A Home Based Business Can Provide Replacement Income
I consult with a lot of people. Many of my clients and even strangers I meet while at the bookstore, on a plane, in line at the grocery store, and so forth, express a concern about the economy, a dislike for their job/career and/or the instability of same.
Thus, the focus on this article is to open up a door of possibilities for you to start your own home based business which can most definitely replace your income. Although, don’t quit your job yet!
So let’s talk about this.
- Have you been hurt on the job and unable to continue in that line of work?
- Have you been pushed out of your job by the the younger generation?
- Have you had to take an early retirement because technology replaced you?
- Have you had your 401K wiped out with the market?
- Have you been in a job you hate?
- Have you decided you’re worth more than what you’re paid?
There’s a lot of scenarios that people experience and the question on the top of their mind is this:
“What can I do to replace my income?”
Or how about this that perhaps is more profound:
“What can I do to exceed my income and do so where I create the life I love?”
I have an answer for you.
Start a home based business.
Not only can you position yourself to replace, and even exceed, your income, but you’ll now be able to reduce your taxes by quite a bit. I wrote a 4 part series on the tax benefits of small business owners which would apply to you. Be sure and read those. I think you’ll appreciate that.
You’ll want to take into consideration the business you choose because your product does matter and the compensation you earn also matters.
It’s going to be important because there are thousands of opportunities in the home based business arena you’ll be looking at and many people get caught up in the emotion of the product only and end up not generating enough commissions to achieve their income goals.
Be sure and check out this article I wrote BEFORE you decide on a home business. It’s the difference between making an extra $3,000 a month from just ONE sale, vs 10 or 100 sales a month. Read it here!
Having a home based business is a business decision. Here’s a few CHECK POINTS you want to make sure you’re prepared for.
CHECK —Plan on some start up funds, however, there’s no reason you need to be on an autoship with required purchases every month or be forced to use monthly website fees in order for you to make sales. They are hard to find but depending on your available cash flow, this may be important to you.
The reason a home based business is such an economical option is because getting started usually requires no more than $6,000 or so, depending on the product line you decide on as opposed to multiple hundreds of thousands of dollars for a brick and mortar.
CHECK —Plan on a learning curve. If you’re doing something you’ve never done before, or have done and failed in the past, well, it’s common sense that there’s a learning curve. But so what! The journey is worth it all.
CHECK —Plan on personal development and education. You will grow as a home based business entrepreneur in relation to how you grow yourself as a person in both your skillsets and leadership.
CHECK —Make a plan to develop your business and then get to work.
How soon will you achieve replacement income?
That’s up to you.
- How many hours are you willing to spend each week in your business?
- How fast are you willing to learn how to market your product?
- How fast can you move past fears and hangups that may challenge you at first?
- How well did you choose your product and commissions value?
- Did you choose a leveraged income opportunity where you also make a commission off the efforts of others?
These will all determine how much and how fast you generate the replacement income you desire.
Some do this within their first 6 months to a year in business.
For some it takes a few years.
For some it takes longer yet.
Everyone will go at their own pace.
The good news is ALL DECISIONS are in YOUR HANDS.
Having a home based business in your portfolio is worth the effort, both for income goals and tax advantages.
I can’t speak for you and how you feel about it, however, I hope this article has helped you with a vision bigger than yourself to grow your future into the life you love.
Your home based business can bring you such time and financial freedom when you do what’s necessary to be successful. You can do it. It’s a decision you make and then get to work.
All The Best,
PS: If you’d like reach out to me to see what I’m doing in the home based industry, feel free. I’d love to chat with you.