Working from home has become the reality for millions of people around the world, thanks to the internet. Our mum friends in the US have taken a lead on this, and it’s not uncommon to find a mother homeschooling her children while running a home-based business at the same time.
If you’re looking for a way to generate money doing just that (homeschooling aside), there are three models you can use to keep a steady flow of cash coming through:
- Buy a pre-existing business
One way to create an immediate cash flow is to buy a pre-existing home business that is already making a profit. This could be in the form of a franchise, or could mean buying a business that is on sale.
One of the benefits of buying an established and successful pre-existing work-from-home business is that you will gain knowledge from the previous owner about what works for the business and what doesn’t work. The main disadvantage is you will have to follow in the footsteps of another person instead of building your own home business from scratch, so you have to do your research and make sure they have a good reputation before you part wi your cash.
- Copy a successful business model
Another way to create a cash stream for your work-from-home business is to follow the profitable business model of another established business. It could be a website that provides products and services that you can do better, or a flexible business where you choose the hours you work around your family commitments. You can learn a lot from others who have already been successful with a home business.
Be sure to do as much research as possible into the marketplace however – just because a business exists doesn’t mea it makes the type of profit that you need. You should also make sure the market can contain another competitor – if there are ten businesses in your area doing exactly the same thing they may be killing each other.
- Become a 5 to 9er
If you already work, it may seem like the last thing you need is t add more complexity to your life by working out of hours, too. But, some of the most successful people in business started out just like that – they built their business around their jobs and gradually cut back their hours as their business grew. What’s stopping you from doing the same?
Yes, it’s a slog and you’ll lose some sleep, but imagine the satisfaction at knowing that you’re building your own empire and that in a year or two you’ll be able to become your own boss and have the flexibility you always dreamt of.