What impact would an additional $5,000 have on your life? What about $10,000? Or even $20,000?
For over-scheduled and overworked people, earning this amount of extra income might seem like a far-fetched dream. But, the truth is that it is possible!
You might be surprised to know that there are presently 30 million Americans who are working as independent contract workers or freelancers.
As the freelance and contract industry grows, so do the number of opportunities available to earn extra income. So, perhaps now is the best time to convert your ideas and talents into extra income.
Plus, this shift in the working world is presenting an incredible opportunity for you to take advantage of and practice your God-given talents. It’s allowing people to finally make extra money doing what they already love to do.
As it is being proved by the ever-growing popularity of websites like Pinterest and Etsy, there are increasingly large numbers of individuals who are participating in running their own businesses in addition to their already full-time responsibilities, like a day job and a family.
People are finding ways to boost their income thanks to the freelance and contract industry.
Create a Difference by Making Extra Money
Wouldn’t it be awesome if you could contribute money towards your family’s debt snowball without having to take another job?
Taking on another job can mean more time away from your family. Plus, the extra income from a part-time job may not even be enough to make a difference if you have to pay for childcare in order to go to work.
Luckily, God has given everyone some kind of talent or the affinity towards some kind of work. If you can find a way to bank on this and use it to your advantage, no one can stop you from making money.
If you think earning any extra amount could positively impact your life, here are a few steps so you can start to do what you love and increase your income simultaneously.
Come Up With a Plan
Once you get the ‘aha!’ moment, it is exciting to start off with the fun stuff of creating a business based on your skills and interests.
You immediately set up a Facebook page, choose a name, print business cards, select sweet photos for your website and do all the creative things needed to start your business.
But, the only problem with this is that amidst all this excitement, you forget to actually plan. You lose the actual destination in mind, which is helping people and earning extra income for your family. When this happens, it tends to lead to mistakes or a clouded vision. You might forget why you started in the first place. And, as any business owner knows, this can spell disaster!
You should take the time to plan and make sure you know what to do and in which order.
The right plan allows you to start off with the end in mind and a defined idea of what success will look like. Consider doing a bit of market research and creating a clear vision of the goals you can achieve with your business.
This can help you avoid business burnout and help you stay clear on your goals when other opportunities arise that might take you away from your original path. This is bound to happen in business, so make sure you’re prepared by having a crystal clear plan and goals in mind.
Take a Look at the Business Perspective of Things
When you begin your business, you can go from feeling interested and optimistic, to hopeless and discouraged overnight.
Questions like tax sensitivity, whether you need a business license or a federal tax ID, or you need a patent trademark, keep swirling in your mind.
Although it may not sound like fun, when this happens, you should take the time to attend to the business side of things, even though it may suck out the happiness of you at first.
But the truth is, that these little details aren’t as big deal as you think. You may think that the stuff like this is 95% of being in business. But, the reality is that it represents only 5% of the day-to-day operations.
These things need to be addressed, especially when you are starting a new business. But once you’ve done so, it should only take a little time to keep these things maintained and up-to-date.
If you find that these small detail begin taking up too much of your time, you may need to re-focus on the main idea of your business.
Manage Your Business Money and Keep Track of Profits
Just as your performance was measured in school by taking tests, here too you have to measure the success of your business. When you get ready to measure business success, make sure you choose things that are meaningful.
If your main goal is to earn extra income for your family, the business success you should be looking for is profit. The revenue that your business earns minus expenses equals profit.
Measuring your business’ profit is a true test of success. All businesses need profit and you have to keep a measure of what you’re earning in your business account.
Don’t forget that profit is not extra money. It also isn’t optional. Profit is one of the most necessary elements in the mathematical equation of business.
The profit earned by your business also has to be used to pay taxes, cover operational expenses, and also pay yourself for the hard work that you put in. You might also want to save some extra profit to help with future business ideas and expensive upgrades if you want to grow your business.
Without profit, you can’t have any hope of earning extra money to put back into your personal or family budget, which is the whole reason you started a business in the first place!
So, if you’re someone who has got some kind of special talent which can be capitalized on, do so. Start a business and make extra income to support your family.
This was a guest post from SB @ ONECENTATATIME.COM! SB is an informed husband and father with dexterity for investing and passion for finance. His blog has over 5,000 subscribers and an impressive repertoire for those interested in making money, savings, investing, and family.