Welcome to the Rich Coach Club, the podcast that teaches you how to build your dream coaching practice and how to significantly increase your income. If you’re a coach and you’re determined to start making more money, this show is for you. I’m master certified life coach Susan Hyatt, and I’m psyched for you to join me on this journey.
Oh hello. I’m recording this episode in the middle of March. Coronavirus is all over the news and everyone is being impacted in different ways. As an entrepreneur, maybe you’re already feeling some trembling effects. Maybe you had to cancel an event or postpone a speaking engagement and you lost income because of this.
Maybe a slew of clients emailed you for cancellations or refunds because they’re panicking about money and want to tighten their belts. You might be wondering, “What happens next? How can I keep earning money during this turbulent time? How can I take good care of my clients and serve them at the highest level and take good care of myself and my family too? Is this pandemic going to send my income crashing into the ground, or is everything going to be okay?”
During times like this, it’s useful to glance back at history. In the past, during the Great Depression, during World War One and Two, during the great recession of the early 2000s and other challenging times, how did people handle things? Back then, how did people get through it? What kinds of smart, resourceful choices did business owners make during these times?
Let’s talk about it. Today’s episode is one-part pep talk, one-part history lesson, and it’s all about how businesses survive and thrive during challenging times. Let’s go.
So when something scary happens in the world, whether it’s a hurricane, a terrorist attack, disease, a war, some kind of economic downturn, first, people usually react fearfully. For a few days or weeks, people usually cut expenses down to the bone. They spend way less. They hoard their resources, stock up on toilet paper, and hole up with their families because they want to feel safe.
But then, once the initial panic subsides, interesting things start to happen. Many times throughout history, a tragic situation has led to very positive things, like new jobs, new inventions, whole new industries, economic growth, and a sense of unity and togetherness. Dark times can lead to so much light.
And I’m out to prove that this can bond us and not break us, so let’s look at this one example. The Great Depression of 1929 caused financial chaos for countless families. Housing prices plummeted, unemployment rose to 25%, but during this time, people bonded together and responded in really powerful ways.
For instance, the US government created the new deal program. As a result, lots of iconic structures got built. The Chrysler building, Rockefeller Center, San Francisco’s Golden Gate Bridge, and many others. Without the depression, we might not have these extraordinary structures. And also because of the new deal, bank deposits are now protected by the FDIC, a.k.a. Federal Deposit Insurance Corporation.
This means the money in your account is safe and protected, up to 250K per individual account. It sounds nuts, but this kind of protection did not exist prior to the depression. This is why you may hear stories about your great-grandparents hiding money under their mattresses, because they didn’t trust the banks.
But now it exists. It took a crisis to wake people up. The people who were alive during the depression got through it by being creative, by being resourceful, and by creating new opportunities and new solutions that didn’t exist before. A lot of positive things were born out of the great recession of the 2000s too.
You might remember that time. Of course, you do. Economic panic, a lot of people lost their jobs, big sweeping layoffs. One positive effect is that many people said, you know what, this is bullshit, I’m done being a worker bee, I’m done with this cubicle life, I’m done relying on one job to be my one sole source of income. I want more security, I want five revenue streams, not just one. I want to do things on my own terms, my own hours, my own pricing, my own vision.
Many people stepped into their power during this time. Many women decided to use new technology to build their own websites, start their own blogs, grow a mailing list, and a whole new kind of career. A big wave of people started freelancing and running their own businesses, creating more freedom, financial power, a big positive shift. That was me included.
I left real estate in 2007, right before the economic crisis. I was building this business and my business took off and really shot through the roof. Why? Because people were scared and they needed help. They needed a life coach. So if you’re listening to this, this is our time, y’all. This is our time to help people.
Okay, one more example. Let’s go way back to World War Two. During World War Two, 17 million new civilian jobs were created. Also, since so many men went off to war, women entered the workforce in record-breaking numbers. Women got their first taste of economic power and freedom and it changed the course of history. A big win for women.
Now, does this mean war is a good thing? No. And we need war in order to create economic growth? Absolutely not. However, it does show that during difficult times, human beings find a way to survive and thrive. So when coal gets put under immense pressure, that’s when it turns into a diamond.
When an olive gets pressed, you get some olive oil. High-pressure situations provide an opportunity to make a whole lot of diamonds and olive oil. Do you want to be a diamond? Success starts with what you’re telling yourself, with your mindset. So you have to decide.
I’m creative, I’m resourceful, I can adapt. This situation will not break me. I’m going to survive and even thrive. I can handle the pressure. In fact, I’m built for this. I welcome the pressure because I’m a diamond in the making. Yes, you are.
It’s go time, people. How will you create new opportunities for yourself? How will you create your own personal new deal? How will you serve your clients at an even higher level? How are you going to make your mark? Now’s the time to decide and do it. Shine bright like a diamond. I can’t sing, but there you go.
Alright, now we’re moving into the part of the show where I give shout-outs to you. All you listeners, clients, and wonderful people who take the time to tell me what you think about this podcast. And people, I know I’ve mentioned this before but I’ll say it again. I truly, truly appreciate your positive feedback and your reviews and the emails you send saying, hey, I love this show.
Because behind every episode of this podcast, there’s a whole squad of people besides me. There’s research and writing support, there’s Pavel, my audio editor, Angela, who writes the show notes and uploads this. It’s not just me. It takes a village to produce every single episode. So when you take 20 seconds to post a positive message about the show, it makes the whole village feel amazing.
I appreciate it, my team appreciates it, your words really do make a difference, so thank you. And today I want to give a shout-out to somebody’s handle, SkysTheLimit. I love that. So SkysTheLimit says, “Susan is amazing.” Thank you.
“This podcast has been absolutely transformative for me and my business. Susan is an incredible mentor and I’ve also had the sincere pleasure of working with her in person. Let me tell you, she is 100% legit and awesome to work with in real life, as she is on the podcast. Susan walks her talk no matter if you’re listening to this podcast or learning from her at one of her events. You’ll walk away inspired, empowered, and full of money-generating strategies to make magic happen in your life.”
Okay, SkysTheLimit, I got to know what your real name is. You must have come to Finish Strong in Chicago, which we’re doing again this October. So keep on the ready for that. Thank you so much, SkysTheLimit. Those are my shout-outs for today.
And hey, if you have something to say about this show, please send an email to my team or post a five-star Apple Podcast review or wherever you listen to podcasts and you might hear your name on a future episode. I love giving shout-outs to y’all, so holler at me. Thanks for the love. I love you right back.
Okay, one last thing for you. I have put together a free class and resources for you on navigating this special time during the coronavirus outbreak. So there’s a 45-minute video recording and a ton of resources and checklists like ways to boost your immune system, smart ways to strengthen your business when you’re working from home, workouts you can do from home, and more.
So if you want to get all that free stuff, we’ve got a link for you in the show notes, where to find that. There’s a goldmine. You guys, I was on fire yesterday during that free 45-minute class. And a goldmine of checklists, resources, videos and more. It’s like $10,000 worth of love for you and it’s free, so get it, booberry.
Thanks for listening to today’s episode. Have a good week. Keep yourself calm, stay focused, take care of yourself so you can continue serving your clients. Remember that history is full of upswings and downswings. This isn’t the first time we’ve experienced a challenge and it will not be the last.
We’ve gotten through this kind of thing before. Maybe not this particular kind of thing. We’ve never navigated this kind of pandemic, but we’ve done it before. We’ve done hard things before and we can do it again. We will not just survive but thrive and rise.
Thank you for listening to Susan Hyatt’s Rich Coach Club. If you enjoyed today’s show, please head over to shyatt.com/cash where you’ll find my brand new money magazine. Now listen, we designed this magazine to be entertaining, educational, and help you make serious bank.
So you can download the magazine, there’s a money quiz inside, there’s an interview with one of my favorite clients who went from making no money and being served eviction papers, to making over six figures in a very short amount of time. So the magazine includes that feature, lots of resources to help you do it, lots of resources about creating wealth and investing money.
It’s pretty robust, y’all. So head over to shyatt.com/cash to get that magazine. And you’ll also find a link to join my free Facebook community, especially for coaches called Rich Coach Club. So bring your coaching practice and your income to the next level at shyatt.com. See you next week.