 Just a few months ago, everyone seemed to be financially okay. Today, almost everyone is concerned about their finances as the world's economy is crashing down. While it's easy to believe that everyone is in crisis at a time like this, some people actually make more money now than before. I'm fortunate to be among those and in today's video, I'll be sharing with you 5 ways you can actually make more money as an entrepreneur at a time like this. If you're an entrepreneur or an ambitious person, we especially invite you to join our motivational channel which was designed to give you daily inspiration so that you'll have the strength to pursue and achieve your most important dreams. We call this channel Hunt TV and you can join in the description box. 1. Build a business that you're not responsible for its running cost. My first successful business was an agreek tech company where we act as an intermediary between the farmers in my country and those who want to become farmers. We have two websites that cost us less than $300 to manage a year and nothing else except data. We had 250 partners all over the country. We had a few courses we made once and for all and almost nothing like concurrent expenses. We connect the buyers of our services with the providers by using phones and emails. We efficiently ran this business from my apartment and I did just that in the past. What happened here is that all the running costs of that business were on our partners even if the economy is not stable since almost every money we make is a profit will still be fine. Some people might not understand how this works so let me use particular examples of the companies that do this. Think about Uber, think about Airbnb, think about Google and YouTube. There are more than 5 billion videos here on YouTube. These videos belong to YouTube but YouTube spends $0 to create them. The advertisers go to YouTube and pay to reach the audience even though YouTube didn't spend any money to get them. Yes, they are staff, technologies and a few marketing that YouTube might have. But if you compare these costs with the cost of running traditional businesses it's like a comparison between the sky and the earth. This model is known as the shared economy. Someone stands at the middle to connect two people. The guy in the middle actually doesn't take responsibility for the cost of production of the goods or services so he shifts the cost on his partners while he makes most of the money. You can create a shared economy. You can be an intermediate between two groups of people and make your money with almost zero running costs. I'm not saying it's easy but since I did it successfully I believe you might be able to do it if you think deeply. What two groups of buyers and sellers can you connect and take a commission from the sellers without having to be responsible for the running cost or cost of production of the services to be rendered? If you can figure that out, you can build a business that will be fine even during a recession. Two, build a business with low running costs. I earlier talked about how you can create a business where you are not responsible for the running cost or most of it. Now if that is not possible for you, you can create a business that has a very low running cost. This is important because by far the greatest enemy of business is the running cost. Nothing is even close to running costs in business. Businesses are making money so if you want to know the reason why businesses fail, look at the running costs. Sometimes ago I read about a company that made as much as $100 million a year yet they had no profit. Not likely because they used some cunning ways to reinvest all their earnings to dodge the IRS, but because they had a company with so much running cost. Many companies in the world spend all their money to run the company. For example, one study found that 90% of all services and manufacturing businesses with more than $700,000 in gross sales are operating at under 10% profit margin. Imagine making a million dollars every year and your profit is only $40,000. That's why I said that cost of running businesses is the enemy. Greatest enemy of every business. So if we can figure out how to build a business with extremely low running cost, we can survive or even make more money during the time of crisis. All my businesses have a responsible profit margin and there is no magic other than that we have a low cost of running the businesses. Some of the following points will give you some ideas on how to do this. 3. Excessively leverage on the Internet I spent about 6 years in the traditional business settings where businesses are built on one block at a time. One location at a time. One employee at a time. It was tedious and boring. So in the year 2014, when I discovered the power of the Internet, I became obsessed with the Internet. Suddenly, I found out that a simple application is capable of doing what 20 humans need to do. I discovered that instead of building a block-and-mortar model one at a time, I could sell my product to someone from other states and even countries. I discovered the power of blogs, videos, and social media. I built two businesses which I've never worked on more than an hour a month in the last one year yet they make me money. Just yesterday, I checked my blog and saw some of my rankings. Then I asked myself, why is Google still ranking my blog even though I have abandoned it for about two years? That's crazy. This blog still gives me money every month because Google won't stop ranking it, even though I can't remember posting anything on it in the last two years. Whether you think about tools, connections, marketing or branding yourself or business, nothing beats the Internet. And the reason being obsessed with the Internet can make you more money during the time of crisis is because it's often cheap compared to the traditional ways of marketing or building stuff. 4. Use remote staff to run your business. In my entire company, only about two people have an obligation to resume to the office every day. Many people never resume to the office as they work remotely. Others resume only on Thursdays and the reason for this is two folds. First, people are likely to be happier with their jobs if they don't have the burden of office time and resumption. This way, they can do their work with better minds and higher productivity. The second reason we might want to consider remote staffing is that office space and running the office could be very expensive for a small business. There are businesses in my city paying as high as $200,000 a year to maintain their office space. $200,000 isn't a lot of money for big businesses, but how many businesses are big? For a company that makes a million dollars a year, $200,000 is way too high for an office space alone. Another thing you might want to consider is how you can have your office away from public or popular space, at least while you're still small. This way, you can pay very low for rents and this won't affect you as long as your business can be carried out without much or no visitation by clients. I know this is impossible for most business, but you get my point. High as many people as you can to work for your business without them resuming to the office and you'll save some cost. 5. Diversity Yes, one of my business is hard hit with what is going on right now, but this doesn't affect us as much because our other business is doing better than before. When starting out in the business world, you would want to keep all your eggs in a single basket and concentrate on that basket, but as you grow, you should consider diversifying because if a recession happens, a person who has three businesses in different industries will be safer than someone with a single business. Here's the summary of everything I've discussed with you so far. 1. Build a business that you're not responsible for its running cost. 2. Build a business with low running cost. 3. Excessively leverage on the internet. 4. Use remote staff to run your business. 5. Diversify And just before you go, watch other videos on YouTube. If you're an entrepreneur or an ambitious person, we invite you to join our Motivational Channel. The objective of the channel is to give you daily inspirations so that you will have the strength to pursue and achieve your most important dreams. We call this channel Hunt TV, and you can join in the description box. We love you.