Over the past few years I have personally seen 9 of my friends get laid off. Each and every time it happens I get a sick feeling in my stomach and I think about their families and future. Some of my friends rebounded nicely and found new employment right away or started a small business. Others are still struggling to find work and are suffering because they had not built up multiple streams of residual income.
So what is your “Plan B” if you were to be laid off or fired tomorrow? Do you currently have any form of residual income set up just in case something happened or do you have “all of your eggs in one basket?” Have you sat down and thought about your options if you were laid off or fired? If you think you are “safe” in your job you are definitely kidding yourself. Companies are laying people off left and right and most of the time it’s, “Surprise! You are now jobless!”
As the economy continues to suffer from the latest recession more and more people are looking for a back-up plan. People are exhausted, frustrated and worried about what the future holds. It should be of no surprise that one of the fastest growing areas in the world are Home Based Businesses including Freelancing. With a home based business or working part-time as a freelancer you can easily build up other streams of residual income with little outlay.
The First of Many Streams of Residual Income
I started my first home based business in 2002 and I count my blessings each and every day that I had the vision and drive to look outside the box. I started selling items online to make extra income so that I could keep the lights on in my duplex. Currently, I run 3 businesses from the comfort of my home and I have 9 streams of income that pay me monthly. I NEVER need to worry about employment again because I am setting up my company for long term success. I do not need to worry about how much vacation time I have and I certainly do not need to worry about getting demoted, fired or laid off.
Finding New Streams of Residual Income
There are thousands and thousands of home based business and freelancing opportunities that can be started with little or no upfront capital. The majority of these business can be run on a part time basis. My recommendation is to do your due diligence when searching for a new opportunity. When I started searching for the businesses that I wanted to start I spoke with many individuals and companies to see what they liked and disliked about the idea I had.
Here is what I look for when evaluating a business idea or opportunity:
- What product or service will you offer? Is this a product or service that YOU would buy?
- If an existing company - who are the owners of the company? What is their track record? Why are they selling the business or bringing in new partners?
- How long has the company been around?
- Is the company stale or are they still growing?
- Do they offer a good marketing plan that will help you grow the business?
Even if you currently have a “corporate job” I would highly recommend investigating freelance or home business opportunities so you have some potential options should the unexpected happen.