What is Home Based Income – and more importantly will it help you in your goal for creating wealth, for reaching financial freedom?
More and more today you hear of people telecommuting (or working away from the office via telephone or internet), video conferencing (basically talking over the internet via live video, allowing them to meet face to face without having to travel) and having the flexibility to be able to spend a day or two a week being able to work from home. Usually, the majority of these situations refers to an employment situation, where the company is able to increase productivity, efficiency or reduce their expenses by incorporating one or several of these types of situations.
This, however, is not the type of home based income I’m referring to. In particular, working for someone else is not a great strategy for creating wealth (the tax code among other things are NOT in your favor as an employee – see my article on Creating Wealth – The Type Of Income You’re Making May Be Costing You The Most).
The type of Home Based Income I’m referring to for creating wealth is income from a residual income business that you build from home, as in a business that can produce passive income (income you no longer have to work for). This kind of business is not like that of a traditional brick and mortar type business where you need to have a retail shop or kiosk, though nor are we talking about some kind of “lemonade stand” business either.
A residual income business where you can create home based income does not set you back hundreds of thousands or even tens of thousands of dollars to setup to be able to turn a profit; on the contrary, you could get your home based income business setup and operational the same day you complete the application and in many cases may even be able to turn a profit that same day.
So as you can see, there are many advantages for creating wealth via a residual income business, such as the low cost of entry just mentioned, the ability to set your own schedule, determine how much you want to make and who you want to work with, no employees, and virtually no overhead (a marketing website for example – nothing compared to traditional business overhead!) among other things. It’s no wonder so many people today are choosing home based income as a way for creating wealth, either as a primary income source or as a secondary supplemental income source. In 2006 alone, over $100 billion in revenue was accounted for from such home based businesses. It is definitely big business!
Is A Residual Income Business and Home Based Income Right For Everyone?
No. It definitely is NOT for everyone.
First of all, success in a residual income business is not guaranteed; You will be paid what your worth, or rather for the value that bring to the market. If you are not coachable and teachable and willing to learn the system – if you insist on trying to reinvent the wheel so-to-speak – you will likely fail. Just like with a McDonald’s franchise, there is a certain way of doing things that produces results. Are there other ways that also work? Perhaps; just remember Thomas Edison had to find nearly 2,000 ways that would NOT light a light bulb before he could find the one way that would work. Wouldn’t you rather follow a proven path that works for success now?
Secondly, a home based business does take work to create success. No one can fire you which is both a blessing and a curse. If you are a self-starter and self-motivated to go after your dreams and goals, then the sky is the limit, no income ceiling or cap here. On the other hand if you need your boss yelling at you or threatening to fire you for you to take action, you will struggle with a residual income business as you essentially become your own boss. Certain activities done consistently can yield huge results. These actions do not necessarily need to be taken at a certain time or even at the same time each day, but do need to be taken a regular basis to achieve the kind of results that will enable you to become financially free.
Lastly, a residual income business is a business and while the cost of entry may be low, it is all the more important to be prepared to spend some money along the way to grow your business, be it education and training to learn new skills, tools or systems or other technology to help you leverage your time and efforts, marketing expenses, etc. Depending on your business or professional background, you may need to spend more or less, and for those willing to simply put in more time, you may be able to operate from a shoe-string budget. The most important thing is to remember to treat your residual income business like a million dollar business and it will then pay you accordingly in time, helping you in creating wealth and achieving financial freedom.
What are my thoughts on creating wealth with a home based income business?
In my opinion though, the absolute BEST option today for most people today looking to get ahead – whether that’s to pay off some bills, get out of debt, create a secondary or retirement income – or for those looking at creating wealth and becoming financially free, is creating home based income through a residual income business.
Most people, due to their prior commitments start part-time, just working it around their schedule until their home based income begins to exceed the income of their primary job or business. And when you’re making more money from your part-time business than your full-time occupation provides, you know you’re doing something right…
Learn more about the home based income business structure, the specific advantages and disadvantages of each and whether a residual income business is the solution you’ve been searching for – just click the following link to view this powerful and educational video I created now: Creating Wealth Video (be ready to take some notes!)
Originally posted 2011-06-14 07:50:49.