There are many good reasons to start a home business, at least part-time. They all revolve around money as you would imagine. However there are other reasons that also may be important to you. Let’s start with the key reasons. You are vulnerable working for someone else. They can decide or be forced to let you go for any number of reasons, none of which may be your fault or anything you have any control over.
If you really think about the precariousness of being at the mercy of ‘fate’, it is a pretty frightening thought, especially when you consider the possible ramifications of losing your main source of income. This condition of vulnerability is one reason people also have always had savings accounts and try to put money aside for emergencies. There is absolutely no longer any reason to feel your company would never lay people off, relocate, outsource or go bankrupt. Keep in mind the last recession and the sickening motto that said in so many words nobody is too big to fail while the companies tumbled and thousands lost everything.
It would be a good idea to have as many things as you can possibly imagine that are unrelated ways of earning extra money to save. Starting a home business is one very good way since once it is set up and running it requires very little time or effort to keep it going. As long as you have your advertising and marketing vehicles running you have the ability to earn money. Of course this might cost you a few dollars but in the end it will be worth it if you succeed.
The money you earn could then be invested in some other investment vehicle such as mutual fund, gold or etc. With that said while it seems logical and ‘sophisticated’ the stock market is also extremely volatile and you don’t need an official recession to lose everything. So while it may be wise to have a small percentage of your income or savings invested in the stock market, don’t put all your eggs in one basket. There are some investment vehicles such as municipal bonds, US savings bonds, etc ., that while in the same family, are not nearly as risky. For long-term investments, they are a very good idea. Not very glamorous but neither is bankruptcy.
On the other “intangible’ side of why you need a home business, is because it takes all your wasted spare time to where it can be productive. This is not like having a second job. Once you get it running and have it organized, it is something that can be done successfully part-time and you still have time to play. You can even get your family involved and teach them about business. Some people find it fun to work and enjoy all the things that are part of having a business. It can be like a hobby and I am sure you would not be the first one to consider generating money a great hobby!
Comments are closed.