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Table Of Contents
Foreword
Chapter 1: Owning Your Own Business Basics
Chapter 2: How To Maximize Passive Income Earnings
Chapter 3: Earn More The Freelance Way
Chapter 4: Run Your Business Like A Money Tool
Chapter 5: Ways To Earn More But Work Less
Chapter 6: Home Based Business Challenges
Chapter 7: Why Am I Not Seeing The Money
Wrapping Up
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Chapter 2: How To Maximize Passive Income Earnings
Synopsis
Firstly there are several ways to create a passive income but learning to get most out of this style of income can sometimes be challenging or not totally explored at all. These incomes are mainly derived from sources where there is limited or no work put in, on the individual’s part.
The following are some ways of creating passive income and how to get the best out of them:
Maximizing
Stocks and bonds are a popular way to invest and can be considered as passive income. If there is capital available, without incurring any interests, such funds should be diverted to the purchase of suitable and strongly featured stocks and bonds. Some of these may pay out dividends periodically while for others using them as an investment where the eventual said stocks or bonds are sold at profitable prices. There is very little hands on requirements especially when there are appointed parties acting on the stock owner’s behalf.
Inventing something that is useful can also be one way of generating passive income. This is even more lucrative if the invention catches the interest of bigger established companies, who may consider paying huge sums of money to acquire the rights to such inventions. There is also the other revenue earning possibility where the individual would be able to get a percentage of every sale made of the said invention. The passive income here however would depend largely on how effectively the invention was advertised and sold.
Passive income from property rentals is also another good area to tap into. Owning property and collecting rentals have long been a very viable means of creating healthy incomes. Even though in some cases the rentals generated may not be of the desired amount, the income nonetheless is something that does not have to be worked for.
Chapter 3: Earn More The Freelance Way
Synopsis
Using the freelance platform to earn money can be a very profitable exercise if it is properly managed. There are several ways to increase the earning of the freelance revenue earning capacity.
The following are some of these ways that should be considered for the earning merits:
Get More
Increasing the levels of productivity would be one of the more obvious ways that can be exercised to garner more income. The attractive feature that often draws people to the freelance way of generating income would be in terms of the time frame commitment, which is supposed to be non committal.
However most would soon learn that putting in more time eventually means enjoying more earnings. Thus the myth of little time invested brings huge income is definitely furthest from the truth for most businesses.
Another way to earn more is to increase the skills capabilities of the individual. With increased skill the individual is able to offer an even more attractive package to the potential client thus effectively elimination the competition.
This will also impress the prospective client enough to consider awarding the contract to the said freelance individual. One of the most important ways is to stay relevant and knowledgeable and be constantly updating and keeping abreast with the latest technologies, tools and information pertaining to the services offered.
Learning how to outsource work to others is something that should be considered as this will not only allow the individual to enjoy passive income but will also allow the individual to take on more work thus effectively generating more income. However if this style is utilized the individual would have to ensure the quality of the work outsourced is always up to the standards required by the client. Failing to ensure this could cost the freelancer the account and effect his or her credibility status in the market.
Chapter 4: Run Your Business Like A Money Tool
Synopsis
Anyone starting a business usually does so with the intention of generating a sizeable income that can be enjoyed over a long period of time. Ideally after the initial effort and nurturing of the business entity, it should automatically continue to generate the desired income for the business owner.
In order to ensure the business generated the intended revenue there are several steps that should be taken and the following are some recommendations to achieve this:
Running Your Business
Constantly sourcing for newer and more innovative tools that will enhance the business in anyway should be explored. This will help to ensure the business is kept relevant and updated all the time which in turn will impress both existing clients and new prospective clients. However all this should be done with minimal investing costs so as not to incur possible debts which would then defeat the purpose of trying to garner more profits.
Exploring all tax reliefs and exemptions will also contribute to less money going out of the company and more money directed to the profits. There are a lot of tax incentive programs and all the business owner would have to do, would either be to make an effort to acquire such information or to hire someone who will be able to provide informed and expert advice on such tax saving possibilities.
Keeping proper records and following budgeting plans and business plans formulated, that were carefully designed to garner optimum profits would not only eventually bring about such desired results but may also get noticed by those who may be looking for businesses to invest in or to buy out. Thus by having a well run and profitable business entity the possibilities of being approached for buy outs or partial investing opportunities should be one of the factors that motivates the business owner.
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