Discover the Secret to Building Wealth without Quitting Your Day Job. : ThyBlackMan

Friday, November 24, 2017


Discover the Secret to Building Wealth without Quitting Your Day Job.

July 1, 2014 by  
Filed under Business, Money, News, Opinion, Weekly Columns

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(ThyBlackMan.com) Anyone who wants to achieve personal wealth has to have a little hustle. Climbing the corporate ladder can help you make all the money you need, but if you’re still working on the first few rungs of the ladder, it’s a good idea to look at other ways you can boost your income in additional to relying on your current job. The side job is a perfect way to get your hustle on and make enough money so you can start building your retirement fund the right way. Here are a few great ideas you need to know when you’re thinking about getting started with a side business.

Look at What the Costs of Startup Are Going to Be

No matter what the business is, you’ll need to make some form of an investment to get it off the ground. You have to put some serious thought into how much money you will need for things like supplies, hardware and more, according to Money Crashers. Remember that you’ll need more than just the initial amount required to start your side business; before you start realizing profitability, you’ll no doubt need to make additional investments of cash. While you may not need to come up with a fullwealth-for-life-2014 business plan at first, you need to be realistic in what your expenses are going to be until your business becomes self-sufficient. Think about whether you need to buy a barcode printer from a company like Shopify in addition to a cash register, as well as the usual business supplies you’ll need. The more detailed you can be in anticipating your expenses, the fewer surprises you’re going to encounter down the road. If absolutely necessary, you can utilize this information to approach your bank and get the loan you need to start your side business.

Analyze Your Passion for the Side Job

If you’re starting a side job, you need to remember that you’re still going to be working at your full-time job. This means you’ll need to have enough energy to work both of the jobs with as much vigor as possible. There are going to be times when you’re just tired from your regular job and you’re finding it difficult to get the energy to work your side job. If your side job is something you’re excited about doing, your passion will carry you through and help to get you off the couch, according to Entrepreneur. Remember that when you’re passionate about something it doesn’t seem like work. Instead, it will seem like you’re having fun, because you are. As you’re considering the jobs you want to do, analyze your passion for each one. If you can come up with any excuses as to why you cannot do the work, that means your passion level is not high enough to justify the investment into the side business. If, instead, you think of a business plan and you’re full of ideas on how to overcome minor inconveniences, you’ve landed on something you can actually get involved in.

Utilize the Help of the Small Business Administration

Everyone can use a little help from time to time. Getting help for your side business is something you’re going to need right from the beginning. The U.S. Government’s Small Business Administration (SBA) has a wealth of knowledge you can draw on to start your own business, as does SCORE, a nonprofit business consulting company. The U.S. Department of Veterans Affairs also offers business help for veterans. Tapping into any of these resources will give you the help you need to understand what is expected of you and how you can accomplish your goals. They can also help you to understand how you can get a loan or minimize your expenses. Depending on who you get involved with, you can even speak directly with someone to get the coaching you need for starting your business without having to pay for it. This is something you’ll find handy when you need that boost of confidence that you can do it.

Take the First Step

When you’ve analyzed your expenses, invested into your company and you know what you’re going to do, it’s time to get started. The first step can always be the most difficult, so push yourself into making that first step by setting a deadline. If you’re starting a side business where you’re going to sell at outdoor markets, you should make a reservation for booth space at one of the outdoor markets. Mark your calendar and remember your deadline. Don’t push it back or make excuses, just make it happen. You will not be perfect the first time, but you’re going to get better as you go along. As you’re going through this process, make sure you’re still giving your all at your main job, so you don’t give them any reason you let you go, according to Bank Rate. You may even want to put in longer hours at the regular job initially so your regular job sees you’re still serious about working there.

Staff Writer; Joe Moore

 


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