TIPS FOR LAUNCHING A SUCCESSFUL STARTUP IN A RECESSION Eric Liboiron
EricLiboiron.co FIND YOUR BUSINESS OPPORTUNITY AND SEIZE IT During a recession, people seek affordable personal and household products. Evidence of this is seen by looking at the various industries that did well during this period, such as retailers, discount grocery stores, and auto supply stores.
YOUR BUSINESS MODEL SHOULD BE EVOLVING As a new business owner, you also have a better understanding of the structural pain points of the industry. By being flexible in how you operate, you can create a new paradigm for the industry that will allow you to weather the storm.
PRIORITIZE CUSTOMERS AND EMPLOYEES Leaders must also invest in their employees to ensure that they can retain their talent. It’s also essential that companies are laserfocused on retaining their existing customers.
PRIORITIZE CUSTOMERS AND EMPLOYEES You must bring real value to your industry if you’re planning on surviving during a recession.
HOLD YOUR BUSINESS TO HIGH STANDARDS Never use “bait and switch” tactics other companies use to attract potential customers during a recession. Consistent quality experience establishes trust with your existing and potential clients. This knowledge and understanding will allow you to make informed decisions when launching your startup.