10 Reasons You Should Own a Business

Own business as additional income

Tell me if you agree. I have owned a business on the side for the last few years.

50 Small Businesses You Can Start on Your Own | The Simple Dollar

Every year I become more and more thankful that I do. Here are some of the benefits I have experienced. I certainly have enjoyed that extra money. They have to wait until they leave their job to roll that money into an investment account with good options.

If you're looking for ways you can earn a few extra bucks with a side hustle, you'd likely encounter hundreds of strategies for make some money. However, depending on your unique needs and your skillsearning a respectable amount of cash, and doing it quickly, might be well within your reach. No matter where you're from or what you do for a living, thanks to the conveniences afforded to us by the internet, making money is no longer a constant and never-ending struggle.

Your mindset changes from a Scarcity Mentality where you want to get a bigger percentage own business as additional income the pie to an Abundance Mentality where you realize you can make the pie bigger. You realize that YOU can create jobs for other people. All of a sudden you see business ideas all around you all the time.

own business as additional income

Some before they even get out of residency. Whatever passion they once had for medicine has been beaten out of them by a own business as additional income up system, an evil administrator, a malignant residency, or unappreciative patients.

Working from home - Whose business is it?

Medicine can pay the bills while you grow it, and when it gets successful enough, you can punch out of medicine in your 30s, 40s, or 50s and follow your new passion. Sometimes it feels like a break to just go into the ED, wrestle a few cocaine addicts, bust a few Percocet-seekers, empathize with the truly ill and injured, and maybe even save a few lives.

My two jobs have a symbiotic, synergistic relationship. Each one makes the other one better. Schedule C is so much easier to use.

With how many businesses already exist out in the world, it can be difficult to come up with the right idea you should be spending your time on. When I set out to start a new business, I always make sure it aligns with both my core competencies and my passions. Obviously, some of these gigs have more earning potential than others, but what they all share in common are relatively low barriers to entry and the flexibility to work at them for a limited amount of time per week.

Everybody paid on a W-2 ought to figure out a way to have at least a little income each year. Business is really an enterprise that consists of adding value to the lives of others.

The better you can do that, the more you are rewarded for it. I have learned a ton about marketing, sales, accounting, and information systems that I never would have known without starting a business. My understanding of finance and taxes have also increased with the additional complexity the business adds to my life.

50 Ideas for a Lucrative Side Hustle

But you know what? My business would probably be worth as much or more to my wife in the event of my death. Sure, this website would change a bit. That can be very fulfilling. But practically speaking, I am also building something of value to me. This website has an ongoing income.

own business as additional income

That could be seven figures by the time I get around to selling it. Or to implement a new way to monetize make money from the site. I go to work tonight at 7 pm to do an eight-hour shift in the ED. I also spent 4 or 5 hours today working on this site. Not because I had to, but because I wanted to.

EXTRA INCOME: 5 Ideas for Low-Income Earners (2020)

The best job in the world is the one where someone pays you well to do something you would do for free. Maybe your side business will do that for you. What Kind of Business? So, what kind of business should you start? I have no idea. It might be a website. It might be a T-shirt business. It might be an investment property.

own business as additional income

Perhaps it is manufacturing a device you can use in your practice. Perhaps it is selling a craft you make. Perhaps it is teaching, or consulting, or reviewing charts for insurance companies or attorneys defense only, of course.

Build your business

Or perhaps it is just practicing medicine for yourself, rather than someone else. Whatever it is, go for it. The benefits seriously outweigh the risks.

Too many of us are becoming employees option premium is determined sufficient knowledge, skills, or desire to make it in the business world. What do you think? Do you own a business?

own business as additional income

What do you like the most about it? Comment below!