In this post, I share with you my top 5 reasons why everyone needs a small business. One that you can run part-time from home.
And yes, I mean everyone.
As I will show you in the post below, if you don't have a small business, you are losing money. A lot of money.
Disclaimer: I'm not an accountant or a financial advisor. That said, I have been making a living from my small home-based business for over 15 years now, and have been saving on my taxes with 1099 income for 25 years.
Number One: Save Money on Taxes
This is the number one reason everyone needs a small business.
Did you know the average family can save $7,000 per year on taxes just by having a small business – even if they don't make any money from it?
You can claim deductions on all kind of things, from travel to computers to phone bills, electricity, home office, even your kids working part-time for you (up to $12,000 per year per child). These deductions really add up, and save you thousands every year on your taxes.
Also, and this is important, the IRS gives you a full 3 years to become profitable after starting a small business.
What that means is that if you start a small business from home and you make zero money from it for 3 years, you can still save, on average, around $20,000 on your taxes. (And 3 years is plenty of time to start showing a profit.)
Just think about what you could do with that $20,000 that you saved. You could pay down credit card debt or student loans... or use it to invest in real estate or precious metals, invest in stocks, or invest in cryptocurrency.
Click here to sign up for my free webinar to learn more about why you need to start a part-time home-based business to start saving on your taxes now.
Number Two: Save Money on Products You Already Buy
Did you know that by starting a small business, you can save money on the products you purchase for your business?
What if you could save money on all the things you buy for your hobby? When you turn your hobby into a small business, for example, start a blog or YouTube channel about your passion, all the things you buy for your business are now tax-deductible.
For example, I am a health blogger. I show people how to get healthier by changing their diet, getting more rest and exercise, and using supplements and other natural remedies. I have to try and use products in order to promote them, so they are tax deductible.
Now only that, but you can usually get products at discounted prices or even wholesale when you promote them.
And on top of that, you get paid a commission to promote them.
I am going to be teaching my students about how to get paid for promoting products in my online course, Online Marketing Simplified.
Watch my free webinar to learn more.
Number Three: Create Passive Income
Most of us trade time for money. We go to work, put in hours, and get paid for the hours we work.
As a blogger and content creator, I get paid over and over again for work I did once. When I write a blog post or make a YouTube video, people consume that content for months and years to come. Every time they consume my content, I get paid.
I also use that content to promote products, whether it's affiliate marketing, network marketing or selling my own physical products (like t-shirts or other merch) or digital products (online courses, e-books, etc.)
When you create enough passive income from your small business, you no longer have to work to get a paycheck.
You can also invest that money you make in other things that generate passive income – such as real estate or buying stocks or cryptocurrency.
Number Four: Turn Your Passion Into Money
Hobbies can be expensive. Whether you love cooking or photography or gardening... we all know it can be draining on your finances.
Maybe your dream is to travel more. Why not start a blog about it? Or a YouTube channel? Or maybe you want to start a small farm or homestead?
Instead of spending money on a hobby, you can get paid to do your hobby, and get all the tax benefits I already told you about.
Number Five: Become Financially Free
What does it mean to become financially free? Is it even possible?
Yes, it is! I've been there (before my business was destroyed by the Deep State) and I intend to get there again.
Becoming financially free means you don't have to work to generate money. You have more passive income than you need to cover your expenses.
One of my favorite board games ever is called Cashflow. I love playing this game, and I really love playing it with my kids.
Cashflow is a lot like Monopoly, only everyone wins. And it teaches financial literacy.
The game was invented by Robert Kiyosaki, author of Rich Dad, Poor Dad. In the game, you learn how to generate passive income by starting small businesses, and investing in stocks and real estate.
The way you win the game is to get to the point that you can cover all your expenses with passive income. It's really not as hard as most people think. It's all about just making the right moves.
And the number one step everyone should make is starting a small business, part-time from home.
Sign up now to watch my free webinar and learn how easy it is to start a part-time home-based business today.