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If you've never been affected by a recession, here are 10 things you should know:
1. Jobs that made you rich in good times can make you poor in a recession. This is especially true in middle management and in jobs where your particular specialty can be done by somebody else in the company. There is no security in a job until you are self employed. When you are a home based business, you do not have the overhead of the "big guys", you don't have to fight a corporate hierarchy to make decisions or get things done, you are more flexible because it is your personal livelihood at stake, you can make a statement and be creative in your techniques and advertising.
2. You will find it harder to compete if you are not offering value added services. For example, a travel agency sells vacation packages and cruises. You may sell Dreamtrip vacations, (which are at wholesale prices that the travel agencies can't touch) but wouldn't it be nice if the client could also make enough money to pay for his own program and his own travel? Not only will the client save money on the travel expenses themselves, but you are offering value adding service! Besides, you can offer Concierge Service to you clients when they are traveling which can provide them with anything from phone numbers, to locations where a business or event is located, and much more. Just like the 5 Star hotels offer!
3. You may have a lifeboat left to you if your industry is one that thrives in a recession, such as the defense industry, some legal jobs, and, in some markets, construction. The trick is to know what and where. Baby Boomers are retiring at record rates (1 every 8 seconds) and most of these retirees are on fixed incomes. They don't worry about job loss.
4. Layoffs flood the job markets with unemployed or marginal candidates. You'll need to brush up on your cold calling skills and find creative ways to market yourself. In many industries and in many personality types, this does not come naturally. Most of those candidates will not pay the high dollars required to train to become a "salesman" when sales is not even what they want to do!
When you are self employed in the travel industry:
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Friends and family will come to you for their travel needs if they know that this is your business. It's a blood is thicker than water principle.
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In our organization, you don't even need to be a salesman. Besides, nobody likes to be "sold". When you have an available professional presentation done for you, and when you have sponsors who are more than willing to do the heavy lifting for you, why would you want to be a salesman?
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If you introduce 6 people to your sponsor who are interested in travel or in being self employed in the travel industry, and those 6 people buy your product, you will never again have to pay a monthly fee, as many organizations charge. Not as long as at least 6 people are still active in their home based businesses. (this is a limited time offer)
5. Employers are very cost conscious when it comes to the bottom line. That doesn't mean that you will make more money because you saved your company money, but it does mean that the upper echelon will continue to reap huge salaries and bonuses, and if a publicly held company, those stockholders will receive dividends. All because you were a "good guy" and saved that company dollars.
6. You will soon find that as you are successful in your own business, you will be recruited by other organizations who want you to produce the same results that you produced for yourself.
7. As travel network marketing explodes, you will find that time management becomes crucial. What you're really selling is your time. That's why it's vital to have appointments made and times set up with your sponsor or others in your organization to help you answer the questions and answers that are time killers when you could be working with another client.
8. During a recessionary time, weaknesses in your skill set are more exposed, and employers become pickier and pickier. The better you are at simply setting the appointments for your clients to watch a video and then having an available sponsor to answer questions, the more efficient you'll be with respect to converting activities into income.
9. A recession is the best time to be in the self employment business. I know this sounds backwards. But look at it this way: When times get tough, the weak will wash out on the ocean tide. Your focus will keep you afloat and prospering!
10. Cash flow is everything. Learn to control your spending or make cuts in your budget. Otherwise, you might end up working with your back to the wall. When you're back is to the wall, you become desperate, and desperate energy emitted will push people away from you.
Without a doubt, a recession is a buzz killer. But it can also be a great teacher and a great opportunity. You have the opportunity to learn to build a successful business and teach others to do the same. After all, self sufficiency is the greatest gift we can give ourselves and those we love. |