How to find recession opportunities
For most people, the mere mention of the word “recession” is enough to invoke a sense of fear and trepidation. However, an economic downturn often creates unique recession opportunities, and if you take advantage of these, it’s possible to survive and thrive during an economic downturn.
As Tony says, “What’s wrong is always available, but so is what’s right. Over time, things always balance out, and if you can develop an unshakeable mindset, keep your perspective and not freak out, a downturn can be a great opportunity.”
Do you have what it takes to become unshakable?Get Tony’s best-selling book now.
Developing an unshakeable mindset
Developing an unshakeable mindset is the first step to finding opportunities during a recession. People with this mindset understand that turmoil is temporary, and their renewed confidence helps them to weather personal/financial storms and navigate challenging times.
Developing an unshakeable mindset means ignoring limiting beliefs in your head and environment and choosing gratitude, joy and peace, regardless of circumstance. When you reject fear and commit to staying present in the moment, you put yourself in a better position to make quality personal and professional decisions — this is the key to identifying and profiting from opportunities during a recession.
Finding opportunities during a recession
Many people fear recessions and back away, but others feel empowered to make big moves. Events that seem negative to some will seem positive to others. It may seem counterintuitive, but replace fear with optimism, and you’ll begin to see that recession is an opportunity.
There are many opportunities to make money in the financial markets during a recession, but you need to know the right way to go about it. While you can make money in the markets during a recession, it’s important to be wary as there are also many opportunities to lose your hard-earned cash. Consult a professional fiduciary or financial advisor to gain the upper hand when trying to achieve your desired financial goals. The guidance of a seasoned and knowledgeable fiduciary can improve your likelihood of achieving a favorable outcome.
If history proves anything, the financial markets always rebound, and chances often arise for people to recover from low points. Improve your life and mindset, and you’ll stop allowing fear to control your decisions.
Starting a new business during a recession
You may feel that capitalizing on business opportunities during a recession is a bad financial decision. However, many successful businesses started during a recession, and taking the right approach can be one of the best decisions you ever make. There are several key advantages to seeking business opportunities during a recession:
- You’ll save money on supplies as vendors offer deep discounts on their products and services. Recession opportunities come from sticking with those vendors through thick and thin and forming business relationships when the economy fails.
- Workforce opportunities arise when companies reduce costs and downsize. When layoffs happen, this leads to a large pool of talented workers flooding the job market, which gives your business an excellent opportunity to bring in qualified talent.
- Marketing and branding opportunities arise during a recession. In an economic downturn, fewer people are likely to take the risk of starting a business, which means less competition when building a sustainable business and capturing the attention of potential customers.
Proof of opportunities during a recession
Many businesses thrive during a recession, most notably industries that provide essential goods and services. Recession-proof companies offer many opportunities to make money and build your brand during a recession. The most common industries include grocery stores, healthcare providers, candy producers, alcohol sales, discount retailers, children’s goods, pet supplies, financial advisors, accountants, tech support, repair shops, debt collections, and freight operations.
Many household names prove that success is possible during a recession. For example, Netflix weathered the 1997 economic downturn and succeeded by shifting its business plan and pivoting from physical to streaming media.
Mega-tech giant Apple also innovated during a recession and went on to achieve exponential growth. At one of its lowest points, Apple sold a significant portion of its stock to Microsoft, and the loan from this transaction helped Steve Jobs transform the company.
From the outside, it looked like the end of Apple, but the company saw it as a business opportunity and profited from taking a risk during a recession. Now the two tech giants compete against each other, which promotes technological innovation.
Change your mindset to find recession opportunities
The term ‘recession’ stirs up fear in many people, but a recession is a golden opportunity to shift our mindset. Going into recession with a scarce and fearful mindset will become a self-fulfilling prophecy, essentially setting yourself up for failure. However, if you shift your mindset to one of abundance, you’ll take risks necessary to survive and thrive, regardless of what the economy is doing.
As Tony says, you need emotional and psychological strength before you can learn the mechanics of finance, and a recession is a perfect time to practice building those strengths. Those with an unshakeable mindset persevere through the tough times and emerge victorious.
Search for recession opportunities to help you achieve your dreams. When you become unshakeable in your personal and professional lives, you’ll start to see the opportunities available during a recession.
How are limiting beliefs affecting your life?
Stop listening to the untruths in your head and learn how to lead with truth instead of fear.