A recession is coming (if it isn’t already here)…
You can disagree with me, but having lived through two significant recessions in the past, I feel like it’s my duty to share what I wish I knew “back then” so you don’t make the same mistakes I made if/when the next economic collapse happens.
First, let’s talk about what NOT to do…
I launched my first business just before the 2001 recession, but back then, my company was too small to notice.
It’s a bit like being in the middle of the ocean in a pool float when a tsunami passes under you. It doesn’t affect the guy in the pool float, but you better believe it impacts the people on the beach.
And that’s exactly what I witnessed.
While my business was fine (again, it was too small to matter), I watched as the recession wave crashed down on the more experienced entrepreneurs around me. Some were able to ride out the wave, but most didn’t.
Their companies failed.
Fortunately, by 2003 the good times were here again, and my business rode the bull market wave to record sales year after year.
But by early 2008, there were mutterings of another recession, and on September 15, 2008, it happened…
Lehman Brothers, a 158-year-old banking institution, collapsed, ushering in the Great Financial Crisis.
Since this was my second recession, you would think I would have learned a thing or two from my near miss back in 2001.
You would be wrong.
When this recession hit, I was one of those people on the beach, and the wave crashed down on me…hard.
First, I got a call from my local bank that my credit line was pulled.
“That’s ok,” I thought. “I never really used that line anyway.”
Then I got another call, and this time it was from my primary bank. Not only were they pulling my credit line, but they were calling all my debt effective immediately. In simple terms, that meant I needed to come up with almost $120,000 in cash in 48 hours or I would be forced into bankruptcy.
Fortunately, I had the cash, but that pretty much wiped out my savings.
Then the third shoe dropped…
My merchant processor (the company that made it possible for me to take orders online) slapped me with a 20% reserve because my credit score plummeted due to the sudden drop in available credit. This meant they would hold 20% of all gross sales for up to 6 months until I proved to them that I was “credit worthy” again.
20%…also known as ALL my margin.
So there I was, no cash, no credit, and no margin.
And just when I thought things couldn’t get any worse, they did: My sales started to dip.
The dip was slow at first. Almost undetectable. But within 60 days, it was clear that the “Roaring 2000s” were coming to an end.
With no cash, no credit, no margin, and declining sales, my business was on the verge of failure. And it happened faster than I ever could have imagined.
I guess waves are like that.
As we look at the economic uncertainty around us today, it’s hard not to see parallels to the warning signs of the 2001 and 2008 recessions.
Mark my word, a collapse is coming…
…but this time my business is prepared for it, is yours?
If not, I want to help…
During this 90-minute training, I’m going to share with you everything I’ve learned over the past decade to keep my business safe, no matter the economic climate.
And I’m going to share with you the 3 steps you need to take to safeguard your business so a financial crisis to catch you off guard.
It’s crucial for business owners like you to stay ahead of the game and I want to help you be prepared.
I hope to see you there…
Ryan “Prepared” Deiss
Ryan Deiss is an entrepreneur, author, and investor, and according to Shark Tank star, Daymond John, “His companies practically own the internet.”
Ryan’s entrepreneurial endeavors began while he was a college student at the University of Texas at Austin, launching his first very first website and generating his very first sale from his freshman dorm room. By the time he graduated, this one online property had ballooned into 500, and a hobby had grown into a business.
Fast forward to the present day, Ryan is the Founder and CEO of The Scalable Company (Scalable.co), DigitalMarketer.com, Recess.io, and a Founding Partner at Scalable Equity, LLC, a venture equity accelerator that builds and acquires B2B media and software brands.
Ryan is also a best-selling author and a sought-after speaker who has shared the stage with top business leaders and celebrities like Sir Richard Branson, William Shatner, Gary Vaynerchuk, Rachel Hollis, Tim Ferris, Daymond John, and Dave Ramsey.