Is Your Business Recession Ready? | Episode 78

podcast Jul 13, 2022

 

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In today’s episode, I’m talking about things you can do to make your subscription box business recession ready. 

While it’s not possible to “recession-proof” your business, it is possible to be recession ready. Now is not a time to panic. If we made it through a pandemic, we can make it through economic uncertainty. There are practical, actionable steps you can take to make managing this time less stressful. I walk you through seven of them in today’s episode. 

 

    1. Get control of your inventory. It’s time to change your buying habits away from the panic buying we all practiced during the pandemic. I shifted my own buying behavior away from buying deep (fewer products in greater quantities) to buying wide (more products in lower quantities). 
    2. Understand your cash flow. In order to build a long-term, sustainable business, you have to know and understand your numbers. Decreasing your inventory will increase your cash flow, but you still need to have products to sell. Understanding your rate of revenue vs. your rate of expenses allows you to make adjustments where necessary. 
    3. Trim your expenses. Dig into your P&L to identify your biggest expenses and any you don’t realize you’re even paying for. Look for areas where you can trim costs. 
      • Overhead
      • Software
      • Packaging & shipping
      • Opportunities to buy in bulk 
    4. Get in front of new people. Now is not the time to pull back on your marketing efforts. How are you serving your audience? Focus on organic, free ways to attract new people. 
      • Try a new platform. 
      • Use email and SMS marketing to get in their text messages and inboxes. 
      • Experiment with your posts/videos to make things new, fresh, and fun! 
    5. Create additional revenue streams. If you don’t yet have a subscription box as part of your product-based business, start one. If you have a subscription box, consider what complementary products you can offer your customers? Don’t forget to consider digital products! 
    6. Offer customization and convenience for a premium price. What can you offer those customers who want the ultimate experience and are willing to pay for it? 
    7. Wow your customers. There is so much you can do that won’t cost you much at all. Make exceptional customer service the standard. Say thank you and show appreciation to your customers. Look for ways to surprise and delight your subscribers. 
      • Get my resource “10 Ways to Surprise & Delight Your Subscribers” by texting SURPRISE to 940-204-0023. 

 

Don’t be afraid to serve and to sell during these uncertain economic times. Realize people want to buy what you have to offer. Now is the time to gain a deeper understanding of the financials of your business and make educated decisions. 

Join me for this episode as I talk about seven things you can start doing now to get your business recession ready. This is an episode to listen to with your notebook close by. You’re going to want to take a lot of notes! 

 

Important Links: 

  • 10 Ways to Surprise & Delight Your Subscribers - Text SURPRISE to 940-204-0023

Learn from me:

  • Subscription Box Blueprint eBook: This $10 ebook covers logistics from product selection to packaging to shipping. Plus a 90-day launch plan and bonus ‘Instant Scripts’ for your social media.
  • Launch Your Box: My complete training program that walks you step by step through how to start, launch, and grow your subscription box business.
  • Launch Your Box Podcast: I share tons of practical tips and strategies to help you start, launch, and grow your subscription box business. You’ll also hear from industry experts and current Launch Your Box members who are crushing it - get ready to get inspired!
  • One Box at a Time: Inside my book One Box at a Time, I show you the steps you need to follow to start and launch your subscription box. To turn your dream into reality. This book is filled with proven teachings, valuable resources, best practices, and action steps for you to take.

 

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