Your browser (Internet Explorer 7 or lower) is out of date. It has known security flaws and may not display all features of this and other websites. Learn how to update your browser.

X

Navigate / search

Now Is The Time To Start Your Own Business

Anytime we’re exposed to a new territory, it can be intimidating. Its like being a kid all over again, and entering a playground that you’ve never been to before. This intimidation factor is not any different when starting your own business. The fear of failure, start up costs, finding business, and many other reasons that come to your mind.

Despite a long list of discouraging reasons for not starting a business, the list for starting a business is equally as long. The time for starting a business is always now, and the longer you prolong starting your business, the more you will wish that you started it earlier when you finally get going in your business.

I currently work a regular job, and have two of my own businesses that I run on the side. My days are full, but I still have plenty of time for my friends and family. As one who put off the idea of starting my own business for far too long, I thought it might be helpful to outline for you some of the best reasons that I see why now is a great time for starting your own business.

Income Without a Second Job

Lets put things into perspective – you will never be motivated working for someone else as you will be working for your self. There are many part-time jobs available, but it could be months before you finally land one. Valuable time will pass you by, which you can put towards starting and growing your business.

Starting your own business allows you to generate more income for yourself without having to send out resumes, fill out applications, and attend interviews. And the best part will be that you can set your own hours, proceed at your own pace, and never have to worry about having another boss.

Strong Job Security

When you’re the boss, the only person that can fire you is you yourself. Starting your own business now can also provide a safety net, or a hedge, against this struggling economy.Back in 2009, I took a 20% pay cut in order to keep my job. It was a scary moment, and one that has lead me into starting multiple businesses in order to bring in more money and security as well.

Today, with my two side businesses producing consistent incomes, this fear is gone from my mind. Sure, I‘d have some rough moments if I were to lost that job tomorrow, but it would be a lot worse had I not had these other sources of income.

Anything Is Possible

We all have a fear of something. Most people have a fear of heights, and fear of snakes. I’m afraid of both. Intimidation comes second to fear, especially when starting a business. You wonder, ‘How will I take on those in my industry who have been around for a lot longer than me?’. But guess what? Fear and intimidation can be overcome.

Everyone can overcome their fears and intimidation if faced head on. We all carry a unique talent that is unique to us. We all perform similar tasks, but everyone does it differently. That’s something that you should never forget. You are unique, and you don’t need to go invent new products or services. Instead find something you’re good at, do it, and ensure you do it differently and better than those who are already doing it. That’s what will make you stand out from the rest.

Final Thoughts

Anytime someone asks me why I’m a business owner, my answer is plan and simple – I enjoy seeing something develop from start to finish. I’m fortunate enough to see a business go from start up, and grow along the way into a profitable venture. I enjoy being part of the different stages of business ownership. I enjoy the touch, feel, emotions, and sometimes smell of business growth.

Readers, what’s holding you back from starting your own business?

Eddie

Photo Credit (jkunz, artnoose)

Handling Business Receipts in Preperation for Tax Season 2012

Tax seasons is just around the corner and most of us (including my self) are starting to prepare for the upcoming tax season. We’re scrambling to gather all the receipts, organize them, and tally up the totals.

I’m one of the semi-organized people. I pile all my receipts into a box, and come tax season I pull the box out to begin the mad scramble of organizing my business receipts. Every year during tax season I promise to change my ways and become more organized. Sadly, that’s yet to come true.

In spirit of changing my ways, becoming more organized and productive, I’ve gathered some tips for handling receipts to keep them organized and prepared for tax season.

1) Info Filler

I established a very good habit early on about filling out my receipts. It took me a while to remember to ask for receipts, but once I got into the habit, everything else came together. For instance, when you buy something, write the date and reason for the receipt.

For example:

Feb. 23, 2012 / Lunch meeting w/Alex from Fast Signs 

It’s essential to get in to the habit of doing this EVERY time.  This way you don’t have to think about what that expense was for. Since you write your self a note, it’s very easy for you or your accountant to cross-reference when filing your taxes.

2)  Easy Access

I fold all of my receipts in half. It’s easier to manage them and they take up less space. However, I fold all my receipts with a strategy. Always printed side up. This way the date and the vendor are easily exposed. It’s easier to organize them and all I have to do is unfold the stack once.

3) Routine

Establish a routine with your receipts. I stash my gas and food expense receipts in the car. At the end of every month I take them out of the car and add them to my business filing system.

My larger purchases/rentals or any other major purchase goes directly into my business filing system. This way I ensure that no big purchase gets lost.

4) Staying on top of it

Practice makes perfect and the only way to get better at something is to keep doing it over and over again. Organizing your receipts is no different. Staying on top of you receipt organization is a must.

We’ll  always find something more important to do, unless we force ourselves  to do keep at it on regular basis.

Lack of organization will only lead us to forget completely and miss out on a valuable business expense or personal tax credit.

I’m not perfect at managing my receipts, but I try to make a continuous effort at keeping my receipts organized. I’ll admit that most days it’s a pain in the ass, and I don’t like doing it. However,  when tax season comes around, I’m glad that I was at least somewhat organized.

Readers, do you have a process of how you manage your receipts?

Eddie

Valentines Day Special – Couples in Business Together

 

Every entrepreneur will tell you that running a business is in it’ self a labour of love. You live and breathe your business. So, what happens when couples become business partners. Can this be a good thing for the business? What are the upsides of running a business with your spouse? How about the downsides of a business partnership with your spouse?

It’s a tough call, and certainly there is no one right answer whether to enter a business together with your spouse or stay the hell away from the whole idea.

I’ll share some upsides and downsides of coupling together as business partners with your loved one. I figured a post like this would be perfect, and just in time for Valentines Day 2012 in five days.

Let’s start with the positives first.

Upsides of Couples in Business Together

Stronger Bond – Working together towards one common goal is always a good thing, and it’s even more attractive when you’re working towards this goal with your life partner.

Two heads are always better than one they say, so who better to be your business partner than your significant other.

My old neighbors were a perfect example of a couple in business together. They owned a cleaning business. She cleaned homes, and he focused on commercial cleaning. During the day he was home with the kids while his wife worked, and at night he’d head off to work, while the wife would stay behind with the kids. Worked for them for many years, until they eventually sold the business.

Learning Opportunity – It gives you the opportunity to see your spouse from a different angle. I assure you, that you’ll discover things about your spouse that you never knew before.

You may discover that your wife has the gift of conversation, no matter what the situation. While the wife may discover that her husband is an excellent problem-solver, with a “no project” too big attitude.

Team Work – Sharing duties at home is one thing, and sharing business duties is another. We’ve all got our own strengths and weaknesses, so why not maximize them? If one part of the couple is good with the numbers, get them to take the lead on it, while the second part of the couple focuses in an area that they’re strong in. For area’s that are a weakness for both partners, duties can be shared.

Downsides of Couples in Business Together

Lack of Breathing Room – You’re with your spouse virtually 24/7. You go to bed together, wake up together, eat together, and now you have to work together? Think about it first or else coupling in business together can become stale pretty quickly.

Business is Business – Sometimes separating business and personal life can be a difficult obstacle for some couples to overcome.  It’s tough sometimes to leave work at work, while focusing on empowering the family life at home.

I think there are many more upsides to partnering with your significant other, than the downsides that come with the same idea. Most importantly you will have a trusting partner, right from the get go, who will have your back equally as much as you have their back.

Finally, there is a great sense of security. We all have our tough days, but you’ll always have someone there to pick you up when you fall. Let’s hope that you don’t fall too hard.

Readers, would you ever start a business with your significant other?

Eddie