"Steve, should I run my new home-based business on a part-time or full time basis? Should I give up my job and throw myself into it 100% both in commitment and time, or should I start working it just a few hours a week, part-time, initially?" - this is question I often get asked. Here are my thoughts:
The thing is the question over part-time or full time can really only be answered once I know who I answering - the answer is specific to the individual. If you the type of person who needs to 'burn all your boats' and put everything into something flat-out 100% of your time for you to really get results, AND you have the financial means to survive at least 6 months on any existing income or savings you, then starting your own business full time is the best way from day one for you.
On the other hand, if you have a reasonable amount of existing financial commitments and you need to maintain a certain amount of income because you don't have the luxury of savings to fall back on, then my advice would be to definitely start part-time initially, and build up your new home based business income steadily over time until it's at such a level that you could give up your job and then focus on your new home business full time.
That said, I have worked with people who have really got their home business up to a good new supplementary income level, all whilst holding down a job, and yet (usually because they really enjoy their job) they've maintained their job and continued their home based business still part-time, even though it was bringing in a healthy income.
What you certainly don't want to do is have a heavy burden of overheads on top of you that puts obvious pressure on you to ensure you maintain paying those overheads, and then you throw on top the added pressure of giving up your job with it's steady income to run your home-based business full-time. That's heaping far too much pressure on you to make your new business a success, and believe me when I say, you don't want to start a new business with that initial financial pressure. Starting your own business will already have many new headaches, things to learn, stressful issues, etc - don't compound all these things by also putting yourself under unnecessary financial pressure as well.
I respect the challenge is that when you're in a job you really don't like, there is naturally going to be the natural temptation to throw in that job for your new exciting new business, all with the added enjoyment of working from home much more. But you need to resist that temptation to chuck in the job, at least in the short-term and channel the dislike you may have for your job into motivation to get your new business at home making money as soon as possible. Because then (and only then) once the money is starting to roll on, you have the choices to decide if you then go full time with your new business, with the huge plus that at that point you know your new business is making enough to take the strain of your financial commitments.
One of the great things about joining a residual income business today is you can do it on a part time basis. As a matter of fact most opportunities to create residual income today can be developed into a full time income as well. You just need to know how to properly do that and we are going to discuss a few ways you can do that in this article.
Developing a residual income business of your own can be done in two ways.
1. You can sell products that pay you over and over for making one sale.
2. You can recruit people to make sales and earn money on their efforts.
Selling products that pay you over and over for making one sale is an excellent way to develop a residual income business because you are in control. Your success is based 100% on your own efforts and not the efforts of other people.
The key to developing this type of business is to represent products that people have a need for on an ongoing basis. Internet-based products are an excellent way to do this because they lend themselves to having a need for them over and over.
For example membership sites are extremely popular today. People will join a membership site and pay a monthly fee as long as they are getting a value from it.
Niche marketing is an example of this because people can build their own Internet business into an empire of their own in various niches. They will take a membership in one of these programs for the training they provide as well as the products that are developed for them.
Recruiting people and making money is another way to earn residual income. For example you can start a network marketing business and build a down line of distributors to make sales for you.
You can earn a commission on a residual basis as your distributorship grows in volume and the number of products being purchased and sold increase as well. There are excellent residual income business opportunities in network marketing on the Internet as well.
Some of these that come to mind include domain names, website hosting, software products, paid discussion forums, and many more. As a matter of fact the Internet makes it possible for you to be involved in more than one network marketing program at a time.
All of these opportunities to create a residual income business can be done on a part-time basis from the comfort of your own home. As your income grows you can develop that into a full-time success!
Both Steve Mitchell & David Ogden are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Steve Mitchell has sinced written about articles on various topics from Internet Marketing, Culture and Society and Home Based Business. Learn proven ways to dramatically from one of the leading work-fro-home income experts. Steve Mitchell has helped literally thousan. Steve Mitchell's top article generates over 49500 views. to your Favourites.
David Ogden has sinced written about articles on various topics from Home Based Business, Affiliate Programs and Work From Home. Sign up for our FREE Internet Business Training Program and learn more about a. David Ogden's top article generates over 74000 views. to your Favourites.