do you need to know where your money is going, you need to make sure you’re getting value in the things you’re investing your money in. 

#2: Build Relationships in Your Business

I want you to think of the clients who refer the most people or give you the most business, or the ones who have stuck with you the longest and show them your appreciation. 

It can be as simple as sending them an email, or you could send them a handwritten card in the mail. 

It’s amazing how showing people gratitude and appreciation can be the contributing factor to them sticking with you through hard and stressful times. 

Despite the fact that the beauty industry often thrives during recessions due to something called “the lipstick factor”, many of us are still providing what would be considered “luxury services”. 

In recessions, people don’t spend crazy amounts of money on big things, but they’ll indulge in small luxuries (like a tube of lipstick). 

However, luxury services, aka things that aren’t necessary for survival, fall to the wayside. Showing your clients how much you appreciate them can make a huge difference in the value they see in your services. 

Now, I don’t want you to get overwhelmed with a bunch of things. Start with the people who you really appreciate, who you’d like to see more of, and show them your gratitude. 

You don’t have to give them a deal or incentive. You can tell them about a promotion if you want. But simply start with reaching out to them, no strings attached, and let them know how much you appreciate them. 

You’ll be amazed at how that can translate into revenue for your business, even though it’s coming from an authentic place and it’s not necessarily intended to be a “marketing plan”. 

#3: Delete The Noise

Deleting social media from your phone or turning off your phone completely for a full 24 hours each week is incredibly important, especially right now. 

We’re constantly being bombarded with contradicting messages from different places. We’re told to “be scared” and “do this” and we see so many people saying one thing and others doing it a completely different way. 

I want to give you permission right now that the best thing you can do to prepare for a recession is not to stress out. It’s important to keep yourself calm. 

The more anxiety or overwhelm that you feel is directly related to how much you feel out of control. I’m here to help you pull the reins back and feel in control of your life and business. And a lot of times, that starts with social media. 

How often have you found yourself looking at things like your clients canceling, but you see someone else with full books for months, and someone else doing well and you find yourself spiraling into the anxious thought of “what am I doing wrong???”

When we’re anxiously looking at social media, we’re not looking at things from a healthy standpoint. 

Building a Strong Foundation

Now you might be reading this wondering, “okay, Dawn, but how am I supposed to generate more revenue in my business?”. And I get that! But it’s important to create a strong foundation before you build on top, or else it could all come crumbling down. 

These 3 tips are foundational, underlying things because before you can get into the revenue-generating things, you have to stop coming from a place of panic and anxiety. 

Start with checking your subscriptions on a regular basis. The best way to make more money is to stop spending more money. If you want to create more savings and more revenue the first thing to do is get rid of costs that you don’t need. 

The next step is to reach out to your clients and show your appreciation. Staying in touch with the clients who are supporting your business can be huge for retention. You’ll be surprised at how this generates revenue for your business. 

And finally, delete the noise and make sure you’re aware of it. In a world where everything’s right in front of our faces, we need to be mindful and practice self-discipline with it. It can be easy to get overwhelmed and anxious with all the noise.

This foundational stuff is important to prepare you to be in the right mindset. With a solid foundation in place, when you start doing revenue-generating things you’ll be coming from a better place and it’s going to translate better. 

The energy you put into something is the energy people receive on the other side. 

If you’re doing things out of fear and panic, it’s probably not going to work out the way you want it to. Because that fear and panic translates and people can see it and feel it. 

On the flip side, when you’re calm and you’re secure and you’re coming from a perspective where you know things are going to be okay, you’ll be able to promote yourself confidently, even if you’re a little scared, with excitement. And your clients will get excited too. 

There is a lot of information out there on how to market and create promotions and create more revenue, but I wanted to make sure to give you the steps today to get you in a calm place where you can move forward with confidence and security. 

Once you’ve got the foundation in place, I’d love to help you out with creating more revenue in your business, you can check out all my programs here.

It was so wonderful to hang out with you. It really makes my day to hear from you if you enjoyed this post why don’t you send me a DM over on Instagram @dawnbradleyhair. See ya in the next one, friend.

Let’s be besties?

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I am just a small-town, Canadian gal from the prairies who teaches thousands of creatives around the globe how to earn 6-figures stress-free!

Hey, I’m Dawn!

“Rock Your Business” Course Creator, Host of “The Anxious Creative” Podcast. Named by Salon Magazine as Canada’s #1 women of influence.

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