Multiple streams of income are nothing new. It’s even more important to choose a money-making business for extra income since the average person stays on a job for less than 5 years. Your extra income is able to carry you when you are between jobs, want to help someone through your MIB, or you just like to spend more money, save, and invest, and have plenty margin for everyday living.
Once you decide that you want to make extra money there will be several options.
- You can get a part-time job
- You can try a multi-level marketing business
- You can sell something on your own.
- You can contract your services for a fee (Uber, Lyft, DoorDash)
- You can start your own business (real estate, insurance, etc.)
- You can create something (writing, blogging, podcasting)
- You can specialize in something (counseling, tax services, speaking, training, etc.)
Narrow your options by determining how much extra money you want to make and how much time and commitment it takes to earn the extra money in the businesses that you are considering.
Don’t pay anyone to tell you about a business before you do your homework through free sources. Ask for introductory meetings that you can attend to get a better picture of what you are getting into. Meet people at different stages of the business and seek their honest feedback – good and bad.
Then, answer these 8 questions to ask before choosing a money-making business for extra Income:
- Is there an opportunity for residual income? Can you make money even when you’re not working?
- How much money can you make? Don’t just look at the people making the top income. Also look at the middle and low-income earners. What are they doing / not doing?
- When you start doing well in your money-making business for extra income, what is the next growth step? Do you see a higher level that interests you?
- Would you enjoy this business 5, 10, 15 years from now?
- If you plan to make this your MIB, do you see a way to turn this into your passion – something you really care about.
- How much up front money and time will it take before you start making money?
- Is it guaranteed to make money if you follow the instructions?
- Do you have anyone who will help you?
When you consider a money-making business for extra Income, the idea is to create more money – usually for a purpose. The sooner you figure out what works best for you, the sooner you can get paid and start doing what matters. Asking these questions will help you avoid wasting time on businesses that won’t work for you and get you on your way much sooner
Answer your questions then, GO FOR IT!
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