Why your own business is a must have?
When you left school, you went to seek for employment. Your goal was to earn income and take care of yourself. As time went by your financial needs grew, you were not confined to your self needs, but your wife/husband and child. You also needed a small home to live in.
You thought about providing a bigger living space and a car. there was one thing that did not go with your dreams, your employment income. You try to apply for a loan, that was another dilemma, such loan must be repaid with interest. Basically your salary shrink as you planned along.
Your expenditure became equal to or exceeded your income. You were in financial trouble. You needed some cash to supplement your income. It comes down to one thing, your own business is a must.
Your own business
It doesn’t matter whether it is small or big, full time or partime, in nowadays it is important to have a business. Greece economy collapsed. what does this tell you? Greek business companies are shutting down, massive unemployment are on the cards, not only in Greece, these companies are operating around the globe.
Way back there was global recession (2007) people lost their full time employment. In order to survive those turbulent times , you need something to fall back to. Nothing else besides your own small business.
A small business does not remain small in the long run, it has a tendency to grow. What causes business to grow, it is inflation, increase in prices of commodities. You business will also increase its prices, so too your profit will eventually increase to keep up with inflation.
Is pension salary enough?
If you retire, you receive monthly pension salary, provided you saved for pension, others are not. Your salary pension is also vulnerable to inflation. At most these salaries are no keeping with the it. It boils down to what I have said above, additional income in the form of your own business. Take for example a vending machine that you operate as partime business, it does not generate much income, but its income combined with your salary or pension will overcome the disillusion of inflation.
These days, more and more people are obliged to start their own businesses in order to create an extra income, or even a main income. Having your own home business offers you and your family security that you wouldn’t otherwise have had. With your own business, you not subject to layoffs in tough times; and, secondly, you can obtain a multitude of tax benefits that otherwise wouldn’t be possible
Practical steps to follow to become wealthy
- Determine where you are now
You must first determine your current state of your wealth. You must know precisely what your assets and liabilities are now, as well as your income and expenses
- Know what you want to achieve
This step requires you to determine the following;
- What does your dream car costs
- How much are your monthly bills
- Is your retirement income sufficient to cover your entire life
- What kind of business are you passionate about
- How much monthly profit must your business yield
- How much capital do you need for your retirement
Its for this reason that your own business is a MUST these days.