Although there are glimmers of light with regards to the economic conditions that have caused financial hardship for so many, there still exists the need for most people to ‘make more money’ and find a way to do it while already holding down at least one full time job. Working in some existing corporate structure in the capacity of management, labor, or skilled trade, and balancing the demands of family, community, and life in general, the demand for earning more money is great but resources are few and far between when it comes to increasing one’s personal wealth. Let’s be honest, most individuals do not work a second, or third job, unless it depends on their survival, because the 24 hours in a day are packed with existing work and family demands, but far too many folks lie on the brink of losing their homes, deteriorating health, and emotional frustration due to the rising cost of living, and the decreased capability of their buying power, or plain cash in general.
I submit that one of the best ways to add additional capital and income for anyone who is employed by any kind of corporate structure is to start and build a home based business. There are three key reasons why a home based business is more important than ever before and why you need to start one soon, or revive the one that is collecting dust:
Three Key drivers for a home based business
- Plan B: As long as you are employed by someone else, for all practical purposes you are employed as long as your services are deemed valuable; meaning you are helping to make money for the company or are perceived as adding value in some sort of way. The minute that you are ‘perceived’ as not contributing to the bottom line by whatever definition is given, you become expendable. This does not have to happen in a one off manner, but we have all heard about entire divisions, or even companies being terminated because they did not fit with the ‘strategic direction’ in which the company was moving. Regardless of loyalty, seniority, or even contribution, the economic conditions of this decade have been relentless in delivering pink slips to both knowing and unknowing individuals. Through May of 2012 there had been 6769 mass layoffs in the US (reported by the Bureau of Labor and Statistics). The definition of a mass layoff is when 50 people or more file unemployment due to efforts taken by an employer.
On the flip side, sometimes peace of mind and your mental state are the driving forces to create separation from a toxic work environment. Keeping one’s sanity and emotional well-being intact may necessitate the separation from an employer. Passive or active separation is not the point; the point is that loss of income and in some cases benefits can be a gut wrenching experience that can only be made better by the replacement of lost income. Knowing that there is an alternative stream of income, like a home based business, that can be leveraged when a ‘traditional’ job goes away is the kind of peace of mind that truly is ‘priceless’.
- Doing more with less is not sustainable: The days of surplus and bigger is better are over for many. Although we are forced in our corporate work environments to ‘do more with less’ translating that to home makes for additional stress and a feeling like we live to work, instead of living to do the kind of work we want. Inflation has decreased somewhat over the last year, but anyone who has gone grocery shopping, car shopping, or just to the movies can tell you that everything costs more money. Educational costs are up, medical costs are up, and it just seems as though it takes more money to do everything in life. Because employers can and have held salaries flat and in some cases decreased wages, the need for additional sources of revenue are great in order to make ends meet. Time is our greatest resource. It cannot be controlled, at least not today and the decisions that we make with the time that we have, has a direct correlation to our quality of life. Home based businesses give individuals the greatest degree of flexibility when it comes to earning additional revenue because of the flexibility to work the business around existing work and family demands. There is no sign of relief or regression when it comes to the cost of living; therefore increasing the household capacity for revenue is a responsibility that everyone must make. Managing the cost side of the equation is just as important, but you can only cut but so much. Unfortunately, even the best managed 401K, IRA, pension, savings program, investments, and Social Security (if it is around) may not be enough in and of itself to sustain you in old age (especially if a major illness occurs). A home based business can provide the necessary income, and in many cases a residual income that can mean the difference between living the good life in retirement and having to work the rest of your life
- The tax benefits cannot be ignored: It has been said that keeping more of the money that you make in your pocket is one of the most important keys to achieving financial success. To that end, far too many people do not take advantage of the tax benefits that a home based business can afford, thereby saving thousands of dollars each year on their tax bills. Deductions such as writing off mileage expense, writing off the cost of maintaining a home office, employing one’s children and/or spouse, buying new equipment, and setting up a self-employed retirement fund, just to name a few, are all potential money saving exemptions that a home based business could afford you come tax time. Major corporations spend millions, even billions of dollars each year retaining the best tax talent and resources to preserve as much of their earnings as possible, why not you? If done right with the proper advice and counsel, perfectly legal means can be taken each year to keep more of your hard earned money in your pocket. Mobile software used on your smart phone can make the process of tracking tax deductions very easy and efficient, not to mention making the tax filing experience a lot less painful. Taxes are inevitable, but leveraging a home based business can preserve your wealth and create a legitimate way to aid your financial freedom.
Ultimately, having a corporate gig and a home based business is the best of both worlds, or at least until your home based business becomes successful enough that you can do it full time. You do have to be smart though with regards to drawing the line between your corporate work and your home based business. While on the clock and utilizing corporate assets, refrain from conducting work for your home based business and vice versa. There are way too many tools and resources to stay productive with your home based business during your corporate work hours to jeopardize a corporate gig and benefits by doing something stupid. Auto responders, virtual assistants, hands free devices leveraged during commute times, can give your home based business the look and feel of being full-time when you are not. The key to burning the candle at both ends is to give yourself options so that you can make decisions on your own time frame when you want. Empower yourself today with a home based business so that you can have financial freedom tomorrow to live the life you want and deserve.
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