☀️ 🌟 3 Things I learnt during a recession

Yesterday I walked past Soho to go to the gym.

As usual, there were many empty stores except Bakehouse and Vission Bakery.

They had a really long line as shown in the photo!

💸💸 They are still making huge profits despite a market downturn. 

Then I realised: To survive or thrive during a recession. You need to: 

☀️ 🌟 1) Stand Out - Focus on your unique selling point 

People always complain the rent is high in Hong Kong/Singapore. But look at those who survive and make money - Bakehouse and Vission.

I would reflect on why they are successful and what are the unique selling points. 

❓Is it their product? 

❓Is it their good marketing strategy on social media?

 ☀️ 🌟 2) Pivot - Be open minded 

I receive many CVs from candidates as they were made redundant or they were unhappy with the increasing workload.

💌 I receive many coaching enquiries about how to move upwards during a bad market. 

📙Universities reached out to me and wanted me to train the younger graduates to be more competitive in the global market. 

📙 Sometimes I would encourage students/candidates to pivot, such as moving horizontally to acquire different skill sets if their industry is facing a downward trend and taking a long time to recover. 

📙 It is always difficult to bargain for a salary raise or promotion if your industry is shrinking. You need to immerse yourself into areas where there is growth. 

☀️ 🌟 3) Diversify your income stream - having other sources of income

Our salary will still be the biggest part of our income. 

However, it is good to start investing your money in acquiring assets/developing a side hustle to have other sources of income. 

💰 It could be properties, stocks or bonds to generate passive income or teaching people how to cook or plant. 

💰 It could be investing in a course that can level up your professional workskills to prepare yourself for promotion. 

💰 Ever since I graduated, I have invested into different dividend stocks to generate passive income to prepare myself in case I get laid off someday.

✅ What about you? 

✅ How have you prepared yourself during a recession? 

✅ What good advice would you like to share?

I would love to hear from you 💌 💌!