Growing up, we all heard the stories about the Great Depression and how hard it was to make money during that time period, but what many of us don’t realize is that there are still ways to make money in tough times if you know where to look and how to think about things a little differently. As we see the world recovering from yet another recession, this list of six tips on how to make money in tough times will help you get by until you’re back on your feet.
1) Improve Your Skills
To make money today, you’ll need skills. Skills are a major part of what drives value for money. If you can provide more value than your customer expects—and if that value is greater than your competition offers—you’re going to win new customers and enjoy healthy profits. Being able to invest your time and resources into improving your skills will help you generate more cash-flow in tough times. Fortunately, many individuals and businesses understand that practice makes perfect—and they invest heavily in their own skill development through reading books, participating in seminars, or taking online courses. The more skills you have today, the better positioned you’ll be for continued success tomorrow. That means reading up now could pay off big later down the road!
2) Become an Online Freelancer
Becoming an online freelancer is one of my favorite ways for people in tough times to make money. Freelancing is far easier than starting a business from scratch, so if you don’t have all that much experience working for yourself and aren’t sure you can handle it, I recommend giving freelance work a try first. It also seems more fair than other ideas that get mentioned around here, like scrapping items or selling food at farmers markets. The flip side is that freelancing has gotten harder than it used to be; there are a ton of talented writers out there who need jobs now, so your rates are going to have to be competitive. Best platform is Fiverr, which register thousands of freelancers every single day.
3) Take Advantage of Niche Skill Sets
One great way to make money during tough times is by taking advantage of your niche skill sets. By developing a deep understanding of a particular industry, you can gain competitive advantages in job interviews and position yourself for promotion or higher pay, even when business is slow. In times of recession, certain industries will see an uptick—and conversely some industries will see a downturn as consumers tighten their purse strings.
4) Create A YouTube Channel
One of our favorite money-making tips involves starting a YouTube channel. By creating a YouTube channel, you'll be able to charge thousands of people for access to that content—it can be as simple as a 'how-to' video, but doesn't have to only be videos, says Reichert. Consider what your passion is and how you can translate that into a fun online show or channel. You could create something like Martha Stewart, who has many different daily shows and designs things herself; there's all sorts of ways you can go about it. There are some great free resources like VideoLan or Uscreen where you can upload videos and then earn revenue based off advertising and subscription revenue sharing with Google.
5) Get Creative and Try Something New
When times are tough, everyone wants money and everyone wants it now. But, whether you’re dealing with a financial crisis or just looking for ways to make money, sometimes creativity is key. And yes, there’s no sense pretending that you can always find a part-time job and magically be able to keep up with your expenses. With unemployment rates at an all-time high and many people struggling to even get an interview, it can seem like nothing but doom and gloom. But if you think outside of conventional measures – if you try something new – who knows what kind of opportunities might present themselves? Maybe instead of applying for yet another job, it’s time you started your own business.
6) Start a Small Business
Many people want to make money during tough times. A great way is starting a small business that requires little start-up costs, can be done from home, and will allow you to make some extra cash while still keeping your day job. Small businesses are also easier to fund these days because there are so many lending companies eager as keep their money growing. Look into getting funding for your small business idea today! (I could list some good places here but it is more dynamic if you link these sites yourself)
Conclusion
Six Tips on Making Money in Tough Times: You’ve got a great attitude and you work hard, but money is still tight. With no end in sight for tough economic times, there are lots of ways you can make money without compromising your values. Although times may be tough now, by following these tips and focusing on what you have going for you instead of what’s missing from your life, you’ll feel more confident that better days are ahead.
