I hope you are doing well in your career. Enjoying what you do makes the work go by quickly. There are many advantages to owning your own side-business. Choosing the proper one takes some planning.
Evaluating Business Opportunities
To evaluate a business, develop your own criteria. I listed a few criteria I have:
- What would you like to do to serve others? The only way to create income is to provide something that other people want. Be a servant leader in what you do.
- Are you going to create your products to sell or do you want to work with an established company?
- Are you more interested in providing a service and/or providing products?
- What is the cost of entry?
- What is the potential return on investment?
- You should look at existing companies and ask: How long have they been in existence? Are they a growing company in a growing industry with a large potential market? Are they in multiple countries?
- Do they have products or services you want to use?
- Will you be working with other people or working by yourself? Leveraging other people’s efforts is very beneficial to your business.
- Will your friends and acquaintances benefit from these products?
- Are the products and business opportunities shareable?
- Know your passion, and choose a business based on that passion. Are you going to use these products to help fund your passion and help others.
Choose Your Product Wisely
The products you represent have to be quality products. It is best that they have some consumable piece. Are they effective and something you want to use? To earn consistent income, consistent purchases are necessary. For orally consumed products, make sure the manufacturing facility meets Good Manufacturing Practices (GMP) standards. For supplements to be effective, their content must match their label. This requires Pharmaceutical GMP. Food grade requires a clean facility and no contamination. Pharmaceutical grade requires a clean room environment. Consumers expect a match between what is on the label and what is in the product. Go with Pharmaceutical GMP where possible.
All businesses have an entry cost and renewal costs. Can you afford the cost? Are these straight fees or do you receive products or a service for that fee. Reputable companies supply products for both costs. The renewal costs keep your business in good standing. Are the fees low enough that you can easily cover them with your sales?
Tax Considerations
Choose a company based on how it will help you and help those around you. Explore the advantages of owning your own business.
Xero has a great description on what to claim and how to claim. You can claim the portion of all your office expenses you use for your home business. This includes the office space, furniture, equipment, and supplies (like paper and printer ink). Talk with a tax consultant about your purchases for the product you represent. A good account knows which required expenses to stay in good standing with the company are tax deductible. Always look at what the IRS says on deducting business expenses.
- Restaurants: Fifty percent of a business meal is deductible.
- Travel: The biggest deduction is travel. Travel costs for your business are deductible. All travel expenses in and outside the United States are deductible. The trip should be planned in advance. lt is important to know your itinerary and the people you plan to visit.
The company I work with has markets in Australia, New Zealand, Indonesia, India, Japan, Mexico, Canada, Europe, Hong Kong, Taiwan, Thailand, Philippines, Malaysia, Singapore, Columbia, and more for a total of 24 markets. Visiting relatives or friends can be tax deductible. A business meeting must be set up first. Use your own business to your advantage. Set up a meeting where you want to go. The appointment is the key. Do not push, keep the friendship. Lead by example, let them choose what they want to do. Not everyone will choose to join your business. Those who do join, be as supportive as you can be and help them be successful. Be supportive in all ways possible.
Time
Owning your own business frees time for what you want to do. It requires work to get yourself established. One key is to enjoy what you are doing. That shows potential and current customers the business is rewarding. Listen to people, help people meet their needs and dreams. Be involved with something you love to do. For travel, find a company that encourages travel to where you would like to visit (or live). I have a good friend who is living in Indonesia and is managing her business from there. I have other friends who moved their business inside the United States, Canada, and Mexico.
What is wanted is satisfied customers who use and reorder your products. Your time is limited to 24 hours per day. You need to train others to do what you are doing. That way you earn the income from the work of several people. Be enthusiastic about what you are doing and take the time to enjoy yourself and your family. Use your time wisely. Spend the most time with those people you love. Spending more time with my two young sons was important to all of us. User your time wisely.
My Passions
I am passionate about Computer Science and Education. I see too many former students struggling to find good paying jobs. Currently, many first-level positions are being filled by Artificial Intelligence. I am forming a group to talk about the future of computing with the influences of AI. Gathering a group of like-minded people can make a business grow rapidly.
Conclusion
I like owning my own business and use my products daily. I believe they are helping me maintain my health. Investigate different business opportunities. Please reply to the person who referred you to this article about their business. I would love to hear from you. Please leave a comment and I will get back in touch with you.