{"id":4392,"date":"2023-06-07T03:45:35","date_gmt":"2023-06-07T03:45:35","guid":{"rendered":"https:\/\/moneymakersandsavers.com\/?p=4392"},"modified":"2023-06-07T03:54:26","modified_gmt":"2023-06-07T03:54:26","slug":"how-startups-can-thrive-in-a-recession","status":"publish","type":"post","link":"https:\/\/moneymakersandsavers.com\/how-startups-can-thrive-in-a-recession\/","title":{"rendered":"How Startups Can Thrive in a Recession!"},"content":{"rendered":"\n<p><\/p>\n\n\n\n<p>If you&#8217;re worried about an impending recession, you aren&#8217;t alone. A recession can be a cause for concern for anyone, but that goes double for entrepreneurs. Startup owners, in particular, may stress about how they&#8217;ll sustain a new business in the face of a bad economy. Luckily, <a href=\"https:\/\/moneymakersandsavers.com\">Moneymakersandsavers<\/a> has some tips to help your business thrive, even in the midst of a recession.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_55 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-660ee63aa6d63\"><span class=\"\"><span style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #4ff74c;color:#4ff74c\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #4ff74c;color:#4ff74c\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-660ee63aa6d63\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/moneymakersandsavers.com\/how-startups-can-thrive-in-a-recession\/#Look_for_Opportunities_to_Boost_Income\" title=\"Look for Opportunities to Boost Income\">Look for Opportunities to Boost Income<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/moneymakersandsavers.com\/how-startups-can-thrive-in-a-recession\/#Network_to_Promote_Your_Business\" title=\"Network to Promote Your Business\">Network to Promote Your Business<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/moneymakersandsavers.com\/how-startups-can-thrive-in-a-recession\/#Take_Control_of_Your_Budget\" title=\"Take Control of Your Budget\">Take Control of Your Budget<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/moneymakersandsavers.com\/how-startups-can-thrive-in-a-recession\/#Reduce_Debts_When_Possible\" title=\"Reduce Debts When Possible\">Reduce Debts When Possible<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/moneymakersandsavers.com\/how-startups-can-thrive-in-a-recession\/#Consider_Refinancing_Your_Loans\" title=\"Consider Refinancing Your Loans\">Consider Refinancing Your Loans<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/moneymakersandsavers.com\/how-startups-can-thrive-in-a-recession\/#Access_Additional_Capital\" title=\"Access Additional Capital\">Access Additional Capital<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/moneymakersandsavers.com\/how-startups-can-thrive-in-a-recession\/#Take_Control_of_Your_Mental_Health\" title=\"Take Control of Your Mental Health\">Take Control of Your Mental Health<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/moneymakersandsavers.com\/how-startups-can-thrive-in-a-recession\/#Stay_Focused_to_Endure_the_Recession\" title=\"Stay Focused to Endure the Recession\">Stay Focused to Endure the Recession<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Look_for_Opportunities_to_Boost_Income\"><\/span>Look for Opportunities to Boost Income<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Most people see a recession as a time to play it safe. However, the truth is that recessions often offer new opportunities to make money. The key is to <a href=\"https:\/\/zapier.com\/blog\/recession-proof-businesses\/\" target=\"_blank\" rel=\"noopener\">find a business model<\/a> that&#8217;s recession-proof. Examples include ecommerce, child care, accounting, and home repairs.&nbsp;<\/p>\n\n\n\n<p>If you&#8217;re still deciding what type of business to start, look into these options. If you already have a business up and running, consider how you can expand your product or service offering to cater to a recession. For example, if you own a high-end fashion brand, you might start designing a lower-cost label to cater to consumer demands in a recession.<\/p>\n\n\n\n<p>Something else to bear in mind: if you start a side gig with a more creative component, potential clients might prefer to <a href=\"https:\/\/zety.com\/cv-templates\" target=\"_blank\" rel=\"noopener\">see a detailed curriculum vitae<\/a> instead of a traditional resume. Luckily, a CV template can help you to regularly update to include your latest accomplishments, you can highlight your skills in a persuasive manner while also helping yourself to stay organized and save lots of hassle down the road.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Network_to_Promote_Your_Business\"><\/span>Network to Promote Your Business<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Even the most recession-proof business idea will fail if no one knows about it, so invest some time and a little money into networking. Look into joining the Chamber of Commerce in your area and find other business groups that offer networking events. Be sure to have plenty of business cards on hand for these events.&nbsp;<\/p>\n\n\n\n<p>If you don\u2019t have a card yet, don\u2019t worry! There are great free business card makers online. You can <a href=\"https:\/\/www.adobe.com\/express\/create\/business-card\" target=\"_blank\" rel=\"noopener\">enhance your content with business card designs<\/a> that reflect your branding, too. Even if you don\u2019t have design experience, you\u2019ll have fun playing with the customization options to create a unique and professional-looking card at a fraction of the cost.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Take_Control_of_Your_Budget\"><\/span>Take Control of Your Budget<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Excess spending is never a good idea, especially during a recession. Take the time to sit down and <a href=\"https:\/\/www.zoho.com\/books\/guides\/how-to-create-a-realistic-business-budget.html\" target=\"_blank\" rel=\"noopener\">create a strict business budget<\/a> to get you through the recession. In order to reduce spending during a recession, it is important to evaluate your business processes and identify areas where costs can be reduced or eliminated.&nbsp;<\/p>\n\n\n\n<p>One useful strategy is to focus on high-value activities that support the company&#8217;s core mission, while eliminating low-value activities that do not directly contribute to the bottom line. You should also look for opportunities to collaborate with other companies instead of re-inventing the wheel yourself. Additionally, it may be helpful to <a href=\"https:\/\/www.procuredesk.com\/10-ways-smbs-reduce-employee-benefits-cost\/\" target=\"_blank\" rel=\"noopener\">put limits on employee perks<\/a> like travel expenses or admin budgets in order to free up more resources for core business needs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Reduce_Debts_When_Possible\"><\/span>Reduce Debts When Possible<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Debts can be a big problem for a business to bear, especially during a recession. Try to pay off your debts as much as possible now. There are a few tactics you can use, such as paying off the debts with the <a href=\"https:\/\/www.wellsfargo.com\/financial-health\/rules-of-thumb\/pay-down-high-interest-rate-debt\/\" target=\"_blank\" rel=\"noopener\">highest interest rates first<\/a>. By paying down your debts, you&#8217;ll free up more of your business income, which will ultimately add up to a boost in profits.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Consider_Refinancing_Your_Loans\"><\/span>Consider Refinancing Your Loans<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>When dealing with debts, another option is to refinance your loans. For instance, if you have multiple business loans, you can consolidate them into a single loan with a single interest rate, saving money in the big picture. You can also refinance some of your personal debts, <a href=\"https:\/\/www.moneygeek.com\/mortgage\/refinance\/\" target=\"_blank\" rel=\"noopener\">like a home loan<\/a>. You may be able to lower your monthly mortgage payments by refinancing when interest rates are low. Refinancing is especially savvy if you plan to stay in your home long term.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Access_Additional_Capital\"><\/span>Access Additional Capital<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>If your business needs additional funding, consider debt financing which involves borrowing money from financial institutions or private investors to support your business operations. While not without risk, debt financing can be a valuable tool for entrepreneurs who need extra cash to keep their businesses running. Not only does it provide access to capital that may otherwise be unavailable, but it also allows you to maintain full control over your company.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Take_Control_of_Your_Mental_Health\"><\/span>Take Control of Your Mental Health<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Thriving in a recession isn&#8217;t just about practical matters like saving money. Be prepared for the potential stress this situation may bring, especially as a business owner. Business owners can experience mental health struggles as a result of economic stressors. Don&#8217;t let this happen to you. Take control of your mental health now by finding coping mechanisms, like exercise, meditation, and support groups. If you&#8217;re still struggling, <a href=\"https:\/\/www.apa.org\/ptsd-guideline\/patients-and-families\/finding-good-therapist\" target=\"_blank\" rel=\"noopener\">consult a mental health professional<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Stay_Focused_to_Endure_the_Recession\"><\/span>Stay Focused to Endure the Recession<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The thought of a recession can be daunting if you&#8217;re a business owner. However, there are ways to cope with a recession, like reducing debt, controlling your budget, and accessing debt financing to ensure your business is recession-proof. With advanced preparation, you can thrive in an economic downturn.<\/p>\n\n\n\n<p><strong><em>Are you looking for more great information on financial issues? Then <\/em><\/strong><a href=\"https:\/\/moneymakersandsavers.com\"><strong><em>add Moneymakersandsavers<\/em><\/strong><\/a><strong><em> to your weekly online reading list!<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you&#8217;re worried about an impending recession, you aren&#8217;t alone. A recession can be a cause for concern for anyone, but that goes double for entrepreneurs. Startup owners, in particular, may stress about how they&#8217;ll sustain a new business in the face of a bad economy. Luckily, Moneymakersandsavers has some tips to help your business&#8230;<\/p>\n","protected":false},"author":159998696,"featured_media":4393,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_kadence_starter_templates_imported_post":false,"_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[1420,1531],"tags":[1417,1649,1648],"_links":{"self":[{"href":"https:\/\/moneymakersandsavers.com\/wp-json\/wp\/v2\/posts\/4392"}],"collection":[{"href":"https:\/\/moneymakersandsavers.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/moneymakersandsavers.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/moneymakersandsavers.com\/wp-json\/wp\/v2\/users\/159998696"}],"replies":[{"embeddable":true,"href":"https:\/\/moneymakersandsavers.com\/wp-json\/wp\/v2\/comments?post=4392"}],"version-history":[{"count":4,"href":"https:\/\/moneymakersandsavers.com\/wp-json\/wp\/v2\/posts\/4392\/revisions"}],"predecessor-version":[{"id":4401,"href":"https:\/\/moneymakersandsavers.com\/wp-json\/wp\/v2\/posts\/4392\/revisions\/4401"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/moneymakersandsavers.com\/wp-json\/wp\/v2\/media\/4393"}],"wp:attachment":[{"href":"https:\/\/moneymakersandsavers.com\/wp-json\/wp\/v2\/media?parent=4392"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/moneymakersandsavers.com\/wp-json\/wp\/v2\/categories?post=4392"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/moneymakersandsavers.com\/wp-json\/wp\/v2\/tags?post=4392"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}