How to Make Money at Home in a Bad Economy
What do you do when you’re laid off or if you’ve lost tons of money in the stock market? While things may not seem so stellar at this very moment, don’t despair. When ever you feel that the world is going against you, there’s always the flip side of things – the opportunity.
Here are 3 extremely low costs ways to make money at home in minimal time:
- Sell your old, unwanted stuff on eBay
- Create a website and offer other peoples products or services as an affiliate
- Create a website and offer your own product or services
Selling on eBay
This is one of the easiest ways to make money online. With most businesses, you’ll need something to offer and people to take you up on that offer. On eBay, there can be hundreds or thousands of people that will see your offer. So all you need is something to offer and post your listing on eBay.
Most people start off in their garage or basement. Take a look around and ask yourself if you could really live without that old thing sitting in that box. Also ask yourself if it’s even worth it to sell. You don’t want to waste time packing and shipping out something that will only pay for your trip to the post office. If you’re not sure about how much a certain item will sell for on eBay, browse through eBay and find related items.
There’s one thing that you should know about eBay. Once you get going, it’s tough to sustain a business selling off old possessions – especially when you start to run out of them. Most people hunt around yard sales. You can only take this strategy so far until the supply starts to dry up.
Selling Items as An Affiliate
Wouldn’t it be great to earn income by referring a product or service. What if you could make a few bucks off every movie you recommended to your friends? Well that’s how affiliate marketing works. When ever you make a recommendation and somebody takes you up on it, then you earn commission.
Don’t get this confused with network marketing. You don’t have to recruit and you don’t have to pay distributor fees to get started. In most cases, you don’t have to pay any fee at all. The easiest way to get started is to sign up on an affiliate network like CJ.com and you’ll get access to tens of thousands of products and services that you can promote.
Once you get access to a certain merchant, you’ll get your own affiliate link. When somebody clicks on that link and pays for a product or service, then you get a cut. This commission typically ranges from 2-70% depending on the product type.
All that’s needed are visitors – eyeballs that checkout your offer. This is the part that gets a bunch of newbies stuck. If you’re not getting visitors to your offer or affiliate website, then the possibilities of earning income are pretty slim.
So build a website that reviews some products and start promoting it!
Selling Your Own Products or Services
At the beginning of this article, I mentioned 3 low cost strategies for making money in minimal time. Creating an e-Commerce shop isn’t what I’m talking about here. Registering a business, finding manufacturers and stocking inventory will take a bunch of time.
So what’s the solution you might ask? Create your own information products. This isn’t about creating a masterpiece. If you’ve ever read a “How-To” book, you’ve read an information product. If you’ve watched a video or listened to a CD on “How-To” do something, you’ve learned from an info-product.
So what’s the easiest way to get started? My recommendation is creating a paid, information-based membership site. One of the greatest benefits of creating a membership site is that you can earn recurring income by providing valuable content on a regular basis.
It doesn’t matter if you’re a guru or not. There are proven tactics that you can use to become an authority figure and build a business from scratch. Contrary to popular belief, it doesn’t take a college degree. Neither does it take many years to do so. In fact, you can start earning from your own membership site in as little as 7 days.
So when the economy is bad, you can still earn money through your paid subscriptions. Think about companies like Dish Network or Verizon Wireless. When the stock market goes down, people are still paying these companies month after month. Satellite TV and cellular phones may not be a necessity, but many people will continue to pay to satisfy their inner desires.