Even if you work alone, the brand-enhancing ideas of others can help push you forward.
Founder of Echelon Copy LLC
Business is hurting across the globe. Supply chains have been disrupted. People are staying home. Many businesses that rely on traditional sources of revenue are not able to stay open. For solopreneurs, the pain can be even more acute.
Recessions traditionally impact small businesses disproportionately, as we saw in 2008, when they accounted for 45 percent of employment but 62 percent of jobs lost. And it’s even worse for businesses with under 10 employees or young businesses period. Solopreneurs almost always fall into one of these categories and often both. And this current downturn seems to be following a similar trend, with nearly 80 percent of small businesses negatively impacted. Fifty-four percent have dealt with slower sales. No matter your sector, you’re probably going to be dealing with fallout, but there is hope, and there are ways that solopreneurs can still thrive.
Cut your marketing back as little as possible — grow it if you can
When a recession hits and money gets tight, many companies decide to cut back wherever they can. Marketing and advertising tend to get hit hard. But did you realize that you might actually be hurting yourself long-term by cutting back your spend?
As Moz founder Rand Fishkin notes, “Don’t use a sledgehammer, use a scalpel.” Businesses that lower ad spend during a recession tend to see sales fall 20 to 30 percent over the next two years.
Marketing and advertising are the low-hanging fruit if you’re going to tighten your belt, but do it with the mindset of pruning for new growth, not that of a drowning man clinging to a life preserver.
Some studies even suggest that a soft economy may be the best time for businesses to grow their market share. If you’re cutting back while your competitors are pushing ahead, you might lose out once the economy gets back on better footing.
Related: How to Maximize Your Startup’s Content Marketing Budget
Connect the physical with the digital
Solopreneurs with physical businesses are having a particularly hard time right now as everybody has to stay indoors, but some have been able to pivot by bringing their offering online — or as online as they can.
Kajabi’s “Let’s Build Together” campaign has been collecting stories from its users, and many of them deal with exactly this. For example, dog-training expert Connie Cleveland does 12 live events each year and hosts a two-day live workshop. That part of her business has completely collapsed, but after a recent event was cancelled, she reached out to everyone who had signed up and offered them a month of free membership for her online training business, The Obedience Road.
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