7-figure Letter Issue #12 – The Economy

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“Scott are you concerned about the economy?”

II hear this question a lot. 
Of course, I’ve heard this question for month after month and year after year.

It’s normal to listen to what’s going on “out there”… 

First off… I’m not an expert. 
And I would tell you that unless you’ve been through at least one forty year cycle of the economy, you aren’t an expert. 

However, if we go back to 2008 when I ran a web development company, a majority of my clients were in America. 

Everyone spoke of an economic downturn.
Yet… In 2008-2010, I had the best years of my life (up until that point).

Why?

I want to dig into that a little more. 
But first… 

I want to warn you. 
As soon as most people start thinking about the economy, it’s normal to get scared. 

When you get scared, the natural reaction for most humans?
Say… “oh well” and dig your head into the sand.

I highly suggest, you don’t do this. 

It’s stops the ability to do what Entrepreneurs are great at doing. 
Turning problems into opportunity and success. 

So… 
Without going into a massive lesson… 

There are a bunch of cycles that are coming at the same time, at the moment.

Our technology cycle is seeing A.I come to the forefront with robotics ready to finally take over many of the low-paying jobs.

Our economy cycle has seen the largest “bull run” in history without a downturn in 12 years. 

Our society has changed forever, how quickly and at what capacity information can be shared. 

And…
The cycles are directly correlated to the ability to generate revenue and build a successful business. 

Understanding what will happen next is important…
My beliefs of what will happen next? 

Businesses that are in the middle, won’t work. 
What does the “middle” mean? 

I’m talking the business who sells mid-ticket…

I’m talking about the delivery that is “kinda” good…

I’m talking about businesses that don’t have “sticky” products…

I’m talking about businesses that don’t have communities and audiences..

I’m talking about businesses that only have a single source of customers…

I’m talking about businesses that have been lazy due to the “good” times…

My belief: 
You need to build a business that is recession proof, 100% of the time, no matter if the recession will effect you or not. 

So, how do you do that?

Today’s newsletter is sponsored by:
Me 🙂

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Well…

1. Ensure you have high ticket and low ticket nailed inside of your business. 

When times aren’t as good, the middle is generally what doesn’t do as well. 

Or it’s about taking your high ticket and allowing it to be sold to people at a mid-tier price that allows for people who normally couldn’t afford to afford it. 

2. Make whatever you sell to be legendary, to the point in which whoever uses it, will want to talk about it. 

3. Further than this, we want to make it sticky, meaning, the ability for someone to drop working with you or buying your product will hurt. 

 4. When times aren’t as good, you may want to cut your expenses, however, cutting expenses is more difficult than doubling down. 

While it may make sense to cut certain things. 
It’s easier to double your revenue, than downsize. 

During these times, it’s the time to not freeze.
But go on the other side.

Which is… going all in. 
Ad costs are some of the least expensive they have been…
And while audiences won’t buy the way they have…

They still have problems, that you can solve. 

5. During a time where people spend less money, it’s about helping those that are making money. 

That means that lifetime value and order value, is where you want to focus attention. 

6. Don’t watch the news. Stay positive. 

7. Don’t spend all of your time working, it’s really easy to just convince yourself that you need to work more. 

Keep taking the vacation and the time off.
The “open attention” will keep your spirits and energy high.
Which is needed. 

8. Start changing things that were the same.
Perhaps you try new marketing channels.
Perhaps new offers.
Perhaps entire new parts of the business.

Innovation is where you get the highest return on investment. 

9. Increase your intimacy… which means, building community and allow for more conversation. 

People buy from those they believe can get a result and admire and like. 

10. Don’t get caught in the loop of only doing things for the return in the next month. 

Right now, is the MOST important time to do your best to look for long-term return. 

In total: When there is a recession or a “down” time…
It’s time to double down. 
It’s time to see the opportunity. 
It’s the time to buy low, sell high. 

And… in my experience, if your business helps others…
You may just have the best years you ever had…

So, for now… get back to work and build the best business you can 🙂 

– Scott 

Here’s a few things I thought you might love…

1. If you’re not signed up for Online Business Owner Digest, I highly recc. that you do. 

2. If you’re more of the “marketing” type and want to dive deep into the latest marketing “stuff”, you might like The Growth Memo. 

3. A while back I acquired a journal company, called The House of Routine, I’d love to get a copy in your hands. You could get 30% off on the whole store by using the coupon code “SO30”

That’s it for this 7-figure letter. I publish new one every Sunday. Make sure to signup here to get yours.