Preparing For The Coronavirus Depression

Preparing For the coronavirus depression

The Coronavirus depression is a term coined in one of two excellent articles I read today on Medium. It refers to what’s looking like being the worst recession in our history triggered by the Covid 19 pandemic.

In his article “This is How an Economy Implodes”, Umair Haque outlines America’s economic divebomb. “You still have a Job. Will You Keep It?”, by Tim Denning focusses on we can do to prepare for it. Both stress that being complacent is very bad move. Both highlight the importance of building something that is yours during this “Pause”.

I’d highly recommend you check out both those articles. Umair shows how America’s economy – 70-75% based on consumption – quickly turns into a house of cards when consumption slows down. That is exactly what happens when something like a pandemic leads to vast numbers of businesses shutting down and mass unemployment.

The Propensity To Consume (or not)

coronavirus depression - image shows planet earth wearing a mask to represent the corona virus

This means we have less money to spend. But confidence and optimism are also shattered. “The propensity to consume” has fallen too far and too fast. In this case the result is the Coronavirus depression.

Tim Denning’s article really chimed with my personal experience. Tim is an Australian blogger writing about personal development and Entrepreneurship. His post starts with the memorable line “I wouldn’t trust a company to look after my firstborn child”. This isn’t an anti corporate or anti capitalism piece as that might suggest though. Tim is simply driving home the point that companies do what they need to do it times of strife. 

I was laid off twice in the last recession so I know this only too well. I saw it coming the first time but didn’t take steps to future proof myself against it. So I bounced into a similar post with a competitor who I knew would milk me dry of business and let me go. I used the time I had with them to – as Tim Denning goes on to suggest – build something that is mine. In my case this was digital marketing skills and an online business. 

Build Something Now

image of child building something with Lego bricks. Symbolises buiding something of your own in preparation for the coronavirus depression.

I was able to level up my skills and start the business in my spare time (and some of theirs) Hell, they messed me around no end so quid quo pro! By the time they let me go – just before they would have legally owed me a redundancy package, I was making money through affiliate marketing.

As Tim says there are countless things you could build during lockdown that could keep you afloat in the coronavirus depression. I would put digital skills right at the top of the pile. You will have noticed how much more reliant on digital resources everyone has become while in lockdown. It’s enabled some businesses to keep working, some workers to keep working and almost everyone to keep in touch with friends and family. 

It seems to me that a lot of employers will have seen savings and other advantages of having work from home staff. I’d also happily predict that lots of people who are experiencing working from home for the first time will be enjoying it and will want to continue. 

When you add that to the key thrust of both the articles I’m referencing here i.e

  1. The Coronavirus recession is going to be deep and long at the cost of many jobs, businesses, confidence and optimism
  1. A global recession is a very bad time to rely on a job 

It makes sense to look at the only place we can really build a degree of self reliance and security – The digital Economy, A.K.A The Internet.

Thriving In The Coronavirus Depression

Once known as the alternative economy, the Internet, automation, A.I and mobile technology has been disrupting the traditional economy for some time. Covid 19 might just be the final nail in the coffin. If lockdown is lifted tomorrow it’ll still be a long time before sane people visit shops, bars and restaurants and attend events. At least in the numbers needed to keep them viable. The events and tourist industries may never be quite the same again.

Picking up the skills and resources to start an online business is to my mind at least, the smartest move you could make. Since most of the training is available online – e-learning now being the planets fastest growing industry – its social distancing friendly. You can build and run an online business with zero human contact. 

If you see the sense in acting now to pivot yourself into a safer, more secure and honestly more enjoyable lifestyle I have a suggestion. 

Click on the link below to watch a video by a guy called Stuart Ross. He’s the co-founder of two of the fastest growing e-learning platforms for digital entrepreneurs. Filmed while in lockdown on Portugal he explains how his brand new All In package provides everything you need to start and grow an online business from scratch. 

I followed his advice 6 years ago and have never looked back. While this may not be for everyone it is at the very least worth a little of the time you possibly have too much of right now.