What are the benefits of owning a home business? There are numerous benefits associated with having a home business, some of which are summarised below:
One advantage of a home-based business is that you do not have employees. Individuals you work with in the business are like-minded Entrepreneurs responsible for building their own businesses. Associates within your organisation are considered as equal and everyone has the exact same opportunity to be successful, including you! This also means that you do not have a boss. You will have a business coach, or mentor assigned to you, who is focused on guiding you to achieve your business related goals. If you are in employment then your stream of income is typically referred to as 'Linear'. A linear income is fixed, based on the number of hours worked. With many business opportunities you can earn a 'Residual' income, providing your product is consumable. Residual income is when you get paid multiple times for a single effort. An example of this would be Royalties on a book or piece of music. As your business grows, so does your residual income. Therefore, there is no limit on the amount of money you could earn. This is known as 'Uncapped Earning Potential'. Another fundamental benefit of owning a business of any type is the potential tax advantages. As an employee you normally pay anywhere between 20% and 40% of your total income in taxes to the government. As a business owner you will only pay tax on the overall profit of your business. Regardless of whether you are an employee or a business owner, you will have expenses that relate to your work. This may be travel expenses, phone bills and clothing allowances to name but a few. As an employee you will pay for these expenses with your post-tax income (money you have already been taxed on). As a business owner these expenses are tax deductible (purchased with pre-tax income) and your tax is calculated from your remaining income once your business expenses have been deducted. To summarise the statement made by Sandy Botkin on the image above, you are entitled to many tax advantages if you are in full-time employment and have a part-time home business. You may be eligible for a tax rebate on your tax-deductible business expenses. Therefore, the money that you save on taxes may be more that sufficient to start and run your own business from home. Why should I choose to build my own Network Marketing business? The purpose of a Network Marketing business is to promote and distribute the products or services of a Direct Selling company. This mode of distribution is currently used by many well know companies including Dell Computers, Colgate, Gillette, AOL, Tiscali and Avon, to name but a few. Richard Branson has openly endorsed the industry and now Virgin have a product range, which is distributed through network marketing. Other very well known entrepreneurs such as Warren Buffet, Robert Kiyosaki and Donald Trump have also recognised the vast benefits of this industry. Network
marketing can provide you with an opportunity to build your own
business under the guidance and expertise of a business coach and
mentor, with very little capital investment. There are very few
programmes that offer this type of support. Network Marketing is
an excellent way for a non-business minded person to learn about
business in a practical manner, whilst generating a secondary income.
If you are ambitious and willing to make the commitment to building
your own organisation more aggressively then you can earn a sizeable
recurring income from your own Network Marketing organisation. Please click on the image below to watch this compelling short video (7 minutes):
Why are businesses in the Health and Wellness industry set to rapidly expand? For most people, health becomes the number one concern later in life. It is important to maintain your health, rather than waiting until it has deteriorated significantly before taking action. The health and wellness industry focuses on products and services that people use when they are not technically sick. Products and services aimed at health maintenance as opposed to treatments for diseases. A large percentage of the population has concerns about there health. This is the case for all generations including approximately 50% of the Baby Boomers (born between 1946 and 1964), 60% of the Gen X population (born mid 60s to mid 80s) and 60% or the Gen Y population (born mid 80s onwards)*. This is primarily due to the alarming statistics relating to degenerative health conditions from Obesity and Diabetes to Heart Disease and Cancer. It
has become apparent that health is a dominating trend by the increase
in the number of gyms and health food shops in every town and city.
You may also have noticed that there has been a rise in the number
of television advertisements promoting health products, weight loss
products / services and skincare / cosmetic ranges. This is an indicator
that the health and wellness industry is rapidly expanding.
Economic trend forecaster and best-selling author, Paul Zane Pilzer predicts that the Health and Wellness industry will emerge as the next trillion-dollar industry by the year 2010. He is the author of a book entitled "The Next Trillion", which explores the reasons behind this prediction.
*Generations Handbook, DSA, 2006; Yankelovich, Inc; www.post-gazette.com
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