How to Deal With Inflation and Uncertainty (and Still Have a Thriving Jewelry Business)
When you feel uncertain, overwhelmed, and stuck in a downward spiral, you’re not operating from a place of power.
I wanted to record a bonus episode for you this week, m’dear.
While I’ve been batching podcast content well in advance, some things have come up in our lovely community here at Flourish & Thrive Academy that I think need to be addressed.
It’s no secret that we’re in the middle of an economic downturn. Prices are going up, wages are stagnating, and your dollar doesn’t stretch as far as it used to.
It’s natural to feel uncertain about the future of your small jewelry business, but you don’t have to let that uncertainty control you.
I’m passionate about this, because I’ve been through it before.
You may already know that my first jewelry business was taken out by the 2008 recession. There were a lot of factors out of my control, but ultimately I was operating from a place of fear, not power, and my business went under while other businesses thrived.
But I recovered, and I’m still here to tell you that your biz doesn’t have to share the same fate.
So if you’re feeling anxious, scared, or powerless about what’s going on in the world, I hope you can take my words to heart.
This Too Shall Pass
Take a deep breath, because the world is not ending.
The economy always goes in cycles. We’ve enjoyed the benefit of a booming economy over the last few years, and 2008 was the same way.
Everything was going great, until it wasn’t. And in the middle of the economic downturn, it felt like there was no way out.
But we did make it out! The familiar cycle kicked in, businesses survived, and even the worst case scenarios (like my business) eventually recovered.
Focus On What You Can Control
There’s a quote I love that goes something like, “The antidote to fear is to move into action.”
The original source of this quote seems to be lost to the annals of the internet, but its impact remains the same.
The truth is, you can’t control the economy, you can’t control inflation, and you can’t even really control the government (it’s still important to vote, though!)
So instead of surrendering to a downward spiral, focus on the things you can control.
You can control your reaction to things. You can control your priorities, your own actions, and how you spend time in your business.
Most importantly, you can control your mindset.
Nurture Your Mindset
It’s totally normal to feel worried at a time like this. But stress, anxiety, and fear won’t solve anything. Those emotions can be paralyzing and keep you from moving into action.
Self-care should be a top priority right now. Meditation, journaling, yoga, hiking, music, family, or whatever self-care looks like for you, lean into it.
If you’re not sure where to start, here’s a 4-page journaling exercise that always gives me clarity when I’m feeling stuck…
- Page 1: Focus on gratitude. Write about the things you’re grateful for, the things you’re looking forward to, and the people you love.
- Page 2: Do a little (productive) venting. Write about the things you need help with, what’s stressing you out, and try to distinguish between what you can and can’t control.
- Page 3: Cast your vision. What do you want the future to look like? What are you working toward? What are some things you can do to move yourself into action?
- Page 4: Offer a prayer/set an intention. This will look different for you depending on your personal spiritual alignment. Whether you’re praying to a higher power, asking the universe for help, or simply setting an intention, it can be very cathartic to offer up your feelings and goals to something beyond yourself.
Finally, keep investing in yourself and your business.
Success doesn’t just happen, you have to be intentional about educating yourself and implementing the right strategies to push you toward your goals.
We offer many resources and programs here at Flourish & Thrive for independent jewelry designers who want to learn how to build a thriving business in today’s saturated market.
You may not be ready to commit to a coaching program just yet, and that’s fine! Check out our upcoming Masterclass on June 21: Supercharge Your Online Sales.
RSVP if you’re ready to refine your online marketing strategy and recession-proof your biz.
And of course, listen to the full episode above for more insight on my experiences running a jewelry business during a recession, and what you can do to keep your business going through this tough time.
xo, Tracy
Links:
Supercharge Your Online Sales Masterclass
EP353: How to Use Consumer Buying Trends in Your Marketing in 2022
EP357: 5 Steps to More Online Sales This Summer
EP358: How to Build Your Email List Using Etsy (Available June 21)
Follow Tracy Matthews on Instagram!
Follow Tracy Matthews on Tik Tok!
Masterclass: An Inside Look at a 7 Figure Jewelry Brand
More Resources for Jewelry Designers
