READ THIS!! 107 seconds to prepare yourself for next recession!
We will continue to hope for the best, but lets prepare for the worst!
There’s a potential recession coming our way.
People have been talking about it for years.
To date, we have been lucky.
The economy has been amazing!
But the last two days have been very different.
I shared this tweet with my parents a few minutes ago.
I have been preparing for this moment for a long time.
A wise man once told me “during a recession you can get rich if you have cash and good credit”
I’ve been working on both for years.
If you haven’t been preparing for this moment in that way:
I would start now!
I would start thinking about what boat you can ride through the storm.
A lot of businesses fail during recessions.
A lot of businesses lay off employees during recessions.
But…. some businesses thrive during recessions!
If you can’t build that business its time to join it.
Amazon came through victorious in 2009.
So did AirBnB!
Who is next?
A large part of this newsletter is to try to think that through so you don’t have to.
A few thoughts on that:
The businesses that do well historically during recessions will continue to be good businesses (i.e. entertainment, discount retailers, repair, etc). Below is an example of Walmart during the Great Recession.
Source: Investopedia
There are countless other companies that will do well during the next recession but they need to be practical. Below are two plus one that were recently featured in Rocketship Jobs that I think will do very well during the next recession:
Deel - Is focused on remote work. If the economy gets worse people will look for more ways to lower their expenses, a great way to do that is hire outside of expensive markets. You can read more about why I like this company so much here.
Kapwing - As companies look for other ways to lower their expenses and raise their profits they will look to cut expensive subscriptions. Kapwing is an Adobe competitor that has a free option. Many companies will decide to leverage that and some will grow in their use of the paid option. Lowering their Adobe subscriptions will drive this as companies seriously review their cap sheets. Its funny, Andrew Wilkinson tweeted about this earlier and mentions some other companies this will effect:
??????? - Sorry, I have to leave something good for the paid subscribers 😁… but I am super excited about this company during a recession too. They’re already growing 300% year over year and the entire purpose of the company is to help large businesses be more efficient and profitable. This spells recession proof to me!
I hope this helps people think through their potential job search as time continues to go on.
I am writing this as I am getting ready to go to the gym and then enjoy a nice cocktail in this beautiful weather!
I hope all of you are well. Stay safe and continue to wash your hands!
Oh yea and please share this with a friend 😁