Do this or LOSE YOUR JOB in the Recession ~ Leila Hormozi

great communication skills she always worked the extra hours like beth was somebody who i never wanted to lose despite never wanting to lose beth beth always came to me every time we talked and she just said leila you know i'm just worried about losing my job so one day i sat down with her and i had a one-on-one and i said beth i don't understand why you're so scared about losing your job and i explained to her that there's two aspects to job security there's the market conditions and then there's your personal condition that you create within your job And I explained to her why both of these conditions were in her favor.

The market was growing, the business was doing great, and she was doing a phenomenal job and going above and beyond.

Job security is the probability that someone will keep their job.

I can never be 100% certain in saying somebody's got a job here forever, and they can never be 100% certain in saying I'll work here forever because people just don't know when unexpected things happen.

But we want to figure out how to increase that probability.

The first piece to it is understanding the outside factors, which are the economic, market and business conditions that affect your job.

So in times of economic expansion, when the economy is growing and is healthy, ultimately all jobs are more secure because there's more demand and people have more of a need for workers.

Recession, depressions, et cetera, jobs are less secure because there's less need for workers, there's less money in the marketplace.

Are you in a bear market or a bull market? You have to break that down.

The second piece is the sub market.

So the market conditions themselves.

Let's look at Gym Launch, for example, a company that I sold majority of about a year ago.

And so if you look at the boutique gym industry, when we started Gym Launch, the market was actually at its peak.

And so a lot of people credit me and Alex to being so smart for having this business, but what they don't understand is that we got in right when it was on this huge expansion and it actually peaked in about 2018.

And then it's continued to decline a little bit year after year from there.

When you're in a market that's absolutely expanding like that, things that are transitioning from in-person brick and mortar to online services, those then have more secure jobs because there's more market opportunity and therefore the businesses actually don't even have to be as good at business to make a killing.

The last piece is the business conditions.

i am talking about profitability of a business so a business that has very low profit margins let's take a grocery store for example which has usually two to five percent profit margins if there's a bad week a bad month a bad season you're going to have low job security because they can't handle the volatility because they have such slim margin now here's the thing is that you can't control any of these things but you can choose where you work and so if you're looking for a job i would take into my consideration What's the economy look like? How's it going to affect this kind of business? What's the market look like? Is it growing or stagnating? You can just literally Google market growth of blank and you will find out.

And then lastly is what are the business conditions? You can ask what's the profit margins of the business before you enter? If I were you and I was looking for a job in the first place, I'm going to look at is those things and make sure I put myself in a place where the business is resilient against the economy.

It's a growing market and the business is profitable so it can withstand bad months.