Recession! Recession! Recession! That’s what is on the mouth of every Nigerian, but before I air my thoughts, I will first define the word Recession.
Recession is a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.
I got this definition from google and there are two key words here, which are Trade and Industrial activity. When you look at Nigeria, would you say these two keywords generate most of the country’s revenue? The answer is No because we are a consuming economy and dwell so much on Oil; now the price has tumbled because of competition and local reasons like militancy. Thus, we gallantly slipped into recession.
Now, I am not writing this to talk about Nigeria and the mistakes of bad leadership on both past and present, but am writing this to educate you on what you should do in times of recession. There are three categories of employment in the Country: Unemployed, Employed and Self Employed. I will talk about them one at a time in reference to the present economic situation.
Unemployed: In Nigeria, the number of people in this category are alarming and pose strong security threat because they are made up of youths. But the main problem, lies in the fact that there are no jobs because nobody employs during recession unless you are going into sales for commission. So the question now is, how many youths want to get into sales? Government is busy coming up with quick fix and promise of contract teaching jobs, that only manages the situation for a short time. Does it mean unemployed persons have no dreams, that they stoop low to accept a temporal solution with no future? Then when they see opportunity to take advantage of the only recession proof business, which is Network Marketing, they reject it out of ignorance. Yet this industry has made more millionaire in the last century than anyother industry in the world.
Employed: These people are second worst hit category during recession, why? Because during recession, inflation always tends to go out of hand and the price of basic commodities starts being high. Now while this is happening, the employers both private and public sector, tend to go towards preservation mode by sacking staffs (downsizing) while some cut down salaries. So tell me, how can someone afford to meet his basic needs of food, clothing and shelter when he/she is downsized, or has his/her salary cut in half or whatever proportion. Then people like bankers and insurance people, will start advising you to save money and cut cost. #hahahaha. That’s not a bad advice but the advice came late. What they actually need to do, is multiply their income by creating an alternative source of income like start a home based or Network marketing business. Why? Because of the low start up cost, very tiny overhead, can done from home or anywhere and it is a wealthbuilding business with people who want to help you succeed. Yet most of you turn away out of ignorance, and because you don’t like sales and marketing to your network.
Self employed:In this category, there are big business owners and small business owners. This category of people will survive the recession if they know what to really do and if they were telling themselves the truth. Most will cut cost through downsizing, increase their price if they are in a niche where that can be done, provide more value etc. to remain profitable but one thing they all need to do is Marketing. In times of recession, that’s when to increase your marketing budget for advertising, employing sales force because that’s how you generate more revenue for your business.
Now you know how recession affects the above categories of employment and what they are meant to do, take note of this:
Recession is not a booming time, rather is the period of tilling the ground and sowing good seeds like starting a home based business, network marketing business, increasing your marketing effort, so that when recession is gone, you will then reap the fruit of what you sowed.
Note– you can also reap bad harvest, if all you did was to blame the government, economy, complain and make excuses as to why things won’t work for you.
So, now I have got this off my mind, I hope you adjust and stop sitting on the fence;
Start now, Start today and if you don’t know what network marketing or home based business to start, then contact me by leaving your contact or commenting below.
My name is Chukwuka Obeleagu, am an entrepreneur, a Helping Hands International partner, a home based business owner and an author.