There has been much discussion on the Wealthy Affiliate forums among those of us with businesses online about the effects of the global economic situation and the impact on those who make money online.
My personal belief is there are a couple factors to determine the impact on an individuals business. Of course the fact that we are online means our businesses have a global reach. This gives us a distinct advantage over traditional brick & mortar businesses that may have a limited regional reach.
Another factor is the type of business model one may be following. Those who have been dealing in a business that works mainly with things people consider luxuries could experience a slump in revenue although the “desire” factor plays into this as well.
In my opinion it is always a better long term model to make sure your business deals with things people view as necessities but this is subject to interpretation. Something one “desires” or is extremely passionate about can be viewed by that individual as necessary while others see it as a luxury.
A good example on Wealthy Affiliate itself would be those who provide writing services. The perceived impact of the economy has led many to ramp up their business efforts by building more online content. This leads to more postings on the job section looking to outsource writing.
This leads to an increase in revenues for those that have built their business around providing freelance writing of content. If you are unfamiliar with creating a business by writing content for others you can check out the page on my make money online site for writers.
I believe the bottom line is working consistently on whatever efforts you have in place to make money online. This will ensure that your income will continue through any temporary situations. Putting in extra work because of the current economic situation will help fight off any revenue slumps as well as provide potential increases when the economy turns around.
