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    February 2011
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Should You Start A Home-Based Business?

When I was working full-time as a Senior Financial Advisor, I was always being asked by my clients if they should start a home-based business?  Trust me, I am not one of these financial people like the one’s we see on TV and hear on the radio who always have a “canned” answer for everything, and if you don’t take their advice “girlfriend,” then you’re just hard-headed or stupid. And, we cannot forget the fantastic guy who always asks people “if they can deliver pizza”  whenever they need some extra money to get out of debt? Please!!  When people ask for financial advice, they usually need a better answer than that.  Now, to answer my own question. Should you start a home-based business? Just depends…..

Several factors come into play here. First off, do you need some additional income coming into your household. I mean, let’s face it, the economy has been very tough for the past few years.  Ask yourself…would $500 – $1000 extra each month coming into your household really make that much of a difference? For many people, this is a  car payment or a house payment. So, for the person who says, “yes, I could use the extra money,” then my answer very well may be to consider starting a part-time, home-based business.

One big question most people always forget to ask themselves when contemplating the starting of a business, is “why?” I mean, why do you want to start one? Just for the money? Just because you’re bored and have nothing else to do? You had better be able to answer this why question first!  If you call me, and ask me to help you start-up a home-based business, that is the first question I am going to ask you. Why do you want to do it? If you don’t have a strong “why,” your business will fail, if it ever gets off the ground.

Another thing to consider, is whether or not you have tried this type venture before. If so, was it successful? If it wasn’t, then why do you feel another one would be? I now work full-time in the network marketing field, and people are always coming to me wanting me to help them get started in my business. I always ask them if they’ve ever been in a MLM company before? If they say yes, then I ask them how many? If they say “a bunch,” then I see red flags going up everywhere. Why are you not still in one of those companies? Why do you think my opportunity will be any different for you? Here again, the “why” comes into play.

Speaking of network marketing. Although a lot of money can be made, it is very hard work. There is no “get-rich-quick” program out there. There are scam artists, I can promise you that! Be careful who you climb into bed with when it comes to business.

Lastly, and this is the financial advisor in me coming out, do you know anything about the types of business entities out there? S-Corps, C-Corps, LLC‘s, Sole Proprietorships? How about tax reporting? Ever filed a business tax return?  You probably will need a good CPA if you start a business.  Although I personally own several of the above referenced types of entities, I personally feel that the absolute best way to start a home-based business venture is with a very reputable network marketing company. When you choose this option, you can start small, work as much as you want, or as little as you want, and at the end of the year, the company will send you a 1099 tax form, and your taxes are not that complicated.  However, as your business grows, you may want to look at other options for taxes available to you. Also, by starting a home-based business, you have retirement plan options available to you as well, and, one of the best things…..small business tax deductions! 

Want to discuss your particular situation with me directly? I’ll be glad to talk with you. The company I chose to affiliate with is Vollara.  For more information on Vollara, visit  http://www.vollaraintl.com/email/FLVs/FLOURISH_Video.html or go directly to my website at www.myvollara.com/raines

Now, very well may be the absolute best time for you to start that venture you’ve always wanted to start. I can help you decide. Let me hear from you, today!

To Your Future Success!

Brian Raines

DISCLAIMER: This blog is based on my personal opinion, and is not intended to provide specific tax, legal, or investment advice. Always consult your personal professional advisors before making any type of business decision.


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