How To Survive An Economic Recession As A Wellness Entrepreneur

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Wellness visionary & inspirational speaker, author of Let Your Fears Make You Fierce, & Founder of The Get Loved Up Community. My core mission is to promote daily self-care, oneness & eco-friendly living.

Hi, I'm Koya

It’s almost hard to believe that at the top of the year, the US was experiencing its longest economic expansion in history. For 125 or so months, the US GDP increased, while the unemployment rate dropped, and many of our 401Ks were popping.

And then Coronavirus hit the US and within a mere few weeks, we’ve tumbled into a global recession. Here in the US, those filing for unemployment has topped 3.3 million – nearly five times higher than any number previously recorded. And while no one seems immune to the affects of the financial situation – entrepreneurs and gig workers seem to be particularly vulnerable.

As a 15-year wellness entrepreneur myself, I understand the hardships of an economic downturn (I was cooking outta my kitchen when the global recession hit in 2008). However, I’m here to remind you – all is not lost. While you may be tempted to cower under sheets and escape reality with a marathon of Empire, it’s more important than ever that you take advantage of the “free time” in your schedule. Use these seven tips to help you figure out how you’re going to use the RoRo-V plot twist to come out on top

  1. Get Certified. Times like this pronounce how much the world needs health and wellness advocates to decrease stress and maintain optimal health worldwide. So, if you’ve ever thought about getting certified to be a yoga or breathwork instructor, nutritionist, reiki healer, etc – now’s the time! Many programs, including Get Loved Up Teacher Training, are offering digital offerings that you could be taking advantage of in the coming months.
  2. Be Financially Savvy: Unfortunately, Netflix marathons will do nothing for your bank account. Even if you do not have any money coming in, it’s important you remain knowledgeable about your bank account. This will allow you to make a contingency plan for the next few weeks as income remains a bit unstable. Calculate your basic needs and know exactly what you need to survive and be healthy. And try apps like Mint or You Need A Budget to conveniently budget and manage multiple bank accounts.
  3. Share Your Gifts: Everyone has a specific area of expertise. Something that comes naturally to you or that you’ve developed a real skill in. People are spending more time on their screens, so if there is something you want to build a brand around – now is the time to start building. While it can be nerve-wracking to put yourself out there for the judgment of others, it’s no time like the present to share these gifts with the world. Need inspiration? I started building my brand through Instagram and now am sharing more on YouTube.
  4. Gain New Skills: While I believe it’s important to know your strengths and the areas you may never master – being an entrepreneur requires you wear multiple hats. And now, as many of our incomes are impacted, we may find that we must wear hats that are wholly unfamiliar to us. Maybe that’s a website developer or podcast editor or social media manager. Use this time to gain a related skill that will help your business flourish through sites like Skillshare or good ol’ YouTube.
  5. Network Marketing: If you’re a person in your circle who people trust for product recommendations – you should consider network marketing of healthy products. Amazon offers affiliate marketing opportunities, in which you get a commission if people buy what you promote. Get Loved Up also just partnered with doTERRA and Arbonne. Check out their products and let us know if you want to join our healthy business communities.
  6. Practice Daily Self-Care: Your practice is more important than ever. It’s not only how you help keep your immune system healthy – it’s how you stay mentally and emotionally healthy to be strong enough to serve others. The Get Loved Up Membership – available to try for $1 – offers exclusive yoga, fitness, online courses, meditations and much more. Try it here!
  7. Take Care of Your Mental Health: For some of you, your daily practice may not be enough to sustain you right now. And that’s okay. If you’re feeling anxious or unmotivated to do anything, reach out for help. Start with the National Institute of Mental Health. Or if you or anyone you know is considering suicide, please call The Suicide Prevention Line at 1-800-273-8255.
  8. *Update* Utilizing Government Funding: The government has rolled out various programs to help small businesses and entrepreneurs. Here are three programs that most individuals, self-employed/independent contractors, corporations (C &S), LLCs, partnerships and etc. can qualify for.
    1. SBA Economic Injury Disaster Loan (EIDL),
    2. Paycheck Protection Program (PPP)
    3. Unemployment Insurance (UI)

From mental and physical health to financial wellbeing – these uncertain times require us all to be hyper-vigilant about all our needs. While it can be overwhelming, I want to remind you that wellness entrepreneurs still have an opportunity to get a handle on their finances, gain new skills and find alternate streams of income. Let me know how you are thinking about creatively approaching your business in the next few months! We can rise together!

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