There's been some potentially exciting news over the last few weeks regarding a vaccine for COVID-19 that could be available in some places before the end of the year.
This has reminded me I've been thinking a lot about the recovery of the economy particularly for endurance coaches and the endurance industry after the pandemic.
My thinking has mainly been related to a concept that I've been hearing about from Economists who were talking about a V-shaped recovery.
I wanted to talk about this v-shaped recovery in relation to the endurance coaching and wider endurance sports industry.
Watch my video or read the post which is a slightly refined version.
I'm no Economist, but this is a pretty simple concept. COVID was an unexpected event quite distinct from any of the fundamentals of the economy so no-one saw it coming and it caused the economy to take steep dive. But even though the economy tanked the fundamentals were still relatively strong.
Typically an economy would slowly recover from a downturn, but because of the unique nature of a pandemic, it creates a lot of pent up demand that will be released once the pandemic is over.
Things like endurance events got cancelled, decreasing the demand for all sorts of endurance-based products and services
But as soon as events are able to go ahead again then there should be a lot of demand not just from those that haven't been able to race as normal but also from the aspirational people who have always wanted to do a big event like an Ironman but have never gotten around to it. Those people have seen the potential for that to not always be an option so will be more motivated to reach that goal as soon as the opportunity arises.
The V shape represents the steep dive of the economy but then a steep recovery. This is in contrast to a regular cyclical downturn where the downturn isn't as steep but the recovery is very slow and gradual. The end result is that economic recovery happens a lot faster and earlier than normal.
That's going to help events that's going to help coaches and that's going to help all sorts of brands in the endurance industry when the pent up demand gets released.
I can hear and see it happening already, Ironman announced recently that their 2021 races in Europe are on the way to selling out.
So then what do you need to do as a coach to prepare yourself for this recovery?
Here are 30 things that you can do to prepare your business while the pandemic is going on where you've got a little bit of extra time.
You want to make sure that your mix of products and services is right that you've got one on one coaching and beyond that, you've got training plans available and training plans for the type of people that might be coming into the market.
Probably a lot of beginners and potentially people who have been out of the sport for a while and want to come back.
So the last thing you want is for all of that built up demand to hit the market and you're not ready.
Looking forward to helping more and more coaches while this pandemic continues and when this v-shaped recovery happens.
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