If I’m going to bet on a business, let me be the one who owns it

Let’s get straight to the point—creating a second stream of income can change your life.  If all you did was spend less and save more, you could probably start late and finish rich. But if you spend less, save more, and MAKE more, nothing will stop you from achieving your goal of financial freedom. And if you ALSO develop a second income stream, you can finish even richer than you might have if you’d started early.

The Four Rules For Getting Started

Most home-based businesses never get off the ground because most people get mired in minutia. They don’t realize there are really only three rules to follow to start a home-based business

  1. Ready
  2. Aim
  3. Fire

Okay, I’m kidding.  There are actually four rules you need to follow.

Rule No. 1 Make The Decision

Rule No. 1 is to make the decision you are ready to start a business at home. Find a spot in your house. Pick a day on your calendar and get started. Read books on how to start a business and do research, checking resources available on the Internet. But get started. A cause set in motion begets results.

Rule No. 2 Pick A Field

Don’t spend years trying to find just the “right business” for yourself; don’t worry if it you don’t get it right the first time. You’re not signing up for life and you’re not giving up your day job (yet).  Just pick something that gets you excited and get going.

Rule No. 3 Get Help

Considering how many resources there are out there to help you, it’s silly to try and go it alone. You’re not even close to being the first person to start a new business at home—more than 20 million Americans have gone before you—so take advantage of their experience.

Rule No. 4 Make It Legal

Although you don’t need a lot of “stuff” to start a business, you do need to make it legal. To keep the IRS off your back, you will need to set up a legal structure for your business by choosing from three structures: sole proprietorship, partnership, and corporation. For more information on the subject, go to the IRS web site at www.irs.gov and request publication #334, “Tax Guide for Small Businesses.” If you are selling retail products, you will more than likely need a State Tax Resale Number.

If you could start your own business what would it be? Write it down, make it real!

Live Rich,
David Bach

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