For years now, I have been self-employed. I want it that way. I think entrepreneurship more satisfying than any regular calling for one logical reason; I determine my worth and income, not someone else. It is because of this that when the real estate bubble burst, I decided to gracefully make my exit in that career field, and create a new business. What I didn’t know, is that my one business would turn into several.
What you have to know
One thing that I believe whole-heartedly in, is having multiple streams of income. I am so passionate about this is because I know if one stream fails or falters, others are there to pick up the slack. In other words, I am not a put-all-my-eggs-in-one-basket kind of person. Because of my passion for more than one stream of income, I took one business as a starter and launched several others from it.
Financial Consulting
This venture was born out of my expertise in real estate, working specifically with distressed sellers. After reviewing hundreds of budgets, I realized that people needed serious help with their money. I saw so much debt and heartache as a result than I did while working with people on the brink of financial disaster. I saw poor spending and over spending time and again. I knew I could fix it through educating people about the money and credit systems, and I knew I could do it for remarkably little capital.
I began a Dave Ramsey support group and consulting service, based on his book, “The Total Money Makeover”. From this, I learned even more about financial planning and streams of income and launched a blog project called The Penny Pinchers last August. I focus on smart savings and even smarter spending; taking rudimentary practices and elevating them, making it easy for any consumer to comprehend, thus saving more, spending less and building wealth.
From There
From here, there was no stopping me. I used the money I made during my real estate career as capital and started several other web ventures that are currently in the works; a freelance writing website, a blog consulting firm, a real estate advice and lead generation company and a website dedicated to new ways to quit old reprobate habits –with a new twist. About half of these websites and businesses are live and they are doing exceptionally. I am also dabbling in real estate investing and loving every moment of it. I have at least six streams of income, and I wouldn’t have it any other way.
What I needed to know
Before I plunged into entrepreneurship feet first, I made sure I did my homework. I hooked myself up with Legal Zoom and my business partners and I created an LLC for each business for tax purposes, and business banking accounts. From these, administered by a disinterested accounting firm, we receive our monthly salaries. If you are serious about doing business, it’s imperative to be serious about the world of business and know the legal requirements for the IRS and for your state.
I chose online ventures because the start up capital is little and the potential is immense. Granted, there is a lot of competition in this particular field, but with a little time and a lot of elbow grease, success hasn’t been a long time coming –especially when compared to a brick and mortar investment. If I had everything to do all over again, the only thing I would change is timing; I wouldn’t have waited so long in my life to truly be my own boss, because I have never been more thrilled.
More from this Contributor:
How the Recession Paved the Way for My Business
Diary of the Perpetually Broke
How I Earn $300 a Month By Paying My Bills