Unless you have been living under a rock for the last five years, you undoubtedly have been impacted in some way by the state of our global economy. It is a fact that many have lost homes, jobs, and in some cases their lives due to the economic downturn that has had a largely negative impact on the way that people live, work and think about earning a living. Though much is said about the negative aspects of the financial times in what we live in, I would charge that this is the best time, and most importantly a vital time to either begin a home based business or re-energize a business that may be dormant. There are three key reasons that I make this statement.The first reason is for tax benefits. Unless you plan on going to jail or living on ‘the run’ for most of your life you will have some tax liability and exposure if you earn an income. Many miss the point and think that if they can just make more money, all their problems will disappear and life will be great. There is nothing wrong with making more money, but what is more important is keeping more of what you make! Home business ownership allows you to make legitimate deductions that will lessen your tax burden and result in you keeping more of your money. Some of the most notable deductions that you can make for having a home business are: Home office (Space, and utilities needed in running the office), Office supplies, Furniture, Other equipment (e.g. computers, copiers, faxes), Software and subscriptions, Mileage, (Travel, meals, entertainment and gifts), Insurance premiums, Retirement contributions, Social Security, Telephone charges, and Child labor (as in employing your own children). This initial dozen are a great start, but by no means is a completely exhaustive list. You can build an additional income stream by having a home based business and keep more of your money in the process.The second reason for establishing a home based business is to create an additional revenue stream to compliment any full time employment that you may have outside of the home. CAGR, inflation, and all of the other indicators basically tell us that everything is more expensive today than yesterday and will continue to go in an upward trend. Plain and simple, it takes more money to maintain the same standard of living year over year. Most corporations are not increasing their pay to employees at the same rate as inflation. In fact, most pay less within recent years. To cover the gap individuals must become creative in producing additional income for themselves and their families. Home based businesses allow for almost a limitless variety of options to accomplish this task, while keeping overhead low and the potential upside high. Best of all, if the business is chosen carefully, it can become an asset that can be transferred from parent to child or other family members to create perpetual generational benefits.Last, but certainly not least, the home based business can be the ultimate ‘Plan B’ in case your full time work ceases. In the event of a lay-off, down-sizing, company closure, a home based business can provide the revenue to keep your home above water and repel creditors (mortgage companies, etc.) while you replace your lost income, or decide to invest 100 percent of your time and energy in your home based business. Having the peace of mind that additional revenue streams exist during tumultuous change in the corporate world is priceless. To under estimate the importance of having a ‘Plan B’ is like not having car insurance. You just don’t want to go there, because sooner or later you will need it. In addition, the security of having additional income in the face of medical emergencies or for retirement is huge. How many times do we read that medical emergencies are the number one reason for individuals filing bankruptcy or that people who should be retired have to continue to work because they simply can’t afford retirement?If you have not thought about starting a home based business, give it serious thought and find something that you believe in and go for it. If you have a business, but have not done anything with it for a while, get busy. Death and taxes are a reality that we all must face, but if you can reduce your tax burden and live a quality life as long as possible, I think we all can agree, would be a great thing.
Home Based Business – Choosing One That’s Right For You – Here’s Your 10 Point Checklist
I read somewhere that a staggering 97% of Home Based Business Owners FAIL within their first 3 Years. Would you like to be in the other 3%?
Then you need a Checklist.I have spent a mammoth amount of time and money trying to find the “perfect” Home Based Business that will make me an “instant” fortune.Then I realised something…and I’m going to tell you what it is.Firstly, let me ask you something – Have you ever had a job and if so, did you make $10,000 a month after working there for just one month?Of course not. You had to learn the job first! Hopefully you were taught as you went along until you got it right. Even after that I dare say that the job never paid you $10,000 a month. That’s why you’re here. If you have never been in a Home Based Business it can be quite foreign but once you have learned the skills you need to succeed it can be very, very rewarding. By that I mean “financially” rewarding as well as “life” rewarding. Nowadays, it is our family who decides when our holidays are taken…not when a ‘boss’ says it’s ok. It feels so good.I realised that a successful business of any kind is built over time. You have to learn the ropes. I also realised that I didn’t want to do some of the things that were required of me in order to make an income while working from home. So I started writing down what it was that I was looking for, what I was comfortable with and what I was prepared to do consistently each day.This is important if you’re to work from home because there isn’t a boss hovering over your shoulder making sure that you are working. You have to want to do the work and when the money starts coming in it will give you even more incentive.When looking for a Home Based Business you must be sure that you have a check list.
What is it that YOU want? Create one of your own. If you’re unsure, here’s my list to give you some ideas.
TRAINING Is there ongoing Training and Support to achieve the desired income?
PERSONAL CONTACT Can I talk with someone in the prospective business? Is there a phone number or contact email?
INTEGRITY Does the company mean what it says?
EQUIPMENT Do I need a computer, a phone etc? Do I get my own website?
COST Is the start up cost within my budget? This means, do I have the money now or am I prepared to go into debt to invest in this particular home based business and where will the money come from?
PROFITS Are they good or will I be working a long time to create a worthwhile income? Is the company promising an unrealistic income?
ONGOING FEES Is there an ongoing Membership to pay? This is most important to know (and in my opinion to avoid especially when you are new) because if there is a monthly fee, they will charge you EACH and EVERY month whether or not you are making any money!
PRODUCTS Are the products or services highly sought after?
VERSATILITY & DIVERSITY Does this home business teach me things that I can apply to other businesses or other ways to create more income? I am a great believer in Multiple Streams of Income. I like to “Provide For Life”.
PRIDE & COMFORT Am I happy to talk with my family and friends about my new home business that I have undertaken, without them running a mile thinking that I’m going to recruit them! Heaven forbid.
You know, This is my checklist and I was late in creating it but as they say, “Better late than never”. Now you know what I look for in a Home Based Business that suits me and I am happy to share it with you. Maybe you are looking for something with similar traits. I hope this list has been of some assistance to you.
What Home Based Business Can I Start – What You Need to Know Before Joining a Home Business!
Have you been scratching your head wondering what home business should I start.I’ll tell you one thing, you have to be careful where you ask that question. You’ll be barraged by people trying to get you to join their business, or you’ll simply get terrible advice from people who don’t have clue about business.So hopefully this article will shed some light on how you should make the decision.Ways to Answer the Question What Home Based Business Can I StartOne thing that you have to be abundantly clear about is that this is a decision that you MUST make yourself, based on your own wants, desires, personality, strengths, and interests, goals, ambitions, and probably a million other things.Bottom line it’s a personal decision that only YOU can truly answer. It would be like asking someone “who should I marry?” You’ll get a ton of different answers and advice but are you really going to marry someone because of what someone else told you? Not a chance.But you would agree that there are some pretty universal character traits that you’d want to see in a potential spouse right?Well the same goes with the question of what home based business can I start. There are certain characteristics that you should look for in a home business. When these characteristics aren’t there, then more people fail. But when they ARE there then it seems like the stars have lined up, and people begin to see huge success pretty quickly.Characteristics of a Business Opportunity to JoinFirst of all the product and/or opportunity should be in a viable market. This means that whatever it is that you’re selling, or if it’s a multi level business opportunity, it should be something that has a good audience.Marketability is huge factor because if you don’t have an audience, you’re business is going to parish pretty darn quickly. It’s like trying to sell ice in Alaska…not all that great of a market there. But if you’re selling that same ice…as water in the desert, then you’ve got a pretty darn good chance of making some good money.This means that you need an opportunity that meets a lot of people’s wants and desires. Looking good, feeling good, making money, all these are good places to start.Second, the compensation must be worth your time!Why work for pennies when that same effort can go toward big money?I so often see people asking what home based business can I start, and the opportunities they’re looking are going to pay them peanuts. They don’t understand that it takes time and effort, and if they’re really serious money to market their business. So make sure that you’re going to get paid fairly for the work that you’re doing.In network marketing the compensation plans are usually very confusing, and often people don’t find out until it’s too late that they’re working for peanuts.However many network marketing opportunity compensation plans, such as the Agel opportunity are very generous, and even pay fast cash bonuses so you’re in profit right away. Some also pay for vacations, and even your car payment.Third, you MUST have training from someone who has experience, and who is successful! Here’s the thing. Why struggle when you can learn from someone who’s presently doing what YOU want to be doing?It seems pretty simple, but a lot of times someone will ask me what home based business can I start, and I’ll tell them simply one where the person introducing you to the business is successful, and is willing to give up all of their secrets to you.Most people think that’s hard, but the truth is that network marketing companies basically pay distributors to pass down their knowledge. Not only that, many network marketing distributors are some of the highest earners in the world.So there you go, if you’re asking what home based business can I start, you now know what to look for and find that answer.