Surviving Unemployment: How To Make Money From Home
Losing your only source of income certainly drives home the point that everyone should have a diversified income stream. Finding ways to make money from home based business opportunities is a great way to replace and or supplement your income. Diversifying your income is the key to avoiding the stress of worrying about how you will pay your bills. The good news is that there are many ways to make money from home on a full or part-time basis. In this article, we will discuss the pros and cons of some of the ways people make money from home.
Some people are of the mindset that they cannot run a business and prefer to work all of their lives for someone else. This is perfectly fine, however, what if you are one of the millions of people who have suffered a job loss? As we all know, there are not enough jobs to go around and even if you are lucky enough to find one, odds are that you will continue to face a reduction in income. Waiting out the storm on unemployment is not a good plan when we see many people who have expired unemployment benefits without success in the job market. This is the best time to get your home based business ramped up as you will have some cushion while you learn to successfully make money from home. Even if you are working full-time, who doesn’t want to earn an extra $100 or more a week?
Anyone can make money from home and your level of success will be directly related to the amount of effort you put forth. In terms of your investment, there are home based business opportunities that require very little financial investment, however, all will require effort. If you are not willing or able to invest a few dollars in yourself, you should not waste anymore of your time and stop reading this here.
Although we have looked for no cost opportunities, we have sadly not been able to locate anyone offering us a free business. That said, here are some great, low cost ideas to diversify and or replace your regular income from home.
1. Market the skills you already have. Many companies outsource projects like web design and newsletter, email, advertisement and blog writing. There are some reputable networks for which those with such skills can subscribe for a minimal monthly fee or a percentage of earnings. Our research indicates that once a relationship is developed in your network, repeat projects are likely to follow. Sure you can post ads for these services directly on Craigslist for free, however, you do not have the ability to prepare a profile, show samples (“market”) and more importantly, you have no way to ensure payment for work completed. Providing your services through a reputable network is a good way to diversify your income.
2. Compete Surveys. If you do not have any marketable skills, you can also make money from home completing surveys for well-known companies. I actually gave this a try and it was very easy and I did make money (about $50/hr). I also learned that I do not like to complete surveys.
3. Online Marketing. There are many people who earn great living marketing products on sites like eBay and Amazon, however, we learned that there are many scams associated with online marketing. A great mentor and training program is the key to a successful online marketing business and there are many sites which offer this type of training.
4. Providing elder/childcare: There are many people looking for childcare and elder-care solutions and you can certainly help them out. We interviewed people who earn over $100 a day providing “babysitting” services. This is an opportunity that takes little to no investment and can help you survive unemployment. We would suggest that you look into your local regulations before setting up a home based elder/childcare business.
5. MLM’s. Yes, I wrote that dirty three-letter acronym for multi-level Marketing. Many of us know someone involved in an MLM business but I found that most people avoid these kinds of opportunities as though they will give you leprosy. We all know successfully MLM associates such as Mary Kay and Premier Jewelry representatives. There are also energy related MLM’s in most deregulated states.
What learned during my research is that what most people find distasteful about MLM’s is that the payment structure is based on the efforts of your down-line. I am still having a hard time understanding what can be bad about profiting on work other people do. Really? Sounds great to me!
There are some great relationship marketing business opportunities out there but there are four things you need to consider before you get involved in one:
1. Do they market a good and necessary product (do you need it and would you buy it)?
2. This is an opportunity for long-term residual income but it takes some time to get ramped up. Are you prepared to give it some effort and time?
3. Can you afford the investment (we find they vary from $200 – $1200) and get your money back in a reasonable amount of time?
4. Is your up-line sponsor successful and will he/she provide you the support you need to be successful?
If you answered yes to all four of these questions then you should give some consideration to joining a relationship marketing program. Although we believe there are some great MLM opportunities, we are not going to promote any specific ones on our site. If you are interested in our research on specific MLM opportunities, please contact us and us and we will gladly forward it along.