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Employ Yourself
Start a business. Impossible you may think, but is is much easier than you think (see much section on earning extra cash). All you need is imagination, research and some hard work, but not necessarily a lot of capital. Unless your area of expertise is in high demand and other opportunities abound, you should consider your own business – perhaps even one you could operate from your home.
There are many advantages to operating a home business: tax deductions on something you’re paying for anyway – your residence; savings in commuting and business clothing; flexibility; being your own boss; but perhaps most important – the freedom to choose something that really brings you pleasure as well as an income.
The best time to start is while you still have a job. The start up of any new business requires a lot of soul searching and research. It doesn’t happen overnight. If you are able to keep your day job until you are ready to launch your home business, great. But it’s even better if you can hang on until you’re reasonably certain your have laid some good groundwork.
What Motivates You?
Your first challenge is to identify how you want to employ yourself - what it is you want to do, what motivates you. You are more likely to be successful if you find and pursue something you really enjoy and are at least somewhat knowledgeable about. Try this simple exercise: Brainstorm, jot down a list of at least 10 things you enjoy doing. These could be hobbies or type of volunteer work you already do. If anything in your list is general, such as exercising, rewrite it as something more specific like, coaching, Yoga, stretching, weightlifting, Tai Chi/Qi Gong or aerobics classes. Expand your ideas as much as you possibly can.
Now put the list aside and make a second list of 10 things you would like to have more time or money for. Go back and rank each list item in the first list. The first list identifies income-generating opportunities which really engage you and bring you personal satisfaction. The second list reveals two things:
First, some of the things you wish you had more time or money for may match up with the top items of what you enjoy doing, confirming what course you should pursue.
Second, the cost of items on your wish list will help you determine your income goals and the feasibility of starting a business which will meet your needs.
With lists in hand, start to brainstorm how you can connect the dots between what you really enjoy doing and what you wish you could do more of. Start with online searches to learn more. They will pin point ways to employ yourself profitably. Analyze your market for your area of interest. How much demand is there? Where is it? How far is it from where you live? Is this demand already met? You’re most likely to succeed if you identify a need that is not well met, but don’t despair. If it seems like there are a lot of businesses already, some may not be doing a good job and that is where you can excel.
Affiliating with Established Companies
If you decide you prefer to employ yourself by affiliating with an established company, a franchise or MLM, beware of get rich quick programs. Many of these two types of businesses either demand a high association fee or make promises that never materialize. Many work at home schemes are nothing more than scams, especailly when it comes to MLM’s or Network Marketing companies. (see my articles on MLMs) Some require you to invest a large amount of money upfront to get started. You may be quite shocked when the chintzy merchandise or materials you are required to buy finally do arrive.
Check out all work from home opportunity (I can’t say this enough!) as thoroughly as you can before sending them any money. Use the Internet and the Better Business Bureau: ask the company for referrals, but don’t be fooled by shills – people the company refers you to who are paid to help close the deal and get you to sign up.
Provide a Service
If you have a skill you enjoy that is also in demand, it could be a toward financial independence. For example, if you like working with numbers and don’t mind filling out income tax forms (especially when they aren’t your own), check with your area’s leading tax preparation firms to see if they hire extra preparers during the tax season. You’ll get training and you can work nights (keeping your day job) while you learn.
If your skill requires certification and the field you would like to move into is somehow related to your current job, you might be able to get your current employer to subsidize your training. Look into adult education and community college courses as well.
Don’t be limited by your day job. If you like animals consider pet sitting. If you like to cook, try catering or preparing meals. Enjoy gardening, then teach others or sell the extra you grow. Many times you will find that a talent you have and take for granted is worth something in the marketplace. Home based business opportunities are all around you.
Produce Something Yourself
If the list of things you like to do includes making a product or providing a service, you may be in a good position to start employ yourself in a grass roots work at home business completely on your own and see how it grows. Perhaps you can bake gourmet cookies - for people or as dog biscuits, make personalized greeting cards, you knit or crochet, build wonderful doll houses, can produce macramé items, or sew beautiful quilts or other decorative items.
You may already have some inventory and may even have sold a few of your products to co-workers, friends or family members. You can grow your hobby into a home business with some careful planning and market research. All it takes is some stick-to-it-ness and willingness to keep trying until you find your success.
Some Helpful Resources
Craft, Inc.: Turn Your Creative Hobby into a Business
Making Candles & Soaps For Dummies (For Dummies (Sports & Hobbies))
Creating a Successful Craft Business
Promote Your Business: How to Write Effective Marketing Material for Your Small Business
Best Home Businesses for People 50+
How to Start a Home-Based Catering Business, 5th (Home-Based Business Series)
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