Earlier this week, I received an email that piqued my interest. It discussed starting a side business during these difficult economic times that we are all experiencing.
Indeed, politics and the economy are very scary right now.
What’s more, the cost of living crisis is not limited to a small group of people; it affects everyone.
Rising Inflation and Soaring Energy Prices
Everything is becoming noticeably more expensive as a result of inflation, rising interest rates, and the devastating impact of the Ukraine War on gas and electricity prices.
OMG! Everything has significantly increased in price, including food, rent, mortgage payments, travel, and even weddings.
Wages are Falling Behind Inflation
Meanwhile, wages are failing to keep pace with inflation, and government assistance is woefully inadequate in light of the magnitude of the crisis we face.
That is why many people are struggling to pay for basic necessities while avoiding going into debt.
Side Hustles are all the Rage
With so many people experiencing a cost-of-living crisis, it has become one of the driving factors behind so many people starting side businesses because it allows people to earn extra money without quitting their day job or starting from scratch with a business idea they don’t know if it will work out or not (which can take years).
Direct Selling Companies are Growing During Recessions
Outside the industry, it is not widely known that direct sales companies experience significant growth during a recession or when times are economically difficult, as people seek low-cost, low-risk ways to supplement their income.
A Recession Opens the Door to Opportunity
In the late 1980s, at the start of one of the worst UK recessions, I considered becoming a distributor for a wellness company.
I recall it vividly because I had just graduated from art school and no one was interested in hiring me.
So, I began looking for alternative ways to make money and was invited to a BOM (Business Opportunity Meeting).
The BOM itself did not impress me; the rah-rah sounded cultist to me.
However, during one of the worst UK recessions, sales increased from less than £1 million per month to more than £6 million per month (wholesale).
Other companies in the industry were also going through a similar period of explosive growth at the time.
The Direct Sales Industry is Remarkably Resilient
During subsequent recessions, similar exponential sales growth occurred, demonstrating how popular and resilient the direct sales industry is during difficult economic times.
The majority of the growth, of course, can be attributed to distributor organizations running large recruiting campaigns and quickly putting in place systems and processes to train people on how to duplicate and build their own businesses.
In November 2022, the UK has now formally entered a protracted and painful recession. Professionals and busy people are already flocking to the direct sales industry to fill the income gap created by inflation and interest rate increases.
When it Comes to Overcoming the Cost-of-Living Crisis, Attitude is Everything.
Instead of worrying about your bills becoming more expensive and feeling powerless to change anything, take advantage of the opportunity to increase your income.
Similarly, bills are only too expensive if you can’t afford them, so you either spiral down with the increased costs or bounce back, be super proactive, and do something life-changing for yourself and your family.
Life will always be approached by people in different ways.
While some people concentrate on buying goods at a lower price during sales and promotional events, others invest in building their businesses and increasing their income so they won’t have to worry about whether they can afford them.
So Here’s the Beating Inflation Deal…
If you’re looking for ways to beat inflation and make extra money, starting a side business is much easier than you might think.
I don’t “build” my business “in person.” I don’t do meet-ups, meetings, or vendor-type events. I don’t call people all that frequently either.
I also don’t do many zooms. I am who I am, and I act in a way that benefits both my tribe and me.
My mentor, you see, taught me some fantastic rejection-free strategies for growing my business on LinkedIn and Facebook.
He has also coached many top earners and industry legends over the past 20+ years, who owe their outstanding success to his simple proven method that is instantly replicable.
Are we on the Verge of a Recession?
The cost of living crisis is real and getting worse at the time of writing.
There is no quick fix to avert the economic catastrophe and tough times that are coming.
The only real long-term solution is to secure an additional source of income, and that’s where your side business comes in.
So if you are ready to start your side business and reach your next level of success. Watch the video below and then visit my results page to learn more.
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“It takes no more time to see the good side of life than it takes to see the bad.”Jimmy Buffet