Recession-Proof Your Online Business
A lot of financial gurus and experts in the world are talking about how the economy is heading to a recession. I don’t want to be all doom and gloom here, but it’s important to avoid putting our heads in the sand and hope for the best. We need to talk about the recession so that, as e-commerce sellers and Amazon business owners, we can make strategic adjustments in our businesses in preparation for an economic downturn.
In today’s episode, I discuss the steps you can take to recession-proof your Amazon business. I share my experiences with the 2008 recession and the lessons I learned from it. I illustrate how people spend their money during a recession and reveal the kinds of products that sell during a downturn. I explain why cash is king during a recession as well as why you need to cut your costs wherever you can. I also underscore the importance of diversifying your business and how it can help you stay afloat in these trying times.
“Diversify and change your mindset about what people are buying. People are reducing spending, but they’re not cutting out.” - Kristin Ostrander
This week on the Amazon Files:
- Why it’s important to talk about the recession
- How American’s used their money during the last recession
- What people spend their money on during a downturn in the economy
- The importance of cutting costs and reducing debt
- Why you should go cash-based in a recession
- Diversification: how building more streams of income can impact your financial health during a recession
- Recession-friendly products to sell
- Why camping products and outdoor gear spiked in sales during the 2008 recession
- Why a recession is a great time to thrift and flip goods
- The best items to sell on Facebook marketplace, eBay, and Etsy
WATCH:
Resources Mentioned:
Related Content:
- Dream Big, Step Small by Kristin Ostrander
- Mommy Income HUB
Want to Learn More?
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Grow Your Amazon Business!
Thanks for tuning into this week’s episode of The Amazon Files, the show to help Amazon seller along their business journey one step at a time with Amazon expert and your host, Kristin Ostrander. If you enjoyed this episode, head over to Apple Podcasts, subscribe to the show and leave us your honest review. Don’t forget to share your favorite episodes with your friends on social media! Use the codeword RecessionProof to join us on Facebook. Each week, Kristin hosts a live discussion on how to grow your Amazon business. Don’t forget to check out our website and subscribe to our mailing list for even more resources.
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