Extra Income Ideas: Part Time Employment or Micro-Business?
Extra Income Ideas: Part Time Employment or Micro-Business
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What isthe MostCommon MistakePeople Make When They Need Extra Income?
When someone has an urgent need for extra income it is common to consider getting a second job. If they have no special high-demand skills the search often ends in alower wage job at $8 - $10 per hour.If this part time job is a secondary source of income these wages can be taxed at a high rate. An $8 per hour job can end up earning less than $5 per hour in some circumstances.
It is safe to say that using this slow trickle of money to retire debt, save for college, to buy a car or to save for a down payment on a house could take quite awhile.
A Smarter Choice for Finding Additional Income
Jack, a 51 year old Michigan man had worked successfully as an executive for the same company for over 28 years when it was sold and he was out of a job. If that wasn't bad enough, the economy took one of the worst nose dives since the great depression over 80 years before. When he was initially unsuccessful at finding a replacement job, he briefly considered looking for a part time job just to pay a few bills.
Ultimately Jack handled his need for extra money in quite a different way. He began to sell local newspaper subscriptions in malls, discount stores and even door to door. I know, it doesn't sound very impressive but listen to this - he was able to average $25 to over $40 per hour.
How did he do it? He was paid as a salesman on 100% commission. In other words he was paid for his results and not for just his time. If he was compensated on an hourly basis he might have been paid $10 - $15 per hour. That's the difference between earning $20,000 - $30,000 per year versus $50,000- $80,000 per year.It kind of makes you think doesn't it?
It's Absolutely Amazing How Many People Have Discovered This Exceptional Path to Extra Income
Many other clever individuals that have found small, micro-businesses that are simple to set-up and have the potential to yield a great part time income, (or even full time income in some cases). These people did not choose to spend a small fortune going back to school. Instead, they used the skills that they already had or could easily and quickly learn.
Many, if not most, of these little adventures were begun on a shoestring budget that required very little money to get up and running. Also, many of these opportunities were started part time with flexible hours that allowed them to keep their full time jobs indefinitely or at least until the part time business made it possible to earn a full time income.
When Your Time Comes to Grab Additional Cash Don't Try To Re-invent The Wheel. Learn From the Experts.
With any business, no matter how small, the secret of success has to do with elegantly solving the specific problems of that industry. Without exception insider trade secrets always makes the difference between making just a small amount of money and being the profit leader.
Try interviewing people that are already successful at the particular income idea that you have an interest. Some of these people may not want to help you for fear that you might become a competitor. If this happens then go out of town or out of state looking for a mentor. Without fail you will find someone that will enjoy talking about their business with the idea of helping you get off to a profitable start.
Also look for books, eBooks, training courses and DVD programs created by experts in almost every extra income idea imaginable.
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