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Step 1
Think creativelyBe Creative. Analyze your business, products, or job duties. Consider how they can be tweaked to receive more demand in an economic recession. You can make money if you find a way to offer more value to your products or services.
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Step 2
NetworkMaintain professional and personal relationships, being especially careful to effectively communicate with your business contacts. Find out what your clients' needs are and respond to their concerns. People still spend money during a recession, they are just more careful about it. Win the contract by meeting the other party's needs and following up on contacts.
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Step 3
Advertise bargains or discounts without undermining the value of what you represent. Focus on the benefits of what you offer, and communicate them to your clients.
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Step 4
Be an entrepreneur. Start a small home business on the side to diversify your income sources. During an economic recession, look for a profitable niche by offering essential goods or services, or adding value to existing products.
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Step 5
Help others survive the economic recession, and make money at the same time. For example, people tend to repair appliances and bicycles rather than replace them when money is tight. Capitalize on this reality (for example) by offering your services as a repair man or starting a website about do-it-yourself repairs and projects.
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Step 6
Residual incomeDevelop and maximize residual income streams and passive income possibilities. You only have so many hours in the day, so work that will continue to produce income is an excellent insurance policy. Whether your passive income comes from creative work (books, information products, online content, music royalties) or a business or enterprise you establish and have running on autopilot, you're looking for something that takes a minimum of day-to-day involvement to continue generating income.










Comments
enurse said
on 6/8/2009 I have read some of your articles and I am telling you that they are very informative. Keep it up!I wish I could post my first article soon. I am still working on my Paypal acocunt to get started.(smiles)
Angelgirlpj said
on 2/9/2009 Thanks, it's so bad in our area the President decided to visit.
HealthCoachATL said
on 2/9/2009 Thanks for the ideas!
WriterGig said
on 2/4/2009 Probuilder -- my husband was in construction too. Due to the poor economy/ recession, he is switching career fields. I know it's tough, hang in there.
probuilder said
on 1/30/2009 Good job. We are in construction which is already hit hard by the downturn. Excellent advice on diversifying income by creative use of skills you already possess. Very encouraging!