Start a CBD Sales Business:
The CBD industry is estimated to reach $22 billion by 2022. You can choose to become a distributor, farmer or marketer of the industry. CBD stands for cannabidiol and is used to treat depression, anxiety, pain management and much more. Because CBD doesn’t contain Tetrahydrocannabinol (THC), the main psychoactive cannabinoid, CBD users experience the medical benefits without getting high.
Of course you are not limited to this industry. If this business model is not for you there are plenty options to choose from like:
– Start an online business
– Market the skills you already have to people searching for those skills
– Affiliate marketing
– Invest in a franchise
Invest Your Money:
Investing is a sure fire way to grow your wealth and there are many ways to do it. You can start by looking at the investment options at your place of employment. Many companies have a 401k or Roth IRA options. You can start by investing small amounts ($10-$20) dollars per check and increase it over time. You could also look at starting an investment account with your personal bank. As well as look at the CD (certificate of deposit) options at your local branch. In either case, compound interest from investing is a proven method to grow your financial portfolio.
Have Multiple Streams of Income:
Wealthy people do not rely on one source of revenue. They tend to have 3 or more streams of income contributing to their financial portfolio. Therefore, look for ways to create multiple streams of income that can flow into your household.
Examples of ways to diversify your income include:
– Becoming an entrepreneur
– Monetizing a personal hobby/pastime/skill set
– Starting a blog
– Selling items on Ebay/Amazon
– Getting a part-time job
Get a Mentor:
Your net worth is usually a direct reflection of your 5 closest friends. In order to change your income your need to change your circle. Make sure you have at least one person around you who has accomplished the goals you want to achieve, and aim to duplicate their efforts. If you do not have any highly successful people in your network, you can always start by joining professional groups and
organizations to begin your search for a mentor.
Procrastination is the killer of dreams! Whatever you decide to do—start a business, add another stream of income, make investments—you must take the first step and start! There is nothing wrong with doing proper research, but you need to pick your financial path and start walking it. Create S.M.A.R.T. goals (specific, measurable, achievable, relevant, and time-bound) and begin. You will be surprised at what you can accomplish in a year when you get out of your own way, and start working towards what you want to achieve.
Looking for a business idea?
Check out my most popular article, The 300 Best Small Business Ideas. This comprehensive multi-page article offers expert advice on every single business idea. Includes home based, online, steady income, low cost, product and service ideas. Many of the ideas in this long article can be started part time.
Start Streaming the Courses on BusinessTown
Learn how to start and run your business by watching the many courses on BusinessTown including Start-a-Business 101, How to Create a Business Plan, How to Find a Business Idea and The Complete Guide to Digital Marketing. You can try BusinessTown for free.