Wednesday, October 8, 2008

Weather the storm

Here's how you can not only weather but possibly thrive during this economic storm:

If you’ve got to find new ways to make loot, don’t fret. Just put some effort into finding which money-making opportunity might pay off the best for you. As others are worried about their jobs, why not find ways to augment your earnings in the short term by trying some of these ideas.

1. Investigate products you can sell on your website. Consider getting an affiliate account with Commission Junction or LinkShare
2. Sell your own educational products on your expertise, especially if it would help retrain someone out of a job.
3. Expand your offerings to cover new service or product ideas.
4. Shift your existing pricing with the current economy in mind: shorter terms, different payment options, one time deferred first payment, etc.
5. Seek stock opportunities to purchase for your portfolio in their depressed state (if you’re into stocks).
6. Look for project sharing opportunities, especially if you do something that’s somewhat modular like web work.
7. Look for ways to consolidate your business practices with other people. There might be economies involved in partnership that would make a world of difference.
8. Find ways to revamp old products or services or offerings and re-sell them today.
9. Turn 3 hours of your “after work downtime” into “serious business planning” work time.

Quick DON’Ts
Sorry to end on a negative, but while you’re at it, make sure you don’t fall prey to these kinds of situations.

1. Don’t sit around amassing news stories on what’s going wrong. Yep, stuff’s going wrong. Deal.
2. Don’t worry that big companies won’t buy your product or service. Find the product or service that they will buy.
3. Don’t join groups of fired coworkers, no matter what they say the goal is. They are often pools of negativity, and if those folks also don’t have jobs, why would you look for jobs there anyhow?
4. Don’t jump at the first thing just because you like eating. The second thing is almost always right behind it. Give yourself space to evaluate.

Smarter minds than mine will tell you how to weather the storm from the financial perspective, but maybe some of this will help you out.

Any other advice that you want to share with the gang?

Excerpt taken from

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