Judith Moor

Why You Should Consider A Work From Home Business As A Side Project – 5 Reasons

Two days ago, I was reading Bryan Cohen’s Book – ‘How To Work For Yourself’ – and one of the things he mentioned in his book that got me motivated to write this blog post is:

‘If You Are An Employee and You Don’t Have A Side Project Of Your Own Then You Are Under Utilising Your Capacity’

I know that many people will disagree with this because they work multiple jobs and put in 50, 60, 70 and  80 hours a week on two or three jobs. Ofcourse somebody putting in such a huge number of hours at work a week couldn’t be underutilising their capacity. The million dollar question to ask here is:

For How Many Years Of Your Life Are You Going To Put In 80 Hours A Week? How Sustainable is it and for how long will your body take it?

If you can work for 70 to 80 hours in a week, why not work 40 – 50 hours a week for now and use the other 20 to 30 hours a week to create a side project that would create passive income for you in the long run? Imagine that something happened and you couldn’t work even for a short period of time – for example what if you are made redundant, or you had a baby and had to stay at home, or you had an injury and had to stay at home for  while. That happened to me by the way, when I had my daughter and had to stay at home for 18 months, boy, life wasn’t easy at all.

I am not saying that creating a side project is an easy job but starting from somewhere and building it up is worth it. Bryan Cohen will tell you he blogged for fun until he was made redundant, that’s when he saw how powerful his blogging was and it changed his life completely. He is not the only one, I have friends with the same experience.

5 Reasons Why You Should Consider A Work From Home Business As A Side Project

1:        To Be Able To Create A Passive Income For Your Household

There are 2 types of income:

  • Active Income

    This type comes as a direct result of our efforts. This is when we work for one hour and get paid a certain amount for that hour’s work. This can be seen in wages, salaries, and self-employed service providers like lawyers, accountants or doctors. It’s also limited because no matter how much money you get paid you still need to show up to work to earn your money – that is why you need to work 80 hours a week for it.

  • Passive Income(or residual income)

    This type of income comes when you continue to get paid after the work is done. It comes from building an asset that continues to pay you long after the work has been done. A book, movie or song is an asset to the people earning royalties from it. A house is an asset to the landlord being paid rent and a business is an asset to the business owner who does not need to be involved in the day-to-day activities any more, and in the home business industry, a blog, your team, etc are all assets that you build that will generate an income for you long after you build it. This gives you time leverage.

2:        To Spend More Quality Time With The People Who Matter To You ( Spouse/Partner and Children)

If you work 60, 70 or 80 hours a week, how much time do you have to spend with your family? Quality time I mean:

  • Taking evening walks together
  • Going to church together
  • How many times have you promised to take your daughter for swimming lessons but failedJudith Mor
  • Children’s school meetings, school events and so on.

All this time once missed is missed and gone forever, never to be recovered.

When was the last time you had a well spent and relaxed vacation with your family? How long was it? For most of us, our vacations are controlled by our employers and the law because you have a set limit to the number of days you can have for vacation at any given time. Two weeks ago I went on vacation with my husband and daughter and we could only have two weeks because we had to rush back to work. It was a really exciting vacation and we would have loved to have more time but we couldn’t.

This is one great advantage that comes when you have build your home business. You set your vacation time when you are ready and off you go without worrying and without relying on somebody else.

3:        Give Your Children The Envied Opportunity of A Stay At Home Parent

How about the smile that goes on your child’s face when they return from school and you are home for them, mummy mummy or daddy daddy as they approach the door?

How about being able to sit there with them after they’ve had their food and rested to help with their home work? How about your kid being able to talk to you about a problem they faced at school because you are available and there ready to listen?

4:        Financial Stability and Financial Freedom

This can involve getting rid of debts by paying off your credit cards or personal loans, paying off your car loan, generating a deposit for your dream home and paying off your mortgage quicker.

If you had a chance to read my post on How To Get Out Of Debt Fast, one of the suggestions is to pick the debt with the highest APR and pay more than the minimum payments. How can you make more than the minimum payments if you don’t earn extra money to enable you do that? Having a side home business project is one way of earning extra money to pay off those high interest credit cards or personal loans you have. The great thing about it is, once the debt is paid, you now have a continuous source of income to meet your other lifestyle needs.

5:       Savings

One of the many challenges families face is that despite being in great careers, they are unable to save because the bills take up all the salaries. My husband and I are professionals in great careers but still struggled to save any money after the bills have been paid.

A side project will provide that extra boost to the family income that will enable you save for your children’s education, for unforeseen needs and also save for retirement.

You may even want to invest in another type of business outside the home industry, but your earnings from your home business will provide you with the funds to do that.

So What Does It Take To Start A Home Business?

Starting any business involves cost, but the home business option is the best because compared to other types of businesses, the start- up cost is low and the running cost is very low as well compared to any other type of business. If you wanted to start a franchise, just imagine the cost of just buying the franchise, then the rent and equipment to use and products and employees you have to hire. Those in a home business will experience profits faster than people in a traditional business because of the low initial cost involved in starting and running a home business.

To learn more about the top 4 home business models there are, sign up for my Free PDF – 4 Top Home Business Models That Can Enable You Earn More Than A Job Replacing Income From Home So That You Spend More Time With Your Kids & Family 

If You Enjoyed This Post, I would greatly appreciate it if you do me a favour by entering a comment below and sharing.

Judith Moor

‘Helping You Start Your Entrepreneurial Journey & Taking It To The Next Level’

Judith Moor’s Life Style Entrepreneur Blog

Email: judith@judithmoor.com

Facebook: Judith Moor

PS: Just curious, would you be open to a side project that wouldn’t interfere with what you’re currently doing? If so, Take A Look At This  and let me know what you like best about it by emailing me at judith@judithmoor.com

PSS: If You Are A Professional Who Has Always Wanted To Start Blogging As A Side Project To Generate Income But Just Didn’t Know Where To Start, This Free Report Which Teaches You How To Quickly Build A Passive Income Through Blogging Will Help You. Click Here To Grab It .

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17 Comments

  • Julie Mel Cooper

    Reply Reply October 25, 2016

    I was working as a finance manager before joining the industry, work countless hours, I was always stressed and miserable. And I was made redundant when I was 20 weeks pregnant with my 2nd baby. I am so grateful to have my own home based business now. Helping others set themselves free regardless of their background or obstacles has become a real passion. This industry offers so many possibilities! I want my 2 girls growing up knowing they can do anything they want in life, just like mummy 🙂

  • Shelly

    Reply Reply October 25, 2016

    This was great Judith.. All great reasons why we should all look into a homebased business.

    • Judith Moor

      Reply Reply October 25, 2016

      Thank Shelly. I am happy you stopped by. I appreciate you

  • Demetri Benton

    Reply Reply October 24, 2016

    I work full-time and am building my busy part-time. It’s hard work, but I know it will pay off in the end! Thanks for sharing this awesome post!

    • Judith Moor

      Reply Reply October 25, 2016

      I am absolutely doing the same too Demetri. Yes, It’s hard work but I love it and the growth is amazing. Thank you for stopping by. I appreciate you.

  • Julie Syl Kalungi

    Reply Reply October 23, 2016

    This got me: Give your children the enviable opportunity of a Stay at home parent…” Many parents would love to have that and yet few reach for it. Its our mission to help as many as possible to get to this sweet spot…!

    So yes every one should consider a home business as a side or even full time project! I am glad I did.!Thanks for sharing this well thought out post Judith!

    • Judith Moor

      Reply Reply October 25, 2016

      Julie, that is the one phrase that wakes me up in the morning and watching people like you each day keeps me highly motivated. Only a business like this can give any parent that position. Thank you for stopping by. I appreciate you.

  • Michael Burns

    Reply Reply October 23, 2016

    When I started my very first online business I was working a job 12 hours a days, seven days a week and about 8 hours a day on the business, seven days a week. I did that for about the first year. If I got 4 hours sleep a day, I was lucky.

    • Judith Moor

      Reply Reply October 23, 2016

      That was some really hard work Michael. Quite inspirational. It paid off, we can all see that. Thank you for stopping by. I appreciate you.

  • Keith Everett

    Reply Reply October 22, 2016

    Great post. I don’t honestly believe anyone was put on this Earth to work 80 hrs a week, do you?. I know we all need money but it makes more sense to work 40hrs in a job and 40hrs in a side project, that way you can end up working less hours if your get the residual income part right..

    • Judith Moor

      Reply Reply October 23, 2016

      I couldn’t agree with you more Keith. It is worth the while in the long term and the residuals can’t be beaten by anything else. Thank you for stopping by. I appreciate you

  • NaQueen Zaire

    Reply Reply October 22, 2016

    There is nothing more satisfying than knowing your are controlling your life’s destiny. I have been working from home since 2001 and I am unapologetically unemployable! This lifestyle has rewarded me the ability to be at all of my 6 children’s functions and to homeschool my youngest.

    If you are stressing about your income or your place of employment then you definitely want to start a side hustle that can become your main hustle over time.

    • Judith Moor

      Reply Reply October 23, 2016

      Naqueen, you are a superstar. ‘un-apologetically unemployable.’I like that. The dream of every mum. Quite motivation. Thank you for stopping by. I appreciate you.

  • Andy Atsugah

    Reply Reply October 12, 2016

    great points. what gets me most is that; there is something magical or should i say miraculous about your children seeing you available and there for them and the nicest part; the envy it creates (lol, just like you said). lots of parents wish they had that but seem to think they just cant

    • Judith Moor

      Reply Reply October 14, 2016

      Very well said Andy. That look in your Child’s face cannot be priced. I would work my head out to have that feeling. Everybody can achieve it we just have to decide to work for it.
      Thank you for stopping by Andy. I appreciate you.

  • Judith Moor

    Reply Reply October 2, 2016

    Thank you Beri. Comments taken on board and amendments made.Happy you loved it. Yes, absolutely, shifting our thinking is very important for growth and change. Thank you for stopping by. I appreciate you.

  • Beri

    Reply Reply June 7, 2016

    This is such a great article, Judith Moor! It is really important for us to learn to shift our thinking from the one-track 9 to 5 and expand our potential. I’d love to see more diverse photos … visible minority families represented so that people can see a closer connection when they glance at the pics. Great read though – I particularly enjoyed the passive income piece! Thanks for sharing!

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