With falling currency values, huge drops in oil prices, global recession and numerous economic crises predicted on the horizon no individual can survive or even thrive on one income stream. The time has come to develop a second stream of income if you have not done so already.
I have come to believe strongly that our educational systems’ main objective is to prepare us for life as employees and not entrepreneurs. The system produces graduates who are continually on the lookout for the very scant employment opportunities. Having a job is seen as “economic certainty,” a term that signifies earning a specified, certain amount that is sure of coming into your pocket on a regular basis.
Thus the very stage of not having a job or trying to navigate the murky waters of entrepreneurship is seen as living in economic uncertainty. Business is in its very nature unpredictable and highly unstable that returns might not be regular. So it’s stability and certainty over instability and uncertainty for most people.
Once that job is pretty much stable and income inflows have been sustained over a period of time, it becomes apparent that these earnings are inadequate to meet one’s needs, not to talk of wants. As the value of money falls faster than the rate at which income rises then the money exchanges for less and less. Thus in order to bridge the gap one is forced to find something else to be done to earn extra. This is where a second income stream comes in.
I would like you to resolve that you’ll develop a second stream of income as soon as possible by getting yourself into a side business. The business can be home-based or housed in an office. It can be run by you or someone you trust. It can be done on a part-time or non-stop basis. It can be anything, so long as it is profitable.
Having your own business is not the only way to get rich, but it is — far and away — the way that most people do it. Statistically speaking, it is your most likely road to success. It also gives you a chance to eventually become super-rich. I am not in favor of quitting your day job. Going into business is tricky and requires a lot of trial and error — which can be very costly and even ruinous if you don’t have a reliable way to pay the bills.
I have listed below twelve businesses you can start with a modest capital outlay and few staff that could provide you with regular, additional income after the business has been effectively promoted and marketed in your locality:
– Drycleaning
– Barbing Salon
– Beauty Salon
– Pharmacy and Su
permarket
– Rental
– Cleaning
– Refilling of Gas Cyl
inders
– Commercial Transport
– Printing and Graphic Design
– Catering
– Business Centre (Typing, Photocopying and Printing)
– Book and Stationery
John Rampton of Entrepreneur Magazine shares five tips to keeping your day job while launching your own business. These are:
1. Consider your job in the right light.
No matter what kind of job you have, make sure you consider it as a blessing, not a curse. It isn’t holding you back, it’s keeping you afloat. You need that paycheck because otherwise you won’t have enough money to live on while you get things going. You’re lucky, because capital from your current job is there every couple of weeks. Most investors want to see that entrepreneurs are investing in themselves first, and you need a paycheck or savings (preferably both) to make that happen.
2. Plan your days well.
It might sound impressive when someone works 36 hours straight, but you’re definitely not managing your time or your health with that approach. Actually, few businesses are built on that strategy. It’s the little, consistent daily things you do that add up to make or break a startup. Stop the busywork, get rid of distractions and give both your job and your venture the laser focused attention they deserve.
3. Maximize your time.
You have the same hours in each day. Maybe you already know your job takes up 40 hours of your time each week (give or take), so account for it and figure out how to maximize all those other hours. Sleep should still be a priority, as should some daily exercise. Still, there are 72 hours in a week to do with as you wish beyond your 40 hours of work, so spend them well. Successful entrepreneurs manage their time, they don’t wish for more of it.
4. See your job as motivation.
The more necessary your need is to perform as an entrepreneur, the better you’ll do. Find “fuel” to pursue your venture. There are many ways to do this, whether you’re scared of pitching to an angel investor (your job means the knowledge that you still have an income if they say “no’’) or you discover you’re wasting your commute listening to the radio (when you could be making hands-free business calls).
5. Outsource, outsource, outsource.
You know what your time is worth (if you don’t, calculate it!). Could you hire someone to do it better, faster and, ultimately, break even or make more money during that time? If so, do it.
Entrepreneurs know how to make the most of every situation and resource they have. It’s the best skill you can hone, and you don’t need to make a major change to start. Figure out today what you could do to better to maximize your time, get rid of dead weight and take care of both kinds of business.
I believe it’s actually possible to keep a full-time job and be an entrepreneur. If you ask a sampling of successful entrepreneurs, many of them will say they had additional commitments when starting their business. A lot of entrepreneurs started companies in their home office, garage, or basement while pulling in an income from another source.
The good news is that if others can, you can. The time has come to grow your earnings by developing a second income stream. Make it happen today.
BUSINESSDAY
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