Whether the economy is doing well or failing, true entrepreneurs and successful businesspeople make money. The economy is constantly cycling, it’s just a matter of how high or low the highs and low go.
If you’re properly equipped, you can make money in an up or down market. The best way to ensure your success in less than optimal financial circumstances is to know the trends. What typically does well in a down economy? What things will people still spend money on? How can you capitalize on this knowledge?
Here are four ways to make money in a down or failing economy.
Bear with us here. Not every network marketing company is a winner. When the economy is in a downturn, people watch their money. Purely elective items like water filters, high end skincare, and mostly nutrition shakes won’t make the cut. People will unsubscribe from their memberships and automatic shipments to cut costs.
They WILL, however, continue to buy makeup. Regardless of the condition of the economy, women will wear lipstick. Why? …Because it’s an easy way to make a woman feel different or glamorous, yet it’s relatively inexpensive. Makeup direct sales or multilevel marketing companies are a great way to make money in a down economy.
Likewise, high quality products with lower prices than mainstream competition will also do well in a down economy, as long as the products are easy to acquire. This sort of MLM can be harder to find, as most network marketing companies have higher prices to pay the distributors their commissions.
Consider selling a product that isn’t easy to find in stores. For example, essential oils. There’s a very specific market for essential oils, and yet most people don’t live near a place that sells a wide variety of them, so they seek online distributors to order them.
Lastly, you can make money in a financial network marketing company. Forex trades on the US Dollar, so you can actually profit on the US market if you trade correctly. This option is the riskiest of them all. There are companies that use artificial intelligence to trade Forex, which will increase your odds of a positive return. Do your due diligence and remember that past performance doesn’t dictate future results.
Let’s be honest. If you really need a quick source of income, manual labor will do it. You’re trading time for dollars, but that can be necessary at times.
People will always eat out, regardless of the economy, so a job in any capacity in the hospital industry will bring in income. Jobs that provide tips are the best of the options. Other options include driving for Uber or Lyft, and working stocking jobs for big box retailers. Use these options to generate capital for your expenses or toward building a business to ensure you don’t get stuck in the manual labor loop where you have enough to cover expenses but nothing else.
This is where knowing what does well based on where the economy is in the financial cycle comes in handy. As an example, in times of war or unrest, investing in defense contractors can prove profitable. In times of peace and growth, investing in companies that help grow American infrastructures can be profitable. These are just two examples; do your due diligence or talk with a trusted financial advisor to execute this strategy.
People enjoy making small impulse purchases. While they guard their money and cut expenses in a down economy, they’ll often make exceptions for small purchases that will bring immediate joy.
Online shopping brings joy twice- when the person orders the product and when they receive the item in the mail. eCommerce is a great way to take advantage of this.
Using an online wholesaler like AliExpress, select products with a low cost and epacket shipping from China. Integrate your items with an online storefront like Shopify, then, get traffic to your store via Facebook or Instagram ads and make sales.