Side businesses

Building your side business

Side businesses are important if you want to build wealth. The following article looks at the reasons why people argue that they don't need to work on a side business:

Assets = cash flow

Build wealth by building assets. Build assets by increasing your cashflow. Increase cashflow by reducing outgoings and increasing income. Increase income by getting better paying jobs and building side businesses.

If you ask the average person on the street what the source of their cash is they would reply that it is the income from their job. If you ask a wealthy person where their cash comes from they will list multiple different sources: job income, property rent, bond and fixed asset income, share dividends, profit from capital growth due to the sale of assets, and businesses.

The benefits of multiple income streams

You should never rely on one source of income. You never know when you might lose your main job. So as well as being useful in assisting your wealth building it acts as an insurance policy.

Starting up a side business requires that you have an entrepreneurial mind set when it comes to spotting arbitrage opportunities. 

There are many reasons that people tell themselves to explain why they don't build side businesses and there are responses for all of them:

1) I don't have any ideas

If you want ideas then you need to be open to opportunities. Lots of people have ideas but very few act on them. It's not that you don't have ideas. It's that you don't make a note of them and so forget them. Or else, it's because you fail to act on the ideas.

Your idea doesn't have to change the world. It could be as simple as standing outside a tube station and selling cups of coffee in the morning to those rushing on a commute. Or else it could be coaching or teaching someone a skill that you have. These ideas aren't revolutionary. They're simple, and most people could do it.

2) I don't have the time

Rubbish! You have the time. You just spend it badly. How many hours do you waste a day? None you say? Do you watch TV, do you go on the Internet, are you spending a portion of your day commuting, could you get up earlier?

There are many reasons why people say they don't have the time. Most people simply don't allocate their time efficiently or complete tasks productively. Not got enough time? Then make time.

3) I'm not motivated enough

What do you want - to build wealth and have a real go at becoming rich or simply carry on as you are? How has your current plan gone? Is it working out for you. 

Motivation comes from within. No one can motivate you. You have to be willing to get up and get going. You should constantly ask yourself why you are doing something? If you have a strong reason e.g. to build a better life for my children, then this should be your motivation. Remind yourself of this whenever you question why you should bother doing something.

4) I don't need the extra income 

Why not? If you're not looking to build wealth the unfortunately you're reading the wrong blog and I cannot help you.

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