Many of us are in the throes of experiencing economic challenges, and for many of us, we’ve never faced something like this before. With the coronavirus pandemic holding the global economy in a vice grip, many business owners and entrepreneurs are feeling the pressure. Michael Lauchlan is a crowdfunding expert and mentor, known as the Crowdfund King. After finding his own financial freedom with the help of crowdfunding, Lauchlan has dedicated his career to teaching others the tricks of the trade. Now, he’s sharing five ways to stay positive when facing tough economic times.
Michael, how did crowdfunding help you?
I first turned to crowdfunding years ago, when I was low on cash in college. I was able to figure out the ropes, and successfully raised $25,000 for my first project. After that, I decided to dedicate my work to helping other people find financial freedom and success through the world of crowdfunding.
What are some ways you help entrepreneurs who want to crowdfund?
The world of crowdfunding is very dynamic, and ever changing. I actually recently spoke about how the industry has changed. It’s crucial to not only learn the ropes before you launch a public crowdfunding campaign, but also to stay ahead of the curve. I teach these vital skills to entrepreneurs. I also teach helpful tricks, like important technical skills for crowdfunders to know.
Why is crowdfunding so successful?
When you’re using crowdfunding, you’re turning to a global audience of entrepreneurs. This gives you essential unlimited potential for success. It also allows investors to get in the game with very little capital. This is very enticing for people who want to get involved in projects, but are just average people, like most of us.
What are five ways someone can stay positive when facing tough economic challenges?
First, look for the good you have right now.
When going through tough economic challenges, it’s easy to focus on what you don’t have going for you. Instead, make time every day to take stock for what you do have, and what you’re grateful for.
Second, figure out what is in your control, and what isn’t.
Some things you’re able to fix, and some things you are not. For example, with most of the country ordered to observe social distancing until the end of April, many businesses are forced to shutter their doors. If you fall into this category, there is unfortunately not much in your control that you can do to remedy it. But maybe you can take other actions, such as bolstering your online presence and business, or tightening up your plans for when it’s back to business as usual. The point is, there’s no use losing sleep over the aspects of your situation that are outside your control. Focus on the parts where you can take action.
Third, support your health and wellbeing in other ways
When your business is struggling, it can take a toll on your mental and physical wellbeing. Make sure your self-care doesn’t fall by the wayside. By supporting your mental and physical wellbeing with good food and exercise, you’ll keep yourself healthy, energized, and ready to tackle whatever life throws at you.
Fourth, take time to focus on other things
When you’re facing tough economic challenges, it can be an all-consuming topic. Try to take some mental and physical space away from your troubles, any way you can. Set aside an hour and go for a walk without your phone. Practice yoga or meditation or cook your favorite meal with your loved ones. Figure out a way you can take a break from the stress, to help yourself stay positive.
And fifth, come up with a game plan to move forward
Use this time in an economic slump to help motivate yourself to brainstorm future plans. You can have several possible plans for when the economy turns around or come up with a new way you want to approach your venture. See this time as a reprieve, which is giving you the freedom to figure out what to do moving forward.
How can entrepreneurs learn more about working with you?
I’m always happy to talk with interested entrepreneurs and share what I know. As the Crowdfunding King, I’m eager to teach others the tricks that have benefitted me. They can reach out to me on my website, to find out more.