Unless you have been living is a really deep hole secluded from the world then you have probably at the very least heard the world clamoring on about the very serious economic downturn. I am not writing a politically motivated post nor am I an economic genius. Although I find it a must to run a balanced budget at home and in my business life. This being said I think that if the downturn continues that bloggers should be safeguarding what they have worked for thus far by having plans in place to not only protect their online assets but also to safeguard their ability to continue to do what it is they have planned.
When things get tough fiscally speaking many once high held establishments will start to thin out and only solid businesses with solid plans that planned in advance will be able to continue to prosper. I want you as I always have to be one of those people. No matter where you are in the world the power of your idea can be phenomenal. Your delivery and style are important in getting off the ground, but now that you are you need to insure that you can continue down the path of success. Here are a few suggestions that history has taught us about conventional business that can be applied to the pro-blogger’s genre.
First Order Of Business
Make sure you have secured your hosting for at least six months into the future. While many upstarts will find this a bit troubling by having taken care of this you can focus on more important issues such as content creation and marketing. When your not doing that you should be looking for revenue generation to help cover new advertising oppurtunities as well as incurred expences. Most blogs run a seperate mailin list from the RSS subscription so something to consider is paying for your AWEBER services in advance as well.
You are now at the very least able to update your blog’s content whenever you can secure a live connection in a worst case scenario at a library or recreation center. Some people may already be overly finacially strained and it is not already uncommon for people to run their online businesses in this matter. WiFI hotspots also offer a great way to get on the net to conduct your daily business as well and usually are never to far out of reach. McDonalds, Wendy’s and BurgerKing all offer free wifi and if you have any hotel’s worth a grain of salt you can use theirs from the parking lot if needed. Although as a hotelier I invite you to call and just ask the desk clerk, many would much rather have you hanging out in the lobby sipping coffee than scaring off potential tenants in the parking lot.
By reducing your expenses as much as you can without sacrificing the needed services you will be in a much better position if things were to take a turn for the worst. The best plan is to be prepared and have spare capital on hand in order to cope with an otherwise out of your control situation.
Goals
The next plan of action you should be executing is to reavuluate your goals both as a brand, a blog and an individual. Obviously if keeping things going is to much of a hardship you already know what to do. In the worst case scenario I would advise you to secure some friendly “free hosting for your site and redirect your domain there. If anything were to happen to me god forbid I already have a safety net that would allow my site to stay active and aslong as I was alive to contine posting to it. Things like this will ease atleast one once of stress from you if the worse were to ever occur.
In most any other situation where its just a long and drawn out hardship in general where you may be eliminating uneeded expenses you may still have internet acess at your home but maybe not the 10mbit option you currently are exercizing daily. By getting frugal and eating out less you will already have provided the basic currency at this point to pay for something like the swamp package with hostgator and a decent sized account with aweber.
To further your situation you can start to pickup side work with your many talents that you already are using. Photoshop, sales copy writing, site flipping, paid posting, link selling, etc. Their are a plethora of ways to make money online and if and when the SHTF your competition will be greatly reduced becuast those who are prepared and have a plan in hand are indeed already smiling at the oppurtunity that awaits on the horizon either way.
Get your goals in order and start building a plan. Maybe the latest economic downturn does not affect your so instead having a plan for other natural disaster or out of country trips can be a good thing none the less. By recognizing the oppurtuninty for improvement and success much less fiscal growth you will most definately without a doubt be ahead of the blogosphere wide spread curve.
The Bottom Line
Economic hard times come and go through out history by securing a plan and setting realistic goals you can sail through choppy fiscal waters unabaited and quite happy. I highly suggest rechecking all your checklists and grabbing a back up plan while things look like they will rebound as usual it is always possible that we are just seeing the tip of the iceburg.
The true test of any business is how it will operate under the pressure of a bear market and any person who can succeed under those terms will be well prepared for anything that can happen.
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- In Case Of An Emergency… Be Prepared
- Michelle Motivated Monday: The Keativ Blogger Award and My Famous Blogger Club Interview
- The Qualities And Habits Of A Successful Blogger
- The Make Money Online Bubble And You
- Info: Offline Marketing. Learn To Love It, And Use It.
Great post Ben and great way to relate it to the bloggers and marketers. Buying services in advance is great idea, though not all can do it…if you can, I would certainly advise it as well.
Nice way to make the situation relevant not only to our personal lives but to our online lives as well.
Good stuff, Ben. It was only a matter of time before the blogosphere had to introduce the real world economics into their post. Way to be a on the cutting edge and set the tone in a positive way.
There is going to be a really ruff patch for people coming and surviving is going to be at the top of the list. We have to hang in there and plan as you suggested to make it happen.
All things are possible if you are willing to put the work in and plan accordingly.
Thanks for the post!
This is exactly the attitude I was hoping to instill into my readers not an alarmist type or political type, but to be prepared and ready to jump on the upcoming opportunities.
I think you are stiking un nessicary fear into your reader’s lives. I believe blogs will profit from the economic downturn (at least financial blogs will) and the only problem I can see is if my hosting company goes bankrupt. So I am backing up all my files on a regular basis.
We should be fine..it is not going to be a depression again.
I think your completely wrong in your assessment. No where did I say anything of the sort. Throughout history markets slump and come back some turn into depressions some pass much quicker.
This post is merely to help bloggers in general be aware that belt tightening and preparation should be part of your normal planning routine and not something that could never happen to you.
Any blog that is prepared will profit but those that are not wholly aware of their surroundings will not.
And while we are at it can you send me the address where you got your crystal ball cause if I was that sure about anything market related I would be dumping every spare penny I have into it now so when it pumps back up to 14k again I could sell.
As you will see you turned out to be wrong. The financial crisis is getting deeper. And it doesnt seems to stop any soon
The market is a tough place to run a business right now because sales are down all across the board. But with the low overhead cost of blogging and many online businessed I don’t think we will be affected as much. I mean how many of us have monthly expense exceeding $100.
Adam
I agree with what Adam said, the normal monthly cost is not too significant if you don’t advertise. My monthly cost:
1)Hosting – US$5.95pm
2)Domain – free
3)Electricity – US$30pm (depends on usage)
4)Internet – US$46pm
What is your monthly cost?
15.95 for swamp pack and 29.99 for aweber.
So you are out $50.00 a month a loss that most people can handle for quite some time. Which means they should be able to make it while we are in this economic down turn.
Adam
I partially agree with Ryan but it is good to be practical about such matters. I do a lot of my work on wifi connections. Even in Birmingham it is quite hard to find free wifi though.
B’ham England or B’ham Alabama?
UK! Sorry I was too presumptuous.
I am a little confused as to why my pic is not showing… I signed up to sezwho but people don’t seem to favour that any more. Maybe you never had it in the first place but I thought I saw it working on here. I know Joe had t but now that seems to have disappeared from his site!
Awesome advice! I never thought about the importance of securing your domain at a time like this. You have to get all of your ducks in a row before you can focus on generating revenue! Thanks for posting, Ben!
Ben, great timing with this. After my recent bank crisis smack, I will definitely be following your advice to minimize my changes of further loss.
good plan, it’s especially hairy out there right now.
great points above. it really is great that overhead’s pretty low. i’m sure though that the economic downturn will have its effects, at least indirectly.
it is affecting advertising and prices right now… things will get worse before they get better sadly.
Nice post… I had touched upon this topic this week as well.
Cheers,
Ajith
Thanks
sorry to take so long to reply.
Its not recession -its just correcting figures.
sadly i think it is recession now!!
As long as you don’t panic you’ll be fine. I mean the recession would be twice less painful if people just acted as usual – saving money on everything only further slows down the economy. If you go about the business as usual you should be fine – if you start panicing you’ll only have lots of unnecessary stress.
You have a good point there.
I agree with Narzuty’s comment even though that would kinda depend on where you live.
Yeah there are many factors to consider, I guess!! Things are pretty bad but you can ride them out.