97. How to Prepare for the Looming Recession

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There is a LOT going on with the economy, local politics, global politics, and more right now. Everywhere you turn are headlines about inflation, recession, war, uncertainty, market declines, and more. With all of these scary headlines, the question becomes: "How does all of this affect our businesses and our lives?"

It's a difficult question to answer as there are so many variables to consider and so many unknowns. However, we do know that there is nothing new about inflation, recessions, wars, market fluctuations, and many of the other things going on in our world today.

So, one of the best ways to chart our path forward is to look at the lessons we've learned in the past. In times of change, fortunes are lost and fortunes are made. Inflation and a looming recession could spell disaster for your laundromat and your personal finances, or it can add a zero to your income and net worth.

In today's show, we're going to explore some ways that laundromat owners and investors can prepare for a recession, whether one is coming or not. We'll focus on 7 primary steps to take to prepare your business and yourself for a potential recession and set you up for success no matter what happens going forward!

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US News Article on Recession
Insider Article on CEOs' thoughts about a looming recession

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