Business Basics #2

When determining your “Why”? Don’t go through a big philosophical debate – keep it simple. Maybe it’s as simple as “I want to stay home with my kids” or “I need pay off the car loan” but it’s clear – no ambiguity and it has a value that can be measured. It will change and grow over time but it becomes the basis for driving your attitude toward your business. It will drive how you value your business – example, if your kids are the reason you want to do a business then when your business causes you to be late for dinner or miss a baseball game – you will understand and be more comfortable with the value of the tradeoff.

After you find a good “Why” - People normally want to own a business for three reasons You may want to take control of your own future – to be your own boss because you know you’ll never get rich working for someone else and you know that your hard work right now continues to make wealthy individuals wealthier while you may struggle to make ends meet. In these challenging economic times you may want to create new income because your current job could be at risk, you may need to bridge the gap between what you make and what you spend or perhaps you are just planning for your future. Third, maybe you’d like to start a home based business as a way to lower your taxes by taking advantage of the phenomenal deductions available to small business operators. Could be like most of us – all three. Whichever it is for you – that’s great.