Fewer inquiries, fewer sales, tightening of business expenses…running a business is stressful at any point in time, but during a recession, those stresses reach a new high.
Just as your customers are cautious about spending during a recession, you may be hesitant to invest in your business during a recession.
I get it.
The first time I made a big investment in my business was when I hired a business coach. I felt anxious and vulnerable because it was the most money I’d ever spent aside from my university tuition.
Questions ran through my mind like...
Was this the right coach for me?
Is it the right time to invest in my business?
What happens if nothing changes, did I just waste thousands of dollars?
What happens if everything changes and I can’t keep up?
But I had done my research and knew I needed outside professional experience.
So I trusted my gut.
Guess what happened?
Within one month of working with my coach, I made my investment back and continued to make it over and over again.
That’s not to say you should always make big financial decisions or invest in every experience that comes your way.
Yet, instead of viewing the recession as a time of restriction, try to see it as an opportunity to focus on your business and get back to the heart of what you do.
This is exactly what branding does for your business.
There’s no doubt about it, investing in your business comes with a certain level of privilege.
The freedom to pour finances back into your business means your day-to-day necessities are secured, surprise expenses accounted for, emergency funds are filled, and that Hawaii trip you’ve been saving for is in sight.
This isn’t always the case for a lot of businesses, especially when you’re starting out.
Investing a large amount in your business may not be the right option for you if you're struggling to make ends meet or feeling uncertain about your savings account.
The same goes if your business is brand new and you’re still figuring out what your offers are. You may want to hold off on spending a ton of money because your ideas, value, audience, and offers will pivot as you gain experience.
In those instances, finding reputable free resources or lower-priced options specific to your business level is a better option.
But, if your rainy day fund is overflowing and a fear of investing rather than a lack of finances is holding you back, then it’s time to explore how investing in branding helps your business thrive.
There’s more to branding than a catchy tagline or gorgeous logo (though I love to create those!). Branding builds the foundation of your business and positions you for wild success for years to come.
It is your brand strategy consultant's years of experience, as well as their time and effort that creates long-term value (aka return on investment) for your business. And those elements are exactly what influence your strategist’s rates.
It might seem like branding is just a fun afternoon chatting about your business and font preferences. But behind the scenes, your brand strategist is putting in hours of market research, audience evaluation, designing, messaging, editing, and revising to create a custom brand that makes you the go-to choice in your industry.
Your brand strategist’s years of practicing design, learning strategies, and identifying what is truly meaningful and impactful for buyers is what makes a difference for your business. This is why it’s important to hire a strategist you trust and has previous work you connect with, rather than the cheapest or quickest option.
It’s simple: strategic, custom branding = your biz standing out = more money in your wallet from dream clients. Branding isn't a one-off purchase you use and forget about, it’s a long-term investment that brings more value to your business now and in the future.
So even if you understand why branding costs the amount it does, how do you conquer your fear of investing when your income is slower than usual?
You uncover the powerful role branding plays in your business during and after a recession.
You’re not alone in feeling hesitant to invest in your business, especially during a recession. Other business owners are also holding back, pausing launches, and spending less money on marketing or branding their business.
As a result, the door is wide open for you to step forward, fill a space, and capture the attention of your target audience.
By doing your brand strategy work now and discovering what makes your business stand out in a saturated market, you can establish your business as the go-to in your industry at a time when competition is less intense.
Your industry is not the only one experiencing a slowdown in inquiries or more open calendars during a recession.
Take advantage of this quieter time and reach out to those brand strategists whose Instagram posts you save and whose portfolios you drool over.
They may have more availability now than they usually do so you can connect and work with the brand designer you truly love.
Let’s face it, as business owners, working on our own businesses tends to fall by the wayside.
We may know all the things we’re ‘supposed to have’ like compelling messaging, identified target audience, and a clear differentiator…but it’s far easier to spend time working at your business than working on it.
If you have more freedom in your schedule right now, then it might be time to partner with a brand strategist, focus on your business, and set it up for ease and growth in the future.
With our Holistic Brand Strategy™, you can say goodbye to wondering what makes your business stand out or second-guessing your decisions.
Instead, we’ll harness your magic to create a brand strategy that has you confidently raising your rates, expanding your team, and working with clients who love your brand as much as you do.
Principal, Honey & Co.
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