How to Bounce Back from the Recession: Tips for Women
Before the pandemic hit, millennials were already facing the worst economic odds of any other generation in US history. Now that millions of people have lost their jobs, millennials are really struggling. And because the pandemic mainly hit female-dominated industries like retail, leisure, and hospitality, women are feeling the economic downturn more severely than men.
How are you supposed to make ends meet as a young working woman in this economic climate? Consider taking this opportunity to escape the rat race and build your own career! To help you get back on track, recover financially, and take control over your earning power, check out these great tips from Millennial Going Down.
First Things First
Launching your own business sounds great, but where do you start? The process can feel a little overwhelming if you’re new to entrepreneurship. Take it one step at a time! First, tackle everything you have to do to keep your business legal. You don’t want to get hit with fines and penalties just as you’re getting things off the ground. Forming an LLC is a great way to protect yourself from liabilities and gain key tax advantages that will save your business money. Familiarize yourself with the rules around forming an LLC in your state and take advantage of online formation tools so you can avoid lawyer fees. Once you get that out of the way, look into the permits and licenses you will need to operate your new business from home.
Developing a Business Idea
If you don’t have a business idea quite yet, don’t worry. There is plenty of inspiration out there to draw from! To ensure your success, try to come up with a business idea that aligns with what you love and what you’re good at. If, for example, you love animals and you have rock-steady patience, a dog training business might be your cup of tea. Are you still stuck? As Cleverism suggests, you can come up with hundreds of business ideas just by looking for solutions for things that bug you—or anticipating problems that may exist in the future.
Marketing Your Business
Your marketing strategy can make or break your business, so it’s important to plan your approach carefully. Spending too much capital on ineffective marketing is a common reason why small businesses are forced to close down before they ever really get started. Focusing on effective digital marketing, on the other hand, can help propel your business to the top! Take advantage of free marketing courses through Google Skillshop, Google Digital Unlocked, and Lynda to learn what you need to know about marketing products, services, and content.
As a millennial, you’re in a great position to connect with the most lucrative group of buyers on the market—other millennials! Millennials score low on brand loyalty and they have no problem switching to up-and-coming brands that promise something better than the norm. This group is also extremely tech-savvy and comfortable with social media, so you should have no problem reaching them through your digital marketing efforts.
Finding Success While Working from Home
If you’re new to working from home, getting in the swing of things can be tough. This is especially true for single moms! Launching a home-based business with little ones running around isn’t easy, but it’s not impossible. Get up early and try to plug away at your work before your kids wake up, find ways to keep your children busy around the house, and remember to carve out some time for yourself once in a while.
As a millennial woman trying to launch a business from home during a pandemic, you’re up against quite a few obstacles. Thankfully, there are numerous resources out there that can point you in the right direction. If you’re looking for support on your journey, check out all the great posts on Millennial Going Down!
ABOUT THE AUTHOR: Tips for Women || Sarah Bull from the Economy Mom.