It’s time to start focusing on just want kind of business you want to start up.
There are a few things to consider at this point:
- Will this be a side hustle while you continue to work your regular job?
- Is this to generate extra income to help support someone (child or parent?)
- Is this to purchase a big-ticket item – such as a cottage, RV, or race car? (just checking if you’re reading 😊)
- Is this to build your nest egg to allow you to retire sooner?
- Or will you actually “pull the trigger” and retire, and this biz is to supplement your retirement income or Social Security?
2. You’ll want to decide if you would prefer to work from home using a computer or the telephone to generate income or do you prefer to be out and about physically doing some activity to generate that desired income?
3. Consider whether you will be travelling during the “off-season” or some part of the year, or will you stay-put in one town?
- If you are staying in one location, do you want to work year-round, or take summers off to play golf?
- How many hours do you want to be away from home?
- If you will work from home “electronically” (computer/phone) do you have the skills to do that kind of work?
These are a few of the “big” categories that need to be considered as one thinks about starting a new “encore” business.
What kind of conditions would be ideal for you to start and successfully run an income generating business?
Hopefully this sparks some ideas and gets you thinking about what would be ideal for your situation.
If you haven’t done it yet, be sure to download your copy of the free eBook “12 Business Ideas You Can Start in Two Weeks.” It will give you some ideas for businesses that you can start quickly and begin that journey toward your higher income lifestyle.
Bye for now.
