Making Money When Times Get Tough

Turn on the nightly news or flip open your morning paper and youre hit in the face with a lot of negative talk

. Gas prices are up, consumer spending is down, and thats just the tip of the iceberg.

Its certainly no secret that times are tough, but starting to panic and making rash decisions is certainly not going to help.

What will help is a long-term plan for making and managing your money and an understanding of what could go wrong. Like the old saying goes, Plan for the best, prepare for the worst.

If youre making money by working for someone else, then now may be the time for you to start pitching your ideas. Employers are looking for new ways to keep their customers loyal without launching million-dollar ad campaigns, so if youve been sitting on that idea, its time to start working out the details.

Now, if youre making money by running your own business, its time to consider whom your customers are and how much they are being affected by recent changes.

Are your customers in hot water with their mortgage payments? Are your customers fretting about prices at the gas pumps? Or are your customers in a position where the effects of recent changes are little to none?

Consider the product you are selling and really uncover every benefit you can. Look for ways that your product or service can help ease the stress of your customers.

Now is also the time to start expanding your customer base and looking at exporting your product elsewhere. With the value of the dollar dropping at home, foreign customers are looking to North America for cheaper options than were available before.

For every niche market, there is another similar one that your product or service could appeal to. Rather than tightening your belt and focusing on the day-to-day, it may be time to look forward and set your sights on even bigger targets.

by: eWealthDaily

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