How To Make Good Money In Terrible Times

November 22, 2008

Can good money still be made in a bad economic climate? I believe it can. But you have no chance of making good money, if you move from one crazy get rich scheme to the next.

And if money from your job is the only money coming into your home, you’re putting yourself at a massive risk. Both small and large businesses are struggling to make good money in this recession. And things are going to get much worse, before they get better.

Of course, if you have a good job which brings in a decent amount of money, I’m not suggesting that you give it up. But it’s definitely worth looking at these 3 ways to make good money, so you’re not reliant on one income stream:

Make Good Money Selling To The Super Rich

According to a New York Times report, the rich still spend money in a recession. And you may not be able to afford to set up in business to supply them with luxury yachts, or cars. But you could make good money by acting as a go between, connecting buyers and sellers.

This would be far easier if you already have good business relationships with ultra rich people who have mountains of money. If you don’t, it will take a good deal of time to establish such relationships.

Make Good Money By Selling Small Luxury Items

In The Lipstick Indicator To Great Wealth, Evelyn Lim explains that small luxury items not only sell well in a recession, the prices go up. It’s all about folk wanting to feel good, while spending a small amount of money.

Now, I’m not suggesting that going out and buying a lipstick, or some cheap fashion jewellery is going to help you make money. But you could make good money by selling it to others. You could sell it through party plan, or network marketing.

I tried party plan years ago, with the Body Shop. And it was ok. But you do have to fork out for a whole heap of their demo products to show folk at parties, so you’ve got to be seriously committed, if you want to make cash that way.

And I haven’t tried network marketing myself, but many people rave about it. And the WAHM message boards provide a whole heap of info on network marketing opportunities. Again you usually need to invest money upfront, in the company’s products. And you have to be willing to recruit others if you want to make good money, so you would need to feel confident about doing that.

You don’t need to pay money upfront to sell luxury items through affiliate programs. PepperjamNetworkis free to join and it enables you to partner with several leading brands who offer small luxury items. And, if you’re not used to affiliate marketing, Rosalind Gardners Super Affiliate Handbook will show you how to get started. The only downside is that Rosalind’s methods rely heavily on Pay Per Click advertising, which is great, if you’ve plenty of spare cash to start a pay per click marketing campaign but not so good if you don’t.

Make Good Money From Multiple Streams Of Income

I’m a big fan of the idea of creating multiple streams of income. It is dangerous to put all your eggs in one basket, as I discovered earlier in the year when I lost a huge amount of money on one business.

Some of the world’s most successful people made money by creating several streams of income. Felix Dennis, who is worth several hundred million dollars, created many different streams of income. And he didn’t begin to make huge sums of money, until he’d built around 20 different income baskets. If he’d focused on just one thing, he’d probably still be broke.

Naomi Dunsford believes that you’re putting your family at risk, if you rely one one income stream. And she went from being in debt to making over $176,000 in the last ten months.

She made that money from six streams of online income, including niche affiliate sites and selling her own products and services. And she is now running an Online Business School, to teach others how to make good money online, with six different streams of income.

Naomi’s course is not some crazy get rich scheme. It’s a practical business course which will show you exactly how to make money online, using six different methods. And she’s offering a 50% discount to the first 2000 people who enrol on the course.

Out of all the methods to make good money that I’ve mentioned so far, this is my favourite one, because you’re spreading your risk. And even if only two out of the six ideas do well, you’re still going to make good money. But don’t just take my word for it. Go read more about what’s included in Naomi’s Online Business School and listen to the free video and audio’s explaining some of the methods Naomi and her clients have used to make good money online.

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How to Make More Money With Less Risk

September 17, 2007

Are you one of those part-time business owners who worries about the risk of going into business full-time? Well, there are many ways to reduce risk. And it is possible to make more money with less risk by building business baskets. This means, creating multiple streams of income, so you don’t become reliant on just one source.

Some people might tell you that building baskets is the wrong way to go, but several highly successful business owners have proved them wrong. In fact, Felix Dennis, the multi-millionaire said he would still be broke if he hadn’t been in the business of building baskets. And he added that sometimes, you need to build several baskets until you find one that is amazingly profitable.

The important thing to remember is that after you’ve created one basket, you need to have it up and running and bringing in a profit, before you begin building the next basket.

Can you think of ideas for building baskets that don’t require a lot of time and effort?

Further Reading

Building Baskets To Create Multiple Streams of Income.
Multiple Streams of Income
How Radar Can Improve Your Business

Multiple Streams of Income

March 20, 2006

Unless you’re already extremely wealthy, multiple streams of income are probably the best safety net you can provide for yourself.

Decades ago, one of the best routes to financial success was to concentrate on just one thing, whether it was a business, or career. But, things have changed dramatically over the last few years, and it is no longer safe or wise to concentrate on one stream of income.

This is great news for home business owners as there’s so much information, ideas and advice on the internet now. With so much information available, starting a part-time home business, whilst still doing your regular day job is a synch, in comparison to what it was like a few years ago.

So, how do you go about getting multiple streams of income? Trying to set up several things at once, on your own would definitely lead to disaster. A better idea is to start one thing at a time. Once you have one stream of income set up and running well, you’re in a better position to set up another.

In his excellent book - “Multiple Streams Of Income”, Robert Allen suggests several ways to create streams of cash coming in with minimal effort.

Allen suggests setting up as many income streams as possible and outsourcing much of the work, rather than employing a lot of staff. This idea would probably suit most people’s comfort levels. Few small business owners have the desire to build huge empires. Allen’s ideas prevent burnout too, as once they are set up, he says each stream of income should only require about ten minutes input per day from the home business owner.

Robert Allen is also firmly against investing a lot of money in a home based business. In fact, a few years ago, he decided to prove that you don’t need money to make money. And with only $100 dollars in his pocket, he managed to purchase properties worth over $700,000 dollars, in only 72 hours.

If the idea of creating multiple streams of income, using other people’s money, time and expertise appeals to you, you should check out Allen’s book.

Also, he’s now going a step further - he’s helping ordinary people who want to create multiple streams of income themselves. And if you’re seriously interested and think you have what it takes you can apply for the Robert Allen Success Story Challenge here.

Does the idea of creating multiple streams of income appeal to you? Or do you prefer to put all your eggs in one basket?