Make More Money - Start Your Own Business
Look around, you will notice that all of the seriously rich people own businesses and work for themselves not others. You can do the same. This helps you for a few reasons:
- Everything you earn is yours, you are not putting in effort to earn for anyone else but for yourself. No-one else is taking the profit over your labor but you.
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It will help you minimize taxes. There are many more items you can claim as tax deductions when you are self-employed, including home office expenses, mileage and vehicle deductions for business use of your car, business entertainment expenses, internet and cell phone usage and more.
- It will give you a
second source of income to help reduce your income loss risk if your job is lost. I recommend starting your business first as a side hustle until you grow it big enough to replace your employment.
- In future as the business grows you should be able to first hire others to work with you and if you are successful, eventually step back from actively working in the business and enjoy passive income. Passive income is the holy grail of financial freedom.
There are so many different options for you to do this today. Thanks to the gig economy and ability to build mobile apps and websites without even having to code, the sky is the limit. Please do think about what your business will be before you just run out and buy the first franchise that comes along. Take time to think hard about what you love to do, then look at the need or problem it solves for others.
How To Make More Money From Your Business
Bob Proctor, who has studied the art of making money for over 60 years has developed the formula for making money. He says “The amount of money you earn will always be in exact ratio to:
A. The NEED for what you do.
B. Your ABILITY to do it well.
C. The DIFFICULTY there will be in REPLACING YOU.”
It is important when you are starting your business, any business, that you can first identify a need. Then, in order to earn millions from it, you must be the very best at doing it.
To become the best, you should learn from the best.
Whatever it is you are going to do in your business – find the person who is the best at it, learn from them and do exactly what they say. Then practice, practice, practice until you are as good as, if not better than, the person you learned from.
There Is No Such Thing As Getting Rich Quick
Please do not think that making money can be done without putting in work. There are a lot of get rich quick internet scams out there. Generally, if it is too good to be true - it mostly likely is.
If you are passionate about your chosen business though, it should not feel like work. I’m sure you’ve heard the saying - do what you love, and you’ll never work a day in your life!
Don’t just think of full-time ventures
A home-based business or side hustle can be just as effective at generating extra revenue and/or tax deductions to offset against your PAYG income as a full-time job. Plus, it helps protect you from risk by starting small on the side until you have sufficient income to transition from your W2 employment.
You might also want to consider direct marketing or MLM side hustles. As of 2019 more than 20 million Americans made money from MLM businesses. Just like any other business though, if you go this route you want to find one that resonates with you. No-one likes to be sold to; however, people love to hear others talk about their passion.
Whatever you choose, follow Bob Proctors advice. Make sure there is a need for it, and that you are great at the process. MLM is good for those who are good at networking and don’t mind cold outreach, but not so great for shy introverts. There are however many millionaires who have made their fortunes through network marketing.
And if you are interested in helping people, are good with numbers and a great communicator, perhaps the financial services industry might be a good fit for you. I'd love to talk to anyone interested in what I do. Reach out any time.
