Ways to Make Extra Money During a Slow Business Cycle
The slow business cycle is affecting everyone, whether you teach music or create it online. The best thing to do is to be prepared and find ways to make money.
Unfortunately, there will be slow business cycles every year. What’s new is the length of time that this cycle is lasting. With the low economic growth, it is likely to last longer than usual. The good news is that this doesn’t mean that you should give up your business. Rather, it’s a signal to be more strategic.
In these downturns, customers may be more cautious about spending. However, it doesn’t mean that your business should be slow, too. These economic cycles are not new, but it’s important to know how to manage them when things are slow. Fortunately, there are ways to stay afloat during these times, and Rude Girl Radio shows you how.
Create a Side Hustle
Besides the slow business cycle, you should think about creating a side hustle. If your main source of income is from your full-time 9-to-5 job, it’s okay to have another source of income. You don’t have to quit your job just to stay afloat in this tough economy. However, you should also be smart about it.
For example, you can create tutorials for YouTube or even teach music courses. Explore your options and find an idea that fits your abilities and your budget.
Create a Course
During a slow economy, the demand for online music training has only risen. To have extra income, you can turn your knowledge into a course. Since the market is flooded with online music courses, you might worry about the profitability of your course. However, you don’t have to worry about this because there’s already a market for what you have to offer. All you need to do is to create your course and share it with the world.
To save money, consider converting your garage or outdoor space into a studio or recording room. While you may need to invest a little money to get it fixed up, it will save you money you might spend renting studio space. You may need to repair some damaged concrete in your garage or lay a new foundation for an outdoor space, so look online for cement contractors. These businesses are likely feeling the economic downturn, too, and may offer some discounts. Shop around and read reviews, and be sure to have someone out for a written contract. Never accept a quote over the phone or you might end up with surprise expenses that you don’t want.
Hold a Raffle
Hold a raffle or competition and give away some of your merchandise or a free gift with purchase via email or social media. This can be an inexpensive yet effective way to build your list.
Depending on your business, you can have a giveaway once every six months. This will keep your customers engaged with your brand, and they will be interested in what you have to offer. You should also think about the type of giveaway you should do. If your products are related to music, you can give away a free coaching session or access to premium content.
Upgrade Old Content
If you have a lot of old content on your blog, then you should think about rewriting and upgrading it. When things are slow, take the opportunity to do some basic upkeep that you may have been too busy to update regularly.
During the busy seasons, you might want to consider hiring a content writer to handle blog posts and social media updates for you. Good and timely content can bring more traffic to your sites, which can also bring in more income.
Accept Paid Trials
If you have a product or a service that involves a payment, e.g., an online course, you can consider offering free trials. Although paid subscriptions are the goal, during a slow business cycle you may want to focus on building a relationship with your customers and keeping them engaged. Plus, free trials can get people introduced to what you have to offer and, when the trial is over, they may be convinced to subscribe.
Business downturns from a slow economy can be frustrating and even scary as an entrepreneur. However, there are ways to supplement your income and build your business even when times are lean. Be creative, connect with your audience, and drive people to your sites. Even if it doesn’t make you money in the moment, these strategies will set your business up for success in the long run.