Bringing in more money is on the minds of many people -- particularly now that people are experiencing layoffs, prices being at an all-time high, and the economy as a whole isn't exactly a dream picture.
While there are some things you can't control (nor wish to), there are some steps that you can take to help increase "your" bottom line for you and your family.
1.
Start A Business of Your Own Having a business of your own has many benefits.
You get to generate income as the main source or extra added to what you already have coming in.
It's also a great way reduce your taxes legally.
When done properly, you can have a very nice write-off on business-related activities and expenses.
And unlike a job where you pay taxes on the front end, with your own business you get to pay your taxes on whatever is left, which would be all of your operating expenses, new purchases, as well as the cost of employees and freelancers.
If you decide to conduct your business both online and locally simultaneously, you actually create a form of protection around this particular source of income.
Your online presence may allow you to offer your products or services globally.
However, because online business rules tend change much more faster than in your local neighborhood, I would suggest that you team up with Internet professionals who will help you with: - Internet Marketing, which includes search engine optimization, email marketing strategies, blogs and articles as part of your marketing, as many Web 2.
0 strategies as possible, and strong salesletter copywriting - Working collaboratively, which includes web-based professional meeting places like Webex, Webconference, and GoToMeeting in addition to email and phone calls - Finding the talent you need to help you get the job done, such as Elance which is a web-based freelance site filled with very talented people - Secured websites like PayPal to pay those you owe and to get paid for work performed Now regarding your local area, it would be very prudent to offer your products and/or services in your neighborhood, town, city, and/or at least state.
With courier services, email, and some web-based activities if you must operate state-wide, you can have more income on top of your online sales because there are some services that actually require for you to be within a certain radius of your customer base, such as babysitting/childcare services, dance lessons, private tutoring, notary public, home healthcare services, neighborhood store, dry cleaners, etc.
By operating both online and locally, you are actually protecting your business income in the event that something suddenly shifts, change for the worst, or is no longer an ideal business strategy.
2.
Eliminate Your Debt There are some resources you can use to begin eliminating debt.
For starters, begin by paying off the smaller debt first.
This is a great time to use some of that money generated from your business to start knocking out this irritation.
You can also talk a debt-elimination counselor.
Make sure do your due diligence with any counselor and/or company that you think you want to hire to help you.
There are some counselors who will advise people to do something (like file bankruptcy) without "fully" disclosing "all" the ramifications of such a decision.
Due diligence is critical because not everybody is really looking out for "you" as they are really looking out for themselves.
The unscrupulous ones just want to line their pockets, so be sure to ask lots of questions as well as check them out thoroughly before giving them your business if you choose to go this route.
I recommend one of my personal favorites and it's Money Mastery, which has an interactive website, and you can also purchase the book.
By making this your very first step for getting from behind the 8 ball, you can be on your way to sleeping a little easier at night because you're not up worrying about how you are going to pay your bills or sudden price increases for everyday necessities like gasoline so you can get back and forth.
3.
Create Passive Income While you're obviously eliminating your debt as you go, you should also create passive income as well.
Most people easily think of passive income as real estate, stocks and bonds (and/or mutual funds), vending machines, and numerous kinds of rentals (from video to storage facilities).
But there are others that even the financially-challenged can do as well.
- Write and sell a book or ebook on something you're knowledgeable of and/or passionate about, and maybe create multiple products from your book like companion CDs and/or DVDs, workbooks and manuals, paid teleseminars, and even monthly membership sites.
- Create and sell your own music and videos, both online and locally, and create companion products for these as well.
- Join affiliate programs and get paid to promote someone else's products.
Good affiliate programs will have an established plan in place to help you with product promotions.
Employing these strategies "simultaneously" will help you increase your bottom line so you can glide through our constantly changing economy and help others in the interim as well.