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Tuesday, August 14, 2012

6 Reasons Why Starting A Side Business Can Change Your Life

Starting a side business is one of the smartest things I have done in my life. I call myself an entrepreneur but I still chuckle when I say that because that is not something I could have imagined calling myself 5 years ago.

Starting a side business
Once I left the military I joined Corporate America only to face its harsh reality and find myself laid off soon after. With no clue where my next check was going to come from and lining up at job fairs with 5,000 others looking for the same thing I realized I had to do something different.

That experience was all I needed to figure out that I could not rely a 100% on a J-O-B for my financial well being. It was at that time that I started my full-fledged real estate business and this website.

This recession has drastically changed what we Americans can expect from Corporate America. I have seen plenty of 20, 30+ year employees being laid off the same as new hires... vice presidents laid off the same as assembly line workers...

What that experience has taught me is that EVERYONE should be an entrepreneur and start their own home based business - even if you have a job right now. You actually do not want to wait until you get laid off....

Here are six reasons why you should consider starting a home-based side business:

  1. To increase your income – Most everyone could use more income. Whether it be to increase your savings, save for college, supplement your retirement, put food on the table or to go on that dream vacation without going in debt…
  2. To build wealth and achieve financial independence - pensions no longer exist and a 401k plan is not going to be enough if you dream of not having to work all your life. If you take the money you make with a side business and wisely save and invest it there will be a time you will only work because or if you want to, not because you have to.
  3. To create an additional stream of income - when (not if) you get hit by the dreaded "layoff" you will have something that will allow you to sleep a bit easier. Believe me, our real estate business was a Godsend when I got laid off. We incurred no debt, did not miss a mortgage payment and still managed to take a short vacation, even if it was tent camping. Things in our household would be very different right now if we had not started that business back then.
  4. To be at stay at home parent and be able to contribute financially - this is probably the second biggest blessing of our business. My wife is first and foremost a mother but thanks to our business she has become a real estate agent and runs our rehab business while I am away at work. If all goes well, she will pretty much match my salary this year while our children have not spent a single hour in daycare. To us, this is priceless!!
  5. To add value to society and help others - at the core a business is about providing a product or service that people want or need. Our business has employed dozens of contractors, many of which had fallen unto hard times due to the recession, and has helped Home Depot meet their quarterly revenues ;-) And of course we turn ugly houses into AWESOME houses people want to call home. You too can provide a product or service that can help others.
  6. Because anyone can start a side business - as much as we love the stories about the guy that quit his job and started a business out of his apartment and is now worth a gazillion dollars the reality is that starting a business from scratch and expecting it to be your primary source of income is a heck of a gamble. However starting something on nights and weekends from home is something anyone can do.
If it fails all you lost is time and maybe some money but you gained experience for the next venture. And if it works you can keep it as a side business or you can transition to it full time...only if you want to.
I can give you 10 more reasons why starting a side business today is the smartest thing you can do but I think you get the point.

Find something that inspires you and that you would actually enjoy doing and find a way to make it a side business that who knows, one day could become a full time business. Hey! Amazon started in Jeff Bezos garage… what are you waiting for?

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