How To Do Just About Everything
Economic Recession
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Are you wondering just how to make money in a recession? Whether you are self-employed, work for a small business or part of a large corporation, there are some basic principles that will help you survive a recession and even profit from one. While money is tighter during a recession, there is still money to be made if you know how. Here's how to make money in a recession.
Be 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.
Maintain 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.
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.
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.
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.
Comments
arstringfellow said
on 7/20/2008 These are fantastic tips for thriving in a down economy. Research shows that freelancers have an advantage during downtimes in the economy, because while businesses are cutting back on staffing, they still have needs that can be met more affordably by independent consultants. As an independent consultant, you would be paid an hourly rate or on a project basis, but would not be offered any benefits. While that may seem like an impossible situation for some who have to provide health insurance for their families, there are other alternatives. Companies like MBO Partners, http://www.mbopartners.com , act as an employer of record for independent consultants, making tax management much easier because they would provide you with one single W-2 at the end of the year, reflecting all your earnings from various clients. They also offer access to benefits that you might get working for a larg
danahinders said
on 4/12/2008 Great article! Thanks for the info!