You don't have to be a genius to see we are heading into a recession.
But you don't have to suffer through it. In fact, during recessions opportunities arise for everyone and the playing field is kinda leveled. For instance, businesses like Uber, Airbnb, Slack, and Venmo were started during the last recession in 2008. So the question is, how can you stack the deck in your favor this time around?
While I'm no expert in recessions (I was just entering the workforce during the last one), here's what I'm doing:
1. Double down on audience building.
The best time to build an audience is before you need it.
From 2011-2015, I built a decent-sized audience on Facebook; 20k+ followers on my personal page and a super engaged facebook group with over 5k members. That was, unequivocally, the key to my clinic's success. However, I have neglected building an audience for my non-clinical gigs –which currently make up 80% of my income!
So last March, I decided to track and improve in this area.
So far, I've grown an audience on LinkedIn and more recently on Twitter and through my newsletter. Combined, I have a bit over 5k followers and growing at a healthy pace. I plan to continue providing value to entrepreneurial physicians looking to build online side-gigs.
2. Focus on a single, tangible challenge my audience faces, that I can help them overcome.
In a recession, people spend on smaller and essential purchases.
So my strategy is to help practicing physicians achieve a single, tangible result in a way that is affordable (for them) and scalable (for me). And since building a personal brand is the best way to avoid commoditization as a physician, I've been updating my Personal Branding Masterclass with new content, templates, and strategies. And I'll offer it at the same price as the original one ($197) with a full 60-day money back guarantee.
Everyone who enrolled in the past, will get the new version for free.
3. Leverage client results to continue growing my audience
My mentor taught me: "don't get a client to make a sale. Instead, make a sale to get a client."
Through my newsletter and private community, I have been nurturing and deepening my relationship with my clients. I also plan on being intentional about collecting feedback and testimonials, and I won't be shy about asking for referrals and recommendations.