Home Based Businesses Work – How To Regain Control in These Uncertain Times
Home Based Businesses Work How To Regain Control in These Uncertain Times
Today there is a lot of uncertainty with regards to the economy and more and more people are realizing that times are changing. The industrial age - where job security, retirement and pensions were commonplace - has suddenly transformed into the information age. People are realizing the gov't and their job no longer has their best interests in mind. And with the instability and large dips and peaks in stocks over the past couple of years, many have already lost 12 or more years of their hard-earned wealth. Home values are still dropping, foreclosures continue to rise, the employment rate isn't moving below 9% even with all the injected money and promises and taxes for all tax brackets are increasing...
No longer is the status quo acceptable. No longer are people simply going to hand their cash to real estate brokers, stock brokers, or rely on a government social security program - "broker" has been the result for the people who do!
The masses are finally beginning to realize that they must take control of their lives, and in particular their money. Many Americans are searching for a vialble option for bringing in more income. The problem is people are pressed for time already and long on commitments. They need to find an additional income source, but cannot find a job that will earn them the $400 or whatever per hour they may need to attain their goals given the constraints they have on their time. Even if they could, another job would only serve to magnify the problem referred to above and further increase your tax liability, meaning you would actually have to make still more income just to keep pace with what the government's going to take from you in taxes.
But, you do have options. Other than finding that mythical secure job, besides THAT, what else is possible?
One option is investing. If you are holding onto a large chunk of cash - and with rates and returns as low as they are today it does need to be a lot - this is one possibility. Chances are if you have this kind of money, you are probably already pretty well off and not relying on an employer or the government anyway. But just in case, let's say you had to make $10,000/mo in order to cover your cost of living, to pay down some debt maybe and to put aside for savings or tithing, and so on. Ten thousand dollars a month is the same as receiving a twelve percent return on a $1,000,000 investment. But that's just will not happen for most people any time soon in today's economy - particularly after you take into consideration the government's portion (taxes). Truthfully, you'd have to have more like $10,000,000 invested in order to net ten thousand dollars a month in this economy. Therefore not a very realistic option for most...
The next option is the path most of the world's richest took to acquire their wealth: by launching a business. So here are the different options when it comes to building a business:
Business Building Option 1:
Start a conventional business. Suppose you have this great idea for an incredible product. You can start a business to design, produce and market your product. This too requires a substantial capital investment up front and financing for start-up businesses is not all that easy to obtain right now, regardless of how great your product might be. Plus, nice of ten businesses won't make it their 1st year. One mindset to have is just to realize this and go start 10 businesses. Could be a costly and time consuming process but the education would be invaluable and your accumulated wealth by the tenth business - if you even needed to start all 10 - would be right up there with the top 1% of the U.S..
Business Building Option 2:
Purchase a Business Franchise (like Subway or McDonald's). A Franchise is a proven business model with pre-developed system of doing business. In purchasing a franchise, you are purchasing a turn-key business where you simply follow directions and you are likely to make six-figures or multiple six-figures a year. The downside though is the initial outlay: some of the highest paying and best franchises will cost $500,000 to $1,000,000 or more just to gain access and the rights to work their system. Plus you also have all the other costs of like a traditional business such as a building or lease, supplies, employees, machinery/equipment, and so on. Banks are more apt to lend money to this business structure due to the successful track record these established business models have versus a brand new start-up business, but even right now that may be hard to obtain. So a person with limited skill could make money with a franchise business if they go along with a system - and they would have a much, much higher chance of succeeding than with starting up a traditional business - however it's too unaffordable for the majority.
Business Building Option 3:
Home Based Business Work. With a low entry cost compared to either business vehicle mentioned above, but still being able to rely on a proven business model as with the franchise business model, the Home Based Business Work model is often times the best solution for most people looking to take control of their finances today. The flexibility of being able to work from home and utilize the internet to tap into an existing company's successful business brings together all the advantages of the above business models with few of the disadvantages. One disadvantage, due to the low cost of entry, is a home business owner is given access to the strategies and tools to have success but must take responsibility to work the business consistently to create consistent results.
One more important advantage the Home Based Business work model has over the others is the capability for Home Based Business work to generate long term residual income - income where the money comes in without you having to be present. This does take time to develop, as little as 2-5 years for those serious and committed to their success, though combining internet marketing with the home based business work model in recent years has resulted with even greater results within 12 to 24 months.
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