5 Ways Starting Your Own Side Business Prepares You for Anything
Please read this carefully and pass it on as appropriate. Because, as you know, we believe in facing hard facts head on, and one unpleasant fact we all need to deal with is that the economy is NOT getting better anytime soon.
The terrible condition of the economy is becoming harder and harder to hide.
Median incomes are falling… selling your home can be virtually impossible… and with Obamacare kicking in, our already weak economy is bracing for the double whammy of major tax hikes combined with no spending cuts. But, we’ve got a way to give you peace of mind (even in these uncertain times) that will also help you with your efforts to get prepared for everything from
natural disasters to social breakdowns. The idea is simple, really. Start your own side business.
A Smart Investment for a Dying Economy
A side business, if done right, doesn’t take a lot of cash to get rolling, it can start paying off almost immediately, and it has the potential to grow into a real cash cow. Even in the best of times, a side business is a smart thing to do for several reasons. First, a side business gives you the opportunity to develop a new stream of income. And it’s a great hedge against financial difficulties facing your employer or your employer’s industry. By developing a new income stream through a side business, you give yourself some extra security should you be laid off or should your investment income drop. Any financial advisor will tell you that you should diversify your investments – it’s not a bad idea to do the same for your income.
Second, a side business gives you the chance to develop and hone new skills. This is good for your outlook on life, especially if you focus your side business around something that you enjoy doing anyway. And, it also means if you find yourself in the market for a job, you’ll have more marketable skills to offer potential employers. Finally, the money itself is a big benefit. It can help you pay down debt, develop more savings, and do more of the things you’d like to do. A side business is a smart idea for anyone, but it’s a great idea for savvy preppers.
5 Ways a Side Business
Can Help You Get Ready for Anything
1. Develop a new skill: When it comes to a disruption – big or small, long or short – you may find yourself dependent on your own resources to trade for what you need. Among your best bargaining chips are your unique skills and entrepreneurial spirit. Launching a side business can help you develop unique skills that may come in handy.
2. Procure extra resources: Setting up a side business gives you an extra stream of income. You can use the increase in your income to fill in holes in your prepping efforts. Whether you need to put a little more food in reserve, stock up on prescription medicines, or buy more first-aid supplies, the extra money from your side business will come in handy.
3. Build connections: When you set up a new business, you’ll develop new connections with creative and resourceful people. If you’re selling to a local market, then the connections you make will naturally be within your local community. We’ve underscored many times the importance of your local connections during any sort of disaster. A side business will help you strengthen those.
4. Hedge against uncertainty: We talk a lot about preparing for widespread disruptions, but the truth is millions of Americans have faced personal disruptions in the last few years. Loss of a job… collapsed savings… a mortgage that went sour. These things happen to thousands of people every day, and when it’s happening to you, it might as well be social chaos or a natural disaster – it turns your world upside down either way. Having a second income stream can help you weather that kind of personal crisis. Many with side businesses have even found that a layoff from their main job is a blessing in disguise, allowing them to devote full time to growing their own business.
5. Transition into retirement. It’s not easy to go from working 40+ hours one week to playing golf and cleaning the garage the next! A side business can allow you to stay productive and work as much or as little as you wish in retirement.