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The Best Home Business Ideas for a Slow Economy


With a slower economy, using your skills in areas such as tutoring, computer support, and credit consulting are great and secure options.
 
Woman standing in front of blackboard with question marks.

In a slow American economy that has had a terrible cascading global effect with job cuts, slashed wages and truncated perks, it is imperative to get enterprising and look for alternate streams of revenue to tide through the difficult times and even build a profitable business venture. These home business ideas will give you tips and inexpensive ideas to launch your own power-packed home business venture.

Cash in on Your Skills

Each of us is gifted with special skills and a unique flair that we ingeniously veil from the world. This is the time to cash in on your skills and harness them for financial productivity. You can do anything from starting a music, dance and art class, to running a day care or pet care center. Take cookery classes, bake chocolates and cakes or offer inexpensive home salon treatments for clients. The cost of starting these enterprises is minimal and the focus is not as much on the capital as much as on your skills.

Start a Tutoring Business

If you have proficiency in any particular academic subject, start a home tutoring business. In fact, anyone with a good educational background can offer private tutoring services. Tutors charge anywhere between $15-$40 per hour or even more depending on their level of expertise and the city they are located in. You don't need any upfront investment to start this home venture, and you can conveniently work for a few hours in the day.

Credit Consultancy and Debt Management

Start a credit consultancy and debt management enterprise to help people sort out their finances in a slow economy. A lot of people will have lost their sources and income, and may need professional help in clearing their debts and a chalking out a debt-free plan for the future.

Computer Support

A lot of professionals rely on their computers and Internet to make money in a slow economy, and hence need expert technical support when their machines malfunction. If you are an expert in technical domain or can do a short course, you can offer proficient computer repair service and charge as much as $50-100 per hour for a home visit.

Copywriting Services

Other good ideas are starting a copywriting services agency, if you possess exceptional writing skills and can develop content for websites and other brick and mortar businesses in your city.

The Internet is Your Money Making Machine

There is no better place for starting a home business enterprise than the Internet. The cutting-edge global application is a storehouse of wealth if channelized appropriately. For starters, the costs of running a business on the Internet are frugal and the medium offers a reach that remains unrivaled by any other communication media.

Sell on eBay

You can sell anything on the Internet through direct selling or websites like eBay that reduce your operational costs of running a full-fledged physical store. You can even drop ship products by procuring them directly from manufacturers and selling them to online shoppers through aggressive marketing techniques (and reap rich rewards in the bargain).

Launch a Website

If you have a website, concentrate on building a steady traffic and subsequently develop multiple streams of revenue, like affiliate marketing and advertising programs like Google Adsense, which will help you accentuate your profits.

Other Ideas

You can be a financial planner, a freelance accountant and investment consultant or start your own medical transcription business. Network Marketing, MLM, direct selling and being a home business franchisee for reputed firms are some other options that are economical and financially rewarding.

There are several low-cost home business options that can be very rewarding if developed creatively, resourceful and ingeniously through infallible planning and consistent marketing efforts.

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