Running an e-commerce business in an economic downturn can present intense challenges. Some businesses will thrive & grow. Others will struggle. Of course, we all want to survive. And if possible, thrive. That means we have to prepare ourselves to defend against a downturn.


To defend against a downturn, we must first all determine if we are yet in one. So first of all, we must figure out where we are at in an economic cycle. That's actually extremely hard to a degree. And a personal judgement call. Nonetheless, one we have to make.

Next, we need to be prepared in advance. Trying to sort this out on the fly is a bad plan for several reasons. One is that we won't be able to handle the workload and stress. The second is that our competitors will be after the same resources at the same time.

We need to think through a downturn optimal product strategy (physical vs digital). We also need to have a downturn optimal pricing strategy.
These are some of the many thoughts we explored in today's discussion.

In this episode, we share 10 principles you can use to survive and thrive.



What you’ll learn

10 Principles for surviving and thriving in a down economy
Why Productive Paranoia helped Bill Gates thrive in difficult times
Why you should probably cut a lot of your physical product lines
How the Star Principle applies and more importantly, when to use it
What your product mix is and how to optimise it for a downturn
The right time to push for market share!
The big opportunity that comes from running your business well, while others start to fail
The importance of timing your moves

Resources

The Star Principle, Book by Richard Koch
Pixie Faire, Jason and Cinnamon’s primary business

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