Wednesday, November 12, 2008

Vending machines, et al.

People are talking up multiple income streams for individuals that have traditionally relied on one or two sources of income, mainly their full-time job. However, this has exposed them to the risk of putting all their eggs in one basket syndrome. If someone loses their job all the income goes with it. Now the trend of the entrepreneurial age is to earn your living from many different sources such as a second job, vending machines, rental property, online sales, blogging, freelance writing or photography and many others. Businesses have been doing this for decades and I think this is a great way to incrementally move into owning your own business after you get the feel for the fundamentals. I currently have two vending machines that pull in about $600 net each year. That's not much money I know, but I also have involved my kids in filling them so they get the entrepreneurial experience. In my particular case the machines are provided all I have to do is fill them as needed so there is only the product cost and my time that I need to manage. My wife has done a lot of eBay sales over the last few years and she has netted about $3000 and cleaned up the house in the process. She is currently pursuing freelance writing and I think she will do very well. Just find your niche, be patient and get started. You are your own boss!

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