Following on from my last entry, let’s dig a little deeper into the idea of setting up your own home based business.

Recent research has shown that an increasing number of companies are downsizing and that Great Britain is leading the way. In addition, the majority of companies are planning to use short-term contracts, part time and temporary posts as their major forms of employment.

Full time, permanent positions are now the exception, rather than the norm – the “job for life” has gone.

So, if you’ve been downsized, outsourced or made into a “part time person ” – what better reason for setting up a business?

In fact, there are quite a few more good reasons and one of those is your pension, or lack of it. Yes, I’m talking to young people as well here, because you are the ones least likely to have any prospects of a pension - unless you start setting one up at around age 16.

And let’s face it, how many 16 or 18 year olds are thinking about pensions? And if you go to university, you’ll graduate at around 21 or 22 with a huge debt and no spare change for the pension fund.

Then you’ll want to buy a house and perhaps have a family, both of which are expensive occupations.

And for those of you who are a bit older, you are probably faced with a much smaller pension than you anticipated when you started out on the career ladder.

So whatever age you are, it makes a lot of sense to start thinking of an additional way in which to make money, especially one which can make you a residual income and which you can pass on to your kids when you finally decide to retire.

A home business can form part of a portfolio career, which is just a fancy way of saying that you do more than one thing to earn an income. This is a very cool strategy for a few reasons – you can start off small, getting your feet wet before you totally commit yourself to an idea – you may find it’s not the right one for you. You can also start up slowly, giving yourself time to find your way before you chuck in the day job or go part time .

If setting up a business sounds like a great idea but you have no clue where to start, get your free Business Startup Guide Here.

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