{"id":84795,"date":"2023-04-11T03:55:00","date_gmt":"2023-04-11T10:55:00","guid":{"rendered":"https:\/\/honeybook-blog.site.strattic.io\/?p=84795"},"modified":"2023-08-14T10:09:28","modified_gmt":"2023-08-14T17:09:28","slug":"growing-your-business-in-recession-donald-miller","status":"publish","type":"post","link":"https:\/\/hbb.dev.reliablepenguin.com\/blog\/growing-your-business-in-recession-donald-miller","title":{"rendered":"Grow your business in a recession with Donald Miller"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"2000\" height=\"1548\" src=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/04\/3-Growing-Your-Business-in-a-Recession-with-Donald-Miller.jpg\" alt=\"\" class=\"wp-image-84793\" srcset=\"https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/04\/3-Growing-Your-Business-in-a-Recession-with-Donald-Miller.jpg 2000w, https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/04\/3-Growing-Your-Business-in-a-Recession-with-Donald-Miller-300x232.jpg 300w, https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/04\/3-Growing-Your-Business-in-a-Recession-with-Donald-Miller-1024x793.jpg 1024w, https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/04\/3-Growing-Your-Business-in-a-Recession-with-Donald-Miller-768x594.jpg 768w, https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/04\/3-Growing-Your-Business-in-a-Recession-with-Donald-Miller-1536x1189.jpg 1536w\" sizes=\"(max-width: 2000px) 100vw, 2000px\" \/><\/figure>\n\n\n\n<p><span style=\"font-weight: 400;\">Is it a terrible time to start an independent business? Is there such a thing as a bad time to start a good business? As economic headwinds like inflation, rising supply costs, labor shortages, and so many other challenges that come with a recession impact our society, we\u2019re all experiencing nerve-racking economic uncertainty. In this conversation, Donald Miller shares his own journey of growing from four employees working out of a basement to a $15 million operation in just six years<\/span>, showing you how to grow your business in tough times.<\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">The <a href=\"https:\/\/podcast.honeybook.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Independent Business podcast<\/a> is powered by<\/span> <a href=\"https:\/\/honeybook.com\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">HoneyBook<\/span><\/a><span style=\"font-weight: 400;\">, the all-in-one platform for anyone with clients. Book clients, manage projects, get paid faster, and have business flow your way with HoneyBook. Use the code PODCAST to get 20% off your first year as a new member.<\/span><\/p>\n\n\n\n<iframe src=\"https:\/\/embed.acast.com\/642c3f15a5f38c0011f3c907\/643082245f467600111cb8e5?accentColor=ffffff&#038;bgColor=000000&#038;secondaryColor=ffffff&#038;font-family=Metrophobic&#038;font-src=https%3A%2F%2Ffonts.googleapis.com%2Fcss%3Ffamily%3DMetrophobic\" frameBorder=\"0\" width=\"100%\" height=\"110px\"><\/iframe>\n\n\n\t\t<div data-elementor-type=\"section\" data-elementor-id=\"84892\" class=\"elementor elementor-84892\" data-elementor-post-type=\"elementor_library\">\n\t\t\t<div class=\"elementor-element elementor-element-91ebf4f e-flex e-con-boxed e-con e-parent\" data-id=\"91ebf4f\" data-element_type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-1b1456a e-flex e-con-boxed e-con e-parent\" data-id=\"1b1456a\" data-element_type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-33eedbe elementor-widget elementor-widget-heading\" data-id=\"33eedbe\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Follow the Independent Business podcast<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-3411d8e e-flex e-con-boxed e-con e-parent\" data-id=\"3411d8e\" data-element_type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1cccfd8 elementor-align-center elementor-widget__width-initial elementor-widget elementor-widget-button\" data-id=\"1cccfd8\" data-element_type=\"widget\" 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elementor-size-sm\" href=\"https:\/\/podcasts.apple.com\/us\/podcast\/independent-business\/id1680745010\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-podcast\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M267.429 488.563C262.286 507.573 242.858 512 224 512c-18.857 0-38.286-4.427-43.428-23.437C172.927 460.134 160 388.898 160 355.75c0-35.156 31.142-43.75 64-43.75s64 8.594 64 43.75c0 32.949-12.871 104.179-20.571 132.813zM156.867 288.554c-18.693-18.308-29.958-44.173-28.784-72.599 2.054-49.724 42.395-89.956 92.124-91.881C274.862 121.958 320 165.807 320 220c0 26.827-11.064 51.116-28.866 68.552-2.675 2.62-2.401 6.986.628 9.187 9.312 6.765 16.46 15.343 21.234 25.363 1.741 3.654 6.497 4.66 9.449 1.891 28.826-27.043 46.553-65.783 45.511-108.565-1.855-76.206-63.595-138.208-139.793-140.369C146.869 73.753 80 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7.12982 15.8706 10.0443 18.4921C10.1185 18.5586 10.1791 18.6394 10.2225 18.7297C10.266 18.82 10.2915 18.9181 10.2976 19.0184C10.3037 19.1186 10.2903 19.2192 10.258 19.3142C10.2258 19.4092 10.1755 19.4969 10.1099 19.5722ZM29.1052 2.22647e-07C25.3293 2.22647e-07 21.9557 2.0293 20.0011 4.99451C18.0465 2.0293 14.6707 2.22647e-07 10.8948 2.22647e-07C9.46398 -0.000291128 8.04713 0.285361 6.72519 0.84064C5.40324 1.39592 4.2021 2.20994 3.19037 3.23621C2.17864 4.26248 1.37614 5.48089 0.828731 6.82183C0.281319 8.16278 -0.000287004 9.59998 2.19493e-07 11.0513C2.19493e-07 14.9236 2.41815 17.7159 4.94343 20.2996L14.8215 29.7741C14.9368 29.8847 15.0814 29.9586 15.2376 29.9866C15.3938 30.0147 15.5547 29.9957 15.7003 29.932C15.846 29.8683 15.97 29.7626 16.0571 29.6281C16.1442 29.4936 16.1904 29.3362 16.1902 29.1753V21.7944C16.1902 19.6587 17.8956 17.9288 20.0011 17.9243C21.0118 17.9261 21.9806 18.3346 22.6946 19.0602C23.4087 19.7858 23.8098 20.7692 23.8098 21.7944V29.1753C23.8098 29.8983 24.6625 30.2687 25.1785 29.7741L35.0566 20.2996C37.5819 17.7159 40 14.9236 40 11.0513C40.0003 9.59998 39.7187 8.16278 39.1713 6.82183C38.6239 5.48089 37.8214 4.26248 36.8096 3.23621C35.7979 2.20994 34.5968 1.39592 33.2748 0.84064C31.9529 0.285361 30.536 -0.000291128 29.1052 2.22647e-07Z\" fill=\"white\"><\/path><\/g><defs><clipPath id=\"clip0_101_2\"><rect width=\"40\" height=\"30\" fill=\"white\"><\/rect><\/clipPath><\/defs><\/svg>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">iHeart Radio<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-962fa2c elementor-align-center elementor-widget__width-initial elementor-widget elementor-widget-button\" data-id=\"962fa2c\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.youtube.com\/@HoneyBook\/videos\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon\">\n\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fab-youtube\" viewBox=\"0 0 576 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M549.655 124.083c-6.281-23.65-24.787-42.276-48.284-48.597C458.781 64 288 64 288 64S117.22 64 74.629 75.486c-23.497 6.322-42.003 24.947-48.284 48.597-11.412 42.867-11.412 132.305-11.412 132.305s0 89.438 11.412 132.305c6.281 23.65 24.787 41.5 48.284 47.821C117.22 448 288 448 288 448s170.78 0 213.371-11.486c23.497-6.321 42.003-24.171 48.284-47.821 11.412-42.867 11.412-132.305 11.412-132.305s0-89.438-11.412-132.305zm-317.51 213.508V175.185l142.739 81.205-142.739 81.201z\"><\/path><\/svg>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">YouTube<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\n\n\n\n<p class=\"has-text-align-center\"><a href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/episode-3-transcript\" target=\"_blank\" rel=\"noreferrer noopener\">Transcript<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">The best time to launch a small business<\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">Over the last couple of years, we\u2019ve seen record-breaking numbers in regard to new businesses. In 2021, there were <a href=\"https:\/\/www.uschamber.com\/small-business\/new-business-applications-a-state-by-state-view#:~:text=In%202021%20alone%2C%20a%20record,new%20business%20applications%20since%202019\" target=\"_blank\" rel=\"noopener\">5.39 million new business applications filed, followed by 5.1 million in 2022<\/a>. In previous years, we were seeing about 3 million business applications per year.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">With so much economic uncertainty in 2023, is it actually a good or bad time to start a business? Donald Miller doesn\u2019t think there is ever a bad time to start a business, whether we\u2019re in a recession or not. Miller thinks the success of a business depends on what you offer and sell and where the market is for that industry at the time.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">If you\u2019re nervous about starting a business because of the economy, three resources that Donald recommends include <\/span><a href=\"https:\/\/twitter.com\/SecYellen?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Janet Yellen<\/span><\/a><span style=\"font-weight: 400;\">, the<\/span><a href=\"https:\/\/www.imf.org\/en\/Home\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\"> International Monetary Fund<\/span><\/a><span style=\"font-weight: 400;\">, and Amazon&#8217;s financial predictors. All of these resources predict a very mild recession.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">The struggle comes with maintaining a successful business. Of the <\/span><a href=\"https:\/\/www.investopedia.com\/financial-edge\/1010\/top-6-reasons-new-businesses-fail.aspx\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">new businesses<\/span><\/a><span style=\"font-weight: 400;\"> that launched in 2021 and 2022, 5% of those businesses will be dead within one year, 45% will be dead within five years, and 65% will be dead within 10 years.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">Businesses that grow during recessions<\/span><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">Some businesses actually do very well during recessions and economic downturns, while others struggle. If you sell services that teach people how to make money, like coaching, education, or therapy, for example, you will see an increase in sales during times of hardship, because what you offer is what most people need during those times.<\/span><\/p>\n\n\n\n<div id='lightbox-inline-form-f7d37f1b-4a8e-4762-b0ea-9424de78c464'><\/div><div id='variation-inline-form-var-06ce7aab-c2b7-42fb-9ae9-4a8b3ecc2673'><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">Running a successful business<\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">Most independent business owners don\u2019t start their business to run a business\u2014they\u2019re doing it because they love making a product, offering a service, or helping others. When the administrative side of running a business comes along, it often burns out business owners, forcing them to want to quit.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Rather than leaving your 9-to-5 to work 24\/7 on your business and risk falling out of love with what you once were so passionate about, here are a few ways you can run a successful business.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">Obsess about cash<\/span><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">In the first year or two of your business, you need to be obsessing about one thing: cash. You should be as obsessed with cash as you are with your own craft. Why? In order for your business to succeed, you have to make money. The more you grow, the more money you\u2019ll feed into your business through hires, investments, equipment, and more. If you\u2019re not obsessing about the <\/span><a href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/what-is-cashflow\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">cash flow<\/span><\/a><span style=\"font-weight: 400;\"> in your business, you will fall short of success.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">How can you set realistic and impactful goals to help you learn about cash? Your first step is to determine three financial objectives for your business with a 24 month timeline. When you frequently look at how you\u2019re growing towards those goals or objectives, you\u2019re able to iterate and improve your services and cash management over time to ensure that you\u2019re making the money you need in order to be a successful business.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">Shifting your money mindset<\/span><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">Your <\/span><a href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/molding-money-mindset\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">mindset around money<\/span><\/a><span style=\"font-weight: 400;\"> is so powerful\u2014it can impact everything you do in both your business and life. By embracing the fact that your business exists to make money, you can reverse engineer its success. The reason so many businesses fail is that they ran out of money. When you run out of money, it\u2019s over.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Don\u2019t treat prioritizing money in your business as being greedy. Instead, look at it like the source of food that feeds your business, which then pays not only you, but your employees as well. Entrepreneurs are the backbone of the U.S. economy. Donald believes that when entrepreneurs grow their business to the point of being able to pay employees, that is how we grow the middle class\u2014by making the middle class bigger, we have less poverty.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">The money you make from your business affords you the power to do good with it.<\/span><\/p>\n\n\n\n<div class=\"wp-block-stackable-image stk-block-image stk-block stk-14cbd3b\" data-block-id=\"14cbd3b\"><figure class=\"stk-img-wrapper stk-image--shape-stretch\"><img decoding=\"async\" class=\"stk-img wp-image-84989\" src=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/04\/DMiller.png\" width=\"2600\" height=\"1462\" alt=\"Donald Miller Quote\" srcset=\"https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/04\/DMiller.png 2600w, https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/04\/DMiller-300x169.png 300w, https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/04\/DMiller-1024x576.png 1024w, https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/04\/DMiller-768x432.png 768w, https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/04\/DMiller-1536x864.png 1536w, https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/04\/DMiller-2048x1152.png 2048w\" sizes=\"(max-width: 2600px) 100vw, 2600px\" \/><\/figure><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">Managing your business cash flow<\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">In Donald\u2019s book, \u201c<\/span><a href=\"https:\/\/www.amazon.com\/How-Grow-Your-Small-Business-ebook\/dp\/B09831W8S6\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">How to Grow Your Small Business<\/span><\/a><span style=\"font-weight: 400;\">,\u201d he highlights six things to focus on in order to grow your small business and ensure you don\u2019t become one of the 65% who fail. One of the most powerful things you can do is understand your business cash flow.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">If you\u2019re operating your business out of your personal checking account, you need to immediately separate your personal and business transactions. Your personal transactions are not a part of your business, and <\/span><a href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/how-to-file-self-employed-taxes\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">tax season<\/span><\/a><span style=\"font-weight: 400;\"> will be difficult if the transactions are intermingled.&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">The best way to manage your cash flow, ensure profitability, and maintain your numbers is to operate using five checking accounts:<\/span><\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><span style=\"font-weight: 400;\">Personal checking account<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Operating expense<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Taxes<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Business profit<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Investment holding<\/span><\/li>\n<\/ol>\n\n\n\n<p><span style=\"font-weight: 400;\">Each of these accounts will serve a purpose in funding your business operating expenses, payroll, taxes and fees, and long-term investments, along with overall profit.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">The biggest differentiator between the businesses that succeed and the ones that fail<\/span><\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">With every conversation we have on the podcast, I am asking our guests what the biggest differentiator is between the businesses that succeed and the ones that fail. Donald highlighted a valuable lesson that I think we can all take away from, especially during times of uncertainty: \u201cThe businesses that succeed learn from their mistakes.\u201d<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">We will all make mistakes in our business, but if you can take a look at why it happened and how to avoid it, you\u2019ll learn from that mistake, and you\u2019ll build resiliency.<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">While there is so much uncertainty that comes with our businesses during a recession or even times of hardships, there is so much good that happens when we overcome these challenges.<\/span><\/p>\n\n\n        <lite-youtube class=\"\" \n        videoid=\"aG-ARZHd7g4\" params=\"controls=1&#038;start=0&#038;end=0&#038;rel=0\" \n\n                    thumbnailresolution=\"res=recommended\"\n                \n        \n        ><\/lite-youtube>\n    \n\n\n<h2 class=\"wp-block-heading\"><span style=\"font-weight: 400;\">Keep everything in one place with a clientflow management platform<\/span><\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/honeybook.com\" target=\"_blank\" rel=\"noreferrer noopener\">HoneyBook<\/a>, the best CRM for independent business owners, streamlines everything you need to manage your business and keeps it in one place. Manage projects, book clients, send an online invoice, and get paid through our <a class=\"wpil_keyword_link\" href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/online-payment-software\" target=\"_blank\" rel=\"noopener\" title=\"online payment software\" data-wpil-keyword-link=\"linked\">online payment software<\/a>. Peace of mind comes with just one login.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Important sections of the conversation<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span style=\"font-weight: 400;\">[6:03] Is it a bad time to start a business?<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">[10:07] Obsessing about cash<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">[16:36] Money mindset<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">[23:39] Managing your business cash flow<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">[31:48] Advice to younger self<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">[39:23] Advice during seasons of growth<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">[44:37] Biggest differentiator between the businesses that succeed and the ones that fail<\/span><\/li>\n<\/ul>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div id='lightbox-inline-form-72d76c86-612d-405d-b925-c461f6acfb95'><\/div><div id='variation-inline-form-var-143a635f-7d64-4314-88c6-796252bc7e73'><\/div>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Links mentioned in this episode<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.youtube.com\/watch?v=khkE17A5d7Y\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Snoop Dog\u2019s affirmation song<\/span><\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.amazon.com\/How-Grow-Your-Small-Business-ebook\/dp\/B09831W8S6\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">How to Grow Your Small Business by Donald Miller<\/span><\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/smallbusinessflightplan.com\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">smallbusinessflightplan.com<\/span><\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.uschamber.com\/small-business\/new-business-applications-a-state-by-state-view#:~:text=In%202021%20alone%2C%20a%20record,new%20business%20applications%20since%202019\" target=\"_blank\" rel=\"noopener\">Interactive Map: New Business Applications Across the Country<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/twitter.com\/SecYellen?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Janet Yellen<\/span><\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.imf.org\/en\/Home\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">International Monetary Fund<\/span><\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.investopedia.com\/financial-edge\/1010\/top-6-reasons-new-businesses-fail.aspx\" target=\"_blank\" rel=\"noopener\">Investopedia: Top 6 Reasons New Businesses Fail<\/a><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Connect with the guest<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Website: <a href=\"https:\/\/businessmadesimple.com\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Businessmadesimple.com<\/span><\/a><\/li>\n\n\n\n<li>Personal Instagram: <a href=\"https:\/\/www.instagram.com\/donaldmiller\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">instagram.com\/donaldmiller<\/span><\/a><\/li>\n\n\n\n<li>Business Instagram: <a href=\"https:\/\/www.instagram.com\/businessmadesimple\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">instagram.com\/businessmadesimple<\/span><\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Is it a terrible time to start an independent business? Is there such a thing as a bad time to start a good business? As economic headwinds like inflation, rising supply costs, labor shortages, and so many other challenges that come with a recession impact our society, we\u2019re all experiencing nerve-racking economic uncertainty. In this [&hellip;]<\/p>\n","protected":false},"author":855,"featured_media":84793,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[513],"tags":[514,515],"class_list":["post-84795","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-independent-business-podcast","tag-podcast","tag-recession"],"acf":[],"featured_image_urls_v2":{"full":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/04\/3-Growing-Your-Business-in-a-Recession-with-Donald-Miller.jpg",2000,1548,false],"thumbnail":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/04\/3-Growing-Your-Business-in-a-Recession-with-Donald-Miller-150x150.jpg",150,150,true],"medium":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/04\/3-Growing-Your-Business-in-a-Recession-with-Donald-Miller-300x232.jpg",300,232,true],"medium_large":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/04\/3-Growing-Your-Business-in-a-Recession-with-Donald-Miller-768x594.jpg",768,594,true],"large":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/04\/3-Growing-Your-Business-in-a-Recession-with-Donald-Miller-1024x793.jpg",1024,793,true],"1536x1536":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/04\/3-Growing-Your-Business-in-a-Recession-with-Donald-Miller-1536x1189.jpg",1536,1189,true],"2048x2048":["https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/04\/3-Growing-Your-Business-in-a-Recession-with-Donald-Miller.jpg",2000,1548,false]},"post_excerpt_stackable_v2":"<p>Is it a terrible time to start an independent business? Is there such a thing as a bad time to start a good business? As economic headwinds like inflation, rising supply costs, labor shortages, and so many other challenges that come with a recession impact our society, we\u2019re all experiencing nerve-racking economic uncertainty. In this conversation, Donald Miller shares his own journey of growing from four employees working out of a basement to a $15 million operation in just six years, showing you how to grow your business in tough times. The Independent Business podcast is powered by HoneyBook, the&hellip;<\/p>\n","category_list_v2":"<a href=\"https:\/\/hbb.dev.reliablepenguin.com\/blog\/category\/independent-business-podcast\" rel=\"category tag\">Independent Business podcast<\/a>","author_info_v2":{"name":"Haylee Gaffin","url":"https:\/\/hbb.dev.reliablepenguin.com\/blog\/author\/hayleegaffin"},"comments_num_v2":"0 comments","yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Grow Your Business In a Recession w\/ Donald Miller | HoneyBook<\/title>\n<meta name=\"description\" content=\"Is it a terrible time to start an independent business? In this episode, Donald Miller discusses how to grow your business in a recession.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/growing-your-business-in-recession-donald-miller\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Grow Your Business In a Recession w\/ Donald Miller | HoneyBook\" \/>\n<meta property=\"og:description\" content=\"Is it a terrible time to start an independent business? In this episode, Donald Miller discusses how to grow your business in a recession.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/growing-your-business-in-recession-donald-miller\" \/>\n<meta property=\"og:site_name\" content=\"HoneyBook\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/honeybook.co\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-11T10:55:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-14T17:09:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/04\/3-Growing-Your-Business-in-a-Recession-with-Donald-Miller.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2000\" \/>\n\t<meta property=\"og:image:height\" content=\"1548\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Haylee Gaffin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@honeybook\" \/>\n<meta name=\"twitter:site\" content=\"@honeybook\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Haylee Gaffin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/growing-your-business-in-recession-donald-miller\",\"url\":\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/growing-your-business-in-recession-donald-miller\",\"name\":\"Grow Your Business In a Recession w\/ Donald Miller | HoneyBook\",\"isPartOf\":{\"@id\":\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/growing-your-business-in-recession-donald-miller#primaryimage\"},\"image\":{\"@id\":\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/growing-your-business-in-recession-donald-miller#primaryimage\"},\"thumbnailUrl\":\"https:\/\/hbb.dev.reliablepenguin.com\/blog\/wp-content\/uploads\/2023\/04\/3-Growing-Your-Business-in-a-Recession-with-Donald-Miller.jpg\",\"datePublished\":\"2023-04-11T10:55:00+00:00\",\"dateModified\":\"2023-08-14T17:09:28+00:00\",\"author\":{\"@id\":\"https:\/\/hbbadmin.dev.reliablepenguin.com\/blog\/#\/schema\/person\/073a7bf3efedf4d94fe800126752cccf\"},\"description\":\"Is it a terrible time to start an independent business? 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