Last week, my friend Carlos called me in a panic.
“The economy’s crashing. Should I put my business plans on hold?”
I laughed. Then I told him what I am about to tell you.
The Truth About Bad Economies.
Remember when everyone was hoarding toilet paper in 2020? The media loves turning speed bumps into mountains. They’re doing it again now.
Here’s what actually happens during a bad economy:
Weak businesses die.
Opportunity is everywhere (if you know where to look)
Let me explain.
The Walmart Effect
Fun fact: Walmart was started during a recession. So was Microsoft. And Airbnb.
Why? Because when times get tough:
People get pickier about spending
They look for real value
Fluff businesses die
Quality stands out
Translation: If your business actually helps people, you might do better in a bad economy, not worse.
The “Netflix vs. Blockbuster” Lesson
Remember Blockbuster? They died because they were charging people $5 late fees during a recession while Netflix offered unlimited movies for $8/month.
Guess who won?
Here’s What Not To Do
I’m watching people panic and:
- Join sketchy MLM schemes
- Fall for “get rich quick” scams
- Focus only on making money
- Cut corners on quality
Spoiler alert: They’re all struggling.
The Real Secret to Earn Income in any Economy.
Instead of obsessing over making money, focus on two things:
- Create something valuable
- Deliver the value to people who need it
That’s it.
Gurus often throw around the word ‘value’ without ever explaining what it actually means.
Let me keep it simple:
Value is anything that helps someone move from where they are to where they want to be.
This can be delivered through a product, a service, or even an idea.
How to turn value into income.
How does one generate income from creating and delivering value?
Is it possible to create and deliver a lot of value but still end up making no money from it?
The truth is, if you can genuinely create and deliver value to people, making money becomes the easy part.
For example, imagine you’re a financial advisor who helps people get out of debt. You could start a newsletter using Substack, where subscribers pay a monthly or yearly fee to access your content.
Each week, you could send out an email packed with your best advice to help your readers manage their finances and reduce debt. Inside the newsletter, you could also offer one-on-one consulting services.
By doing this, you’ve created multiple ways to provide value and deliver it effectively.
In 2016, my friend Felix started a “budget gourmet” meal prep service. While fancy restaurants were dying, he thrived.
Why? He helped people:
- Save money
- Eat healthy
- Save time
- Reduce stress
Four years later, he sold the business for a big check.
The Bottom Line
Stop watching the news.
Start watching for opportunities.
Because while everyone else is panicking, you could be building something that lasts.
P.S. If your business idea actually helps people, the best time to start is now. While everyone else is hiding, you’ll have less competition and more attention. If you are looking for the best beginner-friendly side business, click here now.