Cash Flow For Life How To Generate An Income Online People Over 50 – How to Start a Successful Online Business

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People Over 50 – How to Start a Successful Online Business

Residual income that keeps coming in is always a good thing — but for many retirees, it’s critical. We want to start something quickly that will start generating cash flow that will grow over time but require less and less work as we get older. Is this possible? Definitely.

Well, then you’re wondering how can I start an online business from home that will fill the bill? I’m old enough to realize there’s “no such thing as a free lunch”, but I also don’t want to work long hours for my lunch anymore.

Starting a successful online business that really works requires three essential ingredients: time, work and money. You need to have at least a little of all three and be prepared to invest judiciously in at least two of these ingredients to get the financial security you need in retirement.

Think of a triangle. The space inside the triangle is the “success” factor for the new income stream you want to develop. Each of these three factors is a leg of the triangle, and your goal is to create a triangle that has enough “success” in it to sustain you for the rest of your life. You don’t want to have to keep adding legs (time, labor, money) once the business is up and running.

If you have large amounts of one of the legs of this triangle (time, work, money) to invest, then you can get by with a smaller amount of the other two.

On one side of the spectrum, if you have a lot of money, you can spend relatively little time and work. Go research, analyze and buy a good ongoing business that doesn’t require the initial amount of time and labor resources needed to start a new business. Once you have a well-run, self-sustaining business, you can cut down on time and labor and continue to manage (or pay for someone else to manage) and grow your business. This becomes your money generator in retirement.

If you only have a small amount of money to invest, you won’t be able to buy the results of someone else’s past learning, trial, error, blood, sweat and tears. So, this means that you will have to be willing to invest these ingredients in time and work towards building a business large enough to become self-sustaining. Once you build it, someone else can manage and maintain it, and the business will still grow and the money will still flow.

If you are willing to invest large amounts of money to acquire a currently successful business that is well run and still growing, then over the period and amount of work required to research and acquire such a business, money becomes a major factor. The “type” of business (what it does, where geographically, and online or offline) really doesn’t matter too much. The opposite is true if you start with a small cash investment.

When you only have a little money to put into your business, you will spend a lot of time and effort working in and on your business, so be careful what you choose. If this is your case, take the time to figure out what things you really enjoy and what you’re just not willing to spend time on or learn how to do. These two lists then become your blueprint for exploring potential startup opportunities online or offline.

There is an incredible amount of opportunity to work and start an online business that can (within three to four years and sometimes less) become a self-sustaining well-run money-making machine. Don’t be so foolish as to think that such a thing exists without a significant investment of varying amounts of time, labor and money. Remember the triangle. The longer you can make each of the legs, the more “successful value and volume” you will have inside.

One last note. Beware of the two worst “dream hijackers”. Charlatans and lack of focus. Those are deep topics for another time, but use your common sense, choose and invest wisely, start an online business, and retire with a rich lifestyle.

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