Knowing what to do when cashflow is tight might be something you are worried about at the moment. I have been in this situation many times before. I had to be creative in the way that I found work during the resession too. When cashflow is tight it is easy to respond with panic and start to discount everything, but there is another way.
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What to do right now when cashflow is tight
I’m going to start with budgeting. Now before you roll your eyes and tell me that you have already done this, I want you to think about future budgeting. What in the past were you spending without noticing? Was it gourmet coffees 2-3 times a day? What if I told you that can add up to over £1000/$1000 a year? Surprised? I was.
You won’t be grabbing those coffees during lockdown, so think about what else you can ditch when you get past this moment. Do you have old subscriptions to things that you haven’t noticed leaving your bank account? Do you buy magazines on a whim? Or throw in a bottle of wine to your weekly shop? What things can you do without in the coming months.
We have a unique moment to press pause and take time to reflect. This is a great time to examine old habits and see what you want to keep or leave behind. The same applies for the way that you use and spend your money.
Should you sell right now?
I have been asked this by many creatives, that they are worried about selling right now. Let me give you a big sister hug and tell you that people need what you are offering. You might have to change the format and the way that you deliver it. But don’t assume your audience or customers don’t want to buy from you right now. You work might spark joy for them which is going to help them get through the next few months. Or else they have comfortable savings and are happy to pay for your online course of products.
There is a tendency for people to assume that they are their own customer base, but this isn’t always that case. You might be someone looking for bargains and discounts at the moment, but that isn’t the case for everyone. Don’t hit the discount button just yet. Think about what you are offering, and how you now need to offer it. By that I mean, what does your sales page look like? What are you saying about your product or service. Do you need to rewrite it for the times that we are in right now?
Can you offer freebies so that people can see what you have to offer, or else a way for you to serve your audience and build trust at this time? It might be a blog post, a free live stream class or a podcast episode like this one.
Then think about the value that you are bringing to the table. I talked about this in another episode that you can listen to here: CLICK
Your value and what you are putting out into the world is worth paying for. I talk about this in more detail on the podcast.
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How to get your mindset on board
These are difficult times. There is no denying that. So it is important to check in with yourself (and others) to help you to get through it. Sure there are days when you don’t feel like doing anything, or else you are panicking about the future. Believe me, I run through those emotions several times a day! The difference of succeeding or sinking right now can come down to mindset. Now I’m not saying that money doesn’t matter right now, because of course it does. I’ve lost all of my income for this year in the click of two emails. This might be the same for you.
What can we do to get through this? Resilience is the way forwards. This isn’t about putting your head down and blindly carrying on. This is about looking at what you have to offer, building your confidence up, putting yourself out there, even when you feel uncomfortable. And then reassessing and making sure that you take moments of reflection.
Make mistakes! If you aren’t making mistakes, you aren’t doing anything at all. Yes it can be scary to make mistakes when the future is unknown, but without those mistakes there is no learning. And we need to be learning and testing right now. Your future business might look very different to the one that you have right now. That can be exciting if you work out what you do and don’t want for the future.
If you need more help you can grab a copy of my book to dig deeper into the topics I cover in the podcasts. More information here: The Business of creativity.
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