Daily Archives: December 20, 2010

Scrambling to make Money in Today’s Economy!


The last few days we have been talking about the need of establishing alternative sources of income, so that we can stop relying on one source, in most cases, your job. While many sources are available for an individual, one of the sources that has turned out to have a very positive impact on people’s financial aspect, is passive income, in particular a home-based business. This is because once the business is established, it requires very minimal effort to keep it going, for example, in terms of running costs like electricity for running the business, staff, telephone charges, rent (if any) etc. While you sit down and try coming up with a home-based business, consider the following advantages of setting up such a business as explained in the following article by Casey Richards.

Are You Ready To Make Money Online In A Home Based Business?

We are living in very troubling economic times. Businesses are in trouble. Individuals are in trouble. Families are in trouble. Even the banks are in trouble. Just when we think the government has a handle on the issues, we find their solutions to be bandages to much bigger problems. Nowhere is the problem more severe than in the typical American home.

This isn’t a new problem. Families have recognized this problem for at least the last year. Moms need cash to cover all the costs associated with raising a family. In a discussion I had with a Mom within the past year, she indicated that her family had cut their budget to the bare essentials and they still can’t make ends meet. Both her and her husband are working, and that still isn’t covering their basic cost-of-living expenses. They’re getting desperate as they look for answers.

Recently, I overheard a retired gentleman explaining to his friends that he’s concerned about rising costs. He and his wife thought they had adequate funds set aside for retirement. Now, with rising costs for necessities, they’re not so sure and they’re worried. Most people have already cut back on travel and discretionary spending. Others are in the process of making those changes to cope with the increased cost of living. In addition, people are finding it necessary to come up with new ways to make money beyond their current sources of income. Going into debt just makes the problem worse. Hoping things will get better is just as risky as going to the casino. Savings accounts and money market accounts just offer a reasonable return. The volatility of the stock market is just too risky at this time. There has to be a more creative alternative.

All is not lost. The American spirit as a way of using adversity to cause people to step up to the challenge. In spite of the difficult economic times, we’ll see entrepreneurs come forward to turn the “problems” into “opportunities”. New businesses will start-up. This will provide additional income for the family and, in some cases, additional jobs for the community.

We’re seeing a growing trend to home based businesses. This is especially true because of the cost of commuting to work. Many people like the flexibility they gain in terms of setting their own schedule, and being their own boss. Cell phones and high-speed internet service have made it possible to conduct business wherever you’re at. However, there are still a good many persons that express concerns about starting their own home based business. Consider the following list of mental roadblocks followed by pertinent comments as to why these roadblocks may not be as big as one might think.

  1. I don’t have the time – More important than the number of hours you put in is the consistency of your effort. Even 8 hours a week will produce positive results, if you stay with it week after week. Spreading that out over six or seven days and you can see that it can be worked in to most any schedule.
  2. I don’t have the business experience – Business experience does help. Yet, some of the most successful internet entrepreneurs lacked experience when they got started. Today they run online businesses that make very large sums of money. Don’t minimize the experience you have managing a family, managing your personal finances, and the things you’ve learned in current and prior employment.
  3. I’m at a loss as to how to get started – Many of life’s experiences start with little, if any, prior knowledge. With the help of others around us we learn quickly and gain confidence that we can succeed. Be aware that many online business experts have written books on how to succeed in starting and running an online business.
  4. I’m not smart enough – Are you able to balance your checkbook and communicate with others via email? If so, then you are smart enough to succeed in an online business.
  5. I don’t have a product to sell – There are several solutions to this concern. You can buy the resell rights to existing products, you can sell other people’s products as an affiliate, or you can create your own product yourself or with the help of a ghostwriter.
  6. I don’t know anything about website design – Again there are people who can help you with this, and many other aspects of starting an online business. You’ll be surprised how inexpensive it is to get their help. Some resources won’t cost you anything.
  7. I’m short of cash – Believe it or not, there are ways to make money online at no cost to you. Beyond that there are ways to start and run an online business on a very small budget.
  8. My needs are immediate – “Immediate” is a problem. A couple of weeks is possible. Other methods will produce more income but will take a little longer.
  9. Others will think I’m crazy – Unfortunately, friends and family can be cruel and negative when it comes to your ambition and desire to start your own business. However, these same people can become your biggest admirers when they see you making progress.
  10. I’m afraid to take the risk – There are many experiences you’ve had in life that involved taking some risk. You take a risk every time you drive your car. The first time you drove your car it was scary. After awhile it becomes second nature. It’s the same way when it comes to starting an online business. It’s scary at first. The more experience you gain, the less scary it is and the confidence grows.

All of the above mental roadblocks are “barriers to entry”. However, they are artificial barriers that you can overcome.

Starting and succeeding in an online business is a great learning experience. The satisfaction and pride that comes with success is the driving force behind many entrepreneurs that start one business after another. Think of the benefits that a successful online business will present to you and your family. Keep in mind that you’re not totally alone. Everything you need in terms of resources, tools, and assistance is available to you.

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