Stagnate wages and inflation means that we as middle class, working class families are slowly sliding into poverty by reason of the cost of living expense increases we are facing. For many families, adding something towards the family income may help shore up the budget if you’ve already cut as much as can be cut.
Obviously, as you can see from this blog, and from stuff on my site, I have a side income, a home business. This side hustle of mine has, over the years, involved doing client based design work, selling ebooks and books I have written on Amazon.com, and selling customized products featuring my own designs on Zazzle. It’s taken me a few years to create an income that is steadily growing without much intervention on my part, while not taking up all my time.
It’s one of those things that make me say, “Why didn’t I do this before, in the first place?!?!”
Finding the Niche
For me, writing and design work is as natural for me as breathing. I’ve always been good at them both, and I’ve always had a passion for both. It seems only natural to look in that direction to earn my side income.
What you’re good at and what you love is probably different from what I am good at and love. That’s okay. Look to what your passion is, and what you’re good at, and take some time to think through and pray about different ways you could possibly monetize that passion.
Generally speaking, meeting a “Bleeding neck” need (an urgent need in someone’s life) will be easier to market, more readily profitable, and thus more successful. Look for any “bleeding neck” areas related to what you’re good at and what you love to do.
Even more importantly, you need to figure out a way to make money on your passion that doesn’t require you to always be working. There is more to life than work. If I wanted to work all day long, I’d get a steady job. Passive income, or at least a “mostly” passive income, is ideal for this reason.
Passive Income vs. Minimum Wage Slave
With book and ebook sales on Amazon especially, my main job is to write the book and have it edited. Most of the other parts (sales, customer service, tech support, etc.) are handled by Amazon. One check a month means only one entry into my accounting software. Easy peasy.
Even with designing websites and doing graphic design, I’ve lessened my time on task and streamlined the process to reduce the time drain on me.
Why is this important?
Because a home business/side income can be something that helps your family and family budget out or it can be something that runs your life while earning you less than minimum wage slinging fries at McDonalds.Home biz can b something that helps u or something that runs your life while earning less than min wage Click To Tweet
Most work from home moms who are new to this fall into the latter category: earning less than minimum wage while working a crazy amount of hours.
This happens from two different issues:
- Not charging enough for your product or service.
- Centering your business around a business model that only earns you money when you are actively engaging in it.
For example, many moms try their hand at crafting. I love to make crafts, but making and selling crafts usually is a time intensive, unprofitable proposition, unless you’re making a high-end item that is selling for a high-end price.
Another popular work at home mom business involves any one of a dozen different direct sales companies, which means you have to be always having home parties, finding sales, and so forth. This is only a passive income for the person who came up with the idea.
As a mom especially (though this goes for pretty much anyone), we have better things to be doing with our time. If we want to work an 8 hour day for minimum wage, we’d have less stress and more consistent success getting an actual job, than working 8 hours per day with no guarantee of results in a home business.
A home business doesn’t have to generate a six figure income to be a success. Successful side income doesn’t have to have a detailed business plan, lots of overhead, and major stress. It doesn’t have to mean being glued to the computer and/or phone. It doesn’t even have to involve earning $1000 per month.
A side income or home business is a success when it meets the needs you need it to meet.A home business is a #success when it meets the needs you need it to meet. Click To Tweet