The Other Side

This week we've been discussing steps everyone can take to deal with these unsettling economic times and what lies ahead. The last several days, we looked at eliminating some expenses and building up some reserves, among other things of simplifying your life. Today, we will look at the other side of the equation - increasing your income. (This is also discussed on Wednesday, November 29, 2007 in this blog. In fact, the whole week is appropriate for review.)

There maybe some who have never considered starting their own business to increase their income, but when dire economic times hit, jobs will be scarce. Like it or not, even when you have a job, you are selling your time to your employer. When the employer does not have money to pay you or need your skills, you have lost your ability to earn an income. What will you do then?

The real fact of life is that products, skills, businesses, or investments provide income. If you do not have ones that are needed, you will be in your own dire financial situation. The more options you have to earn an income, the better prepared you will be for any type of economic upheaval. So even if you may think that you could never sell anything, remember that if you have a job, you are selling your time. How much is your time worth? What if there are no buyers for your time?

As far as a business is concerned, it is wise to find something that is an emerging market. Find out what others want and are willing to pay for, you have then fulfilled a need and your business will bloom very easily. Going back to Monday's post, helping others, whether you are in a business or not, can go a long way to providing solutions for your own problems.

Another thing that you should look for is something that will not be negatively affected when the economy goes in the tank. Find something that is recession-proof, or maybe depression-proof. No business can be all things to all people. Instead, you must reach specific customers and satisfy their particular needs. As an entrepreneur, you must identify those customers and understand as precisely as possible what they want. The more options you have, again, the better prepared you will be. The age of specialization will not be a factor when everyone is just trying to survive.

Your ability to provide what others want will likely be your key to survival in the upcoming times. Choose your future now, before it's too late.

As always, the choice is yours.

Make it your ambition to lead a quiet life, to mind your own business and to work with your hands, just as we told you, so that your daily life may win the respect of outsiders and so that you will not be dependent on anybody. I Thessalonians 4:11-12 (NIV)

If you have comments or questions, please feel free to contact me at the address below.
Email: DeltaInspire@panama-vo.com