My friend Sarah wanted to start an online business selling a variety of products, but she couldn't risk the security of her 9 to 5 job to go play entrepreneur. Her first priority was her children and making sure that
there was enough food on the table. It took her more than two years, but today, Sarah is free from her 9 to 5 job and she's earning more than she ever did before as her own boss. If you have as few as three hours per week, you can do the same. Here's how:
Firstly, if you are starting a business on a shoe string, you cannot afford to consider paying yourself from the spoils of your initial success. After deciding what she wanted to do, Sarah scrimped and saved 10% of her weekly paychecks aside in a shoe box until she had $1000 saved up. Then she purchased $1000 worth of products that she sold on e-bay for a profit. Now most would think that was a success. Sarah didn't. She knew she could turn a profit. She had a bigger goal, financial freedom, so Sarah re-invested every dime of the profit, plus her initial savings, back into more product to sell on e-bay, once again turning a profit. It took a long time, but over the course of several generations of profit turn, without removing any of the funds, Sarah found herself buying more and more product, and turning greater and greater profits. When the company was turning twice as much weekly profit as her 9 to 5 job, Sarah gave her two week notice and went to work for herself.
The next smart thing Sarah did was to incorporate her company and to hire herself as an employee with a paycheck. At first, her paycheck was about the same as it had been at her 9 to 5 job. All of the profit of the company continued for two more years to grow the company without affecting Sarah's paycheck for better or for worse. In time, Sarah was able to give herself a raise, and then another and another. Today Sarah makes 5 times the income she ever did working her old job, and she is home for her kids when they arrive from school at the end of the day. Sarah is a success story. She did everything right, and you can too.
Firstly, if you are starting a business on a shoe string, you cannot afford to consider paying yourself from the spoils of your initial success. After deciding what she wanted to do, Sarah scrimped and saved 10% of her weekly paychecks aside in a shoe box until she had $1000 saved up. Then she purchased $1000 worth of products that she sold on e-bay for a profit. Now most would think that was a success. Sarah didn't. She knew she could turn a profit. She had a bigger goal, financial freedom, so Sarah re-invested every dime of the profit, plus her initial savings, back into more product to sell on e-bay, once again turning a profit. It took a long time, but over the course of several generations of profit turn, without removing any of the funds, Sarah found herself buying more and more product, and turning greater and greater profits. When the company was turning twice as much weekly profit as her 9 to 5 job, Sarah gave her two week notice and went to work for herself.
The next smart thing Sarah did was to incorporate her company and to hire herself as an employee with a paycheck. At first, her paycheck was about the same as it had been at her 9 to 5 job. All of the profit of the company continued for two more years to grow the company without affecting Sarah's paycheck for better or for worse. In time, Sarah was able to give herself a raise, and then another and another. Today Sarah makes 5 times the income she ever did working her old job, and she is home for her kids when they arrive from school at the end of the day. Sarah is a success story. She did everything right, and you can too.
|
|
- Just because there is money coming in, doesn't mean you should spend it.
- A journey of 1000 miles begins with a single step
- Do what you can instead of lamenting what you can't do.
Type in Your Comments Below
A.M. Morgan
11/06/2007
Again, great advice. You have such a wealth of wisdom to share. Thanks this is very encouraging to me.
Comment 1 (of 1)