After the pandemic, the cost of living in Florida skyrocketed. Our rent was high, gas prices soared, our electric bill was staggering, and car insurance was nearly as much as a car payment. Every raise my husband received—every extra dollar my business brought in—was immediately swallowed by rising expenses.
I worried about how we would make ends meet.
That’s when we made a bold decision—before we reached the point of absolute financial struggle.
We relocated to a more affordable area near Spartanburg, South Carolina, and in doing so, we cut our living expenses by $1,000 a month. We saw the financial crunch coming and acted before we were in crisis. That one move saved us a lot of heartache.
And now, I see another possible crunch coming.
The U.S. economy is shifting. While no one can predict the future with certainty, signs point to a possible recession (source). While I hope we avoid an economic downturn, now is the time to prepare—before you’re forced into survival mode.
So how can you protect your business? Here are seven action steps you should start implementing right away. Be proactive, and no matter what economic curveballs come your way, you’ll be ready.
1. Audit Your Expenses
- Eliminate unnecessary costs. Cancel subscriptions and services you no longer use.
- Negotiate with your providers. Ask for better rates—you may be surprised by what you can save.
- Consider annual payment plans for essential software and services to reduce monthly overhead.
2. Sharpen Your Offers
- Refine your messaging. Can you clearly articulate how you help and the results you deliver?
- Solidify your pricing and packages. Make it easy for potential clients to say “yes.”
- Collect testimonials and case studies. Social proof builds trust during uncertain times.
- Create a simple FAQ to address common concerns and objections.
3. Forge Key Collaborations
- Partner with complementary business owners to expand your reach and create more marketable offerings. For example, a graphic designer and a marketing coach could offer a complete branding solution.
- Build power referral partnerships with those who serve similar audiences.
- Don’t rule out working with others in your industry. You likely have different niches, methods, or ideal clients—there’s room for everyone. Women thrive in community, not competition.
4. Start Saving
Creating financial stability is essential—especially now. One of the best systems I recommend is Profit First, which helps you manage cash flow by dividing your revenue into specific “buckets”:
- Owner’s pay
- Operating expenses
- Profit
- Taxes
By allocating funds into these buckets consistently, you create structure, peace of mind, and long-term sustainability.
5. Diversify Your Income Streams
- Add a passive income stream like a course, template, or digital product.
- Offer a lower-cost option for more budget-conscious clients.
- Consider affiliate marketing for tools and services you already love and recommend.
- Set up retainer or membership options for more consistent monthly revenue.
- Remember, income can come from multiple sources. Whether it’s selling an asset that may depreciate or picking up a short-term side hustle to boost savings—there’s no shame in creating additional cash flow.
6. Strengthen Client Retention
- Check in with current clients. Ask how you can better serve them or meet evolving needs.
- Enhance the client experience. Small touches—like personal notes, bonuses, or thoughtful check-ins—build loyalty.
- Create a referral or loyalty program. Reward those who continue working with you and those who send others your way.
Your current clients are your most valuable assets. When you make your business indispensable to them, they’re more likely to stick with you through economic ups and downs.
7. Double Down on Marketing
- Stay visible. This is not the time to go silent—keep showing up online and in your community.
- Update your messaging. Speak to what your audience is feeling right now—reassure, empower, and solve.
- Consistently offer value. When you educate and inspire, you build trust—and trust turns into business.
Many businesses pull back on marketing during tough times. Don’t be one of them. The businesses that stay visible are the ones people remember when they’re ready to buy.
Quick-Action Checklist
- Audit your expenses and optimize spending
- Refine your offers and clarify your messaging
- Seek out aligned, strategic collaborations
- Implement a financial system like Profit First
- Diversify your income streams
- Focus on client retention and loyalty
- Keep marketing and stay top-of-mind
Final Thoughts: Lead with Intention, Not Fear
Women entrepreneurs are brilliant, resourceful, and resilient. By preparing now, you’re not reacting from fear—you’re leading from strength.
You’ve got this. And if you’re looking for a community that supports you through economic uncertainty and beyond, check out Virtual Networkers. We are a sisterhood of women entrepreneurs who are lifting each other up, one connection at a time.