Today more than one source of income is necessary.
No longer is that just a nice side income or just a good idea – it is critical to your income production ability and your overall personal financial health – as well as your own security and independence.
Jobs and positions disappear in the blink of an eye.
Even a self-employment situation where you own the business you work as your job can be destroyed at any time.
Just look at all the small business restaurants that went under almost overnight. Think of all the people and companies that supplied and supported them that went under too – or at least went into struggling to survive as a result.
Stuff can happen.
Stuff does happen – all the time. Increasingly so these days too.
So let all of it be a lesson – and a WARNING – to you too, so that you may get ready and be prepared now!
When you realize this and begin to take action then you begin to put yourself in a much better situation in business and in life.
This is a big part of Build Your Own Business Empire Philosophy.
Build Your Own Business Empire Philosophy
The idea is really quite simple.
You and I – and everyone else needs more than just one source of income.
Many people work a job as a primary means of income production. Despite all the negativity about doing so online – I am here to tell you that a job can be and is often a very good thing! There is nothing wrong with having a job either – so long as it meets a few conditions. Those conditions include;
- You do work you don’t mind doing in exchange for fair compensation that can support you adequately.
- You NEVER rely ONLY on that income alone.
- It is what you freely intentionally CHOOSE to do, and knowing that – you also know you are free to quit and leave anytime you choose to do so too.
In other words, you should never ever allow yourself to become basically an indentured servant – or desperate for the income from ANY job at all.
You avoid that by establishing additional income streams for additional Income Production Opportunities that YOU control.
Begin with one – and preferably (for most people) an ONLINE business.
Why an online business?
Because of several factors that make owning and operating an online business nearly ideal. The first is that it is LOW COST to start. You can start a business online TODAY for very little money – and in fact, if you are really broke and have no money, you can get started for FREE.
So long as you can get access to the internet – you can own your own online business beginning today.
Beyond that, the money that is desirable to use is very little. All that is really needed monetarily is a domain name and hosting service for a website – and perhaps a little money for some online course or other training to make your journey easier and faster to get to the point where your business is making you some money.
The idea is to start a business and grow t over time with work and effort to get it to the point that the net income from that business is equal to or greater than what you earn from your job or other work.
I call this Point Of Equilibrium or POE for short.
Once you achieve POE with your business you need to begin looking at starting your next business.
The next business will likely be easier – and faster to get it to achieve POE also. Why? Because many of the lessons you will have already learned by building the first one will help you build the second one better and faster.
You will also have access to additional resources. The services and contacts you used may be applicable for the next – in some cases. For example, all businesses need a website. You will already know how to get your domain name, hosting, and other services – and get your site up and running quickly and cheaply.
You also have money coming in from your other business – and you can use some of that for any of the things you need and want for your new business too.
Ideally, when you reach the point of POE with our second business (which is your third IPO o Income Production Opportunity) you will be in very good shape financially.
You will have the following;
- Job/Personal Business
- First Online Business
- Second Business (online or off)
The income from each equals or exceeds the net income from the first (normally a job). Whatever amount you typically earn and live off of – in other words.
But here is a critical element – and a key to your BYOBE success – do NOT increase your living expenses and cost. Keep them the same or even lower, while you double and then triple your income.
This is DIFFERENT!
Most people will increase their spending right along with their earnings and that is a critical mistake! so do not do that.
Increase your income but keep your expenses the same.
The extra money will go first to helping you make it and make more. Then it will go to savings, emergency reserves, and investments – including continuing to invest in your own self-directed continuing education.
Everybody that wants to learn more and do better needs information, training, and support.
You get that by taking courses online, by attending group coaching, hiring a personal business coach and mentor, using the services of consultants and needed, and joining other communities of like-minded people on similar journeys through business and life.
Those things cost money for good programs and good resources.
I always find it so funny that people to aspire to SELL such products are so reluctant to BUY such products and services themselves.
That shouldn’t be the case.
For me, I have invested lots of money in other courses and training and books, manuals, memberships, and all kinds of things over time – which is in large part directly responsible for the levels of success I have already achieved – and those I continue to achieve over time as I continue my own entrepreneurial journey.
Marketing and Outsourcing
As you build your own business empire – you will have more and more money.
Some of that money as I mentioned above should be invested in YOU – so you keep getting better information, developing your knowledge and experience, and your ability to make smarter and better decisions.
One of those decisions will be to invest some of the money in MARKETING your own businesses and your own products too. When done right that will help dramatically increase and improve sales – which makes you even more money.
See how that works?
As you make more money – and become more experienced and efficient at doing all of this, you may decide you want to get some help. that is when it is time to begin considering your options.
One option is to hire a Virtual Assistant or VA.
A competent VA can help you do all kinds of things. That may include researching a subject for an article, post, or video. It may even include creating some or most of that content for you.
Other service providers specialize in helping you build an audience and develop an email list of people who you can direct highly focused marketing toward and that of course when done correctly – will result in more sales and more money!
The Next BYOBE Level and Beyond
The logical next step is to start another business.
Use the same formula and the same steps as you will have learned and done already to build the others.
Each business becomes easier and quicker to build to a point.
It is just a matter of systematically following all the steps again and again. Kind of like following a recipe for baking a cake – except in the BYOBE case – this is so much better than any cake ever baked!
Where does it stop?
That my friend is up to YOU.
You may choose to never stop and keep taking this as far as you possibly can for the remainder of your life. Even then your empire will outlive you if you do it right -and it will live on as your Legacy for many years to come.
Other people have much more modest goals.
That is fine too.
All they want is just some extra income and security and not much more. They only want to get it to a certain point and hold that – and enjoy their free time as they see fit. Again – nothing at all wrong with that approach either.
Do you my friend. Choose what works better for YOU and do that.
Well, that brings us to the end of this particular post. There will be plenty more to come – both here and on the BYOBE site at www.buildyourownbusinessempire.com
My name is L.D. Sewell and I hope you have enjoyed this post.
If you would like to comment on this – discuss it and other related business topics – then come find us on Facebook and join our Build Your Own Business Empire Facebook group for free today.