Archive for the ‘ General Information ’ Category

The Secret to Getting Rich: Passive Income

One of the most beneficial factors of being self-employed is that it opens up the possibility for making passive income.  As the name implies, this is income that is generated without you having to do any work (after the initial set-up).  You do some work up-front to set up a passive income system, then let it run on autopilot and forget about it.  Your system grows your bank account without you having to think about it, and you can move on to setting up your next passive income system.

Passive income is powerful.  This is how people get rich.  It’s not a get-rich-quick scheme, but with time and effort you can build more and more passive income systems and build wealth.
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Six Personal Risks to Eliminate Before Becoming Self-Employed

Becoming self-employed and starting a business is stressful.  When you first start out, it will be an uphill battle.  You’re going to be putting in tons of effort to get up that first hill, and it’s hard to predict when the road will level out and become easier.

Since you’ll be spending so much time and effort on your business, you should first try to minimize the risk of any personal factors that might cause problems.  Here is a list of common personal risks that you should mitigate or eliminate before starting.
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Don’t Innovate, Imitate and Differentiate

If you’re going to switch to any kind of self-employment or try to start your own business, one of the most fundamental skills you will need is reducing risk.  Quitting a steady job to pursue your own business is financially risky, so you need to take steps to reduce that risk before you take the plunge. Click to continue »

The Secret to Eliminating Busywork So You Can Grow Your Business

Being self-employed and running a business always involves tons of busywork.  You have paperwork to do, information to find, and plenty of emails to take care of.  All the time you spend on this busywork to keep your business running smoothly is time that could be spent on more productive things.  So how can you eliminate busywork?  It’s simple: pay someone to do it for you.

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How to Make Working from Home Work with Your Family

Dad trying to work with kids.

Finding a balance between work and family is vital when working from home.

If you have a family – especially toddlers – working from home can be difficult.  It’s easy to be distracted with family members in the house making noise, interrupting you to ask questions, coming in and out of your home office, etc.  It’s also very easy to constantly think about work and neglect spending time with your family.

There are several measures you can take to keep you and your family sane and to ensure you get enough work done to pay the mortgage.

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How to Set SMART Business Goals

Todo list

Put some effort into setting SMART goals!

When you’re setting goals for your self-employment job or business, it’s important to set realistic goals.  You might want to make a million dollars in your first month, but that’s not realistic.  It would be much more realistic to “reach profitability within six months” or something similar.  This goal does not set some arbitrary dollar amount, but does say that you’ll be making money.  It’s also time-constrained to motivate you to work hard on it for those first six months.

There’s an acronym to help you set smart goals.  Conveniently, the acronym is SMART.  Here’s what it means:
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Challenges of Being Self-Employed

Last week I described several of the benefits of working for yourself.  I don’t want to make it sound too easy, though.  There are several challenges that come with self-employment jobs, just like any job.  You should definitely take these into account if you’re thinking about taking the plunge to self-employment.
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Benefits of Being Self-Employed

Being self-employed or starting a business is very common dream.  It’s a romantic idea: no boss, no set hours, increased time and money, etc.  The reality is that being self-employed takes a lot of work.  You might not like working 8 hours per day at your regular job, but if you start your own business you might find yourself working 12 hours per day.

There are many benefits to being self-employed, though.  Despite the hard work, you do get a sense of fulfillment by running the business yourself instead of reporting to a boss.  Here’s a list of several benefits of being self-employed.
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