Why Start a Home Based Business?

work from homeAs we research information about home based businesses, the questions that come up usually include, “Why start a home based business?”. Typically, we see all sorts of answers about helping people, changing lives, having an impact, etc… and all of these are good answers. Some of them are even true on some level. But let’s break it down. We enjoy the freedom of running a home based business, the challenge of running a home based business, the rewards of running a home based business, but what we were really thinking about when we filled out that registration form was the money we could potentially make from our home based business.

Do I enjoy helping people improve their lives? Absolutely! And money is one of the ways we can do that.

Do I enjoy helping dads be able to stay home with their kids and be connected with their families? Very much! And money makes that available to them.

Do I like helping people escape the 9 to 5 hamster wheel they call a job? Without a doubt! And money makes that possible!

Is it rewarding to help people enjoy a healthier lifestyle? Undoubtedly. And if they are making more money, they can purchase healthier food and make better quality lifestyle choices.

Ask someone why they took a particular job and at least part of that answer will include the salary. We take jobs to make money. Even when we LOVE the job and get the other personal rewards that come from a job well done, if the pay check stopped, we’d be looking for another job.

So, let’s all admit that part of the reason we love the idea of a home based business is the money that is available if we are successful at building that home based business.

What we do with that money will come down to a number of personal decisions motivated by our own goals. Some folks want a better lifestyle. Some want more time freedom. Some want to travel more. Whatever your motivation, money helps make it possible.

So now let’s break down the concept I’ve come to know as “Millionaire Math”. This is the term I use to break down what it takes to make a million dollars per year. First, we need to get rid of the “8 hour work week” mindset. Financial wealth comes from leveraging time and energy. With the internet and the ability to build  your home based business on a global level, this concept is very feasible. We can literally create or tap in to system that let us generate revenue every second of every single day.

So let’s start with breaking down the idea of making $50,000 annually from your home based business and what it looks like when you learn to leverage your time and energy to create revenue literally every second of every day.

We know there are 12 months in each year, so breaking down $50,000 in to a monthly income goal is very simple. We divide $50,000 by 12 and get $4,166.67 per month. We need to be generating $4,166.67 every month to earn $50,000 annually in our home based business.

So let’s break that down by week.

If we ask Google, “How many weeks in a year?”, we get: 52.1429. I’m going to round that down to 52.14.

So, $50,000 divided by 52.14 weeks means we need to generate $958.96 on a weekly basis to reach $50,000 per year.

So far, most of us can think like this and we don’t really struggle with the concept. For some, this may be more money than you are used to. For others, this may not be enough to get you excited. Stay with me for a bit.

Let’s break this down by day. What is the daily income we need to generate in order to be making $50,000 per year? Remember, we are not talking about linear income where you punch a clock. We are talking about leveraging systems that allow us to generate income 24 hours per day, 7 days per week. So $50,000 per year, broken down by the day comes down to $50,000 divided by 365 which equals $136.99 per day.

This same figure comes down to an hourly income (generating revenue 24 hours per day) of $5.71.

We get this figure by multiplying 365 days by 24 hours in each day which gives us 8,760 hours per year. Most of us wouldn’t walk across the street for a job paying $5.71 per hour. But learn how to leverage your time and energy to generate $5.71 per hour 24 hours per day, and things start looking better.

Let’s break it down by the minute. I promise you, millionaires know what their time is worth. They don’t waste a lot of time because they are aware of what their time is worth and they know that time is the one thing they cannot make more of. So let’s break it down.

There are 525,600 minutes in a year. So $50,000 broken down by the minute comes to $0.96 (96 cents per minute).

You can check all these figures here.

This sort of thinking really helps me dial in to how I am spending my time. When I have successfully set up and utilized systems that allow me to generate income literally every minute of every day, I can enjoy my time much more and make better decisions about how I spend my time.

So let’s break down a few more income levels with this same formula.

Let’s look at earning $100,000 per year. That comes down to:

$8,333.33 per  month
$1,917.91 per week
$273.97 per day
$11.42 per hour
$0.19 per minute.

Let’s look at earning $250,000 per year. That comes down to:

$20,833.33 per month
$4,794.78 per week
$684.93 per day
$28.54 per hour
$0.48 per minute

And now it’s time for Millionaire Math. To be earning $1,000,000 per year in your home based business, your income numbers break down like this:

$83,333.33 per month
$19,179.13 per week
$2,739.73 per day
$114.16 per hour
$1.90 per minute
$0.03 per second

These formulas are designed to give you a way to gauge your own progress toward reaching your goals. Whether you are shooting for the $50,000 mark or the Millionaire mark, I think it’s important to know how to measure your success. With the internet, technology, and a fair amount of work, I believe we can all participate in systems that allow us to generate revenue 24 hours per day.

Of course, we also have the option of living by the 8 hour work clock where someone else decides our income, but that system doesn’t work for me. Personally, I’ve set a goal to live out the top side of this chart. Why? Do I want to help people? Absolutely. Having more money available will allow me to help more people. I also want to live a very nice lifestyle, drive cars I enjoy and enjoy experiences that make me say, “Wow! Let’s do that, again!”

And all of that takes money. For me, a home based business is the best way to make it happen.

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Why Musicians Need Residual Income

work from homeAs many of my friends know, in addition to running my own home based businesses, I am a freelance bassist in the Houston area. I absolutely love playing music and can’t imagine my life without being able to get out there and play bass. (Insert cheesy “slappa-da-bass” line here!)

I’ve had some amazing opportunities with some incredible artists and I’m always looking for ways to expand and improve. Of course, so are countless other musicians around the world.

As I get to meet and connect with various musicians in the studio, at the clubs, in theaters, etc… there seems to be a fairly common thread to most of our conversations. Typically, most of us will ask each other, “Do you have a day gig?” or “Are you gigging full time?” or something along those lines. We all want to know how the other one is doing and we all want to know if our fellow musicians are able to provide for their lifestyle, families, etc … doing this thing we all love so very much.

Being a musician is an amazing experience. If it’s in your blood, then you know there is no escaping that internal drive to learn a little more, become more proficient, and … of course … support yourself financially. It’s also a very challenging business model. It’s pretty much feast or famine for the local musician.

As I write this article, we are deep in to the Christmas season. Many of my musician friends know this is the “hot season”. We are gigging more in the months of November and December than other other time of year thanks to Corporate Christmas parties and events. Many of us know that when January comes around, it will feel like live music has been vacuumed off the planet. One drummer I worked with recently said,  “Man, when January gets here, I’m taking a nap for the entire month!”. Napping for a month sounds really nice! But if your income is attached to your gigging schedule, that’s going to be tough.

Which brings me to one of the biggest challenges local musicians face: Cash Flow. When the gigs are rolling in and the calendar is stacked, life is good. But as we all know, there are seasons where the calendar is empty and we are wondering if our phone is ever going to ring again.

This is why I encourage all musicians to create an additional revenue stream with some sort of home based business. This article is going to open you up to the possibility of creating residual income through a home based business without having to give up on your musical ambitions.

The challenges of the regular “day job” include things like not making enough money and being locked in to someone else’s schedule. You may not be able to book gigs because your boss has you sticking around for a few extra hours. But if you have your own home based business, you can have the flexibility to set your own hours.

I have been fortunate enough to work from home since the year 2000. I left a great corporate job to be able to spend more time with my family. Today, being able to set my own hours means I can make time for rehearsals, gigs, studio sessions, etc.. That, by itself is a big advantage to having a home based business.

One common misconception when people learn that I work from home is that they think I don’t actually work. We joke about me being “successfully unemployed” but I think many folks truly think I’m not working because I’m not getting out of bed at 7am. Most of the time, I’m barely getting in to bed by 3am and I like to sleep so a regular day for me might include starting a gym session at 11am.  That schedule works for me.

That flexibility is a beautiful thing. It may mean I have to stop working to get to a gig and then start working when I get home from a gig. The flexibility afforded me by running a home based business allows me to do that.

Just recently, a fellow bassist called me to fill in for him on a 3-day run. I needed to leave within 20 minutes to make it to rehearsal. Thankfully, my home based business schedule allowed me to move a few things around and I was able to do the gig. If I had a regular job, it is highly unlikely I would have been able to talk a boss in to letting me leave early for a last minute gig call. When rehearsal was over, I came home, had dinner with my girlfriend and went back to work. I had a bit of a late night but the freedom to do it like that is a major benefit to me. The gig paid pretty well and the check arrived today.

Another big benefit and maybe the BEST reason to start a home based business is:

Residual Income.

Residual income is a thing of beauty. Why? Because once you’ve built it, the money keeps coming in. My home based businesses are literally creating residual income for me 24 hours a day, 7 days a week.

Let that sink in.

When I’m on a gig, residual income continues to come in.

When I’m sleeping, residual income continues to come in.

When I’m in the studio, on a show, in a theater, sitting in a restaurant, on a date … residual income continues to come in. If I don’t have a gig this weekend, I still have income coming in! I’m not saying that to impress anyone. I simply want to impress upon you the importance of creating residual income for yourself.

Most of the time, when I am talking to other musicians, I hear the traditional complaints about needing (and still hating) the “day job” so they can pay the bills while they are looking for gigs. I understand and respect the desire to make the money. I’m simply asking that you consider a home based business you can run on the side, part-time, and create residual income for yourself so that you are not so worried about money.

Imagine being able to take gigs because you WANT them rather than “need” them to keep the lights on.

On a sad note, we all know that age creeps up on us. We all know that things happen. As I get older, I realize that many of my musician friends are also getting older. They can’t keep running that crazy schedule. Or they get in to some sort of accident that prevents them from playing as much as they once did or,  in some cases, prevents them from ever playing again.

Building a residual income with a home based business allows you to prepare financially for such events.

I want to encourage you to ask any questions you have, check out the ads on this blog, and be open to  the possibility of creating an additional income stream for yourself. If you’re in the Houston area and would like to talk, let me know. I’d be happy to sit down with you, show you what I do, and answer any questions you have about this crazy home based business world.

In the meantime, may the gigs continue flowing your way and may you be continually blessed as you do this music thing we all love so dearly.

Yours In Success,

 

Brian Rooney


 

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Residual Income and Residual Bills

work from homeMoney is a touchy subject for a lot of people. Most of us have been taught something along the lines of getting good grades so we can go to college to get a degree so we can get a good job. And that is where financial education ends for most of us.


At the end of the day, getting the job isn’t really the goal. We want the job so we can have the income. So that makes income the actual goal. With a typical job, we simply trade time for money. We know it as the “hourly wage” and most of us think in terms of what our hourly wage is when we think about our job. Essentially, we trade time (something we cannot make more of) for money. I’m not sure this is the best solution for all of us.

What I want to do is open up your thinking to the concept of residual income. Residual income is the kind of income that keeps coming in long after the actual work has been done. Most folks are not even aware that such a thing as residual income exists. Some know it exists but have no idea how to get some coming their way.

Most of us think about residual income being something like royalties a book author might get. They write the book once and get paid as long as the book sells. They may think of song writers. Someone writes a hit song and they get paid royalties for months or maybe even years as the song grows in popularity, air play, and circulation.

Inventors is another area where we can identify residual income. Someone invents a cool new gadget and they can get paid every time that gadget is sold.

App development is another area where residual income is available.

Did you know that most of us are creating residual income for someone else?

Do you pay for your internet service?  When you signed up for it, you probably agreed to a minimum contract. At the minimum, you pay for your service on a monthly basis. Someone sold you that service one time but you pay for it month after month. You have a residual bill and that creates residual income for the company that provides you with the service.

Your car loan, mortgage, and credit card bills are all examples of residual bills. You pay these bills every month. That creates residual income for the companies you send your payments to.

Insurance is another good example. That insurance agent that sold you the car insurance, home insurance, or life insurance gets paid a commission every time you pay your premiums.

Good network marketers understand residual income. They love the idea that they can introduce someone to a product or service and receive residual income in the form of commissions every time their product or service is purchased.

The thing to remember is that you are already involved in residual income. The question is: Are you just creating residual income for someone else or are you on the other side where you are actually getting some of that residual income coming your way?

Check out some of the ads on this page for ideas that might help you get in the incoming side of residual income. Even if you just start doing a little something on the side, you can start creating a little financial stability for yourself rather than just relying solely on that traditional hourly wage income most folks rely on.

Yours In Success,

Brian Rooney


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Money. Your Thoughts?

I am running an experiment and would very much appreciate your feedback.

When you see this drawing, what does it mean to you?

I’ve shared it with a few folks and the responses are interesting and surprisingly varied.

Some folks feel like the kid on the right is “lucky”.

Others feel that the kids on the right is somehow “wrong” and taking advantage.

Some feel the kid on the left is in some way “disadvantaged” and/or being abused in some way.

I’m curious to know what YOUR thoughts are, so leave us a comment and tell us what sort of story or feeling this picture brings up for you.

IMG_3638


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Unlimited Ads Definition

work from homeWith The Online Ad Network (TOAN), our goal is to provide you with a powerful advertising system that allows you to run and track your ads for maximum impact. We have not been putting a hard limit on the number of ads an advertiser can run so that you will be able to conduct split-run testing to make sure you are getting the most advertising bang for your dollar.

Unfortunately we have run across some advertisers who have made a point of running thousands of duplicate ads which causes a number of problems for us and our other advertisers.

Our unlimited ads policy applies to unique ads. We no longer allow duplicate ads in the system.

While we recognize that this may be undesirable for some advertisers, we want to stress that the reason for this change is to help you make sure your advertising is genuinely effective. Running 1,000 duplicate ads gives you virtually zero chance of fine-tuning your ads for maximum effect and slows down our servers. The loss of efficiency and lack of meaningful stats is a bad trade for us and for our advertisers. Running hundreds or thousands of duplicate ineffective ads also creates a lower quality experience for our web site visitors.

We anticipate this change will affect very few of our advertisers as most advertisers do not waste their time loading hundreds or even thousands of duplicate ads. If you have any questions, do feel free to contact us by opening a support ticket in your back office.

We are in the process of locating and removing duplicate ads from the system. In those cases where duplicate ads are found, we will remove all duplicates and retain only the ad that has click-throughs for your reporting.

To  make the most of your advertising, be sure to run split-run tests to determine your best possible ad version.

 


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Minimum Wage Rage

work from home

The minimum wage debate continues to rage



It’s all over Facebook and other social media, on the news, in the papers, and being discussed around the table.

I have no problem with people wanting to earn more than minimum wage. My question is simply this:

WHY oh WHY do people constantly do a job that is worth $7.50 an hour and then demand that they be paid more?!? (We’ll leave the part about how they barely perform at a $7.50 an hour level out of the discussion).

If YOU are worth more than your job, you’ve got some decisions to make. You can get a different job OR … add a side business where you actually have the opportunity to earn what YOU are worth instead of allowing someone to pay you based on what the job is worth to them.

Face the facts: A JOB is where someone pays you based on what the JOB is worth to them as a company. That’s just a bottom line fact. No business is going to pay someone more than the job is worth and stay in business for long. You don’t want to pay more for your car just because the car company feels they should get more. You don’t want to pay more at the restaurant. You don’t want to pay more for your clothes if you can avoid doing so.

Remember when you went to the store and found a $100 shirt for $15? That’s what your employer did with you. They got a $100 employee for $7.50 because you agreed to the $7.50

You bargain shop. So did your employer.

Employees do not get paid what THEY are worth. They get paid what the JOB is worth to their employer.

If you want more, you can (and should) earn more. I support your right to earn more! But you need to create more value than $7.50 per hour if you want to receive more than $7.50 an hour. You’re not going to do that dunking chicken nuggets in hot grease and pushing a timer button.

If you really believe YOU are worth more than the wage you are getting at your job (and I believe many employees are), DO SOMETHING about it. Stop expecting a job designed for a high school student to provide a wage sufficient to support a family. That’s not what that job is for.

Get a different job or start a business that allows you to earn more based on the value you provide to the market place. I’m not saying that because I believe it’s easy to go get another job. I know people struggle with finding jobs. I’m simply pointing out that there are options if you are willing to put in the work required.

If you need to learn more to get that done, start learning! This is the information age and there is a TON of information available to those who are willing to look for it, study it, and apply it.


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Work From Home Reality

work from homeWhen I tell people I work from home, I get responses that range from “I wish I could do that” to “I could never do that”.

Typically, I like to talk with that first group because I can teach them how to do it if they really want to learn. The next group? Well, there isn’t really much to talk about.

A recent article on Forbes.com revealed that working from home is growing in popularity at a starting rate.

“Global Workplace Analytics, an organization that studies and promotes flexible work situations and telecommuting, reports that telecommuting has grown almost 80% from 2005 to 2012 across sectors such as state government (122% growth), non-profit (87%), for-profit (70%) and local government (62%).”

So, I got to wondering about the different types of industries, other than direct selling or affiliate marketing, where people can work from home.

Here is what I found:

Writers work from home.
Consultants work from home.
Customer Service Reps work from home.
Sales representatives work from home.
Engineers work from home.
Account Executives and Managers work from home.
Software developers work from home.
Case Managers work from home.

This list could go on and on. Check the Forbes link above for more. My point is that working from home and telecommuting are growing in popularity.

The times, they are changing!

Maybe now is the time for you to consider working from home, either as a telecommuter or as a home based business professional.

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Being a Musician with a Home Based Business

work from homeMost folks I know don’t ask me why I started a home based business anymore. Most of the folks who know me have known me long enough and we are (most of us) old enough to understand why someone would make the decision to start and run a home based business rather than do the “9 to 5 grind” for 40 years.

Running a home based business doesn’t come with guarantees, of course, but when it’s done right, you don’t have to worry about things like getting laid off, having someone else keep you from rising up the ladder, asking for a raise, asking for time off, trying to get off early enough to make the gig, etc…

For me, running a home based business was and continues to be one of the best decisions I have ever made. When my kids were young, running my home based business meant I could be involved in their lives. It meant we could take family vacations together, pretty much any time we wanted. Not only did I not have to miss school events, plays, recitals, basketball games, and volleyball games; but I was actually able to play in some of the recitals with my daughter and coach basketball with my sons. Those are memories that can never be replaced.

When my wife became ill, the creation of residual income through my home based business meant I was able to focus on her and tend to her without having to run out on her during a chemo treatment or surgery because some nagging boss was holding my weekly (or is it “weakly”) paycheck over my head.

She ultimately lost the battle to cancer and is sorely missed by us all. But the joy of the memories we created is a beautiful thing. There are tears but so many smiles. I am so grateful to have had 27 beautiful years with an amazing and powerful woman. And I am incredibly grateful that having a home based business allowed us to enjoy our time together.

These days, my kids are grown and they have all moved out on their own. We are still very close, geographically and emotionally, and we love to get together as often as possible. Some of them even have their own home based businesses and my oldest is an aspiring and talented drummer.

These days, I now find myself more aggressively pursuing my love of playing music.

I’m a bass player in the Houston area and I am absolutely thrilled to be able to play with various bands and artists around town. Playing music lets me scratch that “artistic” itch in a way nothing else can. If you are a musician, I know you understand.

As I write this post, I am getting ready for a gig. Earlier today, the thought occurred to me that while I am on the gig, the income from my home based businesses will continue to flow. Leads will continue to be generated online, and folks from around the world will continue to learn about and potentially order from these businesses.

Having a home based business, for me, really is a great way to do life. Many musicians I know are in an “either/or” situation. They are making money with a job OR a gig. This means they are either making money while on the clock for a boss OR they are making money while on a gig with a band. Quite often, they punch in at work in the morning and then punch out (stop getting paid) to go set up for a gig.

Work is honorable and I admire anyone that is able to keep that sort of schedule. Some musicians are I know are absolutely hard workers. They hold down a full time job AND work in booking and playing with their bands. It’s an impressive work ethic but I really don’t like that both forms of income are completely linear. To make money on a job, you have to physically be at the job. To make money on a gig, you have to physically be at the gig. It’s exhausting!

Most of us play music because we just love it and cannot even imagine what life would be like without music. Sometimes, we get paid pretty well on the gig. Most times, we all kind of chuckle when we get paid and laugh (or cry) about how the pay scale for  local musicians hasn’t really increased since the mid 1970’s. Then … after we laugh … we sigh and think about that reality for just a moment. And that makes me even more grateful for a home based business.

I truly wish everyone I know would start up at least some sort of home based business on the side. Musicians, we all know how crazy the gig life can be. Some months are great. Some months are lean. We will keep gigging no matter what. We just love it. So, it really make sense in my book to use at least some of those day time hours and some of those off-night hours to build up some sort of sideline residual income through a home based business, doesn’t it?

Brian Rooney
http://www.iambrianrooney.com
http://brianrooneymusic.com

 

 

 

 

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Work From Home Struggles

BrianRooneyI could relate to so many of these points, I really just had to share this article that so accurately describes the Work From Home struggles we face when we take on the home based business way of doing things.

From dress code issues to changes in our social lives, every home based entrepreneur can relate to these challenges.

And, yes … it is from Playboy. And yes… I did just read the article!

Here it is: http://www.playboy.com/articles/12-struggles-only-people-who-work-from-home-truly-understand

See how many of these you can relate to!

1. PUTTING ON PANTS FEELS LIKE DRESSING UP

2. YOU NEVER REALLY STOP WORKING

3. YOU FORGET WHAT IT’S LIKE TO ACTUALLY INTERACT WITH PEOPLE

4. YOU START TALKING TO YOUR PETS LIKE THEY’RE PEOPLE

5. YOUR MEAL SCHEDULES ARE A COMPLETE DISASTER

6. HAPPY HOUR AFTER WORK BECOMES MUCH SADDER

7. YOUR NEIGHBORS DEFINITELY START TO WORRY ABOUT YOU

8. COMMENTING ON FACEBOOK BECOMES YOUR VERSION OF SOCIALIZING

9. EVERYONE ASSUMES YOU’RE NOT BUSY

10. THERE’S NO SUCH THING AS A SNOW DAY

11. OR AN OFFICE PARTY

12. YOU’VE HAD THE REALIZATION THAT IT’S BEEN DAYS SINCE YOU’VE FELT THE WARM OF THE SUN

Got more you can relate to in your own home based business? Share!

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Online MLM Lead Generation

online mlm lead generationIf you’ve been around MLM or network marketing for any length of time, whether you are a seasoned professional or a complete rookie, the challenge is always the same: Finding people to talk to.

When you signed up, you got excited about your opportunity. It “just made sense” or it was “incredibly exciting” or “everyone needs it” or “how could anyone say ‘no’?”. We’ve all been there. And then reality hits us. We find that folks aren’t interested. Or they know a guy who “tried one of those things” once. Or they are stuck in the 70’s and keep using the “pyramid” argument. You may try to help them understand what they’re actually talking about but the end result is typically the same. They stay in their mind space and you are still looking for someone to talk to.

So we look at what the other successful MLM professionals are doing and we start seeing things like:

  • Make a list of friends and family.
  • Throw high pressure home parties.
  • Attend hotel meetings.
  • Approach strangers who are dressed well or drive nice cars.

After a while, we see why most people quit on the MLM industry. These tactics are high pressure and here is the really important part: Most people simply are  NOT going to do this stuff!

I do talk to people but it’s really very conversational. I might tell them about my business or they might ask and I simply reply. It’s easy to find out if they want to know more.

What changed things for me was when I found a strategy to help me with online mlm lead generation. You see, while most of us are chasing down friends and family, there are a LOT of people going online actually LOOKING for ways to make money from home. They see web sites and blogs like this one that offer tips, advice, strategies, and … advertising.

The way it works for me is that I run my ads online. I run ads on Facebook. I run ads on Traffic Exchanges. I do email marketing. I run ads right here at TheOnlineAdNetwork.com. Why do I do this? Simple. People are LOOKING for ways to supplement their income or replace their income and I want them to be able to see my information.

There is no real “magic” to it. When people see my ads, they make a decision about whether or not they want to learn more. If they don’t, they just move on. If they do, they click my ad. In my case, when they click my ad, they are taken to a capture page where they can request free information. In exchange, I ask for their name and email so I can follow up with them.

My followup letters are constantly sending them information and inviting them to get back to me with any questions. Sometimes, I may get a few emails back and forth, a Skype conversation, or even a phone call. My goal at that point is to build a rapport with my prospects and help them make a good decision for them and their family. Sometimes, folks just sign up without me ever talking to them. But I find that building a rapport with your prospects helps you better support them and show them how to build their business with you.

Online MLM Lead Generation isn’t a magic button. It’s simply a powerful strategy that you can use to reach out to people who are actively seeing out information about working from home.

Used effectively, you can put this strategy to work in your own home based business to generate online mlm leads and build your business alongside of other more traditional strategies.

For more information on advertising with us, click here.

For more information on email marketing, click here.

 

 

 

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