We knew that we would have to pay back those stimulus payments from 2020-2021, and here we are with high unemployment, high interest rates, and high inflation. A recession means different things in different industries, but the good news is that people will always need care, no matter what the economy is doing.

However, there are still things that we need to put in place to make sure your business stays healthy through a recession, such as:

• Diversifying your services
• Keeping a close eye on your cash flow
• Building strong relationships and networking with other care providers
• Embracing technology and the streamlining it brings to your business
• Maintaining a good quality of care during this time

The Cares industry is a safe industry to get into during a recession, but you still need a solid business plan. Stay tuned for part 2 next week, where we will go deeper into how to really build a recession proof business.

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| Assisted Living, Group Home, and Community Hab Providers.

Music credit: Mavericks by Harrison Amer

A Podcast Launch Bestie production