The recession that recently hit the American economy put many people out of jobs and many of those that did have jobs had to accept sizable salary cuts.
This prompted people to look for extra sources of income and many turned towards the internet for the same.
Wanting to make money online has its own set of advantages.
It’s hugely convenient, flexible and entails almost zero start-up cost.
Making a success out of any online venture, however, needs a lot of dedication and an impeccable work ethic.
There are also many things you can do offline to earn decent cash during downturns; like selling products with high demand and providing seasonal services.
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What will I learn?
1. Set up a Blog
You can earn money through websites, blogs and other similar virtual initiatives during recessions.
While blogging is not a unique way to earn money, you can make it unique by choosing a rare subject to blog about. For this, you need to pick-up a particular topic that’s so far been neglected by most writers.
Now, simply write well-researched articles on that topic and place ads on the main page to pave the way for passive funds.
2. Garage Sale
You can also conduct a garage sale during a recession to make some extra money for your expenses.
The amount earned will be higher if you focus on selling stuff like DVD players, TV sets or even furniture.
You can save this money for a rainy day.
3. Transfer Your Investments to Municipal Bonds
Another thing you can do is transfer all your investments to municipal bonds from your stock portfolio.
This will help you make money even during recessions.
There are sites like BondsOnline that help you keep a tab on the returns given by high-value municipal bonds.
You can further use this information to see if this investment avenue fits your budget considerations.
4. Take Advantage of Short Term Projects
You can also consider submitting your qualifications and credentials to a firm that recruits people for different jobs during a recession.
There are companies and organizations like That’s Good HR that help people get ahold of weekly or daily projects.
This helps in creating an extra source of income and also maintains an active job history during a downturn.
5. Lawn Work
There is also the opportunity to start lawn maintenance work and offer it to your neighbors.
You can research prices and services offered by full-time contractors and use that to quote a lower price yourself.
This would be aided greatly if you possess some additional skills like painting or carpentry.
6. Offer Tax Services
If you know your way around federal and state tax laws, you can offer to help out neighbors with their tax returns for a fee.
This is a cost effective business to run during a recession as the only things you’d need are a tax return software program, a desk and a calculator.
7. Look for Temporary Jobs
There are always certain businesses and companies that see a spurt in sales in times of recession.
Find out about such companies and see if there are openings you can apply for.
For example, law firms that specialize in bankruptcy and utility businesses needing account representatives are just two instances where temporary workers are required.
8. Taking Pictures
If you have a creative streak, you can use your natural skill set to make a success out of taking pictures from your home.
By purchasing a cheap studio package like Pro Studio, you can snap good quality family pictures and assist other photographers as well to earn a decent income for your family.
You can also use the digital camera you already have to take pictures that you can sell on stock photography sites like StockXpert.com.
9. Teach New Skills
Teaching community members new trades at schools and learning annexes in your neighborhood is also a good idea to earn extra money during a recession.
Ideally, you need to search for open spaces to teach like the one in Bucketworks, Milwaukee, which allows a teacher to keep a part of the registration fees in return for giving creative lessons on finance and business.
10. Rent out Extra Space
If there is a good amount of storage or office space in your business premises, think about renting it out during an economic downturn.
Consult with your managers and partners to decide on rental rates that are attractive to small businesses.
This extra money through the monthly rent can help you to reduce overhead costs.
If you have been hit hard by this recession and need some help, here is a great website with all kinds of helpful tips and resources on how to survive it by The Washington Attorney General’s Office.
With a little bit of creativity and a whole lot of dedication, any person can aim to survive the debilitating effects of an economic recession.
People already working full-time jobs need to search around for extra sources of income during such difficult times.
The X-factor that determines your money earning potential during a recession is your doggedness to work outside your regular job, and if you don’t have one, to find ways to make ends meet.