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EPISODE 099: SHOULD YOU STOP SELLING RIGHT NOW BECAUSE OF THE CORONAVIRUS?

A lot has been happening in the world the last couple of months, but over the last few weeks, things have quickly changed especially for those of us who are in North America and Europe.

On today’s episode, I wanna talk about what we can do for our online businesses as we face a global health crisis and a looming recession.

And in the midst of everything that’s going on, it’s natural to worry what might happen to your online business, and what you should during this period of time when things are unpredictable.

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"Here’s the important thing you need to remember: you can be a good person who is supportive and thoughtful of everyone affected AND still sell your services or products."

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Topics Discussed In This Episode:

  • What can you do during this unprecedented time to make sure that your business survives
  • Should you pause your business, launches, sales, webinars, trainings right now?
  • Why your business needs to be agile and come from a place of service
  • Know what's working and ditch the other 80%

Resources Discussed In This Episode:

Hey guys, welcome back to this week’s episode of Hack Your Online Business podcast. A lot has been happening in the world the last couple of months, but over the last few weeks, things have quickly changed especially for those of us who are in North America and Europe.

On today’s episode, I wanna talk about what we can do for our online businesses as we face a global health crisis and a looming recession. A lot of lives are being affected right now, many businesses are suffering and it’s not just the travel industry or event industry.

Every business from marketing to coaching to fitness to hospitality is affected because we’re seeing more people getting laid off or having jobs canceled, and people cannot leave their homes or travel.

And in the midst of everything that’s going on, it’s natural to worry what might happen to your online business, and what you should during this period of time when things are unpredictable.

I've been getting questions from folks who are wondering what you might be wondering - what can I do during this unprecedented time to make sure that my business survives?

Should I pause my business, my launches, sales, webinars, trainings right now? Should I stop marketing? Is it in bad taste to mention my offers with everything that's going on?

And I wanna share what I think you should do during this crisis and beyond so that we always have a business that’s ready for any recession or bad economy or health crisis.

But before we go on, if you haven’t already left a review for the podcast on Apple’s iTunes, I would really appreciate it if you could let me know your thoughts about today’s episode by leaving the show a review. It would mean so much to me. Now if you leave a review, I’ll be sure to give you a shout out on the next episode.

Let’s jump right in. I want to share some practical advice on what you can do right now to best support you and your customers.

But the first thing to remember is do not panic. A lot of people are panicking right now, and I absolutely understand. I know it feels scary right now, with all of the news that we're hearing about the virus and the impact it already has on the economy.

But guys, this can actually be an opportunity for you and for me. The most important thing to remember is, during this moment, you do not want to stop working on or in your business.

So I’ve had conversations with other online business owners about whether we should pause selling or promoting during this period of health crisis, if we’re being insensitive by mentioning our offers or webinars or courses.

But my belief is that sales is not something that’s bad and you need to push it aside because people will feel offended if you keep on doing what you’re doing. Of course, there are people who are taking advantage of this global crisis and are selling fake hope or using fear to move their services or products - that type of business is not what I’m talking about.

If your intention has always been from a place of service, then there is nothing wrong with continuing your business. If anything, MORE people should be starting online businesses right now and doubling down on their sales efforts, because here’s the important thing you need to remember: you can be a good person who is supportive and thoughtful of everyone affected AND still sell your services or products.

Now more than ever, people are transitioning to working online. And online services are something people are actually buying right now. As an online business owner, you need to think about how you can help people right now.

There are a lot of people who need help in a lot of different ways that your business might be able to support. So ask yourself: can you help with that?

And that’s what I am doing in my own business as well. With Chrys Media, my Messenger bot marketing agency, I’m looking at how I can continue to show up and help my clients engage their audience better in this present moment so that they build a stronger, closer relationship with their people?

Think about it. Life doesn’t stop just because there’s a global crisis or a recession. People still need to work out and stay healthy, but now they can’t go to the gym or go out running in the streets. Can you help them to work out at home? Maybe create a fitness membership or a nutrition plan?

Many kids are forced to stay home because schools are getting shut down. So parents have to think of ways to homeschool their kids and many just don’t know what to do with their kids, keeping them entertained and not getting bored. Is education your area of expertise? Can you teach parents how to homeschool their kids or activities they can do at home together with their kids?

Companies are forced to work remotely and have zero clues on the tech. They might be confused about which tool to use or even how to use these tools effectively. Can you help with that? Can you teach about presentation skills online, video creations, how to captivate your students or team while presenting online?

Stress and anxiety level is way up as everyone gets nervous about the crisis. If you are a therapist, counselor or coach, can you offer online therapy sessions that people can attend from anywhere?

And I’m doing that with my own business as well. With Hack Your Online Business, guys I am going to be running a 100% free training on how to move an offline business online from March 23rd to March 27th. I’m not going to be upselling anything at the end, because I know a lot of offline business owners are freaking out about running their businesses online, and I’ve been doing this for the last 4 years.

If you want to sign up for this training, go to hackyouronlinebusiness.com/offlinetoonline and save your spot. It’s a weeklong livestream training that’s 100% free, starts at 1pm EST. So again, that’s hackyouronlinebusiness.com/offlinetoonline.

So don’t feel like you need to stop selling and promoting your services because everyone is in a mode of panic. If anything, more and more people are getting tired of hearing about the coronavirus all day long and they want a way to escape it. And again, if you come from a place of service, then you should not feel bad or guilty for continuing to run your online business.

The next thing you’ll wanna do during this global crisis is to look at your business overheads and reduce your spending. Do a deep analyze of all of your business costs. For example, are you still paying for software that you barely use or have stopped using? Are you addicted to buying new softwares on Appsumo? I know I’m guilty of that. You’ll want to remove anything that doesn’t create revenue in your business.

BUT, this is important: don't make the mistake of removing marketing!

During moments of panic, people tend to start with removing marketing, when actually you need to market yourself more to ensure you reach your audience and increase sales.

You want to double down on what's working for your business and bringing in the revenue, and remove the things that don't. Use this time to really evaluate what's working and what isn't for your business.

Even if your service or product isn't something that people will need right now in the middle of all these panic, this will all end and your business needs to be ready to step on the pedal once it does.

The third thing you’ll want to do now is be agile and focus on the top 20%. Which offer or service has been driving the most profit for your business? Which are the easiest to sell right now?

Being agile and reacting fast is key in these times. Do you spot a better, more accessible way you can serve your customers? Maybe they’re struggling with something in particular that you can help them with? Something you can quickly create and make available that will really help them right now?

Speak to your audience and understand what help they need right now. This will allow you to quickly add in revenue streams that your people need in this moment. The key here is to act fast. During a recession, you don’t have the luxury to play around with making your service or product perfect. Launch fast so that you get in the revenue.

And during this period, you'll want to focus on the top 20% and put the other 80% on hold. This means, if your online course is the top driver of your revenue, you’ll want to double down on selling your online course and holding back on another service or product that you have or you’re thinking of launching.

Now during this period of time, sometimes you might have customers or clients who unfortunately are unable to keep up with their payments, because of their own economic situation. This is something unavoidable. If your clients are struggling to pay you, and you’re able to, ask yourself if you could give them longer payment plans to help support their cashflow. Obviously only do this if you are able, but right now we all need to support each other.

Now, if you or someone in your family were to fall sick during this period of time, you need to consider who’s gonna take over from you. If you are a solopreneur, you won’t have a team to keep the show running so it’s important to have a plan. And this advice is not just for this coronavirus crisis, it’s also for after this crisis because you and I can fall ill anytime for any reason and be unable to work for a period of time.

So make a plan right now what happens if you become unable to keep working for a period of time. If you have a team, make sure that there ae SOPs which are standard operating procedures in place for them to follow without you.

Most importantly guys, remember to look after yourself. Not just physically, but also mentally. Stress and anxiety can bring about other type of illnesses, and we want to make sure we stay healthy so that we can take care of our families and our businesses. Take time to journal, to mediate, to work out, to sing, to have calls with friends, to pray if you’re religious, to laugh, to play with your kids, all the different things that will keep your spirit up.

So guys, I’ll leave you with this saying that’s frequently tattooed on many people’s forearms: This Too Shall Pass. This crisis, this recession, shall pass. And while it might seem scary right now especially if your business is new or relatively new, just know that if you continue to show up and provide an offer that addresses a problem, and you come from a place of service, then your online business will survive this crisis.

If you actually want to tap into good advice or advice that I preach, then don’t forget to subscribe to this podcast so that you don’t miss my weekly episodes.

Don’t forget I am going to be running a 100% free training on how to move an offline business online from March 23rd to March 27th. If you want to sign up for this training, go to hackyouronlinebusiness.com/offlinetoonline and save your spot. It’s a weeklong livestream training that’s 100% free, starts at 1pm EST. So again, that’s hackyouronlinebusiness.com/offlinetoonline.

Lastly, go connect with me on Instagram. I’ll love to get to know you and your online business. You can find me on Instagram at @thisichrystan, send me a DM and tell me you listened to this episode.

Anyway thank you so much for listening to this episode. Please leave us a review if you have not already, it means the world to me. Alright guys, talk to you soon.

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