Economic Uncertainty Can Be an Opportunity
The recent dramatic decline in the equity markets, coupled with lackluster quarterly revenue reports from major companies representing a large cross-section of the larger economy and international equity and debt markets in turmoil, it’s no wonder people are starting to feel scared.
Business owners, in particular, often feel extraordinary stress as economic indicators decline and certainty gives way to unpredictable, macro-economic forces.
But, consumers feel the same way. And, in times of economic uncertainty (and insecurity), consumers often look to activity that they can control in response to these forces. It’s a little known fact that well-positioned fitness and martial arts facilities typically grow during recessionary type cycles as consumers gravitate towards activity that (1) can be totally in their perceived control, and (2) offers substantial and visible results (such as fitness levels, strength improvement, and martial prowess).
So, as you consider the current economic trends, also consider what opportunities can emerge – a silver lining of sorts. To ensure you optimize your opportunity, focus efforts on (1) programming that provides shorter-term feedback for students, (2) driving business basics, and (3) ensuring you communicate the benefits of your programs in the context of the current trends.
Remember, every challenge is also an opportunity.