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Recession-Proof Your Home Business

Posted by Valencia on June 19th, 2008

economy.jpgFor the past 12 months or so, everybody from CNN anchormen to people on the streets have been talking about a recession. Even if you haven’t been personally affected by the struggling economy, you likely know someone who has.

In 2008 alone I’ve seen a few people get laid-off from work, lose their homes, etc. Amid all the recession talk I can’t help but wonder: will it eventually affect my home business?

Although some people are positive and feel the economy will bounce back, I’m not as hopeful. Then again, I tend to focus on the negative side of situations (I’m working on this). Still, when I watch news reports, hear the foreclosure rate, and spend more than $50 to fill my tank, it’s hard to see the “up side.”

The Renegade Writer recently offered a few helpful tips for staying positive in a bad economy. Let’s face it, freelancers have to stay upbeat. And if breaking news reports and recession fears kill your mood (and your motivation to work), you’ve got to re-direct your attention. That way, you can focus more energy on ensuring your home businesses’ survival during a recession.

  • Step-Up Your Marketing Efforts: If you need three regular clients to survive, look for five. It doesn’t matter how much a client needs or appreciates your services. If the economy starts to impact their bottom line, it’ll also impact yours. They may stop outsourcing or look for cheaper bids.
  • Improve Your Performance: You’ve got to stay one step ahead of the competition. One of your clients may need to get rid of a few contract workers. Wouldn’t it be nice to make the cut? Consistently turning in quality work, respecting deadlines, and going the extra mile will help you stand out.
  • Don’t Rely on One Source of Income: I can’t stress the importance of having more than one stream of income. Dabbling in multiple home businesses is one of the best ways to ensure survival. Write web copy, sell items on EBAY, market products online, or join a network marketing business. Do whatever it takes to continue making money at home.
  • Seek Contracts with Larger Companies: I’ve written web content for individuals and companies. And in my experience, freelance agreements with individuals are almost always short-term. Individuals have smaller budgets and their businesses are less likely to survive a recession. To ensure survival, and hopefully recession-proof your home business, attempt to secure a contract with a large company.
  • Offer a Product or Service that’s In-Demand: A surefire way to recession-proof your home business is to offer a “recession-proof service.” In other words, now may not be the best time to start a home business selling unnecessary luxuries.

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In a few of my books on writing I remember the authors mentioned that recession was actually good for them as freelance writers because the businesses were cutting back on their regular writers and looking to hire freelancers since they would save money (insurance, unemployment, leave.)

As I filled my tank about an hour ago. I could not help but be thankful that I don’t go to work everyday! I do go to the gym but that is about 10 minutes away. A full tank of gas lasts me about one month. When I worked out of the home I had to fill it up twice weekly, and I get good gas mileage, about 36 miles per gallon.

Likewise, I’m also thankful that I don’t drive much during the week. One tank of gas for the entire month is great! I have to fill-up twice a month, but that’s a lot better than every week. My husband’s job involves a lot of driving and he has to fill up every four days. His monthly gas bill is like another car payment…it’s ridiculous :-)

Very interesting article you have got here. I love reading this kind of stuff. This is truly a great read for me. I hope to see more articles from you.

You said it! Surely, I am incapable of mustering words eloquent enough to adequately express my appreciation for this particular post. Just know the impact made on me is beyond my ability to express as well!

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