Small businesses prepare to adapt as recession fears loom

2022-08-21 15:35:13 By : Mr. Shaohui Zheng

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SAN DIEGO — With recession fears increasing, small businesses are asking themselves how they can prepare.

Shaping fabric into fabulous designs is the passion of Chong Mi Land.

“You name it, I could probably make it,” she laughed.

Land creates costumes, gowns, burlesque and performance pieces, as well as custom commissions. She named her business Land of Moon after her daughter, Arya Moon Land, where she finds inspiration and fun for her costumes.

Years of the pandemic have tested her determination; add in fears of a recession and Land is now considering what will happen to her small business.

A survey found that more than 60% of CEOs globally say they expect a recession in their primary region of operations before the end of 2023 or earlier; 15% of CEOs say their region is already in a recession.

Land believes the strategies she’s used to survive the pandemic will help her get through a recession.

“There are still things there,” she said. “Even if it’s something so simple, like mending something for someone, adjusting a hem.”

Another thing she recommends is to switch over to a digital platform; something as simple as updating your website can go a long way in tough times.

“Make the things and then list the things for people to just go right to the website and buy,” Land said.

Ryan Mills also believes having a digital storefront is key. COVID made him reevaluate his media marketing and management company Four-M and now he’s using a more remote model.

“Having a ton of flexibility and understanding that may be the new norm moving forward,” Mills said.  

He also recommends using the resources that are available locally, whether it’s a free class on business basics or a more in-depth course. He said any training or education you can take will help handle the unknown.

“Those things are kind of preparing me to stretch myself in either way,” Mills said. “Whether business picks up and I need to scale or we hit the recession, unfortunately, and we have to kind of dial things back.”

For Land, her heart will always be with sewing, and no pandemic or recession will take that away.

“I do believe that you can do what you love," she said. "You just have to find ways to kind of shift.”

Both Land and Mills were recently a part of GoDaddy’s inclusive entrepreneurship initiative called Empower, who works in partnership with the BBB serving the Pacific Southwest.

GoDaddy created the Empower by GoDaddy program in 2017 to equip entrepreneurs in underserved communities with the training and resources necessary to start and grow their own venture.

BBB Blueprint is an online incubation program dedicated to helping entrepreneurs develop their businesses.