Well, for awhile, the lower the stock market went, the more my business phone rang. 55-year-old guys wanted to reinvent themselves in a contracting economy, and a couple of college graduates wanted some info on starting their own business.

Happy to oblige. But within the past two weeks, three of my most stable clients have “cut back” – in one case by 50%. So I’m scrambling for work.

If you’ve been feeling the pinch, the following have generated cash for me while the economy implodes, and if you don’t mind getting paid in used office furniture, you can do well. Anybody need a desk or two?

Expand Marketing

Though we only eat protein every other day, I’ve boosted my marketing budget. First, I took a small advert in the services section of the local newspaper offering SEO/M services for local businesses. I got three small jobs out of it (more than enough to pay for the ad) but, I don’t know, it felt kind of desperate.

I’ve been pumping the blogs (not this one, of course), answering questions on LinkedIn and Yahoo, and taking advantage of every opportunity to post and tag some digital turf.

Monetize My Website

I didn’t want to do it but my site now has Adsense all over it and I’m shopping around for affiliates that aren’t in direct competition with what I do (still to be determined). I’ve also built up a couple of blogs, Adsensed them, and I’m working to get my 30 posts in 90 days to become a billboard for cash.

Don’t want to do it, but with clients pulling back and the mortgage due, I’m not a proud man. At least not too proud.

Expand Service Offerings

I’ve done resumes, but resume writing is to writing what wedding photography is to photography. Pretty mechanical and totally formulaic. But okay, I can frame a neer-do-well who hasn’t kept a job for more than six months as a woman looking for the ultimate challenge. So, a small classified has brought in a little income – walking around money.

I’ll even write a Dan Kennedy long-form sales letter – cheap – even though I’d rather gouge out my eyes.

No more pick and choose. The check clears? I’m your boy. (I do draw the line at the American Nazi Party) but NRA, drop me a line.

Put Off Buying

My Dell Dimension huffs and puffs through the day and sometimes I have to whack it with a ball peen hammer, but I don’t want to spend $1K on a new system. ( I also don’t want Vista, which comes standard.)

I did have to buy a new telephone after a cat ate through the cord. $129.95 plus S & H. Thanks, cat. If I don’t have to buy it I don’t. I back up all content in a couple of places in case I accidentally hit control-alt-explode. It may not be the fastest, but the 1.3 clients I have left don’t have hard deadlines so I’ll live with it.

Review Monthly Costs

I did. I was paying for a cell phone though I never leave the house. I was paying for a marketing service that was only marketing their services to me. Ix-nay. I was paying for a global plan on my telephone service even though I’d added Skype to my computer. Just by dropping this double, overlapping service I save $40 a month or $480 a year.

And to have that $480 in my pocket, I’d have to earn $650, pay taxes, FUTA, FICA, PICO and every other tax, fee, franchise expanse and corporate payment required under federal, state and local law. My town charges me $8.58 for used office furniture and a three year old computer with ball peen hammer dents all over the box. Everybody gets their money.

Restructure Accounts Receivables

Used to be a trusting soul and allow clients to pay in full on completion of the gig. My “Chump Sign” wore out so now I’m on a pay as you go basis with all new clients. This hasn’t increased cash flow, but it’s smoothed it out so I can at least budget for the next 30-60 days.

Sadly, I also dumped two slow pays (really slow pays). I never expected to see any revenue for my work so I told them to find another provider. I don’t want to finance my clients’ projects by providing services on a “pay upon completion” basis. Man, you are really hanging yourself out there.

Pre-Qualify Clients

I started doing this last year and it’s saved a lot of grief and hounding a poor mother of three for a lousy $100. (I never did that, but I could have.) So, today, I go through a much longer discovery period.

Check out the existing website. Sleek? Web 2.0-y? Or some home-made template site designed by a client with browser or color-blindness issues? I stay away from the clients who are betting the farm and hoping to hit a home run.

But, during my research I’ve discovered a few gems. A large regional real estate company that wants to blog daily. I can do that. And a law firm wondering why they don’t show up on Google after six months. A 15-minute telephone call reveals whether this is a client to take on and work with or a work at home parent with a budget from the penny jar. This one step alone has increased productivity by 30% or so. And I don’t have to hassle nice people who had a dream but ran out of cash at $300.

I’m hoping, like I assume you are, that more and more advertisers and businesses recognize the value of web marketing and ecommerce. Web-based advertising revenues are expected to increase 15% in ’09 while all other ad revenues are expected to tank. All you have to do is look at your newspaper to see that print is dead.

So, you’re in a good position in a bad economy. Maybe it’s time to rethink your revenue and business model. It seems to be working for me. Any other suggestions you can offer?