BUILDING A BUSINESS IN A RECESSION

BUILDING A BUSINESS IN A RECESSION  

BUILDING A BUSINESS IN A RECESSION
Launching a business in healthy economic conditions is the ultimate kick-start you’d like for your business. The economy is strong, consumer trust is high and dollars are moving from wallets to cashiers at a healthy rate.

But for those who haven’t had the perfect timing, who aren’t riding the wave of positive economic growth and high levels of consumer spending – what does the future look like?

Is launching a business in a recession putting the doom on your business before it has even started?

Not necessarily.

For those who are looking at launching a business in a recession or at a time when consumer confidence is low, all is not lost.

It’s about setting realistic goals and tangible outcomes. 

So launching a five star, high-end business that appeals to a very niche and wealthy audience in a recession may not be the best idea. You need to be realistic in your financial forecasts and competitive in your pricing.

Build customer trust 

When in a recession, consumers are a lot more connected to their money and aware of where and how much is being spent. Customer loyalty is crucial, as consumers will tend to spend where they trust, where they know their money will go a long way and their satisfaction with the end product is reliable.

Refine your focus 

When building business in a recession, your key focus should be on building customer trust and loyalty through excellent customer service and quality products. Invest everything into building your loyal client base that will follow you through both the good times and the bad.