What does war mean for business?
Lots of uncertainty going on right now, especially on the global/political side.
I’m no expert on politics, but I do keep tabs on it in order to 1) stay apprised of what’s happening on a high level in general, and 2) keep tabs on global trends and shifts in an effort to make the best business decisions, when needed.
Again, this isn’t my area of expertise so take it with a grain of salt, but tensions are rising globally and with Iran/Israel/USA now trading blows, who knows what’s to come next. Not to mention the wars already going on in Ukraine/Russia and other parts of the Middle East.
What’s a lowly solopreneur to think of it?
Hard to say, although two things stick out in my head.
First, in times like this, especially if the economy you’re living in right now isn’t doing well (for example, here in Canada unemployment is very high, among other problems I won’t get into here), keep in mind you may face more of an uphill battle on the sales side.
Obviously depends on what you do and who you sell to, but global instability + not great economy could equal a lot of hesitation from buyers/businesses. People pulling back a bit, playing it more safe to “wait and see” what happens, etc.
That’s not to say we’re all doomed, just a factor to keep in mind and maybe use as part of your strategic planning for the coming months.
Second, it really makes me think about how valuable fully online businesses can be. I don’t mean you can’t have an office, or employees, or some physical presence, but now more than ever, the ability to generate revenue from anywhere in the world, without relying on any people, places or things, is hugely valuable for so many reasons.
It’s part of why I’m really bullish on remote tech companies (like the legal tech company I cofounded at Visto), and while my law practice is somewhat tied to a specific province (as I’m only licensed to practice law in Ontario), I do work remotely which is nice.
What do you think - making any adjustments due to the global turbulence?
On my end, I’d love to add one more revenue stream that is more remote/scalable, but haven’t cracked that code yet. I do have an online course I’m working on here and there (and almost done), called Get Your Next 100 Sales in 5 Steps, which is a short guide I’m putting together that boils down my 8+ years of selling professional services and tech into 5 key steps you can take to sell more asap.
But with my main priorities being Visto and my law firm, it’s been hard to get it finished. Stay tuned for more updates.
Have a great day,
- Josh Schachnow
Canadian lawyer, CEO at Visto.ai, host of the Solopreneur Grind Podcast