In this episode of the Mind Your Own Dog Business Podcast, Kristen Lee talks about recessions and how to prepare your dog business for a recession. All we've been hearing lately from the news is inflation and recession. It's anxiety-inducing and dreadful, and we're all living it now. Here's the thing: the more knowledge and prep you can do, the better off you'll be as a pet business owner.
Because economic recessions are part of life, we'll all face one (or two or three) at some point in our lifetimes. It's NOT about freaking the fuck out as a dog business owner; it's about how to understand it, prep for it, and make adjustments.
Kristen covers the key areas to focus on for prep as a dog training business owner, along with a bit of tough love on how the pet industry isn't recession-proof.
Episode Links:
In this episode of the Mind Your Own Dog Business Podcast, Kristen Lee talks about recessions and how to prepare your dog business for a recession. All we've been hearing lately from the news is inflation and recession. It's anxiety-inducing and dreadful, and we're all living it now. Here's the thing: the more knowledge and prep you can do, the better off you'll be as a pet business owner.
Because economic recessions are part of life, we'll all face one (or two or three) at some point in our lifetimes. It's NOT about freaking the fuck out as a dog business owner; it's about how to understand it, prep for it, and make adjustments.
Kristen covers the key areas to focus on for prep as a dog training business owner, along with a bit of tough love on how the pet industry isn't recession-proof.
Episode Links:
Welcome to the, my dog business podcast. I'm your host, the leading pet business expert. Kristen Lee. Here's the thing I help dog business owners just like yourself. Become powerful as fuck without sacrificing more yet. No more sacrificing everybody. Like there's enough going on as a dog trainer, we'll be talking about growing your dog business through seven figure sales strategies, marketing that feels authentic as fuck and especially works. In the top topics you care about as a dog business entrepreneur and everything in between not to mention interviews with some of the leading dog business owners out there today, get ready to grow and disrupt the way you do in the business of dogs. Let's do this. Hey, everybody. Welcome to today's episode of the mind, your own motherfucking dog biz podcast. And today we are gonna talk. The dirty R word recession, recession in your dog business as a dog trainer, as a dog Walker and all of the other things that you have going on. Now, if you are no stranger to TikTok to the news to Facebook groups, y'all know a recession is coming. If it's not here already, I personally believe it's here, but what we need to talk about today is the recession. Inflation gas prices, shortages. Grocery bills and everything else that's going on and not to mention the higher cost of living across the board and the universal rent increases and houses that once were affordable. Now it's outta reach for money. Pile that on with the mass shootings Roe versus Wade being overturned and still being in a pandemic with COVID numbers SP. It's fucking nuts. Like, I don't know about you all. I have anxiety. When I look at this stuff, I get stressed out and this stuff affects us. You know, being a business owner, it doesn't insulate us from what's going on in the world. And that's the thing we always feel like, yeah, you know, the business of dogs, isn't political, we're insulated. We don't need to talk about this shit. Right. And we could keep it encapsulated and everything else. So let's talk about it today. We are gonna talk about preparing your business for a recession as a dog trainer. Anxiety is at an all time high from every, for everyone. Again, myself included, we're all living in a collective flight or fight mode. Like honestly, honestly, it's like you go to bed, a disaster happens. You go to bed. Another shooting happens here in the states. You go to bed and something else happens. But I also wanna bring to the fucking resilient dog business owner back to a level ground to, with this conversation. So we can start to get a sense of control. And clarity in our businesses as entrepreneurs, because I fully fully believe as business owners, we have the tenacity and the ability to make changes in the world by our dog business. So we're gonna talk about preparing your dog business for a recession because there's always an I'm gonna go on a slate. R if that's all cool to, well, you have no other choice, cuz you're listening to. But I wanna go on a slight rant, uh, that I've seen for the year over the years. Like I even started talking about this in 2016 because it fucking pisses me off. There's been this tone, deaf bypassing conversation from across the board from other pet business owners, from coaches, from organizations. From even like news platforms talking about how the pet industry is recession proof. Like yeah, you can be in the business of dogs because it is recession proof. I've been calling bullshit on that. Like there's an article. I gotta dig it up. It's probably from like, I think it's either from 2017 where I talked about this and it was like, when then the whole COVID shit happened. And so many of y'all had some issues with your business and we saw so many, it was horrible. So many businesses shut down. It was more that reminder. It's like, listen, Industries as a whole are not recession proof. I don't care how fucking secure you think it, it is how much growth we have. Why are industries, especially the pet industry, not recession proof, because I'm gonna tell you one thing. Industries are made of people, people, me, you, your business, best friend, your competitor, down the street, the multimillion dollar dog training franchise. We all make emotional and reactive decisions that have impacts whether it's adjusting your dog business, when a recession's about to hit or crawling into a hole and giving up, or just like going like, oh my God, I just can't do this anymore. Will people now I, I'm not here to like spread dooms day and like freak anybody out. That is not my intention. Y'all know me. I'm levelheaded. I'm here to just bring the information that y'all need. To start making changes in shifts. Right? Well, people, especially the child-free millennials continue getting dogs that need training and need services. Absolutely. Like 100 fucking percent. Like we're seeing this now, right? There's this whole, there's this whole trend that it's like, okay. Dogs have become the new kids because a lot of millennials, myself and elder millennial in 1982, what up I came out when I was born, when E et came out are not having children, myself included. So the dogs are becoming the children. The cats are becoming the dogs and the, and the plant are becoming the cats. But here's the thing to blindly say one industry, especially ours, the pet dog train training industry is recession proof or the pet industry at all is recession proof. It's leading people off the proverbial bridge without a parachute. Yeah. Again, remember March, 2020, when everybody got fucking freaked, the fuck out when everything got shut down. Yeah. So I debunk, I dispute, I say in the name of Lord Jesus, that the pet industry is unshakeable. It's not, it's not, we've all seen what happens. So, what I wanted to sit with you today and discuss is bracing your dog business for an upcoming recession. Again, this is not a fear mongering episode, but more of like, okay, we can see what's coming, let's get these things lined up to be best prepared for whatever we do not have control of because when we understand and when we know what is happening, we don't fear it as much. We have a. Idea of what's going on. Like for example, I used to be terrified of flying after an, after an, uh, an incident back in 2015. Some of y'all know I was in the, almost a plane crash, like serious story after, for years of flying around the world. And until I learned of what, like what noises are on a plane and like how a plane actually operates and works. Now I don't have that fear because I understand it. Well, I still have a fucking fear of it, but now I understand, and I have a greater not understanding and working knowledge very similar when it comes to the economy impacts to your dog business. So let's talk about it first things first. I wanna bring this out. Any news article, any platform you're spending your time on, even the socalled gurus out there of the pet dog industry and coaches and different agencies. Are trying to get your attention into panic about what's going on, right. Especially the media. Now I'm not saying fake news because whatever that's bullshit. But different platforms and different news, medias and different gurus and agencies that are trying to sell you on this idea of like, oh my God, our economy's about to hit. We need to buckle in, get all the leads, get all the clients in. Or if we're watching CNN, it's like, okay, the, the Dow Jones is down this amount, by the way, the stock B it's been up on an ups for 12 years. So adjustments are normal, but they're, they're living for your attention through sensationalized headlines, right? Like things that are meant to click more and share it because. Clicks and views drive traffic, traffic drives sales headlines that are panic and anxiety inducing. Get your attention. It it's basic marketing, right? Like the stuff I fucking teach you guys and teach our students at to mid school, like headlines, get attention. Headlines may are, are there, TOIC an emotion. And to make you act, and the act is to click and look at the stuff and everything else like that. I even had a sponsored ad and this is, this is no. Judgment or shame to that, to that particular person or agency or whatever that said, get all the dog training clients, even a recession, your panic equals money. Like that's, that's the end. That's the end game. Like, I'm gonna be honest. So I literally just typed in recession into Google, like I'm recording this. And the first thing that pop up was the us to plunge into a deeper session. It didn't need to be that way. Shit, shit, shit, shit. Doomsayers are there to fight and get your attention and money. Like that's all it. So one thing, if you walk away from anything with this episode, even if you don't listen to the next three steps, is this be fucking mindful and protective of the information you consume as a dog business owner, like dog to school, we're never gonna throw you guys into a panic, like ever, like there's no need to panic. There's none like there's none there's steps you can take. There's always plan a plan B plan C plan D plan E all the way through fucking Z 0.1 Z 0.2. Like there's no reason to panic. Right, but be very, very mindful in the information that you consume and listen to as a dog business owner, especially as a business owner, it's, it's not easy out there. We already have the odds stacked against us, like our family and friends. I already think we're crazy for doing this and not following the normal career path and having a job and being an entrepreneur. It's crazy. Right. But that also includes what you read, what you listen to by the way. Thank you so much for listening to me. I love you. I tr I'm glad you're so trust you. Uh, you trust me. Whom you listen to in the environments, you spend your time in AKA social media groups, all that has a significant impact. So walk away with what you want from me from this episode, but just be so protective of your mental health and the ones that you surround yourself with. Because again, it goes back to the whole saying the five people you surround yourself with is a direct reflection on your inside and outside world. It's like we can help insulate you and empower you. But if you're surrounding yourself with friends and peers and colleagues that are consistently only focusing on the problems, like, yeah, you know, Kristen, what are you gonna do? Now? Once the, the economy pitches goes downhill, is anybody really gonna buy$10,000 dog training program, hashtag inflation and recession to the chicken littles that are freaking the fuck out and doing reactive shit like that are dropping their prices or using this and focusing it as an opportunity to. Changes on shit that will affect you. Like as good as me and you are both about brushing shit off and focusing, it will seep in cheering conscious like seeds, a doubt in poison when you listen to some of the bullshit. So what we're gonna do is we're gonna focus and, and look at the opportunities. We can start shifting for the upcoming recess. Now, I'm gonna say this with confidence, a recession is coming and so will another. And so will another. Here's the thing me and you and the freaking dog trainer down the street, and maybe your kids, or even your dog, we're gonna see many recessions during our lifetime. This is the economic cycle and listen, recessions are scary. As mentioned before, I'm an elder millennial that was barely into my corporate career when 20, uh, 2008. It was a frightening time. Like, listen, I was baby faced 26 year old, me sitting in meetings where the fate of the people that served our tech company for 20, 30, 40, 50 years, that people that had devoted their life for this tech company were deemed expend expendable, just names on a paper while leadership people walked away with multimillion dollar severance packages only to be brought back later on as consultants or worked for the buddies in a, nor another fortune 50, it was sobering. And that was my real first glimpse into capital. So let's talk about a recession first, before we go into the three things to brace yourself with what is a recession, we're gonna do some elementary economics here. It is a period of temporary economic decline, which trade and industrial activities are reduced. Generally identified by a fall in the GDP. What is a GDP gross domestic product? Into two successive quarters, AKA for a minimum of six months, but usually it lasts about 15 months or so. This means spending slows down the stock market trends lower. Again, the stock market has been in upswing for 12 years so far, and you'll usually hear of mass layoffs reduction in hiring consumers, restricting spending, and being more mindful of their investments. Now, if you have investments, I'm not a financial advisor by any means. This is not a time to go buy like panic, sell off whenever you hear. Somebody's like I lost all in the recession or I lost all. I lost it all. That means they panic, sold their investments in their stocks, but recessions impact the working middle class the most, and actually the lower middle class. Now let's talk dirty details here. How can you prepare as a dog trainer and a dog business owner for a recess? Get out your notebooks. I might even make this into a PDF document. If I do, I will link it into show notes. I can't promise you that, but I'm gonna try to get this out for everybody so we can stop that panic. First thing you're gonna do is you're going to make adjustments to your dog business emergency fund and your personal emergency funds. What is. Three months, three to six months. But if you're starting off slow three months of finances and readily accessible capital, which includes business credit to cover three months of business and personal expenses. But one caveat here, you haven't done this in a while. Even like 18 months ago, you gotta make sure it's adjusted to current inflation rates. Hey, Hey dog, business owner. I see you listening and nodding your. Do me a hot favor. If you are loving this episode and are feeling like, fuck, I need to talk to Kristen or the dog base school team, do yourself and your business. A huge favor. Go do dog based school.com/work with us. This way, you can see what we're all about. Fill out in a simple application and get direct line to my calendar. Yeah. Like even my assistant really doesn't get access to my calendar. That way we can shoot the shit. See what's working in your dog business, what's not working. And then make your dog BI goals into a fucking reality and plan. Go to dog school.com/work with us. See you. One of the first pieces of coursework we put all of our dog BI school students in is our financial education for dog trainers and dog business owners. And it was funny this morning in our group. I literally just post, I was like, Hey, y'all, uh, Q1, uh, Q1 Q3 just opened up a couple weeks ago. How many of you are in our, in our financial survival guide? Cuz we have to do this every quarter and we remind them no matter if they're making $3,000 a month or if they're making a hundred, hundred 50 K a. During times of volatility like we're in right now, having a high yield savings account is more critical than ever. If you don't have your personal and your business savings account and a high yield one with at least 1%, do it. Okay. Do it. We need to have one at least 1% and make sure you get really down and deep and you are allocating some funds to cover three months of personal and business expenses. Now, if you're sitting here and you're like, well, that's great news, Kristen, but I barely have anything in savings. You're gonna wanna listen to step two. Now the next step is to check in with your prices and your programs make adjustments to both down my download my guide. That doesn't sound like a cheesy bro marketer, but download my guide, but no seriously. Download the guide on dog school.com/free shit. Give yourself a fucking race. Okay. Like it straightforward steps to give yourself a fucking race. Now, if you're saying, oh my God, I cannot charge more because of where I live in my service area. This is where your programs come into play. This is the opportunity to start looking and changing your service, offering and programs. Now, this is not, Hey, go ahead and build only virtual dog training. Like, go ahead. Just go ahead and just sell that on your website or put an ad and sell virtual dog training only. We saw that with the low price virtual dog trading programs that sank in 2020 and 2021, I'm talking about building a program. You know what? I'm gonna talk about the grassroots fusion program that allows you to become a dog business without borders. Now, most likely we are gonna be doing an upcoming masterclass on dog business without borders. This is a course that we taught back in 2020 during, as a response of the, uh, pandemic to actually have a business where you're not located. You. You're not just in one location, you can serve many different locations. So hang on to that, but start to think about, okay, how can I start incorporating experiential learning and have a fusion program. Now, if you're a dog Walker, I know a lot of my listeners are dog walkers and pack hikers. It's time to look honestly about how you're structured with your offers. This is where we're gonna have to have an honest conversation. You having those 10, 20, 15, 30 minute walks, we need to start leading to something drastically different. And that actually might mean a whole system revamp of your programs and your service and offers. Now I'm not saying, and don't twist my words cause I know my words could twist a lot. Dog walkers go and become dog trainers. No, but we gotta start looking about how we do our services and our offers. And if that means creating a new system of your programs and services and serving a different clientele. It's a lot of work. It's a lot of work, but this is what we gotta start looking at. And this is gonna be that plan B. Well, actually, it's gonna be your plan a as you move into a higher level of growth, especially during a recession and time of inflation. Now here's the thing. The last one, identify opportunities in your dog owning market. This also kind of plays into step two. But have you been serving the same things? The same programs, the same people, same boring ass offers for the last two to five years? Like what are some of the cool things you've wanted to do with your dog training business? Now forget the fucking pack hikes in the, the, the, uh, classes and stuff like that. Like, forget all that, that stuff like you think you need to be doing, or you see John DOE. Granny Smith up the street doing, but what are some of the really cool things that are experiential that provide a different level of service for your dog? Owning clients as a dog trainer? Like shit, you just haven't had the time to do because you're stuck in dog training purgatory. Now here's the thing too. If we, all we do is focus and sit on disaster and oh my God, everything's falling. The world's on fire. Well that part's actually a accurate, that's all we end up seeing obstacles versus opportunities. All right. So keep that in mind. I'm gonna go through this one more time. So first step, first step, make adjustments to your dog business. E. Business fund and your personal fund, adjust it for inflation. Make sure that shit's in the high yield savings. At 1%. If I had affiliate links, I would totally drop it in here, but I don't. Next thing is check in with your programs and pricing. Make adjustments to both. Give yourself a fucking raise, go on the website, download that guide. It's it's yours. Take it. Keep it fucking live it as your dog business Bible. If you're a dog Walker, start thinking. What can I do to have a different level of service that is potentially going to expand my network? It's going to actually reach a different audience. It's going to potentially cut down the amount of clients I have, but increase my income with a higher level of service. And the third thing is identify opportunities and your dog owning market, do this shit you've been wanting to do. That's really freaking cool. Like honestly, like yeah. In recession, recession, recession, that doesn't mean people are not buying high level dog training programs. Okay. And again, be mindful of what you consume and who you listen to. Keep listening to me, listen to Christian and dog school. but get empowered about the things you control. You can control in your dog business and find the opportunities and adjustments. And you have help here. Plus I ain't selling you shit like I'm that like I'm here to provide information and to get some leverage and control back. All right. Y'all till next time, we'll talk to you soon. Bye.