When I started out, my dream was to take orders through a web site and make wooden furniture.
I'd indulge my passion for woodworking and pay bills at the same time.
I watched tv shows like the New Yankee Workshop with Norm Abram and countless YouTube Video's.
Deciding to quit the day job and take the plunge was probably the hardest decision I ever made.
I had a few tools but I knew I'd need more and I'd have to learn a lot about business too.
The one overwhelming brick wall that I hit almost immediately was TIME.
I knew that I could make lets say $1000 when I charge $2000 for a piece of furniture, sure, but what I didn't realize was that it could take over a month of 8 hour days in the shop to complete that job.
I also didn't bank on spending every cent on tools for the foreseeable future...
I tried multitasking just to find, it took longer to make 2 things than it took to make them one at a time...
The picture was looking bleak.
Then I figured it out...
You can't build a small woodworking business one job at a time.
You need (MSI)...
MULTIPLE SOURCES of INCOME
You also need to become pretty well accomplished at things like SEO (Search Engine Optimization), Affiliate marketing, YouTube, Instagram, Twitter, Pinterest, Tumblr, ALL of the Google Tools like Adwords, Adsense, Analytics etc... And much more). You need to be able to produce video's, write articles, and you have to become very comfortable sharing your day to day with the world.
If you can do all of these, you can start to create what's called PASSIVE INCOME...
What's Passive Income?
It's a way that you can do work once and make it pay out continually from that point on with little or no management. Putting it another way, you're earning money even as you sleep...
I'll give you an example. Let's say you film yourself doing something impressive during a furniture build. You edit it and post it to your YouTube channel and lots of people watch it.
After you hit 10000 views, you can monetize your channel (YouTube pay you for permission to show targeted ads to the audience you created for them).
From that point on, you are being paid a PASSIVE INCOME by YouTube for posting that video.
There are other ways you can earn passive income from your work day too.
Affiliate marketing is one of them. That's when you find places online that you can post affiliate ads and get paid by the advertiser, every time someone clicks and buys whatever that ad was selling...
There are a lot of online millionaires who make their money just doing that.
Heck, if you really want to ring out every penny, you can sell some of the tens of thousands of photographs you probably have on your smart phone right now to Getty Images (Istock).
Yup, that's right, when you need (and pay for) a picture of a dog chasing a car, that's where those sites get those pictures from.
When you start to think 3 dimensionally things start to color up pretty quickly.
So if you'd like to stop relying on a job by job pay out.
I've learned a lot over the years.
If you would like to know more... Leave a comment below.
In the meantime, if you'd like to know more about affiliate marketing...
As business has grown, so has my infrastructure... I started off small and never loaned a penny (well, other than from my self that is)... I had a 20' x 16' wood shop and not to toot my own horn, I built some pretty cool furniture in that space. It just goes to show that you don't need to take on a huge rental and loads of space with a massive equipment loan when you start out.