Shark Tank's Daymond John reveals 3 tips for running a recession-proof small business. He says make sure to have cash on hand to cover three to six months of expenses, build buzz in your local market and invest in new talent.
Whether or not the trade war escalates, most financial experts agree that the U.S. is due for a recession and will likely experience some degree of slowdown in the coming months. But FUBU founder and "Shark Tank" starbelieves an economic downturn doesn't have to result in the collapse of small business.
For companies without a brick-and-mortar storefront, John recommends foregoing a pricey lease and, as an alternative, joining a co-working space or adopting a more flexible work-from-home policy for employees. and is estimated to continue climbing at an annual rate of 6% over the next three years, making it a tangible solution for many organizations of every size.In the early days of FUBU, capital was sparse and competition abundant. Lacking the resources to compete with major brands, John and his team had to develop other forms of currency to stay afloat — a challenge that resulted in a steadfast commitment to collaboration.
Most notably, John earned the attention of LL Cool J, who agreed to be photographed in a FUBU hat and eventually wore it on a 30-second commercial for the Gap — a game-changing moment for the brand that would have otherwise been unattainable.
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