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Making money in a slow economy - Tips to start a home based business

Updated on March 29, 2015
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Making money in a slow economy is possible with the right determination, focus and goals for success to start your own home based business

Are you looking for a way to make extra money in this slow and sluggish economy? Are you a business minded person looking to bring more money into your family each month? Take your financial situation into your own hands and start a home business - you determine your next raise!

When the economy is down and you need a way to bring in extra funds for your family, have you thought about starting your own home based business? More and more people want a way to earn that allows them the freedom to work when they want, determine their own income, gives extra tax deductions, is fairly easy to get started making money and won't cost an arm and a leg.

A home based business is not a get rich quick way to make money but, a legitimate business that you can work slow and steady to see growth and profit depending on your level of commitment.

Do you wonder if you have what it takes to start your own home based business? Not sure if it's something you'd like or be good at? What type of company should you look for? Let's explore how you can start a home business and bring in the extra income for you and your family with these tips.

(photo courtesy of avalla.com)

My Favorite Best Book and Tool on Goal Setting

These are my favorite products to help with goal setting for a home business and I hope they help you too!

Always keep learning about home based business and success will follow!

Use your driving time to listen to these top DVD's that help you succeed in your home based business. You can also share them with other members of your organization or the team you're building.

"A home based business is not a get rich quick way to make money but, a legitimate business that you can work slow and steady to see growth and profit depending on your level of commitment"

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You can make money in a slow economy by starting your own business.

You'll need determination, focus and goals to succeed

You're on the right track if you're thinking of starting your own business during a slow economy. Many people are doing just that every day and you can join them with the right attitude, mindset, goals and determination to be successful. There are many choices for a home business and typically only cost a couple hundred dollars to get started. That's what I did 25 years ago and it was more money back then than it is now to have a home business and I work as little or as much as I want to. Don't lose hope, you can get extra money quickly too!

What's the best home based business in a slow economy? It's going to be different for everyone depending on your interests. There are thousands of top home based business ideas that range from anti aging products, women's products, kitchen gadgets, beauty, candles, household products, wellness products, skin care, tanning, gardening equipment, lawncare, sports, perfumes and the list goes on and on. Keep reading to determine what could be your best idea to make money in a slow economy.

Create a goal and begin to visualize it as though it's already happened. Is your goal of a home business to have more money, meet new people and expand your social circle, to have the freedom of a schedule that allows you to be home with your children or for recognition of your work and efforts? Once you know your goal, you can begin to focus on the life and lifestyle you want so that all the tasks you do will lead you to that successful life you're visualizing.

Be determined for success! Now that you have your goal in mind, stay focused on it with your mind and with the help of your company you will begin to learn what tasks are needed to help you to reach that goal. You can work a business around your current schedule so you have the time to be with your family, enjoy your friends and do anything else that would give you the lifestyle you want. If you have 3-5 hours a week that you could devote to a new home business, you do have the time to get started and grow an extra income or free up your time for family and friends.

Home business companies offer a myriad of ways to share products, find customers or to grow a team from one on one meetings to small or large groups, to other businesses to trade shows, networking events or sampling as a few. Try them all, find what works best for you and then keep doing it. It is work but, it's a simple formula for success.

Learn more about it and get started yourself.

With an attitude of success and willingness to work a business, you can have all you've ever wanted in a relatively short amount of time. Many people fail simply because they fail to act -- don't let that happen to you! You can achieve anything you put your mind to. Slow and steady wins every time.

I did it, You can too!

My husband and I own a local restaurant and know all too well the high costs running into the thousands of dollars, requiring loans of opening a brick and mortar store/building/business as well as costs for equipment, licenses, taxes, maintenance, labor, vendors and the list goes on and on. If you want to open a restaurant, check out my husbands blog on Successful Restaurant Tips here: http://successfulrestauranttips.blogspot.com/

Most people don't have the means to open a brick and mortar business so a home based business opportunity removes the cost factor and the risks associated with it. A home based business becomes a brick and mortar alternative for those people. A home business typically requires less than $300 of an investment with an ability to start earning money almost immediately and is one of the reasons they are a huge draw for so many people. It's one of the reasons I started my own home business too and it just might be the extra income that you need and are looking for too.

Make extra money sharing your favorite products

There are more benefits to a home based business besides money.

Once you find a product or service that you love with a direct selling company, (because you'll get a wholesale discount!), use it and learn as much as possible about it. It will become easy to share it with others as well as sharing your new business opportunity. Consumable products sell better since they get used and need replaced. Even in a slow economy, women buy anti aging and beauty products more than other items and all consumable products remain top sellers. Plus, they reorder them unlike candles or kitchen gadgets or other items they don't have to have. Consider this when you are looking for a home based business company. You may already love and use a product that you could easily talk about and tell others about the benefits of it. This is the start of how to be successful with a home based business, sharing what you know and love.

You'll begin to make new friends with your newfound relationships, earn trust and have a team around you in a short amount of time. Many people join a home based business company simply to get out and meet new people. If you want to improve your social life with other like minded business people, starting a home business could be great for you.

Your own business with a direct selling company is one of the top business ideas during a slow economy. Your own business will afford you great tax advantages too as almost everything you do becomes a tax deduction, saving you potentially thousands of dollars at year end. Just follow the rules by working at least part time, attempt to make money, save all your receipts and keep your files organized. Document any mileage will save you money at tax time as well as your home utilities, computer and office expenses and even part of your mortgage or rent. If you could use additional tax deductions, a home based business could help you owe less money in taxes every year.

Many people with a home based business earn $200 - $1000 per month with the average being closer to $300 per month working very part time. If that seems like something that would help you in a slow economy, you really should look into getting started working for yourself. The worst thing that could happen is that you'll have a wholesale account number to buy your favorite products at a discount.

Know that you won't be successful overnight but you can add additional income to your household almost immediately once you decide to get to work. Many people make the mistake of getting too ready, too organized, needing to know all the answers. Learn and do enough to get started and then just get started. You will succeed as long as you don't quit and take it a step at a time.

If you've already tried selling on ebay or amazon and other ways to make extra money and still need more ideas, consider a home based business with a company that handles your packaging and shipping for you giving you more time to focus on customers and service.

Build a Team and Earn More - Some people decide to grow their income by building a team within the company

Building a team in your home based business isn't necessary to earn an income but, consider it if you want a larger income by sharing what you know with others it could help and become a leader.

Add your opinion on a home based business, thanks for sharing for others to learn! - What do you think is best? A steady 9-5 job or home based business for your

The best type of job?

Best Selling Books for Home Business Entrepreneurs - Browse these or use the search button for even more ideas!

Find the best tools for home business success

Quick thought on choosing a home business company

A word to the wise on choosing a home based business opportunity:

Make sure to find a reputable company, a legitimate home based business opportunity, a leader in the industry you're searching, has a home office, customer service support, phone and email and on the job training. No experience should be required - they should teach you each step of the way! Search the company on the internet and ask your friends for a recommendation.

Avoid any company that suggests or recommends or even requires you to bulk up your products and make a large purchase of inventory just to get started. You only need the basics to begin to earn money and when you buy loads of products to start, you will have to work much harder to move those in addition to buying more each month.

Many people get discouraged with a home based business because they eventually realize that not only are they out a lot of money but, those products start to get old or even discontinued by the company.

A friend of mine considered joining a very popular home based company and since she was a business owner already (she owns a bridal shop), the person trying to get her to join wanted her to spend over a thousand dollars in inventory! Good thing that she didn't do it and never joined them because it could have taken her a year to get rid of all that product.

An honest company will suggest you buy only what you need to start your home based business and it should cost less than a few hundred dollars at best.

The best home based business company will have a minimal monthly order requirement to remain as a distributor with the company with no minimum on individual orders. You should and need to be able to order only one item or ten - depending on your customer base and personal needs.

Have more questions on how to be successful in a home based business? - Build your library and refer to it often!

Learn from leaders on what it takes to start and run a successful home based business

More ways to Work from Home - Check out all your options and Go For It!!

Direct Selling Organization

Look no further than the Direct Selling Organization (DSA) for a full list of the best home based business in a slow economy with legal and trusted companies that follow the rules of integrity, customer service and ethics.

You can follow companies growing, companies filing bankruptcy, companies that are members and companies to avoid by utilizing the DSA site.

The DSA will give you the latest news, meetings, events as well as the important DSA 411 which will help you investigate a company and know which questions you should be asking.

© 2009 Cindy

Thanks for stopping by and reading!

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    • vetochemicals profile image
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      Cindy 4 years ago from Pittsburgh Pa

      @ScentsWithBling: I'm so glad you got some new ideas to help in make more money cottagerosecreations! xoxo

    • profile image

      ScentsWithBling 4 years ago

      Great lens! Thanks for sharing all this useful information. It have given me ideas of what I need to do.

    • vetochemicals profile image
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      Cindy 5 years ago from Pittsburgh Pa

      @Ladyeaglefeather: So glad you found it helpful:)

    • profile image

      Ladyeaglefeather 5 years ago

      Great lwns, thanks for all of the great information.

    • vetochemicals profile image
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      Cindy 5 years ago from Pittsburgh Pa

      @MarcStorm LM: Glad to see you here today MarcStorm! I'm so glad you liked this making money article. xoxo

    • MarcStorm LM profile image

      MarcStorm LM 5 years ago

      Thanks for making this lens. Very helpful. Thanks! Best Wishes!

    • vetochemicals profile image
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      Cindy 5 years ago from Pittsburgh Pa

      @beaworkathomemom: Nice to see you today beaworkathomemom, thanks so much for taking your time to read and comment here. xoxo

    • beaworkathomemom profile image

      beaworkathomemom 5 years ago

      Thanks for sharing this informative lens. It is a great idea to start a home business.

    • vetochemicals profile image
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      Cindy 5 years ago from Pittsburgh Pa

      @stargoldteam12: Thanks!! I really hope it's helpful. Many people need to make some extra money in this economy and there's so many options.

    • vetochemicals profile image
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      Cindy 5 years ago from Pittsburgh Pa

      @stargoldteam12: Thank You Glockr and stargoldteam12 hoping people find ways to earn extra money in this slow economy and so happy you stopped by today, much appreciated!

    • profile image

      stargoldteam12 5 years ago

      Great lens. I like it.......

    • glenbrook profile image

      glenbrook 5 years ago

      Nice, informative lens.

    • vetochemicals profile image
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      Cindy 5 years ago from Pittsburgh Pa

      @hotbrain: You're welcome hotbrain. It was easy, I love it! What's not easy is after all this time trying to figure out the intro photos and all that html, just not working for me:)

    • hotbrain profile image

      hotbrain 5 years ago from Tacoma, WA

      Thank you for featuring my lens!

    • vetochemicals profile image
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      Cindy 5 years ago from Pittsburgh Pa

      @anonymous: Thanks for commenting and joining in on the poll too! It's not for everyone but, there are lots of choices for all of us to pick what works! xoxo

    • profile image

      anonymous 5 years ago

      Great info!

    • vetochemicals profile image
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      Cindy 5 years ago from Pittsburgh Pa

      @JoshK47: One can never have enough blessings - thanks!!

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      JoshK47 5 years ago

      Awesome information here - blessed by a SquidAngel!

    • vetochemicals profile image
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      Cindy 5 years ago from Pittsburgh Pa

      @Rangoon House: Thanks TheLifestyleChanger!

    • Rangoon House profile image

      AJ 5 years ago from Australia

      Some good information and your suggestions definitely work for many people who have made great successes with these types of business opportunities.

    • TTMall profile image

      TTMall 5 years ago

      Thank you for such an informative lens.

    • vetochemicals profile image
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      Cindy 5 years ago from Pittsburgh Pa

      Thanks to all of you for checking out my lens, I'm learning from each of you and slowly editing my lenses like this one to make them better. Loving Squidoo!!

    • vetochemicals profile image
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      Cindy 5 years ago from Pittsburgh Pa

      @Joan Haines: Thanks Joan, it's actually our restaurant that has re-routed me, my home business does the best and after 9+ yrs is on auto pilot with little effort now from me:) I've been cooking for the last 1.5 yrs to help my husband, along with my GM and accounting duties there it's been hectic. I've been writing on Infobarrel and my blogs but am determined to get the hang of squidoo too<3

    • Joan Haines profile image

      Joan Haines 5 years ago

      Hey, Cindy. Nice to see you here. Hope your home business is doing well. I'm sure it takes lots of focus, as you say.

    • Joyce Mann profile image

      Joyce T. Mann 5 years ago from Bucks County, Pennsylvania USA

      Starting and running your own home-based business can be rewarding and not just financially. Best wishes!

    • Pam Irie profile image

      Pam Irie 6 years ago from Land of Aloha

      Starting a new business can be a very exciting venture for sure. Eyes and ears open and go for it! :)

    • vetochemicals profile image
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      Cindy 7 years ago from Pittsburgh Pa

      @Virginia Allain: Thank you Virginia, that's a great idea and we'll see how that helps me continue to build this lens:) Much appreciated!

    • Virginia Allain profile image

      Virginia Allain 7 years ago from Central Florida

      I wonder if any of your eHow articles might tie in with this topic. I'll be interested in seeing how you develop this more.

    • vetochemicals profile image
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      Cindy 7 years ago from Pittsburgh Pa

      Thanks for stopping by and commenting. I appreciate your thoughts!

    • profile image

      anonymous 7 years ago

      @ElizabethJeanAl: Thanks for stopping by and I appreciate your thoughts Elizabeth!

    • profile image

      anonymous 7 years ago

      @ElizabethJeanAl: Thank you for stopping by and reading Elizabeth, I appreciate your thoughts!

    • LadyelenaUK profile image

      LadyelenaUK 7 years ago

      Very useful Lens - I have a small IT Training Business. (I say small as I do Training on company premises, can't afford an office in London). Home is for the Admin work. I learnt a few things from this lens. Glad you wrote it. Regards.

    • ElizabethJeanAl profile image

      ElizabethJeanAl 7 years ago

      I don't want to start a home based business but I do enjoy making a little extra spending money online. It, like a home based business, takes dedication, time, and effort. So many fail because they think it will be easy and the money will pour in without much effort.

      You're providing some great information. You've laid out the benefits without neglecting to point out the need for an organized, dedicated campaign.

    • profile image

      FantasyDesigns 8 years ago

      This is greatnews from eHow. Welcome to Squidoo! You can check out one of my Silos with this user. Have fun! 5 *'s for a great start to a great lens!

    • allinfoisfree profile image

      allinfoisfree 8 years ago

      Great start! Add some more modules, like stuff on eBay about starting your own business, or some Amazon links to good books, etc. You get the idea. Look at what other people are doing and copy, ok, not directly, but you know what I mean. :) 5 *'s