How To Improve Your Life And Income With A Business Start-up

Many people spend hours each day agonizing over the economy and how they will ever be able to fund their kids’ education, or retire – or just pay this month’s bills. Most of these folks tend to look at the stock market as their only hope. Let’s face it, at 3% or whatever the market yields are today, there is no way you are going to build any wealth. I’ve got CDs that currently pay 3.5% interest – I dare you to make a fortune in that.

So where can you go to make some real money; the kind that can pay bills and build a nest egg? Sure, there are a million scams out there that promise riches but deliver nothing but regrets. But there is one tried and true alternative that has been working since the founding of America, and has produced more millionaires than any other plan. And that’s starting a business. And it’s something you can do right now and requires little capital to begin.

The best way to approach a new business start-up is as a part-time project to bring in some additional money. You might start with a goal of, say, $400 per month. That’s not too lofty a goal, yet look at the results: $5,000 more to pay bills each year. To make that much in CDs at 3%, you’d need $166,666 in the bank. Do you see what I mean? And if you just saved that $400 per month, and earned 0% interest on it (which may be where things are at in the not too distant future), you’d have $90,000 by the time your baby reaches college, or by the time you need extra cash to retire. And all that on $400 per month.

But let’s look at what the more likely scenario might become. Your part-time business will, in all likelihood, grow over time. A year or two down the road, it might earn $800 per month. That’s like having $323,000 in the bank earning interest, and would give you $180,000 when you need it down the road. And then, a few years later, the income may match your day job and you might make the transition to full-time work at your business. Or you might just keep growing it with hired help.

O.K., but I don’t want to jeopardize my day job. Fine. A good part-time job never risks your day job. You would do your start-up at night and on weekends. What about your precious time? If you convert those low quality times of watching TV and goofing off into start-up business time, you will have all the time you need. Plus, you will earn greater physical health and disposable income through your start-up, so you can have a much better time with your real recreational hours.

Don’t have any money for capital. Do you have $5,000? That’s all you need to start many of the great start-ups that are out there. Here is a list of many great start-ups that you can begin today for $5,000 or less. And not one of the ideas is less than great.

It takes a lot of courage and conviction to start a business. But it takes more to deal with not being able to send your kid to college, or pay your bills. Be proactive and take the bull by the horns – before it gores you.

A couple final thoughts. Many start-ups will actually benefit from the national recession, as the business plan is to undercut the cost of certain goods or services provided by larger and pricier competitors. Finally, unlike that penny stock you just bought last week that has already fallen 50%, you control your own destiny with a start-up. Your effort alone will make the start-up succeed or fail. You have all the controls and push all the buttons. There is no greater feeling in today’s world, where you can’t even reach a human on a repair line, to feel like you know how the engine works and your personal contribution as the most important cog in the machine – a machine you own.