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Wednesday, December 7, 2011

Becoming a Part Time Entrepreneur

Building wealth requires many things. If your main or only source of income is your job, you may also have some savings in the bank, possibly a retirement account and maybe some investments. You may have realized that those will not be enough for you to create wealth or achieve financial independence.

If you haven’t realized that yet, then let me be clear: IT’S NOT ENOUGH-YOU WILL NOT ACHIEVE WEALTH RELYING SOLELY ON A J-O-B!

I discovered that the hard way. Your job is here today and gone tomorrow…

Which is why, as important as having a job is, living on less than you make, saving and investing will probably not be enough to become wealthy.  Therefore increasing your income by creating multiple sources of income is absolutely critical.
 
Being debt free is also very important but I am assuming that you have already realized this. If you want to go from  debt to wealth make sure you have a plan to get rid of debt.

Enter the part-time entrepreneur…

This means that while you are keeping your job you start a side business. You can start it on your own or with the help of a spouse. If that spouse works then you both have to share the workload. If the spouse is a work at home parent, then they might be able to share a bigger load of the new business while you concentrate on rocking your job and increasing your income there!

Either way you should consider part-time entrepreneurship for at least  the following reasons:
  • The job market is one of the riskiest investments you will ever make. Over the last year I have met dozens of highly qualified, educated and highly capable people…that are unemployed. Years of education, working hard for the company, making the right career moves mean nothing when the company has to down size. Therefore relying solely on a job for income and wealth building is ludicrous.
  • Opportunity to do something you actually enjoy. You might be one of the millions that down right hates their job or you might have a love-hate relationship with your job. Either way, creating a source of income doing something you like and it’s your own creation can become a great source of fulfillment in your life.
  • Create your own retirement. Let’s face it companies no longer offer pensions, social security is dying a slow death, many companies don’t even offer a match on 401(k) anymore! The reality is that if you ever want to stop working and “retire” it will be completely up to you…not the government, not your company.
Now...what if you had a little home based business that was making you $1,000/$2,000/$5,000 or more per month. Then you take that money along with your salary and every month set aside a big chunk of money to be invested in your business, the stock market, real estate, etc. Over time this will keep your money growing and allow you to create a big pot of money to be used to achieve financial independence and retirement.

Would you like that?

Lucky for you there are a hundred and one ways to create a side business. Start thinking about it and how you can start one. Find out what you will need to do to make it happen. Ask others that have done it before. Do the research and come up with your own conclusion…

Over the next few months we’ll cover some of the alternatives out there along with my own lessons learned on creating a side business while holding a full time job. So stay tuned to the  Wealth-Steps.com blog  for more…

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