Recession-Proof Industries for Videographers. EP #310 - Den Lennie

If you want to recession proof your video business, there are some key industries you should be focusing on because it's not all doom and gloom out there. In today's video, I'm going to look at seven industries that I think are going to thrive during an economic downturn so your business in turn can thrive and actually do better in a recession than perhaps you might think. When I started my business in 2009, it was in the middle of a recession. And here's the thing, I, I wasn't really aware of it. I just did it anyway. And so today I want you to follow along, study these industries and look to pivot your business to make sure you're working with industries that are in fact recession proof. Hey, I'm Dan and I've been running a video business or in the video industry for about 25 years, of which 13 have been running my video production business these days. I help businesses like you grow and scale and particularly at this time, navigate a tough economy out there. The first point I want to make is to be careful who you listen to and how much mainstream media you expose yourself to. Now, if you could do me a favor like and subscribe and ding the bell really helps us to grow the numbers on this channel so we can bring more content to you. During a recession, economic activity tends to slow down across a lot of major industries, and many industries face challenges as consumer spending slows down. However, some industries actually are more resilient to this and, and in some cases thrive in these tougher economic times. And so what I want to do today is I want to share with you seven industries that actually will thrive in an economic downturn and how you can then approach those industries and make sure your business thrives during this time as well. Utilities, light, power, gas, heat, air conditioning. All of those industries do very well in an economic downturn because people still need to live, they still need power, they still need water, they still need drainage. And so if you approach industries around this space, they remain relatively stable during an economic downturn. So think about how you might approach energy companies or providers of technology to energy companies. Anyone in that supply chain is going to be doing okay during an economic downturn. So again, think about where the opportunities are and don't focus too much on the negativity you might see or read about in the news. Consumer staples. What are consumer staples? They're the things you buy at the supermarket, the general things that you need every day to live and survive regardless of the economy. Think of these as your essential goods. Food, Beverages and household products tend to fare well during an economic downturn because most people are not going out as much, so they're spending more time at home. And so they might in fact improve their comfort at home by buying more of the goods that make them feel good. People still need those essential items. So anyone, again involved in production of food, production of beverages, anyone in the supply chain is going to probably see an increase in demand. The need for healthcare services generally increase during a recession. So think about the broader healthcare market. Not just hospitals, doctors, dentists, but optometrists, foot surgeons, physiotherapists, any complementary therapies that might exist, that might find themselves in a position of wanting to capitalize on the fact that more people are at home and spending less money out on things they might previously have spent on. We tend to want to still look after ourselves during these tough times. And so you might find that some of those ancillary health services will see an increase in demand, and these are definitely areas you should be looking at. A less obvious place to look is actually discount retailers. Anyone who discounts or sells discounted goods as part of their marketing strategy will probably see an increase in demand. And so going and approaching those kind of companies and asking them how can they potentially use video to bring more customers in at this time plan would be a great one to look at. Now, this one might be a little bit contentious, but debt collection agencies and anyone involved in the collection of debt will probably see an increase in demand during an economic downturn. And what you might find is some of those people might want to present the way they do things in a more humane way. So there could be opportunities there for staff training films, there could be opportunities for customer awareness films. There could be opportunities to make content around how to avoid getting in a situation where debt needs to be collected. So again, look at these with a very open mind. Try not to get too emotionally involved in them and just look at the markets and ask yourself the question, is there an opportunity here to create content and make videos for this industry, education and training? There is a massive opportunity during an economic downturn for education and training companies to make new and fresh content to respond to the market conditions. A lot of families will actually be looking for ways in which to expand or take on further jobs to bring more money in to make ends meet. So the training and online education industry will find themselves with increased demand. So think about your client base. Think about who you currently work with. Think about, is there a way you could say to them, hey, I've just been thinking about you and I've had an idea. What about if we took what you do currently and turn it into an online course, package it for them, shoot it, edit it, and what you'll find is there'll be opportunities there that are perhaps untapped because there's increased demand. Telecommunications services also see an increase in demand during tougher economic times. So telecommunications providers, phone carriers, phone retailers, tablet manufacturers, tablet retailers, anyone who's involved in the process of communicating, distributing and consuming telecommunications of any kind will have money to burn. Telephone and Internet are regarded as essentials for most people, so demand typically remains stable during a recession. Now, it's important to remember that individual companies performance might be different. I'm not saying there's a blanket opportunity here, but there is certainly opportunity to spend some time thinking about where there might be opportunities and at least approaching some of these companies and throwing ideas at them. Because sometimes that's all it takes to get something off the ground. Different recessions affect different markets in different ways. So think about the opportunities, have a dig around, think about how you might be able to serve that market. And if you are proactive, I promise you, you will not suffer. So there you go, short and sweet. Seven industries you can approach during a recession.

You've been listening to the Video Business Accelerator podcast with your host Dan Lenny. If you are a video business owner who is tired of going it al would benefit from mentorship, support and weekly accountability. Then mouse over to www.videobusinessaccelerator.com to learn more about how the accelerator program can help you today. Don't forget to subscribe and rate the show over on itunes, and we'd really appreciate you taking a few minutes to leave a.