So the pandemic is kinda causing a few problems. But is there a way to build your online business during Coronavirus and the inevitable economic downturn?
Unless you’ve literally been hiding under a rock in the past 3 months, you would know that COVID-19 is causing huge financial implications for everyone (not just those like us with small online businesses).
And it is totally understandable if you are feeling a bit nervous! You might be asking:
- How do I grow my online business when everyone is stressed about money?
- Should I close my business and get a more stable job?
- Is it insensitive to be “selling” when the world is going crazy?
In short?
You shouldn’t give up on your dreams and your business just because you are afraid!
Should you learn to work a bit differently? Sure. Do you need to adjust to the current financial climate? Absolutely.
But in this article, I am giving you 7 ways you can build your online business and build your money confidence during the Coronavirus crisis.
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- Profitable online business niches: How to make money no matter your field
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- Radically fix your money mindset with 3 simple practices
A word before we start- I just wanted to say…
That it’s OK to not be OK.
To be honest, I almost never read the news. In general I feel like it doesn’t add anything to my core essence- only stress.
But in the last couple of weeks, I have
- Been hit with anxiety
- Had many things happen with travel that are outside of my control
- Cried
- Read the news and cried again
So I know some of what you are going through.
Which is why I am going to be here for my clients no matter what.
Whether you join me on the FREE Masterclass to Ignite your Money Mind, the 1:1 financial coaching to help your specific struggles, challenge yourself to meet your money story as an entrepreneur in the Ignite Your Money Mind Challenge, or just DM on Instagram, I’m not going anywhere!
7 ways to build your online business during Coronavirus
1) Build and engage your online community
One of the best ways build your online business during Coronavirus lockdowns is to build your community!
There are a few reasons why you would be silly to ignore your social media followers and email lists during this time.
Firstly, more people are spending more time online than ever before! They want to be entertained, they want to be inspired. YOU CAN BE THAT PERSON FOR THEM WITH YOUR BUSINESS.
Many businesses will hide away or give up, which makes room for people like you to step up to engage, entertain, and keep conversations going.
Secondly, people are looking for leaders. People are watching to see what will happen.
Being present on social media and connecting with people on a personal level will put your business at a serious advantage over everyone else- now more than ever.
2) Create a LOT of content
As well as engaging and building your online community, you should use this time to create content.
Content has always been an important part of scaling your business.
However, putting out useful, FREE content will make you memorable and get in front of your audience.
Content marketing is one of the best long term investments you can make in your business, especially during this Coronavirus financial downturn. Even if people don’t buy from you right now, they will remember the businesses that show up and will be more likely to buy from you when the right time arises.
3) Use the AAA method for your money mindset
With the whole world going crazy with the financial implications of coronavirus, it would be easy to just give up on your business.
I mean, you already have enough pressure trying to run your online business a.k.a your BABY. But now? You have entered into a worldwide lockdown and all the effort you did for the past 3 months, 6 months or a year with your business all feels like it was for NOTHING.
You might be asking
- Where is your income flowing from if the economy is slowing down? If the economy stops completely?
- How can you possibly charge the prices you have been charging if your clients don’t have money to pay?
- HOW can you survive if this is affecting your business (which was your main income stream!)?
When you start to get into this mindset, I want you to remember my AAA principle.
1. Accept the things as they are. Literally the whole world is in the same boat right now, but only SOME people will ignore the fear.
2. Adjust to living your best life ALWAYS! (Which means pulling up your socks and making the most out of the cards we have ALL been dealt)
3. Analyze your business like the CEO you truly are- what would the leader of a company do?
4) Build your money confidence and mindset
When the news tells you that we are going into a recession, people are losing their jobs, and that everyone should get ready to feel the financial squeeze, it is easy to freak out.
But not you.
Because you know that money is energy, that it is all around if you look for it, and that you can be confident in money when no one else is.
If you don’t know this in your heart yet, here are a few ways I can help you build your money confidence and come out of this recession better with money and wealth management:
- Listen to the Happy and Wealthy Podcast where I talk about my journey to money confidence, how to build a healthy relationship with money and ways to improve your money mindset so that you actually ATTRACT it to you
- Join my email list where you are the first to get exclusive tips and thoughts from me, your wealth, mindset and happiness coach (as well as getting FREE budget and wealth-building resources when you sign up)
- Join the Mindset Leverage Wealth Academy, my signature 12-week program where we will define your money story and use it to build the business and income you’ve always dreamed of
5) Improve your purchasing power
According to Chron, “Purchasing power is an economic theory relating to an individual’s or business’ ability to buy goods or services in the economic marketplace.” It is measured by how much you can buy with a fixed dollar amount.
For example, if $10 can buy 4 loaves of bread at the supermarket, it might only get you 2 or 3 in the future. This has been the general trend over time due to inflation (think how much your grandparents could buy with $10!) but global recessions do this more aggressively.
Essentially, having a strong purchasing power during a crisis means that it doesn’t matter how expensive something goods can be, you can still buy it. This is important during times of financial crisis because consumer purchasing is a huge part of a functioning economy.
A few ways to improve your purchasing power and build your business online during Coronavirus are things like:
- Find out if you can put savings away in a higher interest account- in times like this, purchasing power is expected to go down, which means that the money that you have now will buy LESS of the same things in the future. This is a lower risk than investing in a potentially volatile market to grow your money, but will still make it work harder than sitting stagnant in an account
- Don’t give up on your business completely! If you stop selling, offering and serving, then cash flow stops (obviously). People might need amazing people in business more than ever. If your clients and orders have slowed right down, then consider diversifying your income during this time to increase your income (you’re not failing at your business by looking for other sources of income!)
- Keep investing in yourself and your business however you can- this increases your future earning power!
Note: I am not a registered financial adviser or accountant! I create content to educate and inspire, but for specialized advice on investment, interest, and banking please talk to professionals about your specific needs.
6) Create smaller offers
Although I want you to be confident in your sales, the prices you are charging, and your overall purchasing power, I also know that people in your audience will still be scared.
If you look at business trends at the moment (especially online) you will see that offers like memberships are on the rise. This is because people still want to grow, they still want what you have to offer- they maybe just need it in smaller doses.
Take a look at your business.
Is there a way you can take your products and services and turn them into something bite-sized and more accessible for everyone during this time?
Doing this will help keep cash flowing into your business (even if it looks different from how it normally does!). Cash flowing in means you can keep growing, keep serving, and make it out the other side of this crisis without giving up completely.
7) Think and act like a CEO
All these crazy, unhelpful thoughts are running around your head. I know because it runs through my head too. But you know what? It’s okay, It’s okay to feel it, it’s normal and we HAVE to hold space for these feelings.
Now more than ever.
SO, are you gonna stay on this “pandemic reaction” mood for the rest of the year?
If you are the type of person that has been showing up, creating and executing ideas, content and business until now… Be honest with yourself and answer IS THIS MOMENT GONNA STOP YOU?
Instead of saying that this is going to destroy your business, start thinking like a CEO. What would a powerful CEO be thinking and doing in this situation?
Would they be running away? Or would they be looking for new and innovative ways to make money?
Would a CEO just give up at the first sign of hardship? Or would they transform into the leader that other people are too scared to take up?
And most importantly…
Don’t give up hope! Everybody in the whole world will feel the financial effects of this virus in some way.
Control the things that you can, get mindset help where you need it, and be kind to the people around you while you build your online business during Coronavirus.
- Join the FREE Intimate and confidential gathering to end money worries, to break your money worries under uncertainty, know the tools you need to pass through these times and how to prepare yourself for a post-crisis success.
- Listen to The Happy & Wealthy Podcast
- Get your FREE financial road map to help you plan your most successful business year yet
- Read more money mindset, biz building and wealth management blog posts
- Come chat with me daily on Instagram, @alejandrar_coach