Certainty in your business and finances is the goal of every coach. You have a mission to bring life change to others, impact the world, and make a positive difference. Of course, to do that you have to be able to last through ups and downs in the economy.
As you build your business during unstable times, there are ways to increase your resiliency. In this episode, I’m excited to share some of them. I believe in order to recession proof your business, you first must recession proof yourself. How? By focusing on your message, choosing your influence group very wisely, and adapting to meet current needs.
“Adaptability is the key to succeeding in any environment… We need to find the balance of having systems in place, having order, having a plan, following it… And also being able to easily adapt, and shift, and shimmy, and meet the needs of our clients and meet the needs of the world now.” – Molly Claire
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Intro: Welcome to the Masterful Coach podcast, with Molly Claire, where coaches learn skill mastery, business mastery, and life mastery at a whole new level. If you’re serious about creating a meaningful coaching business that makes a difference, you’re in the right place. And now your host, master life and business coach, Molly Claire.
Molly Claire: Hey, Coach, today we are talking about that certainty that we’re all seeking, that you’re all seeking and the certainty specifically that you want in your business and your finances. So, I know if you’re here, you’re probably a very mission-centered coach, you care about the work you do, you want to impact the world, you want to change your clients’ lives most likely in a way that you experienced a life change for you. And also, because you’re here, and you’re combining that desire to help with a business, most likely, you want some certainty in your business. And I think we all do.
So, we’re going to talk about that, we’re going to talk about that in relation to the economy right now, what that means going forward. And I’m really excited to teach you about how you as a leader for your clients, and in your business and in this industry, can truly be resilient, recession-resilient.
So, before we dive into that, two things: number one, the doors to the Masterful Coach Collective are closing this week. Do not miss out. It is an all-in-one community, be with growth-minded, abundant people, mission-centered coaches. I’m going to be there to help you. I am going to be there with you in an up close and personal way. And I just cannot wait to rub shoulders with each of you and help you to thrive. So don’t delay, go to www.mollyclaire.com/collective, you can talk with a member of my team. Everyone on my team has actually worked with me and knows how this process works, and they can help you make the best decision for you.
Next up, tomorrow is actually my birthday. And I have a birthday wish, a birthday request from you. If you love this podcast, if it helps you, if you think it will help other coaches, would you leave me a review for my birthday? That would mean so much to me. I would really appreciate it, just share what your genuine experiences, how it’s changed your life, how it’s helped you. And it would mean a lot to me not only because I can share it with others, of course, and bring more people in, but it really helps me to know and understand how I’m helping you and therefore, how I can also help you at an even higher level. So, thank you in advance for that amazing gift.
All right, coaches, let’s talk about the “R” word we’re hearing so much about, recession. There is a 47% predicted chance of having a recession. At the same time, you can also find articles, speaking about this being a slowdown and maybe not truly a recession. What we see right now is we see prices are up, spending is down, interest rates are up. And yet jobs are still abundant. Pay for jobs is substantial. Many people have raised the amount of money they are paying. So, it’s a really interesting combination. And I just want to point out that none of us know what will or will not happen. Will there be a recession? Will there not? Will there be a slowdown? Is this all going to turn around? We do not know.
And what I want to equip you with today is to remember that most of the issue is in our mind anyway, not because it’s not real, not because money or lack of money, or increase or decrease in money isn’t real. But because it is our experience and our fear associated with it that is what really creates the experience of how we will engage with money in our life and what we will create next; it is what will drive our actions. So, number one, that is the most important thing. And number two, that your business, especially the nature of the business you’re in, will not necessarily be recession-proof but it’s you that will be a recession-proof leader, a recession-proof thinker, and therefore, that is what makes your business recession-proof.
Now, I realized that saying recession proof is a pretty big claim, right? How can I really say that? And my hope is that as you listen to this, you’ll understand what I mean by that, and how much power you have in your ability to create something no matter what’s going on around you. And as I’ve been thinking about this episode, I remember back to when I was first out of college and working for a PR firm. And one of our clients actually sold vending machine businesses to people. And one of their big selling points was that this is a recession-proof business.
And there was some psychology behind this. And there was some statistics behind this. And what they have found over time, is that even in times when finances were tight, people were still willing, and in fact, more than willing to use money to pay to get a treat, or a snack. Now, why is this? Well, part of it was they were able to justify a “smaller cost” item, it was like, “Well, I may not have this much, but I always have some change, I always have a little bit of money to pay for this.” And second, people felt the need more than ever to feel a sense of comfort, to have something that felt like a treat to them, when perhaps, they were restricting themselves or having less in other areas.
And so, what they found is, hey, when the economy’s not doing well, these vending machines are doing well, because of the psychology behind it. Now, I give this example not because you need to necessarily apply these same principles to your business, although definitely learn from them, see what there is behind that. But that just like there’s a psychology behind why that business would be recession proof. There’s also psychology behind how your business and what you offer can also be recession proof. And what it comes down to is understanding the mind of your clients in the current economic situation, understanding their needs, understanding what’s going to drive their behavior, and then meeting them where they are.
And it’s much less about the actual product you offer most of the time, and much more about your messaging, and are you meeting their need? You can have the exact same product that really inspires and delivers an amazing result to people. And the messaging and marketing around it can be effective and applicable in one environment, in one sort of cultural psychology we have happening, and totally ineffective in another. And so, I just want to impress upon you that messaging and marketing matters. Because messaging and marketing is how your client knows you get them. It’s how you get buy-in so that you can actually help them solve their problem.
So, I’m going to focus on three specific things here. First of all, it is vital that you are with growth-minded people, people who are successful, people who believe they will continue to be successful, and people who have an abundance mindset. I was talking to my college son last night, and I know my kids just love it when I go on a rant about how important you know my business is and how these people need this work and how important all of your clients are. But I was talking with him and telling him that, you know, with this launch with the Collective and this group I’m bringing in, I told them, “I really believe now more than ever, it is so vital that coaches get into this community.” And the reason why is running a business on your own is challenging anyway. And we are so influenced by the people that we are we’re around and who we are talking to.
I mean, I know you all relate to this, like think about the times when you’re with other people who are future-focused, who are thinking about expanding their business, about charging more, about making more, about serving more, and how much of an influence that has on you. You start to think at a higher level. I actually just had a sales call a couple of weeks ago with a new coach strategy team that I’ve been trying out and working with. And just in the sales call that I had, I left realizing I was already thinking at a higher level. I was always thinking bigger, I was already thinking broader. And this is what you need. And this is why, especially right now, if you’re having thoughts about, oh gosh, now what’s going on with the economy? And is this going to be the thing that does my business in? You have to be with people who believe something else is possible. Because together, what we focus on grows, and we can cultivate greater abundance. People who are with other people who believe that we can overcome any circumstance, any situation, those are the people who will thrive. Be with them and learn from them.
Next up, do not let the amount of money someone has or makes or their level of fame, trick you into thinking someone is your person. Yes, you want to see who is succeeding. This is true; you want to learn from people who create success. And what I have learned so clearly, is that just because someone is making a lot of money, or claims to be making a lot of money, or has a lot of popularity, does not mean they are your person. And I actually have been feeling today really discouraged about a good friend of mine who I worked with, and was helping her with building her business, and she’s incredible. And she also joined with another community that she found a lot of really useful things in.
And I always had concerns because I just didn’t like the vibe and some of the things she would say, that it felt like there was a focus on making money so that the founder of this program, could have claims to helping people make more money. And it was very cutthroat, a lot of shame and it just never sat well with me, but I was very supportive of my friend. And just yesterday, I found that she is now very disheartened and discouraged, and is not being treated fairly or respectfully in this business setting. And I feel discouraged about it. I hate that this happens. I hate If this has happened to any of you. And I just can’t emphasize enough the importance of paying attention to how you feel when you are with someone, when you are listening to someone that you may potentially hire, and really finding out if their values align with yours.
And I will be honest with you. Many of my clients make more money than I do, and it doesn’t matter. Because I’m able to instill in them belief and focus to help bring out what is next for them. And so, yes, you want to learn from people who are making more money than you. And when you’re deciding who to work with and who to be around, the amount of money someone who has or the amount of fame or popularity they have is far less important than someone being the person who instills belief and possibility in you who encourages alignment of values, and you and above all, always encourages in you self-trust, self-confidence, and the willingness to have your own back.
Okay, point three, the last thing I’m going to talk about with you is all about adaptability. Now I talked a little bit about this in the beginning, right, being adaptable, adapting your message. And I genuinely believe and have seen that adaptability is the key to succeeding in any environment. And this is where as entrepreneurs, we have this kind of interesting challenge to solve, because we need to find the balance of having systems in place, having order, having a plan, following it. And also being able to easily adapt and shift and shimmy and meet the needs of our clients and meet the needs of the world now.
And so I want you to consider today, how adaptable are you as a business owner? How panic do you get when your launch or your messaging isn’t working? And listen, if you panic quite a bit, don’t freak out. I’m not telling you, oh, you’re not an adaptable person. What it means is that is your work to do. And for my clients listening, for those of you that are in the Collective with me, I’m going to be helping you with this.
This is one of the most important things I want to deliver to you, because I’m taking it seriously. We don’t know what’s going to happen with the economy, right? But my mind is already thinking, okay, no matter what’s going on, my job is to help carry you through this. My job is to be a leader of abundance, of possibility, and to teach you so much resilience, that if it is true that we have a recession, that things aren’t going so well, that you are able to be one who stands up, who stands out and continues to grow. So, rest assured, I’m really excited to deliver for you on that, everything that I know so far, and everything that I am committed to learning and helping you along the way.
So back to the question, how adaptable, are you? How much work do you have to do there? Are you willing to have things in your business not go so well for a minute or a bit of a season, while you figure out how to turn that around? I think the biggest issue that we create is when we talk about a season or it raining or things being hard as something we just need to endure, or something we just need to accept and realize will not be there forever.
Well, I think that’s a powerful way to look at it. I believe there’s another aspect of this. So, I’ve been talking with a friend of mine who was telling me last week, he’s like, “You know, it won’t rain forever, you just have to remember it won’t rain forever.” And we were laughing because I said to him, “Yes. And sometimes you just have to get out of the rain too. You’ve got to realize you can pull that umbrella out, or you can choose to move away from the storm and the chaos.”
And so I think that both need to be there. And what I mean with this specifically is it’s possible and actually probable that not all of you are going to be ahead of the game in terms of having your messaging dialed as things shift and change. And that’s okay. Are you willing to have that failure happen so that you can then step in and say, “Okay, it’s not going to rain forever. This is a season and I’m going to dive in and find out how do I change this? How do I adapt this? How do I get out of the rain? How do I adjust my messaging? How do I adjust how I’m delivering this, what I’m delivering, to understand and meet the needs of my clients now, so that my business will be one of the few that comes through no matter what?”
And I genuinely believe that the times that are most challenging are the times we build our success muscles. If you can figure things out when it is most challenging. Guess what? When things around aren’t so challenging, you will have so much strength and so much ability, that you will have incredible expansion and abundance in your business. This is what I’ve got for you, Coach. Thank you for being here. I believe you can be recession resilient as a leader, and you can transfer that over into a powerful business. Much love to all of you. I will talk with you next week.
Outro: Thanks for listening to The Masterful Coach Podcast. If you’re ready for complete support as you build your coaching business, check out Molly’s collaborative community, The Masterful Coach Collective; it’s a place where you’ll have access to the best experts in the biz, community support and guidance as you build your perfect business 90 days at a time. Visit www.mollyclaire.com for details.