Business has slow times & seasons
To not understand this or prepare for it is a dereliction in fiduciary responsibility as a business owner, manager, and entrepreneur. Everyone is going to go through a dry cycle, slow down, or shift in demand. This is a fact of life no matter what your business, service, or industry is. Anyone that advertises “recession proof” businesses, products, or services is being naive at best, and deceptive at worst. You are going to have seasons of trying, mark my word. The questions is what can you do about it? How can you prepare your business for the strain on income you will inevitably have when times are slow in business?
I don’t have a 5 point plan to offer you, I wished I did. To be honest I don’t think there is one. However I do have strategy to keep your valleys a little higher, and your mountain tops last a little longer. What causes most ups and downs in business is the demand a market is putting on any given product, good, or service. If you are in the insurance business as an example your busy time is probably around the fall when various enrollment periods start, or if you are in real-estate you probably are busy in the summer but slow down when the weather begins to get colder. These both are very predictable changes in those industry’s that repeatedly follow roughly the same pattern year after year. However some slow times are not so predictable. What can you do in those instances?
What I have tried to do in my business is create a scenario that:
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I offer a service that generally has no good or bad season
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Create a business model that is monetized whether sells are made or not
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Diversify my income streams by limited verticals
Again every product, good, or service will have ups and downs, but typically the opportunity space is always in demand. Unemployed people are looking for jobs, and underemployed people are looking for ways to improve their careers. Having a product and service that helps both of these markets will keep me stay in a more stable business from large ups and downs. There are times that less people are looking for jobs, but in large part if you can help others find a job, or improve what they have you are in a good space.
Unlike most “opportunity” offers we have a way to help those looking for work in both the hourly & salary space and the entrepreneurial areas. For those looking for a 9-5 hourly opportunity we can help them, cost them nothing for our services, and we get paid by the 3rd parties to vet talent for them. For those who are more entrepreneurial minded wanting to work for themselves we offer incredible resources for them as well. We can offer the various ways to start full or part time, starting anywhere from FREE to $97 per mo and get paid as well. So our business is in a space that is less susceptible to huge shifts in demand. Our model allows us to make money without ever being depending on selling a service or product, and finally our income is diversified.
Many business hear diversification and they think they have to start offering a hundred different products or services. This is the worst thing you can do. All this does is dilute your original value proposition and distract you from what you are good at. Why not keep and continue the same product or service, and learn how to make money from it multiple ways. In other words of you are in the widget business rather than trying to continue to sell widgets and then pick up fidgets, gidgets, and midgets to sell too, why not just learn how to make money multiple way with the widgets?
That’s what we did with our lead gen & business management platform. The very nature of the product allows us to re-sell the product as a tool or opportunity to others, and it also allows us to use it to make money. Simply using the product to generate leads for others in our RMP System® allows us to make money in hundreds of different industries with thousands of different products. See a demo by clicking here on our RMP System®
The two podcast below are podcast I made illustrating how using the logic laid out above I was able to make money on both days. One day I did great, and the next day I sold nothing, but in both instances I was able to make money.
I spoke to 28 people today, didn’t make a sell, and earned $250 in 3 hours – Episode 212