Because a lot of us are not working at the moment, this is the perfect time for you to build your own online business from home. You have the extra time on your hands, so instead of watching movies and series all day long, use your time more constructively. Here is how to make money in a recession.
If you are feeling worried about the bad economy, remember all is not lost. Luckily you still have the internet to fall back on and if you are worried about hard times ahead, now is the time to knuckle down and put some work in so that you too can profit online from home.
Instead of worrying, consider taking these actions and create your own future, regardless of the economy or world events! The world is constantly going through ups and downs, but there are always opportunities to take for those that are willing.
How To Make Money In A Recession
As we look at the world at the moment we are seeing the global economy slowing down, more terrorism, entire countries in peril and very few things are going the way that we want them to.
If you are wondering how to make money in a recession, remember that the human race has survived worse things in the past, and luckily also learned from past mistakes. In fact, many people have been able to grow phenomenally during a recession.
As the world experiences its ups and downs, common-sense solutions prevail and we have to try not to let all the negativity bring us down. Rather try to work out what is coming next and prepare for it.
For instance, if you have an online business, now is the time to make adjustments that will pay you dividends both now and in the future. Being prepared is not only biblical wisdom, but it is also smart when it comes to how to make money in a recession.
Look on the bright side, a slow economy can actually become your best friend, as it can help you to improve your existing skills as now you have the extra time to do so. Many people are turning to the internet for solutions and jobs. Could you become their mentor? Or perhaps even find something you can do on your own to generate a second income to pull you through the hard times?
Here are some steps that you should be taking to either improve on your online business or get an online business off of the ground.
Here are some steps to take so that you can profit during the hard times (and the good times).
Build A Platform For Yourself
By this I mean get yourself a website going. Find a topic you know a lot about and start a website based on that knowledge. There are always people somewhere in the world that you will be able to help and believe it or not you can make money by helping people out.
If you are not sure how to start a website click here to read how to get started.
Take this time to focus on content. Try to publish no less than three times a week. Publish helpful content according to the niche you are in and over time this can be bringing you visitors and eventually an income.
You can either write your own articles (cheaper option), curate content, or have others guest post on your blog.
Make sure to communicate with the people who leave comments on your blog, and they are the ones that will come back to you again and again.
You need to be seen as an expert on your topic that they can trust, and if you start now while you have the time, you will be able to get a lot done quite quickly.
If you are not sure how to go about building yourself a website, you can join this platform and get free hosting and training to get you started.
Start To Build A List (Or Expand On It)
Building a list is the one thing that all successful online entrepreneurs have in common.
People with lists seem to prosper while those without one struggle.
Believe it or not, it is not the size of the list that matters, but more the relationship that you have with your list.
If you have a list you can:
- do ad swaps with other marketers.
- avoid paying for advertising.
- get free market research so you know what type of products your customers are looking for.
- get sales each time to recommend a great product.
So if you have to start off with a free autoresponder account like 12-second commute or use the Sumo plugin on WordPress and work up from there once you have a decent following.
Automate Your Business
Thank goodness for technology as it can do wonders for us if we are working for ourselves online. Automating your business is the long term secret of how to make money during a recession, as this is what brings in the big numbers.
The problem is that there are so many systems on the market today we can get easily overwhelmed jumping from one to the next.
So find one you like and learn it like the back of your hand. Only change to another system is this one is really not working for you or you are losing time and money by using it.
These are the things that you should look at automating in your online business:
- Your email marketing and follow up sequences – this is where a good autoresponder comes in.
- Posting to your blog – this can be expensive to outsource, but once you are earning you can use a virtual assistant. You can also spend the day writing a lot of content and schedule it to be published on certain dates.
- Use upsells in your marketing if you can.
- Use sales funnels to direct your visitors automatically to the next stage of the sale.
Once your blog is bringing you in an income it is time to upscale and start automating. Reinvest your profits to grow your business as you need to expand.
Find Good Advertising Sources
Finding great places to deliver your adverts that make conversions into sales is something you need to learn how to do, and once you find something that works, stick with it.
I do mostly SEO which stands for search engine optimization.
This is the process of doing keyword research to discover what people are actually searching for in the search engines, and then using these low competition keywords within your articles. There are of course other aspects to SEO which you can read about here, but the object is to get as much free traffic from the search engines as you can.
If you can get as much free traffic from the search engines as you can, you won’t need to have a huge advertising budget.
If you find you have a page on your website that converts visitors to buyers extremely well, you should try and advertise that page using PPC (pay per click) advertising to increase your revenue. Bing is a great platform to start off with and they aren’t as expensive as Google adwords is. Bing is a perfect place for beginners to get their feet wet in the world of paid advertising.
Facebook is another place to try and many marketers have a lot of success on this platform, but it can be expensive, so pay small amounts first to test the waters.
Once you find a reliable advertising source, you will be able to scale your advertising up and use it again and again which in the long run will save a lot of time running around trying new things.
Sell Your Own, Or Other People’s Products
Selling other people’s products is called affiliate marketing and Wealthy Affiliate will take you step by step through everything you need to know when it comes to setting up your website and monitizing it so that you can have steady income streams coming in over time.
If you have your own product even better because you can keep 100 percent of the profits for yourself. Or you could let others promote it for you as affiliates. Most of the top earners online have their own product and believe it or not, it is not that difficult to create one.
Once you know the audience you want to reach and know what type of products they are buying, you can find a way to help them by creating a product that meets a need or deep desire that they may have.
You could also use high quality resale products or outsource somebody to write for you. Once you have done it once, it becomes easier.
If you are interested in creating your own products you may want to look at K Money Mastery to learn the best ways to do this. This course will teach you how to create a product quickly and with integrity.
Reinvest Your Earnings
Reinvesting your earnings into your business or into the stock market is highly recommended if you want to profit in a recession.
When the stock market is down, shares can be bought a rock bottom prices, and once the economy lifts again, you will see great profits, provided you have the patience not to sell your shares too quickly.
If you want to learn to do this like a pro, you may want to have a look at the Rich Dad Summit.
So what are you waiting for, get to work and make a pact with yourself to put some hard work in everyday. If you can put in the time, you will have yourself an automated system that will eventually see you through the bad times and the good.
Isn’t it time to starte creating time and money freedom for yourself? The only way to achieve both these goals is to have your money working for you and not vice versa.
Many people around the world have started building businesses part time and eventually they were able to fire their bosses. Now they can take time off when they need to and have the money to enjoy their time off.
This is not just pie in the sky, how to make money in a recession is about having a plan and working hard to make your dream a reality.
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