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The Power of a Second Income

Starting a second business for yourself has some very powerful benefits in your everyday life.  Before I get into those, I‘d like to address a few other things regarding this type of venture.

First, it is not as intimidating as you might think.  My side income started with listing some old textbooks and an old digital camera on Amazon.  This has blossomed into quite a decent source of secondary income.

Second, you can do it with little or no start-up costs.  Mine cost me nothing to start.  And I mean absolutely nothing.  Currently, my only real expenses besides inventory are mailing supplies, which with a little creativity; I have kept to a bare minimum.  If you have an actual talent to sell, the start up costs should be minimal as well.

Third, you don’t need a ton of extra time to do it.  I currently work a regular job (approximately 45 hours a week), I have my secondary business, and I am the only person supporting and maintain a personal finance blog.  Guess what?  I also have a three year-old son at home with whom I have not missed a minute of “play time” since starting these ventures.

So now, hopefully you realize that the phrase “start your own business” should not be brushed off with the thought that “Oh, I could never take on something like that.”

Creating a second source of income in your life has some very powerful benefits besides the extra money.

It is a hedge against an uncertain job market.  For most, unexpected losing their job could quickly lead to financial ruin.  Were it to happen to me, of course there would be consequences, but the first thing I would do is to expand and develop my second business as much as my finances would allow me to, in order to supplant the loss of my primary income.  This would be huge if I ever lost my job.  The only reason why my second business has not blossomed more is simply a matter of having enough time.  Who knows?  I may not ever even have to replace my primary income if all were to go well with developing my second business.

It also gives you a great taste of working for yourself.  Never having owned a business before, I never knew the joy and the pleasure of setting my own schedule, working my own hours, and putting it all down whenever I wanted to.  This is a great feeling!  If I don’t feel like devoting time to my second business and I would rather play more with my son, guess what?  That’s exactly what I do.  Who can say that about their current job?

Finally, you can run your business the way you want to.  You have no set of rules to go by except the ones you set for yourself. Think of all the times you say to yourself at your regular job “Well, if I were running this company….”  Once again, with your own secondary source of income, that’s exactly what you are doing.  You do things and run things any way you please.

Starting my own business has been one of the most eye-opening experiences of my life.  Oh, and I forgot probably the best benefit of all.  If you do things right and are good at what you do, one day you should be able to walk away from that “regular” job and enjoy full  financial and professional freedom.

 

If you’d like to learn other ways to generate income in your everyday life, visit me at Yourfinances101.