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It's a recession! It's not a good time to launch a business.
This is what most people think when they consider going into business.
Do we buy high and sell low in the stock markets?
Not really. Well…many of us will – when we get greedy or freak out because of a drop – but it’s not the smartest way to play.
The smartest is to buy low and sell high – lock in your gains.
This is EXACTLY the mindset that we should have when starting up a business.
3 Reasons to Launch in a Recession
- You can find and negotiate lower lease costs.
- More quality skilled staffing options and depending on the industry – less cost.
- Lower vendor costs.
Let me introduce Chrisann Bodi, a young entrepreneur who started her business in a recession by googling:
After doing this, she went to work for her (now competitor), and quickly realized the profitability for little trade of her time.
Chrisann found herself a lifestyle business and was in a profit the first year.
No partners. No business plan.
She is now the founder of a well-lubed franchise across Canada and a retail business in her home town.
I had a lot of fun with Chrisann, chatting about business, online dating, idols and sapio-sexualism.
We get into this in the interview.
2:35 – The reason she wasn’t happy with making just a salary and how her previous bosses drove her to creating her own future.
5:22 – How she works with over 150 charities per year and helps her community by utilizing her businesses resources and for little cost.
8:30 – The famous man and course who changed her entire belief system within herself.
16:30 – What made her hustle go into 100% mode.
18:45 – Her plans to expand across the country with a 3rd company.
19:15 – The taboo word most women won’t say while recording. Yup, she did.
19:28 – How does she stay focused when she has a lot of ideas that she wants to execute?
21:30 – Chrisann explains why you can’t just like the ‘idea’ of being an entrepreneur.
22:35 – How do entrepreneurs balance romance?
Chrisann describes her online dating experiences, what men think about boss women and tells us who her crush is. And nope, it’s not exactly who you’d think it to be!
Now, for some tips!
When it comes to launching or building websites – DO NOT get too finicky about the details or it will take you FOREVER TO LAUNCH.
Understand that your vision and plan will always be a work in progress – just like Facebook; it changes all the time.
Do I practice the above?
No…But I’ll preach it – because I’m a perfectionist. It often hinders me, so don’t let analysis paralysis happen to you!
Execute and make mistakes, then fix them along the way.
You will never finalize perfect.
Most of the time I spend too much time planning and getting too detailed, while everyone else around me is taking a much shorter and faster route.
Chrisann took the short way and was in a profit within the first year..
She may be an anomaly when it comes to NOT writing a business plan, however this will be important if you want to achieve any of the following for your business.
- To acquire a bank loan or grant
- Receive capital funding/investors
- Secure a commercial lease
Chrisann’s cross country business is a mobile painting business where people gather in pubs and bars to paint their own canvas.
Nothing better than a bit of art therapy, combined with some food and drink!
Check out Paint Parti Here:
Paint Parti is now running seamlessly in venues across the country.
This simple business idea with virtually no overhead costs was what helped fund her retail business, Raw Canvas – which is the same concept, but within in her own retail space.
Check out Raw Canvas here:
Similar industries make it so easy to duplicate what you’ve done within your current business to know and understand what kind of softwares or venders to use, and it cuts down the learning curve time.
Chrisann’s Wise Advise:
Focus on ONE idea at a time.
Once you have executed one, have great management and staff, decent cashflow; this is WHEN you can spread your energy to work on another project.
That said, ensure you know what you are getting yourself into.
Having a great idea doesn't necessarily mean you are ready or have the maturity, wisdom or resources required to level up your first business venture.
Once you reach success, you’ll either be content or find yourself looking for the next opportunity; like Chrisann who will be bringing yoga and drinking in pubs near you!
Grab your yoga mats, a friend – and get them to hold your beer, while you kiss your ankles.
Stay tuned for Yogaaholics Here:Instagram Yogaaholics
Do not diminish your light. Put the confidence in yourself. ~ Chrisann Bodi
Do you have a lifestyle business? Leave us a comment below.
We’d love to hear about your experience and any tips or feedback.