Recession Rebound: A Business Plan for Unemployed Women

Whether you are a stay-at-home mom or have been out of work due to budget cuts, you have certainly felt the impact of the recession on a personal level. According to the Department of Labor’s 2020 statistics, 6.3 percent of adult women in the United States are unemployed.

Finances are a leading cause of stress in American homes, and the impact on one’s income can lead to physical and emotional health issues such as depression, anxiety, sleep disturbance and increased likelihood of heart problems.

If you are feeling the stress of economic strain and want to get back to work, it may be a good time to consider alternative ways to generate income, such as starting an online business. Starting a business and reaching prospective customers is easier than ever with an internet-based business model, and it can be highly lucrative. Of course, when starting a new business, one of the most important aspects of growing a young business is effective marketing.

Marketing Your Growing Business

When marketing your online business, think about the best ways to connect with your potential customers. Traditional brick-and-mortar businesses may take a different approach to marketing than online companies, but the underlying intent is similar; getting people to consider your business to meet a need.

Getting clients or consumers to accept your help to meet their needs is your marketing priority, and it starts with having a quality website and an active social media page. Connecting with the right audience is an important way to grow your business, and it requires tailoring your marketing campaign to the demographic that is most likely to use your services.

Know your audience. That simple advice can have a major impact on your marketing campaign. You will likely market differently to a young adult population than middle age people; creating strategies for certain demographics is necessary to ensure that your product or service is meeting customer needs.

Tapping into Human Behavior

Once you identify your core marketing group, you will need to consider strategies to tap into their habits and behaviors. Many people pause before making an online purchase or selecting a company to do business with, so it is wise to keep your company at the forefront of their mind.

Certain marketing strategies offer incentives for staying connected to your business. Using email or text as a method of staying in touch helps potential customers remember your company when they are ready to commit to a purchase or service. Using an email series to share tips and offer coupons can be a great way to stay connected to potential customers.

Protecting Yourself and Your Growing Business

As you notice your customer base growing and the business taking off, it may be worth it to reclassify your business as a Limited Liability Company (LLC). There are a lot of benefits to forming an LLC, particularly for young businesses.

Many women starting a business may feel hesitant to risk family finances or personal property in the event of an unfortunate situation like a lawsuit. However, forming an LLC alleviates that worry, as it offers limited liability, protecting your personal assets from the effects of business problems.

Young businesses also find LLC status has tax advantages. The reduced paperwork and greater flexibility make LLC business ownership much less stressful. This simplified way of doing business allows more time for a balanced life that includes family, friends, and other interests, while maintaining a successful online company.

Now is a great time for stay-at-home moms or unemployed women to consider starting an online business. With some marketing strategies and a plan for self-protection through forming an LLC, women can be on their way to long-term business success.