6 Ways To Ensure A Future Income With Your Home-Based Business |
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By: William Winch Posted: 2008-02-17 04:37:40 |
| If you have not acquired more than a bare existence with your home-based business, perhaps it is time to learn a few laws that govern the building of wealth.Wealth grows wherever you exert energy, but if that energy is dispersed into non-productive activities, it is worthless. Owning your own business from home means that you (and only you) are in charge of your future. The more you practice the art of making wise decisions with money, the closer you will be to securing a future income for yourself through your business.Make Small Donations To Your Savings AccountFor every ten dollars you collect from your business profits, save one dollar for your savings. That's 10%. Never spend it and always keep adding the dollars. You will manage to get along just as well without spending that one-dollar each time, and it will start to feel good seeing that savings account slowly increase. The money will begin to come more easily the more you save because of interest. It may not be much at first, but it's more than hiding it in your sock drawer at home.Control Your Spending HabitsEveryone is burdened with more desires than they can gratify. Buying new things makes you feel good, and there's always something new to buy. The only way to control your spending is to set up a budget based on your current income. Make a committment to stop spending beyond your means. Confusing "necessary" with desire is easy when you really want something. If you can't afford it after you save your 10% and pay your bills, put it on a wish list.Make Your Savings MultiplySaving 10% in of itself is only just the beginning of building security. To ensure a future with your home-based business, you must put those savings to work earning even more money on it's own. Invest back into your business by purchasing inventory, or any other kind of income-generating service related to your business. This is the only way you can acquire more than one income without working more. People who go out and get a second job to cover their expenses haven't grasped this concept.Guard Your Savings And Investments From LossGet into the habit of studying opportunities before you proceed to spend your savings on them. Make sure you are guaranteed that you can at least retrieve your initial investment back before you sign on the dotted line. It takes a lot of time and effort to build a savings from 10%, so don't be misled by your desire to get rich quick. Consult the wisdom of those experienced in handling money. Advice is free, so take it whenever you can.Own Your Own HomeAnyone who owns their own home is making a wise investment in their financial future. It is even more important to do this if you own a home-based business. You will always have to pay rent, so you might as well pay it to yourself. When you do this, you are protecting the security of your home and office at the same time. Buy land or houses that generate income so if you ever need extra finances, a sale will create even more extra income.Increase Your Willingness To LearnIn order to earn more money in network marketing, you must have the desire to seek proper education. Traditional techniques currently being taught by most major companies are outdated and account for the 95% drop-out rate in the industry. They teach you to play a numbers game to benefit their overall sales and profits, rather than spending the time and energy teaching you how to grow your own company.It is extremely important to invest your money on a program that offers a proper marketing education with a guarantee for success. This will not only explode your business in ways you couldn't even image, but it will act as a safety net in case something ever happens to your support system. You could wake up tomorrow and find your primary company has gone under. What will you do if all you know how to do is "distribute" their particular line of products? Knowing the basics of how to market properly will allow you to be successful no matter what product you choose to endorse.When you own a home-based business, preparing for the times when you are unable to earn income, such as when you grow old or sick, is just as important as paying your monthly bills. It's your responsibility now that you don't have a job or a boss to depend on. There's nothing worse than finding yourself unable to work with nothing saved aside. Any part of the nine dollars you set aside for expenses that can be spent on something to earn more money will allow you to secure a future income that much faster.William Winch is a Business Growth Specialist whose mission is helping people expand and explode their home-based businesses without breaking the bank. A former High School and College Business Educator and Counselor, he mentors from his home office in Rochester, NY. If you are interested in learning how to explode and expand your home-based business, you can contact William by visiting his website at http://www.thefreemlmpowerreport.com or by calling him directly at (585) 234-5283. |
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