The old saying of putting all of your eggs in one basket can be hazardous. Well, I do believe that can be true. Frugal home streams of income will elevate a normal, everyday person to become extraordinary in their businesses. I firmly believe when you own your own business success is more valuable.
Working hard everyday and seeing that your bottom line is affected is the best motivator. Going to a job everyday is earning a paycheck. But, someone else determines your salary. Safety in financial resources is important, and so is a little risk taking adventure. Follow along on a few ideas that I have thrown together.
Frugal Home Based Businesses
Frugal home based businesses are started on a shoestring, and in a closet. Th location is not the determining factor, but the desire behind the business. The absolute control of your own financial destiny is the fuel for most home businesses.
My cleaning company was started from this fire within me to make my own schedule and paycheck. No one was going to tell me that I could have quarter raise once a year. My raise would come from my hard work. I grew my business each year. Instead of becoming a struggling single mom depending on a check, I was an independent single mom.
Frugal home based businesses are derived from a hobby. Do what you love and the money will follow. Following money will not make a successful business.
For example, I love to clean my home. I don’t like to work on cars. Therefore, my business focused on what I love to do. Not, on what I don’t like to do, but may bring money.
Brainstorming a list of businesses that align with your personality, and interests is the first step in a starting a frugal home based business. Furthermore, a home based business is a stream of income once established.
Create A Product
After deciding what business to start, creating more of a passive income that will bring in a residual income is the next step. Understanding the concept that streams of income are set up to keep all of your eggs separated.
Simultaneously, they will bring in a substantial income that will change the wealth bracket of the family. Taking the effort to put in work now, a lot of work now that will pay off later builds the streams of income. Diversify.
The home based business is the working stream of income. A product is the the hobby. What is something everyone needs? Find a solution to a problem or build off a current product. For example, knitters can design a new style with some creativity for a new dishcloth.
How will this dishcloth change a busy mom’ s kitchen? Asking questions and researching this new product is essential. This step is going to take time, but in the end all of the up front research will pay off.
Finally, another phase in the streams of income is an account that will pay you. This income will build until needed. Each week money will be set aside into this account so that when other streams of income are complete this will be beneficial.
The three tiers of income are first, a working income that we do daily. Second, a residual income that is set up to bring in an income on its own. The second stream of income is self regulated to be updated and replenished through an online store or a business. Third is the income source from our working income. Again, this account will build. Savings and investments are to build and feed into the other two frugal home streams of income.
I hope that this advice will give a visual of how to set up a system that will work for you and not the other way around. Following these steps will ensure a secure future and retirement. Discipline and desire will play a large part, but in the end will pay off.
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Great advice about babysitting! I agree wholeheartedly. Kids thrive on a schedule and trying to clean up while active play is going on is crazy!