Ways to Make Money in a Down Economy
Posted by gbravo on October 29, 2008 in Business Start Up Advice [ 8 Comments ]
Whether you’ve been laid off, or are just trying to build a new career for yourself, the current near-recession economy we are experiencing may seem like a brick wall for your financial future. But for industrious, creative thinkers there are still plenty of ways to make money during a down economy.
Buy things at a value price. Certainly, the last few months have seen stock prices and real estate prices plunge quickly and severely. For those who are not risk-averse, this represents an opportunity to invest in the future. Buying foreclosed property or undervalued stocks represents a firm belief that the market will rebound – and when it does you will be in a prime position to make a profit off of it.
Become a financial planner/adviser. For many families, the future is looking pretty scary right about now. Everyone could benefit from having a trusted adviser in their lives that will help them best utilize their precious income while still enjoying life (and saving for the future).
Look towards the Internet. Not every business has seen their world come crashing down around them in recent weeks. The Internet Economy is still growing despite economic setbacks that are impacting global markets. And as long as there are investments still being made online, there are opportunities for you. Do some homework and look into online avenues that fit with your skill sets.
Some of the most powerful ways to make money on the Internet include:
Start a Blog – A fun, informative unique blog can bring in tens of thousands of visitors per day. And when potential advertisers see that traffic, they will pay you for the privilege of advertising on the blog. The best thing about a blog is that they are easy to start and relatively inexpensive to run. You can hop over to www.wordpress.com and get all the basics you need for free, including a cool blog design, a place to host your blog, and literally miles of helpful reading from expert bloggers who have made their mark on the industry.
Sell products – If you’ve invented something or bought an overstock of an interesting, useful product, why not sell it online? You can build a simple web site then optimize the page for search engines or buy Pay per Click impressions to bring in the customers. Keep it simple at first, and then as you grow, bring in professional web designers and programmers to enhance the look and functionality of your site.
Publish an eBook – Writing a book, getting published then selling it in Barnes and Noble or Borders can be difficult. However, if you are an expert in your field of work or know your hobby backwards and forwards, why not write a 100 page eBook and put it up for sale online? Regular folks from all walks of life have developed a steady income stream with their “home brewed” eBooks.
Post on Craigslist – There are literally thousands of different ways you can make money from Craigslist. You can post things for sale, offer you services or even buy and sell cars or real estate. And the best thing about Craigslist is that it is FREE to post. So you can experiment with different copy, ad styles or messages until you find the one that really strikes a chord and brings in business.
Sell off the things you don’t need. Many Americans have spent the last several years in a buying frenzy. Too many families are now drowning in debt because of all the unnecessary luxury items they have purchased. Although you won’t get top dollar for them now, if you need capital, selling off extra appliances, gadgets, timeshares, cars and other items can bring in some much-needed income.
Improve your skill set. When things are tight, the individuals who are in the highest demand are those who can perform a variety of different tasks. Look into continuing education programs that will not only help you land a great job, but will also provide benefits if you start up your own business. The investment you make in your education will pay back huge dividends in even the worst economic situation.
Become a freelancer. Corporate layoffs are at an all-time high as businesses look to trim every last dollar they can off of their books. This doesn’t mean that you don’t still provide value to your company – rather it has more likely become too much of a burden to keep you on staff for the entire year. Offer your services to your old company, and other businesses, on a per-project freelance basis. When all is said and done, you could end up making MORE in a year than when you were on salary.
The most important thing to remember when trying to make money in a down economy is DON’T PANIC! These are tough times, yes, but they favor the creative mind and the hard-working individual. Keep reinventing yourself and looking for new, innovative ways to utilize your skill set.