Big or Small Work Them All
Developing a way to get an income is a big part of building a better mindset for money. Though I often refer to the benefits offered by big companies; small businesses comprise a significant portion of our income opportunities.
According to a recent study by the Small Business Administration, an agency of the US government, small businesses make up about 44% of the economy of the United States of America.
In addition, the Bureau of Labor Statistics has noted that small businesses have provided 53% of job creation since the first quarter of 2021.
Therefore, I recommend investigating the occasional small business income opportunity. However, what you need to realize is that there will be more demand on you personally. That will include longer hours, less time off, and lower pay to start.
However, if the company is well managed, with a good business model, and profitable, there will be more advancement and bonus options as incentives in a management capacity.
This is where a willingness to work can really pay off!
Make Your Own Opportunity
As I have stated in other blog posts, your efforts to educate yourself to prepare for opportunities in leadership and skilled positions can greatly enhance your chances for growing your income.
A small business will hire you based on your declared skills as noted on your resume and in the interview. If they hire you, they will expect you to deliver on those skills to help their business succeed.
You may make mistakes and must discuss what you can do to make positive changes. The good thing is that the small business owner may have made the same mistakes and can help you get past the problems and help you make the contribution they need from you.
Communication is very important along with giving the owner, manager, the respect they deserve for being able to develop the business enough to be able to hire you. Growing a business is not easy. You must respect that!
If you do not respect them, then, maybe you should try to start your own business to learn firsthand the effort it takes to succeed in a business.
Getting Ideas That Pay
Most businesses are started with a simple idea for a product or a service to fill a need. Simply put, the success of any new business depends on how well they satisfy the needs of their customers.
Working for a small business can offer a lot of insights into what it takes to succeed at owning and running your own business. The greatest learning opportunity will come with being able to work closely with the original creator of the business.
You may or may not want to put yourself into the position of creating a business. However, as you gain experience and new skills, you may see a need that could be filled with a business concept you are inspired to work on. Many take that chance late in their careers or in retirement. Think about that.
Save for Income Opportunities
As an important part of building a better mindset for money, you can improve your income opportunities by working extra to save more.
Why save more than you need now? To fund assets that can turn an income or profit. Your savings can become the capital source to fund a business operation. It could be a service like a lawn care business. Or it could be a business with less labor but requiring more technology like a secured storage facility.
There are a multitude of options for investing. Make your own observations and research who owns what you think may be turning a profit.
Make your own conclusions as to what you want to save for and do the extra effort or extra job to build your savings to reach your goals.
Young and Willing
Being willing to work and save as much as possible when you are young will benefit you greatly as you age. We all slow down over the years and being well-off in middle age is a better place to be than being stressed over how to save for retirement!
However, I must emphasize that there must be a willingness to work. The will to work when you are tired or not feeling well is what will keep you ahead of those who are unwilling to sacrifice some play time now to be able to afford more play time in the future!
Make Experience Add to Your Future
The resume you present to potential employers should include a summary of your work experience. The employer, of course, is looking for related experience.
With that in mind, I will offer some insight, some perspective about how you should consider employers and your income producing opportunities.
Granted, you may make friends on the job. However, you should be careful not to let those friendships limit how you view your work, your income opportunities.
So, why do I say that? First, a company is formed to make a profit and exists separately from the owners and the employees. As such, the need for employees is based on the volume of business it takes to turn a profit. And should sales decrease some jobs are in jeopardy since cutting salary expense is the fastest way to restore profits.
Second, when we have a regular paycheck, we can get lulled into thinking those paychecks will keep coming without us making any changes. However, our jobs change over time due to management changes or technological changes. Will you be ready for those changes?
If not, management may have to find someone else who is ready.
It will serve you well to get as much from every job experience as you can and change jobs, if needed, to obtain the experience you need to get you closer to your goals for the future.
Jim Rohn often referred to the advice he received, as a young man early in his working career, from his mentor, John Earl Schoaff. He was told, “Work harder on yourself than you do your job. A job will give you an income. But, working on yourself could make you a fortune!”
If you do the reading and research and consult with others to see what experience will benefit you in the future, you will grow in your understanding of how your income opportunities will grow with the right experiences and education.
Your Willingness—Your Future
Willingness to work on yourself will build a better future for you. A job will give you an income, which is important, but learn as much as possible from that experience.
Remember, though, that profits are better than wages and will build a greater potential for your future, if you are ready.
You will get ready by working on yourself to learn how to become successful. And that will require experience and understanding of areas outside of just a job.
As an employee, you pay your bills and file your taxes on a yearly basis. Each year, you make note of whether you have improved financially.
The same would be true if you start your own business. Keep it simple and you can control the finances, if you are willing to work!
In summary, your future depends on your willingness to work on what you need to know, your willingness to save for working capital for investments, and your willingness to work on yourself to show your family you care about their future, as well. We cannot expect to do well without their support. Be their inspiration and they will love you more!