How to Maintain a Profitable Business During This Economy?

Adapting, diversifying and finding new opportunities where you haven’t before. These are just a few of the actions I would apply during these testing times.

Increases in taxes, interest rates, living costs, tariffs, inflation, recession, all these happening in the span of one year can feel quite overwhelming and honestly depressing for entrepreneurs and those who think about starting a business.

But fear not, not everything is that dark or doomed. If anything, this time is perfect for recalibrating yourself and your business. Figuring out what your current goals are, who you would want to work with and what success looks like to you right now.

The other day, one of my friends and I were talking about exactly this topic — slow business seasons. When you don’t have client work as a freelancer and no income comes to your bank account, it can make you feel anxious, stressed and honestly lead you to a mild panic!

When it comes to finances:

• Keep a close eye on your cash flow.
• Cut or reduce unnecessary costs.
• Build an emergency fund for the next couple of months.
• If you need to make a big purchase, check if payment instalments are available.

Diversify revenue streams:

• Explore new markets or customer segments — minimise your reliance on a single customer group by targeting new demographics, industries, or geographic regions. This spreads risk and opens up new opportunities.
• Introduce new products or services — Analyse emerging trends and customer needs to create offers that complement your core business. Even small pivots, like digital products, workshops, or subscription models, can add resilience.
• Have you thought of providing payment plans for your clients? This can make it easier for them to say yes.

Focus on customer retention and experience

• Improve customer service — Excellent service builds loyalty and encourages repeat business. Try to be more responsive and proactive, and gather customer feedback to continuously improve your process.
• Implement loyalty programs — Reward repeat customers with discounts, exclusive offers, or early access to new products or services. This not only boosts retention but can also drive word-of-mouth referrals.
• Communicate transparently — Keep your customers and clients informed about changes, delays, or new offerings. Honest and regular updates build trust, especially during uncertain times.
• Present and upsell — When introducing a new service, make sure you schedule short calls with repeated clients and present them with the new service or product that can benefit their business.

Also instead of focusing on the negative and the reality of the situation, I'm suggesting that you reframe your thinking and:

• Consider what you can change in your business that would bring better results.
• Experiment with your content. What didn’t work until now might never work.
• Rekindle relationships (the most important thing you could do 💕). Reach out to people who are interested in what you do.
• Support other peers. You never know what you can get in return by just being a supportive friend.
• Collaborate with others. This will sharpen your skills and help you show a work in progress or a finished project.
• Talk about your work, who you help, how you help them, and why you are different. Self-promotion can feel icky sometimes, but people won’t know you could help them unless you tell them!
• Dust off some of your skills or learn a new one that can help you gain a competitive advantage.
• Network and connect with new people, even if they are outside of your industry.
• Instead of hiring a company, look for collaboration with other freelancers.
• Go on genuine coffee chats. You might learn something about yourself, get an idea or get inspired.
• Be more active in communities where you can shine with your knowledge and expertise. That’s where one of my mentees found me.
• Find a mentor who can shorten the time and confusion for you.

Due to popular demand, I created a new service! I was already advising on topics like client management, project process, personal branding, unique selling proposition, pricing and more.

So I finally decided to create flexible packages and options for those dedicated to starting and growing a business that works for them, with my special help. ☺️

I want you to know that my main idea behind this service is to help other entrepreneurs build something that will last, something that speaks their name and something they are EXCITED to work on.

So, as a queen of consistency, I know first-hand that small, measurable actions are much more impactful than numerous chaotic ones. And for me and my clients, the term mentoring and monthly packages just makes sense.

It builds a habit, a sense of accountability and momentum. More about the packages and what they include, you can find here.

And some of the meetings are more serious than others, but sometimes it happens that we need to keep moving the needle, but from our bed! 😁

And if you would like to have a free discovery call with me, you can book your slot here.

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