« | Home | »

The Best Business During a Recession

By Meaghan Montrose

You can’t escape it. It’s on the T.V., in the paper, talked about at the supermarket, and it hits you every time you go to pay a bill. The economy is BAD and seems to be getting worse. People are being laid off, companies aren’t hiring, and those who do have a job are losing hours each week or not seeing the pay raises they should. So, what do you do? How can you make money when everyone seems to be losing it? The answer- you need to find a business that everyone needs.

A recent poll on YoungEntrepreneur.com asked “What is the best business to have in a recession?”. The results of that poll revealed that having an online business or a job in healthcare or education were in the top five. Online businesses make sense because it lowers the cost. You have no need for an office or a store front. All you need is a computer and an internet connection and you can work right from home on your own schedule. Healthcare and education are always booming businesses because everyone needs them. These areas are relatively immune to the affects of a recession because our basic needs are to be healthy and then to be educated.

Working in the healthcare field requires extensive schooling and training so, if you are currently looking for a job or want a way to supplement your current income, I would suggest becoming a tutor. Teachers and tutors are always needed because no matter what happens we need to educate our children. With increased world competition and the falling dominance of the United States in the global economy, educating our children is one of the most important things to do.

If you are currently a teacher, be thankful of the stable job you have. As a teacher, you should consider working as a tutor part time to increase your influx of cash during these tough times. If you are looking for a new job or an additional job you should consider becoming a tutor. Regardless of their financial situation, parents want their children to learn and succeed in school and will be willing to hire a tutor if necessary. Another benefit of being a tutor is that you work independently so you can set up the hours you want to work and you can determine the price you are going to charge.

Here is a fast five list to get you started tutoring:

1. Get Organized- Decide what grades or subjects you can tutor, what times you are available, where you want to tutor (online, at your home, at the client’s home, at a public place such as a library) and how much you want to charge. (During a recession you may want to consider charging slightly lower than the current rate in your area in order to attract more clients)

2. Find Resources- You can find several great resources on the web for tips on tutoring and practice worksheets in almost any subject. There are also several sites where you can print out free business cards.

3. Make it Official- Print up business cards or fliers with your name, email address, (web site if you have one), phone number, prices, and grade level or subjects that you can tutor.

4. Advertise- Post fliers in areas where potential clients will see them (such as library, grocery store, or school). Leave a stack of business cards with guidance counselors at schools.

5. Keep your Clients- Make sure you are doing everything to keep your clients happy and satisfied. Make follow-up phone calls, discuss the progress of the student, return emails and calls promptly, and offer discounts for multiple sessions.

To sum up, if you are looking for extra money in these trying financial times, turn towards tutoring as a stable source of income.

Topics: Money and Business Advice, Starting/Running Your Tutoring Business, Work from Home | No Comments »

Comments