Start up a small business if you're looking for a simple way to increase your monthly income.
Why is this a viable path to creating a second income source?
Simple reason: It is easier to create an income generating business than to go in search of a second job, which may be non-existent.
Even in cases where employees easily secure a second job, they find themselves spending up to 16 to 18 hours per day working two jobs that earn them barely enough to pay their bills. And often with nothing left to save for retirement.
Worst still, with so much time spent at work, many employees now have very little time for themselves and their families. Thereby resulting in more family conflicts and emotional tension at home . . . and even at work.
So, what is the solution to getting extra income, achieving job satisfaction and having more time freedom?
Simple. Start up a small business.
Launching a small business has three key benefits:
1. You can start immediately. No need to spend weeks and months searching for someone to employ you.
2. A small business can generate profit for you while you're still in paid employment and even when you're retired. So, when you start up a small business, you income does not stop when you retire from your day job.
3. With a small business, you can experience a sudden leap in your income (cash flow that could be 2 to 5 times your salary), if you stumble on a business idea that becomes hugely profitable
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When employees think of venturing into entrepreneurship to earn extra income, they usually visualise themselves opening up a big store with tens of employees and customers trooping in and out.
In reality, launching a small business need not be that complicated.
Let's simplify this to drive the point home.
The truth is . . . you can become an entrepreneur who generates extra income to supplement your salary simply with a computer and an internet connection.
It is really that simple.
Businesses you can start with just your computer and internet connection are often referred to as home based businesses or work at home businesses.
Once you understand that you can start work at home business and earn substantial income online, you have overcome the first hurdle that holds a lot of employees back.
The second fundamental thing you need to understand about business is this: People are willing to give you their hard earned money if you offer them products or services that meet their needs and at a price they are willing to pay.
Pause for a moment and think of all the products you use in your home.
Did you buy any of them because you were compelled to do so?
Of course not.
You bought all of the things you have (and use in your home) because you needed (or wanted them). And, sometimes, with a little encouragement from the sales people in the shop where you bought them or a TV or internet commercial that enticed you into that impulse purchase.
Customers are willing to buy again and again if you offer them products or services that meet their needs or massage their ego.
Many employees state that one of the biggest obstacle to transitioning from being an employee to becoming an entrepreneur is the lack of sufficient startup capital.
But if you really take a moment to think about this, you will realise that employees are a group of people who actually have access to capital.
For example, many employees drive their own cars to work. And most of them bought those cars through car loans they obtained from commercial banks.
It follows therefore that if these employees can access large enough capital to buy personal cars that depreciate in value over time, then startup capital will not really be a problem if they truly want to start up a small business.
In reality, the money that can buy a brand new car is sufficient to start some type of small businesses.
So, what really is the problem?
Why do many employees contemplating entrepreneurship finger startup capital as a major challenge?
The problem could be that many of these employees who work for large corporations are planning to establish large corporations themselves.
Yes, they plan to start big so they can make big sales and earn big profits to quickly replace the income from their day job.
It therefore follows that they would need large startup capital to start the large corporation they have in mind.
This approach to venturing into entrepreneurship is a fundamental mistake.
Yes, you can dream big.
It is okay to dream of owning a restaurant as big as McDonald's, even when you're still a struggling employee.
It is exciting to dream of establishing a multinational company like the one owned by your employer.
However, you must realise that the company you currently work for did not achieve its current size (and its current sales volume and profitability) in 1-3 years.
In fact, when you start really big, you risk landing yourself in so big a debt that you may not be able to pay for the rest of your life, if the business fails.
Therefore, this retirement planning guide recommends that you start small (and phase your growth plans) even if your long-term plan for the business is to grow the business from scratch to a national or multinational company.
Starting small (and with minimal capital) while still in paid employment allows you to do what is called "proof of concept".
If the small business fails, you lose little capital and have the opportunity to start all over again. And when you have to, be sure to avoid the mistakes you made in your first attempt.
When you plan to start up a small business, remember . . . starting and running a small business involves taking on a significant amount of risk.
Keep the three fundamentals of business discussed above clear in your mind and heart.
Now that we have discussed the three fundamental principles of entrepreneurship, let's take a look at some small business startup ideas.
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