5-19: Being Creative in Business During a Recession
Summary
In this episode, the hosts discuss the possibility of a recession and what it means for businesses. They define a recession as a slowing of the economy, which leads to job losses and higher unemployment rates. They also explain how high inflation can contribute to a recession. The hosts explore whether businesses can be recession-proof or recession-prone and provide examples of industries more susceptible to economic downturns. They advise business owners to analyze their business and customer base to determine their vulnerability to a recession. The hosts also discuss the importance of being creative and finding ways to make it easier for customers to do business during a recession.
Takeaways
- A recession is a slowing of the economy that leads to job losses and higher unemployment rates.
- High inflation can contribute to a recession.
- Some businesses are more recession-proof than others, depending on their industry and customer base.
- Business owners should analyze their business and customer base to determine their vulnerability to a recession.
- Being creative and finding ways to make it easier for customers to do business can help mitigate the impact of a recession.
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Jennifer Faith Dempsey has been in the beauty industry for over 10 years. For the last 5m years, she has owned J. Faith Hair Studio. She brings her experience on how she balances entrepreneurship and motherhood. Check out Jen’s blog.
Staci Joy Dempsey is an insurance agent, a mom, and a busy non-profit volunteer. She truly understands what it means to be an entrepreneur. Staci serves as the podcast's host.
Jack Dempsey is the dad who heads up this busy family. He is a founding partner in Dempsey, Weiss & Associates, an Elmer, NJ-based insurance and investment firm that began more than 30 years ago.
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