A Home Based Business based on recurring income!
In my article, ‘The Job Trap’, I spoke of “Recurring Income Streams”, as a powerful tool for creating financial independence. What is clear merely having a job, as the singular income stream, will not lead to financial independence. What is also clear, the pursuit of financial independence, by creating wealth is not a hobby. Instead it is a committed full time endeavor that is rewarded with passive income that continues to flow, long after the work has been done. What is also clear that individuals who successfully are financially independent develop recurring income streams primarily through investments, real estate, and entrepreneurship. For many people, lacking enough funds to begin investing, or purchasing real estate are difficult initial choices to develop recurring income. Therefore entrepreneurship, developing a business becomes a feasible initial income.
Home Based Business: Passive Income Stream
Living in a highly charged technology age, has given rise to more people developing a home based business. With the power of the internet, literally developing an international business very possible. Additionally, the potential to generate thousands, and in some cases, millions of dollars in revenue is quite possible with a successful
home based business. Without a doubt, you can make money online. And setting up a potential successful online business is possible with very little initial money.
While the potential is great for a successful home business there are some factors that should be considered. If your entrepreneur money stream involves something online, are you looking simply to make money online? Or are you truly looking to develop a home based business? First impression it may appear that there really isn’t any difference between the two options. Opportunities to earn money online, are plentiful. They might include surveys, visiting websites, to name a few. These along with other similar opportunities result in earning money only when engaged in the money producing activity. On the other hand, creating a successful online home based business, requires work, similar to any business. Particularly in the initial stage of developing the business, putting in the work is required is vital to create long term success. Here’s just some of the tasks: researching products, services that your business potentially will offer. Setting up your website, acquiring your own domain name, hosting for your website, etc… The great thing though is you potentially will be rewarded many times over for the work you performed. Just as there are many opportunities to make money online, there are also many opportunities that are excellent tools for creating a home based online business.
Affiliate Marketing: An Online Home Based Business
For a newbie lacking experience in creating a business, and in particular an online home based business, affiliate marketing is an excellent choice to begin. Why? For several reasons. For starters, a product or services that is already in high demand now becomes available to your business to profit from. Additionally, when you place a link on your web site, and customers click to purchase, you won’t have to worry about shipping, collecting payments, or finding a payment processor to do that. In return for generating the sale through your site, you will receive a commission payment. Another bonus that a solid affiliate program will provide for your business, is the tools, training, and support to effectively market their product or services through your business. A real simple process, right? Wrong!!! Yes you simply find a company, join as an affiliate. But remember you’re creating a business, therefore work is required on your part. Choosing the right affiliate program for your business requires research on your part to find a company, product that you feel comfortable, with that you would use yourself, that you want to learn everything about it, and how to effectively market it. It takes work to increase your knowledge requiring having and developing a successful online business. While it is true, that many people who start a home based, especially, an online business initially in the infancy of development, generally start while yet still employed, and committed to family. Certainly the issue of committing to your business often get clouded. The truth is that in beginning, you must constantly be working on your business in some capacity if having a successful business and recurring income.
What advise would you give to other people who are thinking of starting a home based business?