7 Tips for Diversifying in the New Economy

I’ve been thinking a lot since the insurrection at the US Capital about the difference between a doomsday prepper, and just being prepared.

A prepper is someone who is constantly ready for the economic and societal collapse that they believe inevitable. Although this is not outside the realm of possibility, I don’t believe that this time is drawing near. That doesn’t mean that huge shifts to our current way of life aren’t imminent. And preparing for this just seems to make good sense. 

With so many changes afoot given the new US administration, staggering numbers of joblessness worldwide, and a surge of cryptocurrency, the important question for you is…

Are you prepared?

If your first response is, “I don’t know”. Then I invite you to think about Blockbuster. This once giant video rental store, with a store on almost every corner, has only one remaining store in Bend, OR. Why? Well, they didn’t follow the signs that their medium of choice was changing.First Netflix, then Redbox, and now Amazon Prime, Disney Plus, Google Play, iTunes are all accessible for nominal fees at the touch of a button. So, don’t become the Blockbuster of your business. Get prepared. 

Here are a few things I’ve done to prepare for the economic shifts and uncertainty of our time.

  1. Create diversified offerings and vary the available entry point for your clientele. I have offers that range from $25 to $795 per month for VIP services. This allows you to help a broad audience and connect with more community. 
  2. Set up a way to take Bitcoin for your services. You may feel like you are taking a risk like the first credit card company, Diners Club, but you’ll be ahead of the curve when things continue to change to cryptocurrency.
  3. Create a barter/in-kind agreement. Yes, you need to report this on your taxes according to law, but being able to barter and trade for services will be making a comeback in the next few years. Having a written agreement will help you avoid major breakdowns in expectations from you and other parties.
  4. Start creating better relationships with vendors. Often you can renegotiate interest rates for credit card processing, or get a discount if you’ve been a loyal customer from your internet company to your cell phone. 
  5. Consider a membership for your services or products. Having a baseline of regular income can help you grow your marketing and engage more people.
  6. SEO matters, but it doesn’t have to cost a lot. With time, you can make your site and services more visible to not only your local community but also internationally. I help a lot of acupuncturists and my Acupuncture Business Coaching page is now consistently ranked on the first page of a Google search.
  7. Spend less, make more. We often don’t realize how much money we waste until it’s gone. In the new economy, you can start to make more money and save more money. There are several strategies we are talking about this year inside the Wellness Renegades.

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