We’ve heard from various sources over the past few months that there is word of a possible recession in 2023. Cyndi Williams has been through the challenges of entrepreneurship during a recession before and is ready to equip you with the map needed to successfully navigate a recession as a travel agent.
A Storytime About Cyndi’s Experience
Cyndi and her husband made the decision to leave their corporate jobs to focus on entrepreneurship. They purchased a cleaning service business, researched, and decided to go ALL in. Not two months after acquiring the business, a recession hit. Thankfully, they had business mentors that provided great advice that got them through the difficult times.
The biggest risk during a recession is that you will lose your job, mainly if you work in a traditioanl corporate stetting. Cyndi and her husband knew they were privileged to not face this risk, but at the same time, knew it would take a lot of work to keep their business afloat.
Their business venture didn’t break even until 18 months into the business. Not long after, one of their employees announced she was moving and Cyndi was forced to work in the business with her young newborn without maternity leave. Though it was stressful, the business became successful and grew rapidly.
With all this said, an important lesson was learned.
“The things that you do when things are the hardest determines your success all the time.”
Focus on what you can do versus what you can’t as you prepare for a recession. How you choose to approach the situation and take action is what is important and will push you through the hard times.
Cyndi’s M.A.P.P. Formula for Navigating a Recession
With her experience over the years, Cyndi has put together a formula for navigating potential recessions.
Shifting your Mindset to Prepare for a Recession
You can’t let yourself get into a state of fear. When you’re in a state of fear, you start making bad decisions.
You must make decisions from a centered, practical place in order for your business to be successful and push through the difficult times,
Before making decisions, you need to get to in a place where life is “ease and flow.” By having the right mindset and working harder to fight a potential recession, your business will be successful during and post-recession.
Take into consideration the number of travel agents that decided to step back from their travel businesses during the pandemic. Many decided to wait it out, and weren’t prepared when travel came back faster than anyone had imagined possible. The agents that stood the test of time and made it work were ready and prepared to serve people when everything came back, but those that weren’t ready found themselves overwhelmed and stressed.
Actionable Steps to Prepare for a Recession
As you prepare for a recession in 2023, there are a few steps you may want to consider:
- Have 3 months of expenses saved up
- As an agency owner or travel agent, save whatever money it costs to run your business including everything from marketing to staff. Your job as a business owner is to steer the ship and ensure you have a detailed plan in case anything goes wrong.
- Prioritize what generates revenue
- Your job as a business owner is to steer the ship and ensure you have a detailed plan in case anything goes wrong. Focus on the things that generate revenue in order to keep your business afloat.
- Be ready to have a successful Q1
- Busy season for travel agents often happens at the beginning of each year. Start planning sales and marketing tactics for your business now, and you’ll find success come the new year.
Persistence – Stay the Course
Don’t step back from your business out of fear. Whenever uncomfortable periods occur, find opportunities and stay calm. By staying the course, huge payoffs will come your way and you will thank yourself later. Give yourself control over your future, and don’t let someone else have control over your career.
Another thing to consider is to ensure your service is exceptional. Review every touchpoint in your client-business process and create great relationships. Cyndi teaches a lot of valuable information on how to ensure your business and client management is extraordinary.
You will get through the difficult times, it’s nothing new, but rather an unfortunate cycle that happens in our economy. Take care of yourself and protect your energy by destressing and prioritizing self-care. Surround yourself with people that lift you up and make you feel good.
Remember, the things you do in hard times will dictate your success in all times.