You can earn income starting your own business part-time and you can earn income from multiple sources. Asa result of earning from the multiple sources from your own business that your part-time income will be greater than your present annual income.
There are basically five sources of income and all businesses, professions, employment etc make money through any of these five sources of income.
1. EMPLOYEE: You can earn income as an employee when you work for someone and earn daily, weekly, or monthly salary. Employee as a source of income is not completely wrong especially in a country where there are no credit facility to start your own business small and grow gradually. Many people actually started their business life as an employee, save money to start their own businesses part-time and eventually become business owners.
If you are presently working, my advise to you is to save money or raise money without collateral and start your own business part-time and face your business as soon as your part time income is greater than your full time salary. If you want to achieve financial freedom, you cannot put all your life expenses on only one source of income as an employee. You can use your employee source of income as a stepping stone to start your own business and earn multiple streams of income. You can't put your life financial security of stocks alone. investing in stock alone cannot be your second source of income. Let your own business be your second source of income and your stock becomes your third source of income.
Therefore, if you are an employee right now, determine today that you will start your own business part time and that you can't rely entirely on employee income alone as your only source of income for your life expenses. And don't wait for pension and gratuity before you start your own business. You can engage in a part-time income that will not affect your present job.
Apart from the fact that employee as only source of income is not sufficient to care for your life expenses, when you stop working, the income stops. The working time can also be too lengthy- You wake up 5am and get home 9 pm everyday. You hardly have enough time for your families-spouse and children.
When you start your own business part time with your present job, a time will come when your part time income becomes greater than your monthly income. And at this point, you can turn your part time income business into your full time business.
SELF-EMPLOYED: another source of income is when you are self-employed. A self-employed person is an individual who operates a business or profession as a sole proprietor, partner in active partnership, independent contractor or consultant.
