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Small Biz Articles Archive Category: Economy
 
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"Work From Home Businesses – Can They Thrive In A Down Economy?"


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Tuesday, April 21, 2009

Can you start a successful work from home business in a down economy?

Quite simply, the answer is unequivocally yes! In fact, one might argue that a down economy is the absolute best time to start a home based business. Statistics show in the US today there are approximately 10 million people involved in networking and home based businesses opportunities of some kind. Conversely, the numbers show that there are approximately 85 million who are not involved in any kind of work from home business. Bottom line: There are plenty of ready and willing potential leads.

Here's something else to consider. Even in a thriving economy there are always people looking to switch careers who desire to get out of the 9-5 grind and build an income working from home. In a down economy, logic says that this number should be much, much higher. In fact, a down economy can have the effect of removing some of the resistance barriers that a potential customer might have, as when people are desperate for income, they tend to be more open to suggestions. There's also a timing factor, i.e., people need to generate the income right now, and as such, they can't wait and are apt to make a decision more quickly than usual. This should bode well for anyone who is looking for customers or considering starting a business.

What kind of work from home business should you invest in?

Work from home businesses come in all shapes and sizes and suit different needs. Obviously you want to be able leverage whatever is going on in the current market place right now. Case in point; as the economy is going south right now, it may not be the time for skin cream or weight loss products as these may be viewed as discretionary (e.g., unnecessary) spending by most people. Personal development products are always good products as they are foundational to mindset changes, yet these too can be viewed as discretionary.

Clearly, something that people are struggling with right now is making sense of all the financial issues that are going on in the world. In fact, one could argue, if people had a better understanding of the function of the economy, the markets, and proper debt leverage, the economy wouldn't be in this situation in the first place, or at least not to this degree. Finding a product that is based in financial education, and provides access to financial resources (e.g., tax planning, estate planning, investing, etc.) can effectively provide a "double whammy". Customers can learn while they earn, effectively doubling their ability to create long lasting financial freedom.

What's the best way to launch a new work from home business in the current economy?

No question in this economy that money is tight for everyone. That said, this isn't the time to be timid when starting a work from home business. Your research will show that most businesses have many levels, each more increasingly expensive. This is not the time to take the cautious approach and purchase the cheapest entry level product and "try it out to see if it works". If that's your attitude, then don't bother in the first place as you are doomed to failure before you even begin. The only approach to winning in this case is to jump in both feet and give it everything you've got. That said, it doesn't mean to foolishly jump in. You must fully understand all of your expenses prior to getting started, but also don't let that discourage you. Do your due diligence and find out exactly what the top income earners are doing and how they got to the position they did, i.e., how much did they spend, and what kind of skills did they have to learn? You must then commit yourself to doing the exact same things, in the exact same way.

Challenging economic times can be a boon to the work from home business industry. It can have the effect of creating a whole new market of prospects ready and willing to jump into the industry, as well as have the effect of speeding up the time it takes for people to make decisions. Choose your business wisely and make sure it's one that is in demand for the current times. Think about what's foremost on your prospect's mind and then be there with the right solution. Lastly, don't mess around with an "I'll try this out and see what happens" mentality as it is a recipe for disaster. Go all in, or don't go at all.

Provided By: Chris & Julie Chojnowski
Chris and Julie Chojnowski have been freeing people from "The Matrix" for over 15 years and assisting them to Master their Destiny and Inspire their World by teaching them about the concept of G.P.T. Get Your Free Report Now from our website!
Website Address: www.howtoprospernow.info

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