More and more people are convinced that living a comfortable life without the looming fear of money, or lack thereof, is to simply have more than one steady source of income – especially when you do not control that income source. Here, real estate agent turned top-notch entrepreneur and career coach Brian Carruthers shares his top 5 tips for people looking to become financially independent while working from home.
1. Understanding multi-dimensional income
The concept of money in most people’s heads is really vague. One of Carruthers’s first mentors taught him the difference between linear, leveraged, and residual income. He explains, “Whether it be agents who work for you or a product/service you sell once and pays you for a lifetime, your business should always have multiple ways for you to get paid even when you’re not directly working.”
2. Start monetizing on your passion, even part-time
Carruthers says, “You have to be willing to put in overtime, and start monetizing on your passion part-time.” He suggests that every entrepreneur should decide on what business to start, and begin part time. “Work for someone else during the day earning a living, and work nights and weekends building your fortune. Once your side business income eclipses your earnings from your job, only then should you consider firing your boss and going on eternity leave.”
3. Calibrate your expectations properly
The fundamental piece of advice for someone trying to ensure they have more than one source of income is to stay on track. Your goals need to be great enough to motivate and inspire you, but not so big that you feel defeated when you don’t achieve them as quickly as planned. Carruthers admits that through his career, he never derailed by remembering the reason he started it all. “My mentors lent valuable advice, and I also suggest my students to always remember their ‘why,’” he comments. “If the reasons why you want to build a business and create freedom are strong enough, it will get you through the distractions and disappointments you will face daily. And if you miss a benchmark goal, reset and go after it again.”
4. Work on network marketing skills
Irrespective of the field of work, Carruthers is convinced that people with networking abilities will always stay ahead in the game. He urges everyone to broadcast the value they are offering and start generating inbound leads. Networking lends to collaboration, and lots of referred business. He adds, “This way, you never run out of business, and work only with those who share the same vision you do.”
5. Stop selling, start solving
This is Carruthers’s personal anthem, and advice he has given to many over the years. “Whoever solves the biggest problems for the most people will make the most money. So instead of focusing on what you want to sell, ask yourself what do people want to buy. If you can help someone discover that they have a problem or pain point, and then you can show this aware consumer that you have the very solution they now know they want, they will purchase and you don’t even have to be a salesperson. If you want to create an incredible stream of income, find a problem you know that many people have and that you are really interested in helping them solve for it, and the money will surely follow,” he concludes.