Trump’s return to power has plunged the U.S. economy into uncertainty and chaos.
His erratic trade policy has been dragging down economic growth. It’s perhaps because of this that the “recession” word popped up again last week in the Federal Reserve’s latest notes.
However, recession is not the only danger; fiscal and financial crises also are. This is unsettling for big corporations, but even small businesses are rattled by this.
When the economic winds shift, it’s natural to worry about the future. But you’re not powerless as a small business owner. There are certain smart, proactive steps you can take and build a stronger, more resilient brand. What are they? We’ll share that here.
#1 Create Multiple Income Channels for a More Stable Financial Base
Don’t rely on just one income source. If that single stream slows down, perhaps due to economic shifts, it will be difficult for your business to keep its financial footing.
But when money comes from different places, you create a financial safety net. This approach helps you build a stronger, more resilient business for the long haul.
One popular approach that can help you build these extra income streams is to offer products or services that complement what you already do.
Subscription models are also worth exploring. Think about offering monthly product boxes or exclusive memberships. These can provide a regular, predictable income stream, which is fantastic for consistent cash flow.
Take Curbside Mexican Grill, a food truck in Plainview, NY, as an inspiring example. Running a food truck comes with its own set of challenges, like unpredictable weather and permit hassles.
Owner Brandon decided to branch out by offering online cooking classes. He now teaches people how to make authentic tacos and shares his family’s cherished recipes. This not only brought in extra money, but also helped him connect with a whole new audience of food lovers.
#2 Shift Your Sales Strategy Online to Boost Visibility
The internet is like a bustling main street where people are shopping 24/7. How would people shop from you if you’re not there?
PwC’s survey reveals that 63% of consumers purchase directly from a brand’s website. So, build your own website. This is especially important if you’re in the health and wellness space, where demand is growing fast and more shoppers are turning to online shopping.
If you’re, say, a wellness coach or a med spa owner, a website is a must. You can offer virtual consultations or digital health programs through your site.
Just make sure to include features like online booking and a smooth checkout experience.
Drag-and-drop builders are a good start, but they often can’t handle booking systems. Look for the best web designer for health and wellness websites to help you find a solution that covers all fronts.
These professionals are well-versed in the ins and outs of custom web design for health and wellness businesses. So, they can design a beautiful, functional site that offers a clean, intuitive experience.
According to J Williams Designs, the best web designer for health and wellness businesses knows exactly what works. They will embed existing booking platforms like Google scheduling directly into the site. That way, your customers can book with ease.
#3 Offer Different Pricing Tiers to Attract a Wider Range of Customers
One price doesn’t always fit all. Your customers likely have different budgets and varying needs, and a single price point might not appeal to everyone.
Creating different pricing options can help you open your doors to a much bigger crowd. This approach, sometimes called G-B-B pricing, means you can have an option that fits various budgets and needs. Of course, it can lead to more sales overall, as you won’t miss customers who find a single price too high or too basic.
Aim for clarity and simplicity when setting up pricing tiers. Don’t offer too many options. It can sometimes overwhelm customers and make it harder for them to decide. Stick to two or three distinct tiers, such as basic, standard, and premium, or perhaps small, medium, and large.
Base the tiers on the value they provide. Communicate the differences clearly with customers to help them choose the option that is the best fit for them.
MOD Pizza is a case in point. It has rolled out tiered pricing options to deliver more value to customers. Prices vary by market. But generally, a 6-inch pizza starts at $8.39 while single-topping pizzas start at $6.89. The Maddy cheese pizza price starts at $5.39.
See? Just a few friendly tweaks and thoughtful ideas can make a huge, positive difference for your small business.
Your amazing business has so much heart and passion behind it. These simple ideas can not just help it weather any storm that comes its way, but also bloom and thrive.
You don’t have to implement everything at once. Pick one strategy and start from there. Rest assured that you will navigate choppy waters with more confidence.