1) You Must Find the Right Opportunity
What I mean by this is that you don't want to rush out and join, or expand into, some untested start up company, or new market, selling the next greatest widget. The reasoning behind this is that in a tough economy this new start up may run out of cash before they get the word out about their widget, the company could have been a sham from the beginning, consumers may not have the extra spending money to buy this widget, etc...Whatever the case may be I would highly recommend avoiding a new venture with XYZ Widgets, Inc in a bad economy. I know, I know, they may be the next Microsoft, but keep in mind Bill Gates had failed with both his Windows 1.0 and 2.0 versions before he hit it big with Windows 3.0.
Find a solid Home Business Opportunity with a proven service or product to promote, whether it be online or offline. If a good economy is a bad time to reinvent the wheel then a bad economy is a horrible time to. Stick with something solid and proven.
2) Market Right
In tough times one of the first things to get slashed is marketing. If you know anyone in the marketing field, my guess is you've seen the effects firsthand. The mindset here is that consumers aren't spending as much, so let's focus on our core customers and try to ride this economy out with them and limit our marketing expense. We'll look for new business later.
Guess what? Even in a bad economy people are still buying, just maybe not as much. This is a great opportunity to reach out and try to steal market share from your competitors that aren't advertising. The challenge here is to figure out who is being neglected, that would need your products and/or services, and get the word out to them as efficiently and effectively as possible.
3) Offer Products and Services People Need, Not Want
In tough times most consumers will cut back on "luxury" items. Everyone's definition of "luxury" will vary, but some standard areas that tend to slow are vehicle sales, electronics sales, vacations, dining out, etc. A simple way to put this, is that things, whether products or services, that could be defined as wants and not needs will suffer in a slow economy. Some needs would be food, housing, money, everyday household items (toiletries, cleaning supplies, etc), their health and health related items, etc.
If you can find a need area to start or expand your business in you are off on the right foot. Not to mention, you'll have as recession proof a business as you can get. The only question is where to look?
I have found my future and am currently working to grow my Home Based Businesses. I expect to be fully self employed within the year. I am currently looking for other self motivated individuals that desire the time and financial freedom a home based business can bring them.
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