Yesterday (October 24th, 2008) the troubles in our economy became mirrored in the global markets. South Korean shares dropped 11 percent and Russia dropped 14 percent. The American market was down as much as 6 percent at one point during the day. As I was working around the house I overheard someone on the evening news predicting that something historical would happen over the next 5 days. He added we would be talking about it for years to come.
From the Rocky Mountain News, Saturday, October 25, 2008. “Many financial professionals . . . think the bad news is largely reflected in current stock prices: a global economic slowdown, a residential real estate recession, the credit market crunch and poor corporate earnings.” Bad news indeed.
My suggestion is find yourself a recession-resistant business. Network Marketing is one such business. One of the most successful people in this business says that her business “took off” during the recession of the late 1980s. People flocked to her business when faced with losing their jobs, homes and savings. A home-based network marketing business can provide a solution for people.
Providing income with the added benefit of residual income, these businesses can be done part-time or full-time. Time freedom is one benefit of a network marketing business. Work when you want to.
These businesses have low overhead–a separate “brick and mortar” building isn’t necessary. I do my business at the dining room table. They have minimal labor requirements, the fewer personnel the better. They are portable, the business goes where you, your phone and/or laptop goes.
In addition, these businesses are far more affordable than buying a franchise. Many can be started for less than $50. Franchises are hundreds of thousands of dollars.
Franchises are also complicated to own. A friend of mine looked into purchasing a convenience store. She discovered that after you spend several years building the business, the parent company can come in and take the business back–including your investment. This doesn’t sound like a wise investment on your part.
For added security look for a network marketing business in an area of the economy that is growing. Health and wellness are predicted by economists to grow to a $1 trillion dollar industry by 2010. People are looking for preventive measures to stay healthy.
According to the DSA (Direct Selling Association), Direct Selling was a $30.80 billion industry in 2007. The companies that make up that figure are multilevel–over 95%. 90% of Direct Sellers do their business part-time.
Take a look at the options available. Insulate yourself from the history-making bad news about the economy. Take the advice of one of the wealthiest Americans, Warren Buffett. Last week he said “I will tell you how to become rich. Be fearful when others are greedy. Be greedy when others are fearful.” Warren Buffett