As a pandemic and racial unrest continues to turn the world upside down, businesses are feeling the financial impact of it all.
The reality is, even if COVID-19 didn’t emerge as a pandemic, economists and market gurus have hinted at an impending economic downturn, even a potential recession, for some time now.
As a Mompreneur, I’m sure you can relate to some if not all the above. You’ve probably asked yourself, “How can I fight for the survival of my business?” I also believe, even amid such economic uncertainty, there are immense opportunities for small businesses to emerge as leaders on the outset of this crisis.
Here are 3 things Mompreneurs should do during an economic crisis:
This is a summary of my “Thriving Mompreneurs: Overcoming Economic Uncertainty” Ideation Workbook that you can purchase HERE for ONLY $7 for a limited time!
- Brace for the Impact“
Ecclesiastes 9:11 “…But time and chance happen to them all.”
NIV Bible
It’s hard to fully predict the depth and severity of an economic crisis. The goal is to do what you can as an entrepreneur to brace yourself and provide some insulation.
- Invest in Yourself
“As you grow, your business will grow” – Coach D
Identify ways you can increase your skills, value and knowledge base. This can include informal learning opportunities and formal trainings and certifications.
- Honestly Evaluation the Status of Your Business
Be open to fully embracing what you discover. Take time to revisit your business plan, strategy and SWOT analysis. It is important and you have a firm understanding of your business status as this should drive your future business decisions.
In the workbook, I dive more into the strategies about. In total, I share 7 proven strategies to help you maneuver through uncertainty.
Hi it’s Brenda from RubyHemMinistries.com As someone who’s just starting out with my business, keeping it real is a lesson I’m learning from the ground and I’m sure I should be thankful for it as I see it helping me for many years to come.
Received some motivation as I have started blogging only from April 2020. I’m trying to learn each day. Totally agree about the economic crises which was there even before corona and has worsen after this Pandemic.
COVID19 has been a learning and self improvement time forvme, like you have suggested I have started investing in myself and its made a huge difference.I feel happier and more energetic. very well conceived blog, great work
Surviving COVID19 is surely a tough task, a lot of mompreneurs including me can benefit ftom the tips you have shared above specially your advice to invest in yourself. Very inspiring
I think you are right about all of these. But especially the part about taking this time to grow. If we use the time wisely, we can actually come out of this better than we went into it.
These are great points. I like the idea of investing in yourself most. Such a good reminder in a time like this.
Definitely a challenging time for many businesses, including for entrepreneurs. These are great suggestions!
These are all true and I especially love investing in yourself. Continuing to learn allows us to grow and be more successful.
So true! This is a rough time, but thankfully it will pass!
Great tips. Taking an honest evaluation is vital for growth and success – and yet, it’s something that many people struggle with being able to do. I’m so glad you mentioned it!
Yes! Always invest in yourself, learn and grow! 🙂
i am now trying to figure out how or what else i can do to get started as a mompreneur and this helps