Recessions are always dreaded because of the cost implications and spill over effect it has on the economy, businesses and individuals, which alters their behaviours. It is a time of increased level of unemployment; decrease in real GDP, Increase in prices (inflation), depreciation of currency etc. Although it is a tough situation, there are still people who thrive in recessions and there are opportunities for building and creating wealth. This post will share 6 ways to act differently during a recession:
- Diversify your business: During a recession it is important to expand your business. Vertical and horizontal integration which entails purchasing your supply chain and distribution channels can help minimize costs and price hikes. E.g. if you own a clothing house, expand to jeweleries, makeup products, cosmetics. The more services you offer, the more opportunities you have to continue to operate.
- Increase your income stream: One of the smartest ways to thrive in recessions is to seek out for opportunities to increase your income sources. Be an entrepreneur by looking out for creative ways to start something new. There are free skill acquisition programs funded by the government and private companies, take opportunity of such events and learn a new skill e.g. production of shoes and bags, tailoring, bead making, agriculture etc. Remember, every recession provides an opportunity for innovation and creativity.
- Invest More: Focus on investing in assets and businesses that generate a positive cash flow. Research and look out for businesses and industries that are booming during the recession and invest in them. Examples of such industries are IT, Fashion, Agriculture, real estate etc. Look at your environment for needs and cater to those needs.
- Search for Opportunities Online: The internet provides diverse opportunities to make money. Social media platforms such as Instagram, Facebook, Whatsapp etc have improved the success of entrepreneurship and online business by providing access to cost-effective marketing, advertisement and effective transactions on line. Additionally, there are free online courses one can take to remain relevant and increase value to standout as an employee or a business.
- Reduce cost and start saving: Financial planning is crucial especially during an economic downturn. Business and individuals must cut spending on luxurious things. Evaluate how you spend and replace luxurious activities with cost effective ones. Spend intentionally on what is needful and focus less on wants.
- Be a Fortis Mobile Agent: Becoming a Fortis Mobile Money agent enables you to perform financial transactions and services to customers while making profit. This is a profitable business and potential market as 53.3% of adults in Nigeria are excluded from financial services. An agent also stands to benefit extra commission for MM transactions and increased customer traffic flow into their shops. There are four types of Agents under The Fortis Mobile Money Platform and they are Super Agents, Retail Agents, Merchants and Acceptor Locations. The Minimum balance for this Agent platform is N200. So what are you waiting for? Visit fortismobilemoney.com to register and start today.