Entrepreneurs face plenty of challenges when the economy starts to show signs of faltering. When inflation and unemployment begin to rear their heads, new business owners often have to scramble for customers, chase down a dwindling number of leads, and hope for the best. The good news is that if you haven’t already started your own business, there are some goods and services that tend to perform well even in the worst of times.
These niches are often tied to the job search, home improvement, or educational industries. Plus, if your goal is to run a 100-percent online operation, several specific opportunities are available for hard-working entrepreneurs. Of course, step one is making sure your own finances are in order. After that, it’s just a matter of deciding what kind of company you wish to build. Here are some pertinent details about the entire process and the four best online opportunities for entrepreneurs facing a sluggish economy.
Get Your Finances Straightened Out
Go through your personal budget in search of expenses that can be reduced or cut out altogether. If you haven’t updated your monthly budget in a while, now is the perfect time to update all the data. One of the fastest ways to reduce the overall outflow of money each month is to consolidate debts into a single payment. In fact, when you take out a personal loan from a private lender, ask about consolidating. Often, it’s possible to save money just by streamlining payments and only having to worry about one interest rate and one payment per 30-day cycle. Debt consolidation is one of the oldest and most effective ways for working people to get their own budgets in order.
Credit Repair
Don’t plan on giving first-hand financial advice. The most successful performers in this niche are affiliates who simply create websites in an effort to locate customers for others. The best part of running one of these sites is that commissions are relatively high, and if you stick with the sales effort for several months, you’ll learn how to fine-tune your client location skills.
Selling Home Medical Devices
The recent COVID pandemic and ensuing lockdown created a movement within the medical industry of telehealth and self-treatment. Plus, in any faltering economy, working people look for ways to monitor their own health with things like blood pressure and glucose monitors, EKG machines, lighted ear scopes, and more. Selling or reselling goods in this product segment can yield high profits.
Resume Writing
When the economy gets bad, people start looking for new jobs. Whether spurred by layoffs or being laid off, unemployed adults turn to resume writers to update or create the one-page documents that are essential in the modern job market. Consider earning certification as a profession in this field before putting out an online shingle and hunting for clients.
Tutoring
Offering your services as a freelance tutor, or working for one of the big international agencies, is one way to earn income year-round in any economy. However, if you want to start your own tutoring business, take the time to build an attractive website and specialize in just one or two subjects.
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