Home buis-ness, or home buis-not?

So having reviewed the serious benefits of having ones own home based business, we have more-or-less shown that it is something to be strongly considered.

After all, if the every day employee is to get ahead in this dual income economy that we now find ourselves surviving day-in and day-out they need access to the tax breaks that business owners take advantage of on a daily basis.

That being said, the idea of opening a home based business is absolutely terrifying to most people. This is due to two things primarily, first of all the safety net of a steady income is removed; second, there are SO many opportunities available out there that picking the right one can be kind of like learning to swim in the middle of the ocean...

Well this blog entry is inteded as a way to help you identify some things to look for when searching for a home based business so that you will know that it is the right choice for you.

Point # 1: Flexability.

I read recently that time is our most valuable resource, after all it's the only thing that we can't buy more of. Naturally most of us would prefer to dip our feet in the water of a home based business as opposed to just quitting our daytime job and diving in head first, so ideally you should be looking for an opportunity that offers a part-time flexible time commitment (especially when starting out).

Point # 2: Startup cost.

Naturally when most of us begin looking to start our own business, startup capital is a MAJOR concern. After all, if we had unlimited resources to start our own business we probably wouldn't need to be thinking of doing so in the first place! Network marketing has gotten a bad wrap over the years, but truthfully you will be hard pressed to find a more affordable way to open your own business then to align yourself with one of these organizations. Unlike unpopluar oppinion, there are some very good network marketing companies out there that really do have business models worth exploring.

Point # 3: Enjoyable job description.

There are as many different kinds of home based businesses opportunities as there are calories in a McDonalds double quarter meal. You want to make sure that whatever your choice is, you are not only comfortable with what activities that job entails, but also that you actually ENJOY doing them. Remeber, unlike your day time job where your boss or supervisor will tell you what needs to be done and you'll have to do it; with a home based business the motivation to work has to come from YOU. So you definitely want to be sure that you'll have an easy time convincing yourself to get out there.

Point # 4: Learning valuable skills.

It is important that whatever your choice ends up being, that it has the ability to teach you valuable skills that will apply to YOUR life. After all, it will be very hard to sell a product that you yourself DO NOT truly believe in. And if your product (whatever it may be) is not something that has personally helped YOU, you will have a very hard time convincing others that it can benefit them.

Point # 5: Support network.

It is of the UTMOST importance that any home based business you decide to become a part of offers continuous support for two reasons. First, it is imperative that you have someone who is experienced with your opportunity who can lead you through the many steps necessary to get started. Second, without someone else nudging you to actually work you will be considerably more likely to stagnate and not actually move forward no matter what business you choose. Remember, you want to be a part of a business where you are in business FOR yourself, but not BY yourself.

Point # 6: Tax advantage.

Let's not forget, one of the main reasons that people shift to owning their own home based business is for the tax advantage, but that is not to say that EVERY home based business offers amazing tax deduction opportunities. You want to make sure that whatever business vehicle you choose, it is one where you can maximize tax sheltering. Ideally, one where you can do your business ANYWHERE, and at ANY TIME. That way, it is quite plausible that you really could be able to write off just about everything (to a certain extent).

Naturally, there are MANY more things that could be discussed when considering making the move to owning ones own home based business. But I am confident that if you take the above points into consideration that you will find the transition MUCH smoother.

Why do we work so hard to earn OTHER people money?

Most of us go to work for someone else every day (at least during the week). We work extremely hard for what most of us would feel is not enough $$$.


Why is it that we are able to work hard, be disciplined, show up on time (sometimes), and even go in when we're sick for our "boss"; but when it comes to being your own boss we have a million excuses why we can't do it?

One thing that I have learned as an employee (over many back-breaking years) is that I typically get paid just enough to keep me coming back every day, and that company loyalty just isn't what it used to be.


Seems like when our parents generation was our age the formula was to pick a field, find a good company, work hard until you're old, and finally retire with the promise of a pension.


Speaking of pensions, as Generation X nears our retirement most of us will be lucky if we even see a pension from CPP (the Canada Pension Plan). Unfortunately those same parents who raised you and I will be withdrawing most of the funds from the CPP before we ever get to see them. Not to worry, you will still get to contribute to CPP monthly anyway.


I think by now, many of us have realized that it may be time for a change in the way we view money, and how to earn it.


Having explored the possibility of being self-employed in-depth I think that I can safely say that two of the largest concerns with opening ones own business are the initial cost involved, and of course the uncertainty of success (AKA income).


Please allow me to let you in on a little secret that I have learned though, as an employee your odds of getting ahead are next to nil due to the one thing...


Curious???














TAXES!!!


The reason why many people come to this wonderful nation is because it truly is the land of opportunity. However, nothing comes for free. As they say, "There is no free lunch".


The Government of Canada depends heavily on the average employee to pay its way, as such employees are in the WORST position when it comes to getting ahead.


The solution?


By owning your own business, you can access many tax advantages that regular employees can not. To put it another way, think of all of the benefits that YOUR employer is making by employing you which you never see.


As Jim Rohn said, "Work for profits, not wages".


I know what you're thinking, easier said then done right? Well actually, it can be. There are MANY business opportunities/vehicles out there that allow you to start your own business at minimal cost, and risk (some even as a part time venture).


"Success in business requires training and discipline and hard work. But if you are not frightened by these things, the opportunities are just as great today as they ever were." - David Rockefeller (1915-).

The older I get, the more I fall behind financially...

If you've gotten this far, you have probably encountered the same frustration with money (or the lack thereof) as I have.

Whoever has said that the older you get the easier life should be, they should walk a mile in MY shoes...

It seems like these days the only way to win the money game is to inherit it... But for the other 95% of us, we feel like we work 24/7 trying to get ahead, and end up with not enough.

What I have learned throughout my many experiences playing the money game is that it isn't so much how hard you work, or even really how much you make, but really how to make money work for you vs. working hard for money.

And so the journey begins...