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A recession is a time when many people are out of work. This can be very hard on the economy and cause it to shrink, which means that fewer jobs will be available. Fortunately, there are still ways to earn money during these tough times. You don’t have to turn down opportunities just because they’re less lucrative than others; instead, focus on quality over quantity and try out new ideas that may help you generate revenue without having a lot invested in them at first. Consulting Consulting is a great way to make money during a recession. It’s also a great way to get your foot in the door with clients and learn about what it takes to run a business, as well as how much time and effort is involved in running one. There are many ways that you can start consulting business: Online Tutoring If you’re looking for an online tutoring business, there are plenty of options available. Some people prefer to find students on sites like Tutor and Udemy, while others prefer more traditional methods like Craigslist or Facebook ads. Regardless of which route you take, the most important thing is that you’re able to make money during this time in your life! Online tutoring can be very lucrative if done correctly—and it’s not difficult at all to set up an online tutoring business from scratch. If you have some extra time on your hands and want to work from home full-time (or part-time), then this could be perfect for you! Another good thing about tutoring is that you can teach multiple people at the same time, which gives you more value for your time and lowers your Customer Acquisition Cost (CAC). If you do your accounting and bookkeeping properly, preferably by using an accounting app or accounting software, you can keep track of your business metrics and maximize earning. Food Delivery and Meal Planning Services This is a great way to make money in the recession. There are a lot of people who will always need food delivered or meal planning services and they can do it from home. You don’t have to be driving around with a delivery truck, which is good news because you can use your own vehicle or you can use an outside service that delivers food directly to your customers’ doors. The main thing is that this business doesn’t require any large equipment or space; all it takes is an internet connection and some time on your hands! This means that if you’re looking for something flexible enough while still being profitable (and profitable fast), this might just be what you’ve been looking for! When running such a business, always keep an eye on your direct costs and profit margin. It can sometimes be hard to do accounting for a food business as there are a lot of ingredient costs that might get overlooked. If you can do your bookkeeping properly or use an accounting tool to help you, this could be a gig that really boosts your income. Financial Services Other people like yourself will also be feeling the pinch, and the need for managing finances will be high. If you have accounting and bookkeeping knowledge and/or experience, this might be the time to start your own practice and beat the recession while helping others do the same! Financial services are a great idea for a recession-friendly business. You can provide financial advice to people, help them with their finances and investments, help them with their taxes and debt, as well as insurance needs. Online Courses and Coaching Online courses and coaching are growing in popularity. There is a huge market for online courses and coaching, especially among job seekers who have been out of work for some time. It’s important to be able to offer quality courses that will attract students who have the same goals as you do. The best way to build your business is by offering high-quality training programs, so it’s vital that you know what makes your program unique compared with other companies’ offerings. Social Media Consultancy Social media is one of the most cost-effective ways to build your business. It’s also a great way to reach out to new customers and prospects, who may already have an established relationship with one of your competitors. Social media platforms are all about engagement; this means you need to be active on multiple channels at once in order to remain top-of-mind for prospective clients or customers. In order for social media marketing strategies like this one work effectively, it will take time and effort from both sides: the entrepreneur needs commitment from themselves as well as their team members so that they can dedicate time towards building relationships with others online (and offline), while those same people need support from management in order for them not only stay motivated but also manage expectations when things don’t go according plan during busy periods such as holidays.” These are all businesses that should still be needed and will likely be in demand during a recession. While there are many small business ideas you can try out to help you financially during an economic downturn, if you don’t have proper bookkeeping and accounting for your business, you might end up in a worse situation! Always keep track of your business numbers and key metrics. Take a look at how to survive a recession as a founder for more tips!

The business world is changing faster than ever these days, and that means that recessionary periods can happen without much warning. As a founder, it’s important to have a plan for how you’re going to weather a recessionary storm. Here are a few tips to help you get started. Tip #1: Find Expense Line Items You Can Cut / Outsource The first thing you need to do when a recession hits is to take a close look at your expenses and see where you can cut back. This may mean making some tough decisions, but it’s important to remember that your goal is to keep your business afloat during this difficult time. Every little bit helps, so don’t be afraid to make some tough choices. In order to do this efficiently, you need to ensure your bookkeeping is in order, and the accounting software or accounting app you use is able to provide you with key business metrics to make the right calls. You can also look to outsource some back-office work if it is cheaper to do so, like outsourcing the accounting and finance functions of your business. Tip #2: Prioritize Your Marketing Efforts During a recession, it’s more important than ever to make sure that your marketing efforts are focused and effective. This means Prioritizing the channels that are most likely to generate leads and sales. For example, if you sell products or services online, then your focus should be on digital marketing channels like SEO, social media, and email marketing. However, if you have a brick-and-mortar store, then you’ll need to focus on more traditional channels like print advertisements, direct mail, and local PR. The key is to focus your limited resources on the channels that will generate the most ROI. You might also want to start looking at a couple of very important business metrics: CAC (Customer Acquisition Cost) and ARPU (Average Revenue per User) so you can focus on high ROI strategies. Some accounting tools and apps suitable for a small businesses help you track these metrics automatically. Tip #3: Focus on Your Core Customers During a recession, it’s also important to focus on your core customers—those who are most likely to continue doing business with you even in tough economic times. These are usually your best customers—the ones who have been with you for awhile and who have a history of spending their money with your company. If you can keep them happy and loyal during a recession, then they’ll be more likely to stick with you when times are good again. While no one likes the thought of going through a recession, the reality is that it’s inevitable from time to time. As a founder, it’s important to have a plan for how you’re going to weather the storm, and the right (and cheap) business finance tools, accounting apps and software to help you make quicker, better business decisions. By following the tips above, you can help ensure that your business comes out of the recession in good shape—and maybe even stronger than before!