We all relish the idea of becoming our own boss and breaking free from the rat race. Indeed, those of us with standard 9-5 jobs tend to get a raw deal. Not only do we often end up paying more tax than business owners and get paid less than what our time is truly worth – we often end up living much more restricted lives where we are somewhat beholden to what someone else tells us to do; for instance, when to come to work.
When you’re your own boss, however, you get to call the shots in your life and you quite literally earn what you’re worth – for some people this is a good thing, whilst for others, it can be a cold sharp shock to the system as when you work for yourself you are fully responsible for earning your income, unlike in a job where you can coast, as you tend to be paid for the amount of hours you put in rather than the tangible output you produce.
That said, if you’re a highly motivated person, then this level of financial responsibility can be a good thing, as one of the most frustrating things about working in a job that you make an effort in, is that you’ll have colleagues, some of which might even be earning more money than you who are nowhere near as efficient or effective in their role.
The beauty of being “paid what you’re worth” is that the more you do, the more you get, and the harder or rather the more effectively you work then the more output you produce, which in turn means, the more profit you will make.
Then, going back to taxes, business owners are able to claim back many things as tax deductible expenses. For instance, whilst you might spend 45 minutes on your daily commute to work which could cost you upwards of $50 per week – this would be tax deductible to a business owner, whereas to an employee, it’s just an expense they have to bear. Indeed, even lunch can be claimed as a business expense when you’re your own boss, which highlights how raw a deal employees get.
With this in mind, there are clear benefits to breaking free from the rat race and being your own boss. Yet, it’s important not to overlook the benefits of being an employee, as these are often taken for granted until you take the plunge into self employment or setting up your own business.
The perk of being an employee, in a word, is “certainty”. Employees, in the most part, can rest easy in the knowledge they have the certainty to know they will be getting a paycheck at the end of each week or month; and that leads to a sense of financial stability and security that is often overlooked, until you venture out into the precarious world of self-employment.
The other aspect, on the topic of security, is that employees know they will be taken care of, at least to an extent, if they are taken ill. Indeed, they’ll even get paid to go on holiday – whereas, when you own your own business if you’re not trading your time for money, your simply not making any money – which can be a recipe for financial disaster, if you were to get sick or want to travel the world.
Finally, society is geared toward employed people, as it’s much easier to get a mortgage, for instance, if you have had a job for five years – whereas if you are your own boss, particularly if you’re self employed rather than a director of a company, it can be much tricker to get a mortgage and other lines of credit. Indeed, sites like https://www.onlinecash4payday.com are geared toward employed people rather than self-employed due to the reliability and financial security that comes from having a regular paycheck from an employer; rather than the much more volatile “profit” from a business venture.
Therefore, it’s important you consider both sides of the coin, and see that breaking free from the rat race and being your own boss is not a cure-all and that, actually, being employed within the “rat race” has many advantages in terms of financial security.
That said, here are five ways to make money without having a conventional job or building a big business:
- SET UP A BLOG
The great thing about starting a blog is that there’s a very low barrier to entry; meaning the cost of getting started is pretty low. Indeed, you can pick up a domain name for just a few dollars and hosting doesn’t cost all that much either. There are plenty of “drag and drop” website creators on the market, though most people tend to customise an existing template that is based on the wordpress content management framework.
However, it’s important to remember that nobody is going to come and give you a big fat check just because you have set up a blog; you need to learn to monetise it, for instance, through advertising.
Again, no advertiser is going to pay out money just because you have an attractive blog – it needs to have a decent amount of traffic before advertising can pay you enough to even top-up your income, let alone sustain your lifestyle.
Another option, to make money from a blog, is that of affiliate marketing. Here, you promote something with a special link, for instance, a book from Amazon that you have read and are reviewing on your site. If people click on your link and go on to purchase the book from Amazon, then Amazon will pay you a small commission on the sale.
If you have a high traffic website, then this can mount up quiet quickly, and when you branch away from the Amazon style commissions that are typically less than a dollar and start promoting premium courses that can pay upwards of $500 in some cases – you can rake in the big bucks in no time at all.
The other thing, if you prefer a more invested and hands on approach, is to make and sell your own course. If you were to offer an online course at just $95 and sold five courses a week, you would make $475 revenue – minus the payment processor fee, you’re looking at profit of $450 per week.
Yet, the most tantalising aspect of this is the fact it was generated passively; meaning it was running in the background, on autopilot – rather than you having to keep trading your time for money in a linear way.
- PROPERTY INVESTING
Property investing is one of the most viable ways to achieve the goal of financial freedom, yet it does tend to require a significant investment upfront – unlike blogging. The truth is, if you can develop a portfolio of properties and rent them out, then within a few years you can be a millionaire. That’s how powerful property investing is, and you can start small, whilst still having this potential.
However, whilst this is perhaps one of the most lucrative and stable opportunities available for the average person to make lots of money it does require you to have some money in the first place, or at least the ability to get a mortgage, meaning it’s not going to be an option that is accessible for everyone.
- SELL CRAFT ITEMS
There is a growing trend within e-commerce due to sites such as Etsy, where people tout their creative wares, such as jewellery in a very cashflow efficient way. Let’s take necklaces, as an example…
You can open at Etsy store with limited technical skills and at barely any cost; put on some captivating images of jewellery you have designed, or even inspirational items, that you might design in the future… and then, wait for people to place orders, before actually making the items.
This way, there is no risk. You are only spending money when you are making money; as if someone is ordering a necklace for $30 and the raw materials cost you $5, you only need to buy them when you have the order in hand… then, it’s a matter of getting to work making the necklace and shipping it out.
In the alternative, you could always tap into the trend that is selling t-shirts online; for instance, you can sign up to a site such as TeeSpring, (www.teespring.com) which is free, use their simple interface to create the design of your t-shirt… then set a sales goal (e.g. twenty units) and a price which will then determine how much the company pays you per shirt.
The next step is to advertise, for instance, via Facebook Ads, in order to get people to “buy” your t-shirt, which is actually a pre-order, and if you get enough people to buy or pre-order your t-shirt then the company will print and ship the item on your behalf; paying you a decent commission as the creator.
Whilst you won’t strike it rich selling twenty t-shirts, imagine if rather than twenty, you sold two thousand! If you make a commission of $10 per t-shirt this would amount to $20,000 which is serious money.