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A "T" in the road

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There can be no doubt that the past few years have been hard ones for many of us.  Myself included.  Business has been down to the point where income has gone down too.  It’s been that way for most people the world over.  The worldwide economy came about as close to complete collapse as it could, but now it seems to be on the way toward recovery.  Of course, “on the way to recovery” does not mean that everybody is back to normal earnings, or even close.  It means, though, that we might be able to see a glimmer of light at the end of the tunnel, nothing more.

Belt Tightening in a tight economy

Belt Tightening in a tight economy

Survival Cebuano

When times get tough, the first thing that you hear from many people is that it’s time for “belt tightening.”  Belt tightening?  Yes, meaning that we should cut back on our spending.  Curtail the things that we enjoy so that we can save money.  Yes, many of us, perhaps most, have been earning less money, but is belt tightening the right move?

When things move in the wrong direction, economy-wise, we hit a “T” in the road.  We can turn one way and tighten our belts, save money, and suffer for a while until things turn around.  But, don’t forget that we can turn in the other direction too.  What is the other direction?

Earn more money

Earn More Money!

Earn More Money!

Yes, why can’t we make a conscience effort to earn more money?  That’s right.  Work harder.  Take on a second job.  Start up that business that you have had in the back of your mind for a few years.  Take the less traveled direction, and do something like this to make up for your losses in the earning category.  It can be done!

I know that you are wondering, and thinking about the fact that if you were to start a business, it will take money, probably a lot of money.  Money that you don’t have right now, or money that you want to protect in case times get even worse.

But, guess what?  You can start a business without a ton of money!  That’s right, and I promise it is true.  I know, because I have started many businesses with $100 or less!  Yes, I have, I promise!  Know what, I have one business that has done up to a half million dollars worth of business in a single year on an investment of $50 about ten years ago.  Since then, I have not taken another dollar out of my pocket to improve the business.  I’ve never spent a single dollar on advertising either.  $50 out of pocket, no more.  With online businesses you can do that sort of thing.

Sometimes, I will read about some new start-up company on the web, and how they got an angel investor to pump in $2 Million or some such figure.  I honestly wonder where all that money goes?  Because, my experience is that a business can be started online with little money, even no money if you do it right.  Of course, you will have to bootstrap yourself, do much of the work yourself and such, but it can be done.  Work out of your house, you don’t need fancy office space.  Use your own personal computer, you don’t have to have the latest whiz-bang computer system to get it off the ground.  It can be done on a shoestring.  I know, because I’ve done it many times.

So, instead of belt tightening, think about taking the road in the other direction.  Increase your income.  By choice.

Bob Martin

Bob Martin is the Publisher & Editor in Chief of the Live in the Philippines Web Magazine. Bob is an Internet Entrepreneur who is based in Davao. Bob is an American who has lived permanently in Mindanao since May 2000. Here in Mindanao, Bob has resided in General Santos City, and now in Davao City. Bob is the owner of this website and many others.

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Darin Collins
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So what is the business you started for $50?

Bob Martin
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I spent less than $50 to start lots of businesses. The one I mentioned in the article is WowPhilippines.com

Darin Collins
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oh ok, Sorry I just woke up and didn’t even think about your online businesses. Great article though. You never seem to dissapoint.

Bob Martin
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Ha ha… no reason to be sorry, Darin! I’m glad you enjoyed the article.

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