I know this may sound crazy, but the first step I have learned in my 22 years as a CPA, is that if someone REALLY wants to build wealth and save taxes, they need to start a home-based business. The SOLUTION to create more income and more net worth, and SAVE on taxes – the number one COST in our lives. START A BUSINESS – even on the side.
Now for those of you that work for someone else and don’t want to start a business, please hear me out! It doesn’t have to mean a complete change in your career or turn your life upside down. It can be as simple as owning a rental property, selling something on eBay or Amazon, or doing some consulting. I’m not asking you to quit your day job, I’m just asking you to at least have a small business on the side.
There are so many good reasons to have a home based business, and very few reasons not to. Let me give you some ideas of why you would want to start a home based business:
- creates another source of income to rely on
- turn your hobby into a business that makes you money
- embark on a project you love
- the ability to hire your family members
- a way to build more WEALTH
- SAVE ON TAXES
CAUTION!!! Please know there are obvious risks and a lot to learn about the proper way to start and operate a small business. Here are a few important steps:
- create a business plan
- learn all you can about your business idea
- start small and don’t quit your day job or put your life savings into the business
- test your idea and/or product
- don’t give up!
Remember, it takes time to build a business. Start something now! Choose to create a business doing something you love and know. Work on a business plan, a strategic plan and a marketing plan. Have some fun with it. Most importantly, don’t give up! This isn’t a get rich quick scheme. It’s a build long term wealth scheme!!
