We are living in unprecedented times. In a post-COVID era (if it is actually over); with an unfolding energy crisis – in many European countries – things are not looking too rosy.
Certainly, the 2020s have been a difficult time for many businesses and with such events, a recession is almost definitely looming over us. So, much so that we might think – is this even possible – Unlocking the Secrets for Outpacing a Recession?
Well, nobody will be throwing a party to celebrate such worrying times that appear to be ahead of us.
But there are ways you can enjoy an advantage with proper planning and come out the other side even stronger.
Consistent action and a solid mindset are all this requires.
Just don’t forget about the possibilities available in England, the UK (like myself), or wherever you may call home.
It might seem like a daunting future for many businesses but let’s take a look at this a bit more optimistically.
What Are The Secrets for Outpacing a Recession?
Table of Contents
Many financial experts will agree, post-COVID that it’s not if we are heading into a recession but rather how soon will this become apparent. Scary times are ahead for many businesses and it certainly appears that many will not survive.
Although, this is exactly why today’s blog post may be able to help. If you really want to know how to unlock the secrets for outpacing a recession please keep on reading…
i.) Create a Budget
One of the most effective tools in controlling your spending is creating a budget. Opt for an Excel spreadsheet to track your expenses quickly. Additionally, you can insert an invoice or bill when you import a PDF by embedding it in Excel to streamline your electronic filing and keep all important documents in the same place.
This may not surprise a lot of people but looking at different areas where to cut costs may be what makes all the difference.
ii.) Abolish Debt
High-interest debt is one of the heaviest financial burdens to carry, so it makes sense to pay it off first. Doing this saves you money in interest charges, and there’s less opportunity for interest to compound.
Essentially, you pay the minimum requirement on other debt, but you focus on the high interest by allocating funds to resolve it. If you don’t have other funds available, don’t worry. Discussing your options with a financial adviser or credit counsellor can help. They might suggest consolidating debt into one loan with a single monthly payment.
Credit cards are the elephant in the room here. In almost all cases here you will be charged just for owing money and the more you do the more they will charge you. Put your efforts into getting these debts down low as possible to help save even more money.
iii.) Recession-Proof Business Ideas
Recessions hit hard, and perhaps your pay was cut or you were laid off. Look for hope in recession-proof industries. Grocery stores, repair services, child care, and accounting are a few of the careers that can survive in a recession. Each of these fulfils a necessity that’s not dependent on the economy. You can thrive by starting a repair service, an accounting service, or a child care business because clients will be looking for quality services at an affordable price.
It must be said that one of the greatest secrets for outpacing a recession is finding more ways to make more money. So…
a.) More Business Ideas
You can also enrol in an online course to build a stronger foundation for your dream career. Taking some business courses may prepare you to turn your hobby or freelancing gig into a lucrative and recession-proof business.
As a freelancer, affiliate marketing is one online method you can use to boost your earnings. You partner with a merchant, allowing the merchant’s ads to be placed on your website or blog. The latter becomes an affiliate earning part of the sale if a customer makes a purchase using the affiliate’s link. How much you earn depends on the merchant.
Iv.) Beat Financial Woes
Unfortunately, another reality of the recession is how it might impact your mental health. Running a business is generally stressful so one that is under continuous pressure is even more worrisome. Indeed, this can take a very heavy toll on your well-being but you don’t have to succumb to financial woes.
Self-care includes getting enough rest, exercising, and eating healthy and delicious food, all of which lower stress levels naturally. Fitting in relaxation time can be a mini-vacation for your thoughts.
Watch a sunrise, enjoy a relaxing bubble bath, or listen to music. Whatever it takes to take your mind off things when they become too much. Going on holiday might be out of your price range but just try to relax however you can.
V.) Grow Your Own Groceries
With costs rising, many families in affected countries such as the UK and elsewhere should choose to grow as much of their own food as possible. Fruit and vegetable gardens are a wonderful start.
Bell peppers, cabbage, cucumbers, and garlic are a few varieties that are easy for beginners to grow. Although, any vegetables you grow can help save on your supermarket bills. Even after the recession is over this is a valuable life skill that really is not utilised by people enough. Farming is not as popular as it used to be and this is definitely a problem.
Vi.) Use Less Electricity
Actually, I looked at this in my last post ~ Energy Saving Ideas for UK Pubs and Restaurants [Read It Here]. In this, I discussed several different ways that action could be taken to reduce energy bills.
This especially in the UK is a very deep concern right now for a lot of people. Energy costs have almost tripled in the past 2 years. For many, this is not only painting a picture of a very bleak winter but possibly the end for a lot of businesses.
So definitely look at areas where you can save money. Turn off the lights and switches when you are not using them. Use smart devices to find out which devices use the most energy and replace any appliances that use too much.
Read More Energy Saving Ideas at MoneySuperMarket.com
Vii.) Invest In Crypto and Precious Metals
OK now so take this however you like. Perhaps this could be considered as one of the secrets for outpacing the recession or maybe not. I think this is just something to think about – so inflation if we think about this and its effect on the economy how bad will things get?
We pay in the UK for example £1.25 for a loaf of bread now. 5 years ago from today, this would have been £0.75 and in 5 years time, it could be £3.25 ?
It could be better or it could be worse but anyhow. Many will wonder about making savings should the worst come to happen.
Really I want to watch what I write here but one possible solution is instead of leaving your money in the bank to become worthless why not put your money into something else that could potentially be quite a bit more stable? Bitcoin I don’t really recommend but I think the likes of Monero and Piratechain could be ones to watch.
I mean take this advice carefully but why not consider investment in Cryptocurrencies or Precious metals? It might seem like a bit of a shot in the dark but if you are looking for something that can potentially hold its value and maybe even increase in value I would give this some thought.
*Check out Jeff Berwick The Dollar Vigilante and his newsletter to me he really seems to be on the money*
Next Steps to Thrive
As you can see, a recession doesn’t have to negatively alter your perspective on life. Taking actions such as paying off your debt and starting a recession-proof business are good decisions. Reach out to iBusinessToday for more details on affiliate marketing and other ideas to make money online.
Would You Like To Guest Post?
Thanks for reading these secrets for outpacing a recession. This was actually a guest post by Chelsea Lamb from businesspop.net. I’ve added a few words in myself but this is still what I would consider a guest post. I personally would be very happy to accept any guest post submissions as long as they are relevant and original.
Please contact me if you are interested at chivs86@ibusinesstoday.com
All the best and #ToYourFutureSuccess
Alex B. Chivers
iBusinessToday.com
PS: if you are interested in building a website and making money online I definitely recommend this;
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