Reason #1: Take back control
Placing your livelihoods viability in someone else's hands isn't as comfortable as it once was. Even though this is your business, your clients call the shots. Which is fine, when the budget, and appreciation of your expertise is in abundance. When it's not, work just isn't fun anymore.
You have control over your creativity. You don't have control over the economy, or someone else's cash flow.
Enter a side business to create an asset, and passive income. It's a great thing to get to do what you love, when you don't have to worry about the income it generates. When you can help others who may not have been able to afford your services in the past. When you can move away from the "cobbler whose son goes without shoes" syndrome.
Reason #2. Increase your income potential
With your own business, the one you're passionate about, your income, and your time freedom is limited. Unless you're a huge corporation (think Dell, or DuPont, or Verizon), if you're not present, your business won't survive. You can only work so many hours in a day for which you can be paid. If you can leverage a product, or employees, that's fantastic. But you're still limited to what you're able to manufacture, and your employees still need your supervision.
Leveraging a network of Franchise businesses is a costly expansion, and a costly buy-in. How expensive would it be to duplicate your business? Is it even possible? How much does a McDonald's or a Starbucks franchise cost?
Leveraging a network of people, on the other hand, is inexpensive and accessible. Here, your income potential becomes unlimited. The higher your income, the more time freedom you can enjoy. Time to live your passion, which is why you built your business in the first place.
Reason #3. Lower your stress level
Do you worry about making payroll? Are you comfortable with your retirement account? What do your children's college funds look like? What would it do to your stress level not to have those worries? What if you didn't have to worry about making ends meet where you want them to?
Enter a side business. Now all of your eggs aren't in one basket (or business, as the case may be!).
Making It Happen #1.
I have no time
No one has time. The only way to make more time is to create it. If your desire for a side business, and the financial freedom it can create is strong enough, the time is there. I know it is. I see it being created daily. Here are a couple of tricks to find the nooks and crannies. When your side business is up and running, you'll be able to integrate it into your "normal, Passion Business" work schedule easily.
1. Prepare. Determine what it is you have to do, not what simply takes up time. What small steps will move you in the right direction? Are they phone calls? Writing something out? Scheduling something? The only way to eat an elephant is one bite at a time. You'll find 10 minutes here and 20 minutes there to jot out your ideas, make a call, or run a new business errand.
2. Structure your day.Of course life will come up. But for the most part, you can block out the times you need to spend on your passion business. Then block out times for meetings with yourself to work your side business. Carve 2 hours a day out for just you. It might have to be early in the morning, or later at night in the beginning. Many people like taking a couple of hours in the middle of the day - pretend you have a business lunch and spend 11:30 - 1:30 every day on your new side business. Knowing you're moving forward and taking the steps to build your asset will help lighten the stress your passion business may be currently experiencing (until you can lighten its financial burden).
3. Increase your knowledge so you can increase your belief in your success. When you believe you will succeed, you'll be more likely to use your time wisely. The more you know about others' successes, and what you need to do to achieve the same results, the more comfortable you'll be, taking a little time away from your "normal" activities.
Making it happen #2.
I don't want to give up my business. It's what I know and it's worked before.
No one is suggesting you stop your passion business. That's the primary reason you're starting a new side business to create an asset in the first place! Times have changed however. Even if the economy bounces back, the luxury housing industry has changed. People's purchasing habits have changed, particularly with the ease of using online sources.
Your passion business may have been able to make money on mark-ups in the past, but that margin is getting so much smaller if its there at all, as people are finding comparable product online, for less. And the proliferation of online and TV design shows and information is a 2-edged sword. We all love educated clients, however most people have a difficult time discerning the differences between "TV reality" and the truths of excellent design.
Making it happen #3.
What are my choices?
You'll want your side business to eventually be able to function, and provide your income, without your day-to-day attention. Otherwise, you're simply creating another business in Robert Kiyosaki's "S" quadrant, that of the self-employed or specialist. This is also the quadrant where you might get the most satisfaction, because this tends to be where your passion business lives. But YOU are doing all of the work, limiting your income, and your free time.
To build wealth, you'll need to dip your toe into Kiyosaki's "B" quadrant.
"B" Options
A big company certainly isn't going to work as your side business (nor is it typically an option. Could you imagine creating a company like General Electric to run as a side business? You get the idea). A franchise is a wonderful business option, but they are very expensive, and would typically require an enormous amount of time, at least in the beginning. It would be difficult to build a successful business franchise part-time.
That leaves a network marketing business. Leveraging a network of people is an accessible investment for just about anyone, and you can scale your time involved.
Benefits
There are numerous benefits to leveraging a network of people, particularly in this day and age of social networking. You're already networking!
One, these are scalable business models, meaning you can start small and slow, and build it as quickly or as slowly, as you want. This allows you to run your passion business as you need or care to.
Another advantage is they are very inexpensive, most under $300. One of the best is only $100.
The investment usually includes the entire system; everything from your business website & education, through ongoing training and support.
It is your business, but you're not in business by yourself. You'll have a team of people helping you, and it's to their advantage to see you succeed. This is a true, pay-it-forward system.
Lastly is the business model itself. All it is, really, is word-of-mouth advertising, right? Isn't that how you typically get your clients for your passion business?
Is a side business for you? For me, the answer was easy. I want to live my passion, have a balanced life, and enjoy financial freedom, all while helping others. Don't you? It's certainly worth taking a look.
Everyone should have the opportunity to live on purpose; create from inspiration rather than desperation; and be empowered to do what they love.
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