Posts Tagged ‘generate income’

Home Building, Real Estate, Mortgages – Other Sources of Income

May 25, 2010

Some of the recent news (Assoc. Press, by Alan ZibelĀ and Martin Crutsinger) discusses facts about how the recent tax incentives have helped home construction surge last month. But now that those tax credits have expired builders expect activity to drop again and they’re scaling back. This makes it very difficult for the vast number of independent contractors who have counted on this industry to provide for their livlihood.

The good news is that mortgage rates are remaining at all time lows; however, lending standards and high unemployment will continue to cut into the progress of new home construction. While there are signs of improvement, these industry professionals are working harder than ever, and many have had to find secondary sources of income – a Plan B.

A full time professional is stuck between a rock and a hard place. How can one justify putting time into another job or endeavor when it might make sense to just stay focused on one’s expertise? There is a viable solution; however, it’s not for everyone.

Developing a part-time home-based business that offers residual income is ideal. A growing residual income will help support financial needsĀ during difficult times and provide a cushion for retirement. Why isn’t this for everyone? Because it requires discipline and commitment.

Once a professional has decided that they’re willing to spend at least five to ten hours per week on a home-based business, then it’s a matter of finding one that is reputable, safe and duplicable. There are 12 success factors to consider when searching for the right opportunity:

  1. Is the company at least 5 years old?
  2. Is it financially sound?
  3. How strong is the management team?
  4. What is the product? Is it unique and consumable by all (men, women, young & old)?
  5. Are the products competitively priced?
  6. Is there a high documented monthly reorder rate?
  7. Is there a low personal production requirement?
  8. Is there a low entry fee?
  9. Is there low attrition?
  10. How’s the timing for the type of business – does it have longevity?
  11. How secure is the marketing and compensation plan, is it willable to heirs?
  12. There should be No Risk.

Once finding the best opportunity, stick with it. Schedule time to work that business just as one would with any other job or business. Team up with successful partners who have proven track records of helping others achieve success; and resolve to never give up!

Shoshanna Szuch has a food and beverage background with major hotel corporations. That background helped her launch her career as an entrepreneur in sales and marketing. She has helped many businesses and individuals throughout her career and is positioned to help many more.