How NOT To Make Money Part 3

In my previous post, I explained how I could now make money working from home. I had finally achieved my goal to be an entrepreneur. I had my own business as a financial adviser. But being an entrepreneur was only part of my goal. I also wanted to make a lot of money with my work at home business!

In theory I had unlimited earnings potential because the more I sold, the more I earned. But in reality there was a limit to how much money I could make because, to get paid, I had to make a sale – and to make a sale I had to talk to a customer. So I could only make money whilst I was talking to a customer.

So the amount of money I could make working from home was limited by the amount of time I spent working. And not every person that I spoke to bought from me. So even when I was working I wouldn’t necessarily make any money.

Furthermore, Finacial Services is very highly regulated. There is a lot of bureaucracy and paperwork to deal with which is very time consuming. If I dealt with it myself, I would waste time that I could have spent selling which reduced my earning potential.

So I had to employ someone to deal with the administration for me. So then I needed an office. I also needed professional indemnity insurance and there were many other regulatory fees and expenses I had to pay. In fact, I had to earn about £40,000 a year just to cover all my overheads and staff costs before I could pay myself a penny!

As I had my own work at home business, I could take as much time off as I wanted. But I couldn’t afford to take time off because if I did, I wasn’t earning anything. I became tied to being an entrepreneur.

So my time as a restaurant manager taught me that to make a lot of money I needed to do something that was low risk, that didn’t involve a lot of capital up front, that didn’t have massive overheads, and didn’t involve employing a lot of staff.

And my time as a financial adviser taught me that I needed to do something that had unlimited earning potential whereby the amount of money I made was NOT limited by the amount of time that I spent working. I should also avoid heavily regulated industries with all their bureaucracy and red tape, such as financial, legal or medical advice.

I now had a list of criteria that would enable me to MAXIMISE my income whilst MINIMISING my effort. I knew what the best work at home business idea looked like …

To your success and happiness

Martyn Boaden

 

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