Job insecurity once a distance memory for many in America …is now a living nightmare we all have to face.
You don’t need to wait for the department of labours’ job statistics to tell you that getting a job is difficult at present
The only way you and your family can sidestep and recession proof your wealth is this … you must find and build multiple streams of income.
You cannot afford to delay in taking action…because job security is becoming more like a myth.
Job insecurity is the new real.
In a report published by the Canadian Labour congress, many more people are self-employed, working part-time or in tenuous temporary jobs compared to earlier years.
In simple words…. Your chances of finding a stable job are no longer as easy as it used to be in the 80’s and 90’s.
In fact, the Canadian labour report also found …that a higher proportion of young people are going to spend most of their working lives working as part time workers.
Now imagine for a minute that you know a tornado storm is going to make landfall in your area.
Would you not make plans to secure your property and family? I am sure you will
That brings me to what I want to talk about today….
I am going to show you how to look for money pots-multiple streams of income-that will help you ride any economic depression.
In addition, you’ll know what to do next after you find these money pots so that you can begin to enjoy a lifetime of financial independence for your family.
Enough of talking …let’s get started
You need multiple sources of income so you can ride the wave of job insecurity …and have enough money to live comfortably
What you need to know before looking for multiple sources of income
You need to know that a multiple source of income is different from your primary source of income.
In fact, it’s a side business that you only spend a few hours to generate income. It could be a joint venture with a friend or family members.
If you have tried to build a side business in the past and you have failed, …it may be you have not worked on the idea of multiple sources of income the right way.
If you are a novice and would like to start building your own part-time business…. here’s what you should look for when you start.
Your multiple source of income should:
Be Low risk
you should start a side business that you can easily start with your present working experience and knowledge.
You are likely to succeed if your side income requires little or no capital.
Let’s say you are an accountant, you are more likely to make money if you start a side business related to accounting.
Take only a few hours of your time
Your side business should only take a little part of your time. It must not take you away from your primary source of income.
The intention is for you to earn income from a part-time business
When you are looking at setting up, a potential side business …you need to remember this is not another Job.
If you are not clear about what a multiple stream of income…you need to read my previous article on how to overcome money worries
In addition your potential side income should:
Require little or no employees. Your side business is not your main job, so you must look for ideas that require little staffing, time and skill.
Require low start-up capital. Your side business should need only a small amount of money to start.
Require Creative energy. Your side income should require more intellectual energy than your physical presence.
In this respect, Information product based businesses or consultancy services are more profitable because they have a high-perceived value.
Have high profit margin
Your side business must have a healthy profit margin that will pay you for your effort
be customer driven
your side business must meet a strong customer needs. You must make sure you know who is your ideal customer, what are their problems, and why they want to buy your product.
Reward you with personal satisfaction
you should start a side business you find personally rewarding. For example, it may be that you’ve started your hobbies as a side business.
You should enjoy personal satisfaction from having your own side business.
Moreover, your part-time business should help you to grow and learn
Be easy to duplicate and unique
you should develop a business that has a business model that you can easily duplicate across many related industry.
In addition, your side business must have a unique selling proposition (USP) …so you can easily separate yourself from competition and appeal to your customers.
Do this first…before you start your side business
You have done the hard work of narrowing down your ideas to three possible side businesses you want to start…
What should you do next? Should you start building the business immediately?
I think it’s a good question… The answer is yes and no.
Yes…if you’ll take the time to do an important step that will make your efforts fruitful.
No. If you have never done any of these important steps, I am going to tell you:
You need to know who are your customers.
You need to find the people that are willing to pay for your services or else the business will not earn you income.
The good news is you can easily find who your prospects are if you take a systematic way to find and connect with them.
The first step is to find your ideal customers. You need to find the clues that show that are ideal customers for your products and services.
You can easily find out your ideal customer by doing market research. … it’s so easy to do customer research on the web.
When you have found you customers…you need to find out the best way to reach them.
You can reach your customer by testing various channels to reach them…with leaflets, classified ads, and the Internet.
In addition, you need to find a way to separate yourself from the competitors in your market.
You can separate yourself with headline promise in your adverts, mailing and messages .
You should also prove you can deliver on your promise and ask for the order.
When you have found your ideal customer, figured out a way to reach them, and separated your product from the competition…
Only then should you start looking for products and services to build your side business.
The moral is …you should find your customers first before selling your products.
That’s the secret to wealth and enjoying a lifetime of prosperity… its building multiple streams of income…so that you are not at the mercy of your job or an employer…
In addition, you can have the freedom to spend more time with your family…. Earn more, work less, and…retire to live your dreams
To your success