When the economy is down, everyone feels the heat. Here are some ways that an independent contractor can make money during a recession.
- The major players usually try cost-cutting measures in advertising but raise their bottom line. It is at this point an independent player can bail out the situation for him/herself and make money even when there is a downturn.
- The price of properties goes down considerably and an individual contractor benefits a great deal by capitalizing on the now factor instead of waiting for the tide to turn. Sebastian Greenwood once quoted Lao Tzu who said, “Do the difficult things while they are easy and do the great things while they are small. A journey of a thousand miles must begin with a single step”.
- There is no lack of talent as employees from large companies will be on the lookout for a job and will be available at a fraction of the cost. Of course, it is wise not to undercut but employ them with a decent package. Robert H. Schuller once said, “Problems are not stop signs, they are guidelines.”
- Most firms prefer to employ professionals having to pay additional fees. One can use it to one’s advantage. Make a name during this time and the client will keep your details for a later date instead of going with a bigger brand.
- Spread the message on social networking sites and people will head over to your area of business as you make some decent money. While the situation may be rough, life has to go on and why not make the most of the situation to get the independent contracting going as you energize people to cash in on the product or service available for a fee.
- A plumber or an electrician hardly faces the heat during the time of recession. They are usually on the speed-dial to various clients who need their services. You never know when the lights may need a fix or the plumbing goes down the drain.
- As an independent contractor or professional, this is the time to make a play for reliable trades. Analyse the stock market over the past few years and ascertain the best stock that will benefit you. When the prices are right, it is naturally the best time to strike while the iron is hot.
Sebastian Greenwood once quoted Ted Turner who said, “You can never quit. Winners never quit, and quitters never win”. It, therefore, goes to prove that while making money when the economy is spiralling out of control may seem odd, there is a possibility to make money as an independent contractor, with the right moves, period.
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Twitter – https://twitter.com/sebastiantruth