Having financial freedom is more about living life for yourself
By: Teagal eMagazine
What is financial freedom?
Society often defines financial freedom as someone who has enough saved up to not have to work, or only work if they want to.
And although that may be a form of financial freedom, according to Forbes Business Magazine, financial freedom is an individual experience, not a collective one. This means that each person can define their financial freedom with what they see fit, or how they want to pursue their finances.
For example, one person may never want to work again, and that’s what they see as financial freedom; while others may look at it as being out of debt, making money how they want to make money, or have a flexible work schedule.
Financial freedom is making the decision on how an individual wants pursue their finances, their life and their time.
What are some top ways to make money from home?
In 2021, Shopify released a list of some popular ways for individuals to pursue making money from home, as a side hustle, or as a full business.
In March 2021, they surveyed Canadian and American citizens on their interests, as a consumer, post-pandemic. Among the top ten were clothing, beauty products, exercise equipment and virtual experiences and/or classes. Arts, entertainment, apparel, beauty, food, these product categories are long-lasting.
Although it’s valuable to see what categories are trending, when looking at ways to bring in extra income, there needs to be passion behind the project, or else it won’t grow.
Shopify’s blog provides a list of different services that can bring in extra income, from home, allowing flexibility.
How do you start?
Businesses, especially ecommerce businesses are popular, but to begin the process, you need to find what you want to sell.
What are you passionate about?
What skills do you have?
What are your qualifications?
Once you have your product/service, you need to make a business plan.
In Forbes Business Magazine, they outline the steps in creating a proper business plan, emphasizing the importance of it. Even a side-hustle needs to have a trajectory. Forbes introduces the key components to a successful business, even for an entrepreneur who is starting on their own.
What is your company going to be about?
What is its purpose?
What products/services will you offer?
How will you market?
How will it operate?
What will your financial plan look like?
Additionally, Donald Miller, author, business owner, and podcast host, emphasizes the importance of a proper mission and vision statement. He explains in his book, Business Made Simple, that consumers want more than the product, but the story, a way to set the scene and bring people in. Adding the details that motivate, encourage, and entice them to buy your product/service.
From there, it’s time to think about how you want to sell your product/service. If you are looking at an ecommerce path, Etsy, Amazon, Shopify, are all options, but you can go out on your own, create your website, and sell directly to the consumer.
