6 Women Who Made It Through the 2008 Recession On Their Best Money Advice

There’s a chance a recession is coming. Here’s a look at how you can prepare, from women who have been there.

Economic headlines as of late have put the possibility of a recession at over 50% , with some analysts projecting it’s likely to hit by the end of 2023. Others estimate we’re perhaps another 30 months out. No matter your thoughts on these projections, we know that historically, the next recession is always “just around the corner,” and it’s essential to be prepared for braving those economic storms, no matter when they strike.

For many professionals, the 2008 Great Recession is a not-so-distant memory — millions of women experienced the stress of a lost job, reduced hours, or a layoff, or watched their small business fail during that time. Thankfully, many women not only survived that downturn, they figured out how to pivot and thrive. We checked in with six of them to get their best advice on making it through the next downturn. You got this. Think positively—and pivot if you can

When the 2008 recession hit, Susie Wang, founder and chief creative behind the beauty brand 100 Percent Pure , was anxious she would lose everything. As everyone struggled to make ends meet, she lost her major wholesale accounts, including Bath & Body Works, QVC, and Sephora. Since these accounts made up 99% of her business, there didn’t seem to be a silver lining in sight. She decided to shift her strategy to focusing on direct-to-consumer sales by driving people to her online business. Yes, the recession hurt her sales, but her strategy eventually paid off — today, web orders make up 90% of her business.

Wang says attitude and perspective go a long way. She urges everyone to think positively while coming up with solutions. “I was as nervous then as I am now, but remembering this helps. If you can, pivot your business to serve the current situation and economy,” she explains. During the pandemic, she pivoted again. “We paused manufacturing on our fruit pigmented makeup—which was our bread and butter—and instead started manufacturing sanitizers. Or, if you make a luxury product, consider making a more affordable version.”

We’re changing our relationships with money, one woman at a time. Subscrib e today. Liberate yourself from all excess—and focus on necessity

You may recognize the CEO of the beauty brands purlisse and YENSA , Jennifer Yen. If you were a kid growing up in the late 90s and early 2000s, she was a big part of the hit TV show, “Power Rangers.” In 2008, she quit acting to pursue entrepreneurship. As she puts it, she was young, inexperienced, and didn’t see the recession coming. “Buyers, customers and editors responded well to our products, and I was thrilled, but by October 2008, sales came to a halt, fell sharply, and never returned,” she says.

In response, she decided to pull her products from the market in order to repackage, reprice and reposition the product line to reflect the state of the economy. Her former buyers—like Henri Bendel, Fred Segal, JD’s Cosmetics, and others—weren’t willing to take on the risk of a start-up brand. So, she turned to the idea of subscription beauty boxes, and started with a partnership with the powerhouse brand, Ipsy. Going this route, she was able to rebuild purlisse (and her career) dollar-by-dollar. Today, you can purchase purlisse products on Amazon, Walmart and Walgreens, and they are frequently part of Birchbox shipments.

Yen says the recession was deeply traumatizing, but she will never forget the hard lessons it taught her. The biggest one? The importance of liberating yourself from all excess and instead, focusing on what you need. “Even if you do have savings, we truly do not know how long our economic decline will be. Financial experts always say to live within your means, but I like to tell people to live below their means,” she recommends. “When our economy becomes healthy again, never forget this moment and always be preparing for the next downturn.” Remember, this is still time for opportunity

In 2008, April White was interviewing for jobs at two different public relations firms. She was excited about the opportunities, until both firms decided they wouldn’t be filling the positions due to the recession. Then, she was laid off from the job she had. Like many others, she lived off of unemployment for a time while reevaluating her next steps. Two years later a former client of hers —Sotheby’s International Realty—reached out via […]

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