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For those with the desire and the motivation to work hard, poor economic circumstances do not have to spell disaster. In fact, they can showcase opportunities that may otherwise not exist or be difficult to achieve.   Of course, income  and money opportunities can be more difficult in today’s economy.
However, remember that higher difficulty generally means higher rewards, so keep motivating yourself to move forward with your dream project. “In life, you need either inspiration or desperation.” These words come from Tony Robbins, a motivational speaker who must have foreseen today’s business market since an entrepreneur today has plenty of both! Whether you have been laid off and are being forced to search for new income opportunities or are ready for self improvement no matter what the economic circumstances, you can turn today’s market to your advantage.

Money to Spend

If you are lucky enough to have some money to spend in today’s economy, then you are in a great position. Everything from real estate to franchises and entire businesses are available at extreme discounts to the willing investor. Consider buying a piece of real estate to turn into a rental property or simply to hold onto until real estate prices grow again. Rental properties are very popular now as people who have fallen behind on their mortgages move to rented apartments or houses. Sheriff sales are goldmines for willing investors, with beautiful homes selling for a fraction of their worth, even in high end areas. Look around at the real estate situation in your area to see if it is worth your time and money. A rental property can provide residual income for many years, even after the current recession takes a turn for the better.

If you are looking for a different type of investment, consider buying a franchise or existing business. Many of these opportunities are available at a deep discount due to their current owners needing cash quickly. Some of these may require a significant time investment, while others may be a way of ensuring a supply of residual income without a large amount of work. You may be surprised at how many businesses offer franchises now, from stores and ice cream shops to online businesses, fitness centers, child care services and pet sitters. Since franchises tend to require extended contracts, from 5 to 10 to 25 years, look at options that will continue to excel after the recession, rather than the many get rich quick schemes that are in supply currently.

Ideas to Ignite

If you do not have money in hand, there are still many income and money opportunities available to you in this economy. Due to the recession, the government is stepping in to help entrepreneurs succeed in new or existing enterprises. Do some research and see what programs may be available to help you in your venture. Small businesses can get Small Business Administration government loans that have low interest rates, flexible repayment terms and other bonuses such as application assistance.

For those already in business, the government and small business trade associations are making available many resources, including training and mentoring, for free or a small fee. Courses that used to cost thousands can now be accessed online at various government and entrepreneurship websites for free. Take a look at the website Business.gov to see which programs may be useful to you and your endeavors.

In the past few years, the most popular mantras for those looking to succeed have been centered on the power of positive thought.  Fundamentally, if you know what you want and act as if you will achieve success, then you will receive it. This has been conveyed by many motivational speakers, such as Bob Proctor in the popular documentary “The Secret.”  However, perhaps this philosophy is best exemplified by a more famous quote: “If you build it, (they) will come.”  While you will not see ghosts of famous baseball players like Kevin Costner did in “Field of Dreams,” this is nonetheless a good mantra for those creating online businesses, blogs and websites. These sites can be a great source of residual income. It is just missing one thing: you also have to advertise!  Selling yourself and your website is critical on today’s crowded internet. Here are five tips on how to effectively utilize online advertising to build your residual income.

1. Identify Your Audience and Your Competitors

Before building the advertising strategy for your online business, identify your audience. You may be surprised at who is looking at your website. If you have not already done so, install a tool such as Google Analytics to track visitors to your website. These services are mainly free and provide information about where your visitors are located geographically, how they found your site, how long they stayed and what pages they viewed.  By understanding who your visitors are, you can find effective ways to best reach them.  In addition, just as important as your customers is your competition.  You have probably already scouted out rival websites, but take a closer look and see what makes them successful. Do they have better keywords and SEO (Search Engine Optimization) included on their site? Conduct a simple internet search to see where else they are referenced and how they advertise. You may be able to find new markets and opportunities by following their lead.

2. Target Your Advertisements

However you choose to advertise, it is likely that you will be able to choose from a widespread marketing campaign to a highly targeted niche promotion. Keep in mind that most online businesses have more success with targeted advertisements. Look for advertising opportunities on blogs and high-traffic sites that relate directly to your product or keywords. For example, if you are selling wedding favors, advertise directly on a site that caters to brides, rather than opting for a more widespread service that simply blankets all internet users.

3. Pay for Word of Mouth

Did you know that you can pay to have your products or website discussed on other blogs and review sites? Many bloggers are willing to review your products, either in exchange for a sample or for a fee. Look for sites that regularly post such reviews and contact them to see if they would be willing to review one of your products. If you have a blog or your own review website, offer to promote their site if they will promote yours. You can also post an advertisement on a job search site asking for bloggers to promote your online business in exchange for a small fee.

4. Move Up in Searches

Online businesses receive many visitors via the large search engines, such as Google. The problem is that it can take a long time for your site to become one of the top results, or even to reach the front page. Smart keyword optimization can help, but a surefire way of getting noticed is to buy ad space directly on search engine result pages. This ensures that users will see a small, descriptive link to your online business along with other top results.

5. Stay on Your Toes

The key to success in online advertising is continuing to reevaluate your advertising decisions and making changes as necessary. If it seems that one option is not working after a reasonable amount of time, do not be afraid to try a new strategy. In today’s world, the most successful online businesses generally are the most creative in terms of advertising. Try new ideas and creative solutions – they are typically inexpensive and may pay off in the long run.

Today’s economic growth is tremendously fueled by the internet.  In a spare decade, the internet has transformed from being a tool for email communications to being essential to almost every business and personal interaction. With the proliferation of broadband and wireless access, millions now have instance access to the full power of the internet, no matter where they are located. Whether you have been an active participant in this revolution or simply been sitting on the sidelines, now is the time to take advantage of the full range of possibilities offered by the internet. Perhaps you have been laid off and are searching for a new opportunity, especially if it includes working from home, or you may just want to earn some extra income. Whatever your situation, consider setting up an online business to turn your ideas into tangible income.

Easy, right?

Unfortunately, setting up an online business is not as easy as clicking and waiting for the money to arrive in your bank account. Goal setting is one of the most important steps you can take in creating your online business. First, you need an idea, preferably one that has not already been pursued by millions of others.  Thankfully, with so many different target audiences and interests, you can hone your niche.  For example, do you make bath and body products?  You could develop a niche for your online business by only selling organic bath products, or ones made from fair-trade ingredients.

Take stock of your past experience, your skills and your passions. Perhaps you have a tangible product that you can sell online, either on your own or through one of the many existing sales websites. Many people make very good livings selling crafts or unique objects through sites such as Etsy, eBay or Amazon Marketplace.

Maybe you have a background in an uncommon field or have some rare expertise. Consider writing articles for magazines in your field or starting a blog that caters to others in your field. You may find that you have something unique to contribute. Whatever your skills are, look around online to see how others have put their skills to work. Then consider if you are willing to compete, as well as how much effort you are willing to put into the project.

Now for the Hard Part

Jim Rohn, one of the most popular motivational speakers of the 20th century, once said, “Either you run the day or the day runs you.” Substitute the word ‘web’ for ‘day’ and you have an idea of what it is like to have an online business. Due to the overwhelming number of other online businesses, you will likely have to spend some time and money getting your name and products in front of the eyes of consumers.

Just because you are working from home does not mean you do not have to work for exposure. Consider spending some money on advertising. If you are careful about where you advertise, a small amount of money can go a long way. For example, if you are creating hand-crafted small batch coffee roasters, an advertisement and a few blog posts on a popular website for home roasted coffee aficionados may be able to create all the demand you can handle. Or consider joining in with other online businesses selling similar services or products. Many online services exist to help sellers meet buyers, so look to see if one exists for your online business. By going through an existing service, you know that your product or service will be seen by those for whom it is intended.

In difficult economic times, especially in a climate as tough as the one that exists today, any attempts to embark on a new financial endeavor can seem challenging.  However, with the advent of the internet, there exists more avenues for income than ever before, such as residual income. Residual income refers to steady income that requires little to no maintenance, such as rent or royalties.

The reality is that any time is the right time to set off on a new journey, as long as you are in the correct mindset. The question to ask is, are you ready to pursue a new goal? In order to make money a reality in your life, you must be focused on each pursuit with a clear mind and dedicated vision. This applies regardless if you are looking for a new job or pursuing an original business opportunity. Whether it is your primary focus or just a way to make extra money, opportunities for residual income should be pursued with determination.

There is No Try

It can be difficult to work up the motivation for any new project, financial or otherwise. This is compounded if you are dealing with other factors, such as financial or personal troubles. Remember that the biggest obstacle that you will face is you. This has been a refrain of many of the most popular self help books and life coaches recently, but it is a valid point.

Consider the success of the most recent self help trend at the center of which lies the documentary, “The Secret.” One of the most prominent teachers featured in this work, Bob Proctor, is a proponent of the Law of Attraction. According to this Law, you need to recognize your desire, ask the universe for your desire, then act as if this desire will be achieved. While this may seem ambitious, in fact, it mirrors the advice of philosophers throughout the ages. You should recognize your goals and then strive to achieve them with all your being. In the words of another popular scholar and teacher: “Do, or do not. There is no try.” This, of course, comes from Yoda.

Motivation and Innovation

Once you have absorbed the teachings of your preferred sage, whether it is a self help book or “Star Wars,” it is time to focus on the goal: creating residual income. There are many possibilities for creating steady income if you are open to exploring new business opportunities. For those with available cash supplies and the inclination, a real estate investment is a time-tested method of earning residual income. Creating rental income can require a good deal of time and expense in the beginning as you choose a location, the type of rental, perhaps refurbish the building and install renters. However, with some wise decisions and a touch of luck, you can expect a steady income every month from your rentals.

If you do not have disposable income at the moment or are not ready to venture into the murky waters of real estate investing, then it is time to take stock of your assets. This includes your experience, your passions and your knowledge. Perhaps now is the time to sink your teeth into that project you had been putting off: writing that book, starting up a blog and earning money from advertisements, or even inventing the next “best mousetrap.” If you have an idea, use your motivation to earn residual income and throw your energy behind it. There are literally millions of business opportunities out there for those willing to pursue them. Self help may have become a catchphrase, but in today’s tough economy, it is time to put those ideas and your skills together to create a steady of stream of income that will last for years to come.

There is no longer any doubt about our current financial straits: today’s economy is in the worst recession since the Great Depression. The unemployment rate is skyrocketing, and companies are continuing to lay off more employees every day. If you find yourself in the unfortunate position of unemployment, then you are in good company. This can be seen as both a positive and a negative. The negative side is the easier to see, especially at first. The job market is swamped with others that have been laid off, including very qualified professionals. However, with the right perspective, you can turn your situation into a positive. Forced time off, whether it is a few days a week or a few months, can force you to focus on your own personal development. Consider this a chance to search for new self employment income opportunities that can help to sustain you in the short term and even continue to supply extra income after you return to work. You may even find a new self employed career in the process.

Develop Yourself

While it is almost certain that you were not looking for forced time off, this can be a good time to reevaluate your options, including self employment. Consider what you really want in life. Perhaps this is a chance to refocus your energy on a new project or to gain some extra knowledge in your chosen field. Join a library and check out some books that interest you. They may help you learn new ideas that will assist with your job search, simply expand your interests, or even contribute to your personal development. If you are interested, skim through a self help book to help you focus on your goals. Rather than wallowing, put your energy into yourself. Take into account the words of the author of “The Science of Getting Rich,” Wallace Wattles: “By thought, the thing you want is brought to you. By action, you receive it.”

Taking Action

The first thing to consider is where you would like to focus your energy. Would you like to put your past expertise to work in a new way? Maybe you can start your own company or work as a consultant for other companies. While this may take some time to develop, it would allow you to gain experience and earn some extra income. On the other hand, perhaps you would like to explore other income opportunities. If your chosen profession has taken a hit in this recession, explore fields that are booming. Taking a lower paying job in a new field may prove satisfying, even if it is only for a few months. Look around at local community centers, colleges and groups for classes that are of interest to you. They may enhance your knowledge and give you a leg up when you work the interview circuit again, or even give you a way to earn extra income on the side.

It is important to leave no avenue unexplored in this time in your life. Examine your hobbies for income opportunities. Your passion for knitting or woodworking can be more than just a relaxing activity. There are many places online that sell handmade objects by people just like you. You may even be able to sell your professional expertise online by freelancing, consulting remotely, or in any number of other ways. Now is the time to be creative and put your energy into finding new ways to earn income in today’s economy.