We all want to make that money. Even my young son wants to be rich. He wants to know the things that make money the easiest way possible. If it were simple, everyone would be rich. There has to be an easier way to make money – let’s do a thought exercise with a little research.
Make sure you read until the end.
Get a Job and Make Money
This is the most obvious way to make money. An employer has work to be done, they hire you, and you get paid on a set schedule. The problem is that money they pay you might not be enough. While a job is typically the easiest way to make money, it takes a lot of time and might not be enough money.
Start a Business and Make Money
This takes a lot of work and capital to make successful, but there are ways to start a small business with less money, and grow it. We look at starting a business as long term, where a side hustle may turn into a business, but you usually start out as an independent contractor.
Starting a business can do a lot more than make you money, they can make you rich. It isn’t easy, and most businesses fail within 5 years. From what I’ve learned in my years of running my own businesses and working with others – you need you have money set aside to grow your business if you want to go full time. The amount of money you need depends on your other financial obligations.
If you have a product or service (skill) that other people want, you need to get customers and convince them to do business with you. That takes advertising money and also a reason for them to risk working with you.
In short, to start a legitimate business, you’ll need to (In order):
- Have a product or service that is in demand
- Register Your Business Name
- Open a Business Bank Account
- Advertise or market your business
- Collect Money – (Pay Pal is easiest)
How much money you’ll need to start depends on the type of business your are starting and what equipment/resources you already have.