The IMC Insider
Helping Real People create wealth and freedom with Internet businesses since 1996
March 03, 2008Issue #188
5 Ways To Accelerate Your Earnings
During An Economic Slowdown
By Derek Gehl
These days, the TV news shows are full of them…
“Doom and gloom” stories about the current economic slowdown, sparked by the mortgage mess in the U.S.
Now, I don’t mean to make light of a serious situation. I know that a lot of very big companies have been caught with their pants down, so to speak.
And I know that many good, honest folk have lost a lot of money — or even their jobs — as a result of the current crisis, through absolutely no fault of their own.
But that DOESN’T mean you should hide your head in the sand and wait for “the good times to roll” again before you embark on a new business venture!
The truth is, NOW is the best time to grow your business!
Businesses that are launched in hard times are better equipped to survive than the ones that grow bloated and fat during times of surplus spending.
But in order to thrive during an economic slowdown, you need to know how to do things the smart way, and not waste money you don’t have on strategies that won’t work.
Today I’d like to share with you 5 cheap and easy ways to grow your business.
By implementing these strategies, you’ll be able to acquire new leads, strengthen your relationship with existing customers, AND add new streams of income to your business.
… And all that mean MORE money in your bank account!
Without further ado, here they are:
Business Turbo-charger #1:
Generate passive income with a niche site
If you’re looking for an extra source of income, this one’s for you!
A niche-centered Internet business is the best way to profit from a downturn… Because the cost of entry is lower than any other business and the upside is enormous.
On top of that, an Internet business is very forgiving. You never have to “bet the farm” on an Internet idea. If something isn’t working, you’ll find out right away and you can either fix it or move on to something better.
(Just be sure to take the time and do the necessary research to prove the niche is actually a profitable one!)
Business Turbo-charger #2:
Join affiliate programs that align with your
current business model
This is the fastest and easiest way to add a new stream of income to your business, guaranteed.
Your existing customers are three times as likely to buy something from you as a stranger who has no experience with your products. So how do you get these people to buy from you again if you only have one product?
Simple — you offer them an affiliate product!
All you need to do is conduct some research into your market and discover what products your audience is clamoring for (beyond the ones you already provide them).
Next you need to find an affiliate program that offers such products, and add them to the “back end” of your site.
… Then simply email your list special offers for these products — and mention them on your site, in your newsletter, and your blog… and watch the extra orders come rushing in!
Business Turbo-charger #3:
Start a blog to strengthen your relationship with
In turbulent times, the cream rises to the top.
… In other words, the ones who are truly successful will go the extra mile to build a strong relationship with their customers and prove that they’re a rock-solid business that always has their customers’ best interests in mind.
And starting a blog is a GREAT way to do this!
A blog helps you personalize your business, and allows your customers to get a glimpse of the people behind the website. This goes a LONG way to reassuring wary online shoppers that you’re someone they want to do business with!
Not only that… search engines absolutely LOVE the fresh and frequently updated content of a blog — which means you’ll get a great boost in the search engine rankings and drive more qualified visitors to your site!
Business Turbo-charger #4:
Widen your circle of potential partners by joining
a social business network
If you’re searching for new income opportunities, a great place to look is a popular social business networking site, such as LinkedIn.
LinkedIn has more than 19 million registered members — all of whom are professional business people who are interested in meeting other people whose business interests are similar to their own.
… When it comes to looking for joint venture opportunities, new business partners, or people who are looking to buy your product or hire your services, LinkedIn is a virtual gold mine!
(Plus, it’s a great place to get professional feedback and free business advice!)
Business Turbo-charger #5:
Write helpful articles to boost your reputation
A great way to spread word about your business and boost your reputation as an “industry expert” is to write free articles on topics related to your industry and then submit them to the ‘Net’s top article directories.
The benefits of doing this are twofold…
1) Your audience will become more familiar with your name, and will be far more likely to buy your products
2) The links you’ll get from the article directories pointing back to your site will give you a nice boost in your search engine rankings.
… The bottom line is, every little thing counts. In times like this, you have to do what you can to separate yourself from the pack and make yourself stand out from your competitors.
And you have to keep your eyes open for every opportunity to add a new stream of income to your business.
That’s ESPECIALLY important during an economic slowdown — because even if one of your income streams dries up, your business will continue to thrive.
With an Internet business, you never have to get locked into a losing proposition.
As long as you build your business on a solid niche, and are always looking for ways to diversify your income streams, you’ll always be able to keep your head afloat… even when others around you are drowning.
So keep your chin up — and don’t give up on your dreams!
Remember, optimism is the best antidote to any downturn.
To your success,