Image Courtesy of Heberger
OK, I don’t mean to ask you to go start a business which requires VC funding, although you could if you have a great business idea, a FAN-FREAKING-TASTIC business plan, and a dream team to execute the plan.
The business I’m referring to here is a business which you can start and run on the side during your spare time that does not require a substantial start up capital.
But before I let you in on what are the businesses anyone could start without quitting your job, let me first explain why a business is your most ideal insurance and retirement plan.
First, let me ask you two questions.
1. What is the primary purpose of insurance?
2. What is the main objective of a retirement plan?
1. The Primary Purpose of Insurance
Insurance primarily serves to provide financial support to you and/or your family in the event that you met with a mishap that causes you to lose your ability to work or even your life.
2. The Main Objective of a Retirement Plan
A well-thought and implemented retirement plan serves to allow you to enjoy your retirement without having to worry about your finances.
So…
Why is a Business Your Best Insurance and Retirement Plan?
Both insurance and a retirement plan aim to provide an adequate amount of money or consistent income to support you and/or your family in the event you become permanently disabled or die in an accident, or when you simply decide to stop working.
A successful business will take care of both because 1) It continues to generate income for you whether you work or not 2) You can sell away your business for a substantial profit. Either way, it will provide you greater freedom and financial peace of mind.
If you’ve been reading my blog for a while, you’d have known that I’d always advocate taking personal responsibility for your own success and well-being. This is one of the success traits of highly successful people.
Too many people have entrusted their employers, government and/or insurance companies to take care of them in the events I mentioned above. It seems that they have forgotten or simply don’t realise they’re the ones who care the most about themselves and it is their responsibility to take care of their own lives.
I’m not saying insurance is no good nor am I encouraging you to stop buying insurance. All I’m saying is you can’t afford to leave your life entirely in somebody else’s hands and you have to start taking more control of your own life.
While it’s good to have some form of insurance and retirement plan in place, it is important to take more personal responsibility than simply buying insurance and saving money in your CPF account (Singapore) or 401K (US) if you want more financial security.
Now it is time for you to start taking more responsibility for your own financial well-being. If you don’t already own a business, go start a business in your spare time because it is the best way you can take personal responsibility for you owe it all to yourself to make your business a success.
But is it Possible to Start a Business Without Quitting Your Job?
The answer is ‘YES’.
It is a common misconception that you have to quit your day job in order to start a business. This is why many people pass up any opportunity because the mere thought of not having a ’secure’ paycheque sends shivers down their spine.
The truth is, starting a business in your spare time at home is absolutely possible. And you don’t even need to risk your life savings. The only requirements are dedication and good old hard work.
Sure it’s going to eat into your family time and leisure time running a side business, but you don’t have to spend all your spare time working on the side business.
You can choose to spend as much or as little time on your side business. However, if you’re not willing to spend even 2-3 hours outside your normal day job to run your business, then you probably don’t deserve true freedom and security.
Going the lazy way – entrusting your freedom and security to your employers, government and/or insurance companies – is probably just right for you if you’re unwilling to take up full responsibility for your own life.
If watching TV, playing computer games and/or hanging out with your friends after work is your definition of having a life, then go ahead and sacrifice your freedom and security in exchange for ‘having a life’. I assume you’re mature enough to know what’s best for yourself.
Now if you have the passion for a business, or rather, the passion to achieve true freedom and security, here are some resources that will help you see how starting a side business in your spare time is possible and how to do it:
- Some Thoughts on Starting a Side Business in a Down Economy – The Simple Dollar
- Staring a Business in Your Spare Time – Small Business Entrepreneurs
- Freelance Life: How to Start a Business in Your Spare Time – Freelance Advisor (There’s a free 18-page eBook which you can download immediately: Working 5 to 9 – How to start a business in your spare time)
- 6 Key Tips for Starting a Part-Time Business – Think Your Way to Wealth
- Taking Advantages from Your Spare Time – Financial Intelligence
So, are you already thinking of starting your own part-time business but have no idea what business you can start?
Fret not. Here are 3 huge lists of business ideas you can tap on, though there may be some overlap.
- 50 Side Businesses You Can Start On Your Own – The Simple Dollar
- 50 Businesses You Can Start In Your Spare Time – Stepcase Lifehack
- 25 Part-Time Business Ideas – Entrepreneur
I certainly hope that you could see the possibility in starting a part-time business and that you would start taking more personal responsibility by starting one of your own.
If you would put in the time and sweat, your side business would very likely turn out to be your best insurance and retirement net.
Stop abdicating your responsibility to someone else and take full control of your life starting today!
Cheers~
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on Jul 21st, 2009 at 8:43 pm
Today we have hundreds of business ideas we can choose from without quitting a day job. Of course they require time and dedication, but time is going to pass anyway so there are not excuses.
on Jul 21st, 2009 at 9:19 pm
Hi Oscar,
You’re right. There’s absolutely no excuse for anyone not to start their own business, especially with the advent of the Internet. I’d strongly encourage everyone to start their own business, be it part-time or full-time.
Cheers~
Mark
on Jul 22nd, 2009 at 8:04 pm
Hi Mark.
Great post, very informational.
I agree with what you are saying here, besides, it couldn’t be a better time to start your own part time business, without quitting your job.
And it all starts with your mindset with so many opportunities out there, specially in the information age that we are currently just beginning and a part of it now.
I have a day job, and a young family but I’m also working on self development and acquiring new ways of thoughts and business models and applying them to my way of life, I have to say, also I agree with you, it takes a lot of courage and dedication to make something happen, and is no different in starting a part-time business on the side.
I feel like saying a lot more, but I want to make it brief…. lol
cheers..
Paulo.
on Jul 23rd, 2009 at 3:57 am
Hi Paulo,
Welcome to The Big Dreamer! Thank you so much for dropping by and contributing to the conversation. Deeply appreciated.
Cheers~
Mark
on Jul 23rd, 2009 at 10:05 pm
Hi Mark,
Interesting post and I do agree with you that people have the ability to have a side gig. Unfortunately, not many people have the discipline or the work ethic to do more than one job.
In a recent Time magazine article over here in the States, the author stated that retirement as it has been known in the past will no longer exist and people will keep on working regardless of their age. Personally, I do not believe in retirement. Meaning I do not believe in sitting down and doing nothing. I love being active and see myself doing that until I die.
I think we are in a situation where things are changing. I think more and more people will have to rethink the concept of working. I hope more and more people will start doing what they love and earn their security that way as opposed to getting money while they hate their job.
on Jul 24th, 2009 at 2:22 am
Hi Nadia,
It’s true that not many people have the discipline or work ethic to do more than one job. This is exactly why most people struggle financially when it comes time to retire, or maybe even before they retire.
I don’t believe in retirement either. I believe in making a living doing what you love and live exactly the kind of life you want to live starting from NOW. If that’s already how you’re living, I don’t see how that is different from being already retired.
I certainly hope what you said in the closing will turn out to be true. That is something I really wish to happen.
Cheers~
Mark
on Jul 26th, 2009 at 10:42 am
Hi Mark. Wonderful article. Your ability to be useful to others is the best insurance you can possibly invest in for your life before and after retirement.
on Jul 26th, 2009 at 11:07 pm
Hi Stephen,
It’s true that our usefulness or value is the best insurance we can invest in. Nevertheless, we must create a system to deliver this value so that we can generate recurring income from it whether we work or not and that this system can develop into a highly valuable and liquid asset.
Cheers~
Mark
on Jul 27th, 2009 at 11:03 am
Thanks for the post Mark. I’m somewhat on the way there now, now still going through the preparations.
I do not believe in retirement too. Who knows what will happen in the future? For all you know, some of us might not even reach that stage…
Rather than to plan for retirement, and do all the things we would want to but kept on delaying (go travel, see the world etc), I rather do them now when my health is still okay.
And living in Sunny Singapore, we can see loads of the older folk are still working in food centers, clearing our trays and plates..what retirement is there to speak of for them?
This concept of “retirement” needs a rethink.
Have a good day!
Ed
on Jul 27th, 2009 at 6:21 pm
Hi Edgar,
Welcome to The Big Dreamer! Thank you for visiting and leaving a comment.
It’s great to learn that you’re preparing to start your own business. I guess retirement is meant for people who don’t enjoy their work but who’s slogged their whole life in it for the sake of making a living.
I don’t see people like Lee Kuan Yew, Li Ka-shing, Warren Buffett, or Bernie Ecclestone retiring. And that’s because they absolutely love what they’re doing or they care too much about what they do to retire. They don’t do what they do to make a living; they do what they do to live a life – a life of passion and purpose.
While I sympathise with the old folks who still work in food centres, they should serve as a constant reminder to us that we should always seek to take more control of our life. Starting a business, be it part-time or full-time, is a good way to take back control as I’ve explained in my post. And not to forget to also take personal responsibility in our personal finances.
Cheers~
Mark
on Jul 28th, 2009 at 9:35 pm
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on Aug 1st, 2009 at 2:00 am
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