How High Is Your Ticket?
from Franklin Taggart's Virtual Coffee Break Hosted by Franklin Taggart
Several recent conversations about concerns over inflation and the economy are the inspiration for today's Coffee Break. As purse strings tighten, and people start to curb their spending, what can small businesses, freelancers, and artists do to weather the changes? An interesting observation from past recessions suggests that people who cater to higher-income earners tend to not be as negatively affected by downward economic trends as those who serve middle and low-income consumers. Luxury buyers' lifestyles won't see much of a change. Those whose buying power is affected negatively and those whose jobs may be compromised will be a different story. If you depend on high volume sales of low to mid-priced goods and services, you may want to adopt a different strategy as the economy adjusts itself. And if you've been exclusively selling higher-priced goods and services, adding options in the middle price ranges may also be of benefit. In the past couple of recessions, I noticed a trend of people being willing to invest in their own education, especially in areas related to earning, saving, and investing. If there is a way you can offer some informational products in those areas, there may be a higher demand for them. Human needs don't change during times like these, but our ability to pay might be affected for a little while. Find ways to serve and be creative in the ways you accept payment. Bartering may be an excellent option if all other avenues are crossed. #recession #inflation #smallbusiness
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