How to "Diversify" Your Career

With the way jobs and work have changed over the past few decades, creating a career out of multiple part-time jobs (and part-time businesses for that matter) can give a person more financial stability and often a higher income.

My own life is a great example of this in that I have 6 or 7 different income sources at any given time. Alone, these incomes would be unstable and would not make sense for a person to do. Combined however, they provide flexibility and a safety net if for some reason something happens with one or two of them. I love what I do and am never bored. Plus I get to spend more time with my husband and can still make money while traveling.

To do something like this without hurting yourself financially, expect for it to at least take you three to five years. If you're working a full-time job right now, start developing one of your part-time jobs, a side-business, or other self-employment ideas during the time you'd normally be doing things like watching TV. You'll be tired for a short period of time, but it makes the transition a lot easier. Starting from scratch is also not a bad option if you don't have a job, but keep in mind it's going to take longer and you'll need to focus quickly on finding good opportunities.

As your income goes up, take that extra money you're making and get yourself out of any debt you have. Over time you'll be able to free up more of your time because you won't be working just to pay payments. This will free you up to drop the full-time job and search for another part-time position or two. Even traditional benefits are not a problem if you plan it right because the increase in income will cover them if you're patient and willing to stick with it.

A major "secret" in all of this is it's not all about working more hours. It's more about flexibility and long-term freeing up more of your time and creating a career that works around your life instead of the other way around. Business books can teach you how to do this as far as creating repeat income.

Online businesses are also great sources for income and can fit a wide variety of interests. You just have to take the time to find ideas that you would enjoy working on. A group of part-time jobs can also accomplish something similar, but you have to keep in mind the income is temporary and still based on your time.

I also work a part-time job because my husband and I have some student loans to pay off. After the debt is completely gone, I can literally do any career that I want without worrying about the money aspect. I think what trips a lot of people up is they think to make money they have to be at a miserable job, and if they want to do what they love they'll have to struggle financially. That just isn't true. You just have to be patient and steady when you decide to change things around for yourself.

One last piece of advice is to read everything you can about business and self-employment before you get started and continue to keep learning as you go. This will help you with a lot of the technical details and help you make fewer mistakes. Every self-employed person makes mistakes and has obstacles, but having the ability to create your own career is worth it.

Life is precious, so we should all make the best of it. I wish you the best and hope you pursue your dream!

How to Wisely Grow a Home-Based Business

Growing a home-based business shares many aspects of growing a traditional small business. There are however a few specific details you need to consider in deciding if it is time to grow and how to do it. The following are a few areas of business you should check in order to help you make wise decisions about growth:

1) Overhead

One of the greatest advantages of a home-based business is you have very little overhead in comparison with a traditional small business. If growing is not going to increase your overhead costs along with your profit, generally you're making a good move. You have to use caution to make sure growing isn't going to harm you more than it helps.

There comes a certain point in some home businesses where it just makes sense to move it out of your home. If you feel like your business has swallowed up your whole house, it may be an option to consider for your sanity and for your family. Rent space first before you buy since you often have little idea if a specific location is going to help you or not. Make sure you can pay the rent without having to borrow the money or having a major loss in profit every month.

2) Time

If you are the only one doing the work for your business, you want to make sure that the profit is going to be worth it in relation to any extra time you have to spend. Ideally, most businesses should require the most intense work in the first few years and take less and less of your time long-term.

If you decide you need more help but fear traditional employees would drain you, consider negotiating a situation where anyone who works for you gets a percentage of the profits they create for you. Avoid legal partnerships however because a majority of those end in disaster when two or more people's goals begin to go different directions. If you are considering adding more people to your business, I would recommend consulting a local business attorney in your area to make sure of the details that would apply and getting their advice.

3) Quality versus Quantity Growth

This can apply to product and service businesses. If you have a service business and have grown in experience, consider raising your rates for new customers. This will increase your profits and decrease your work load. If you're selling products, consider diversifying into higher quality products with greater profit margins. You don't have to give up your existing products, just offer more options.

In other situations, you just need to offer more of what you already have. In making these decisions, you may want to do some experimenting on a smaller scale to see what will work and what won't.

4) Cash Flow

In home-based businesses especially, you should never need to borrow money to expand. This is what sinks a majority of businesses period because beginning profits can't outrun the interest of loan payments. You can get stuck in a financial cycle or even fall behind and lose your progress you've worked so hard to build. It's hard sometimes, but exercising patience will help you succeed.

5) Ability to Diversify

Are there areas related to your current business that it would just make sense to branch into? Since you may already have experience and education, learning a related aspect of business would take less time and give you more stability.

I hope these ideas have been helpful to you. Best wishes to you in growing your business!