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Add You - (Home-Based) Business Success Tips: Busting Five Myths
As a business owner, it only makes sense to protect your personal assets from company debts and liabilities. The question is: what’s the best way to do that? If you’re going back and forth between the limited liability corporation (LLC) and the S Corporation (standard corporation), you’re certainly not alone!LLC vs Corporation – The SimilaritiesSo what benefits do these two business entities share? Owners of an S Corp or LLC both enjoy limited personal liability, they both avoid "double taxation," and they both pay income taxes on a flow-through basis like sole proprietors and partners.In the past, business owners who wanted to protect their personal assets but also wanted to report income and losses on a personal tax return had to create an S Corporation. Today, that can
MYTH # 4: Network marketing—and most home-based businesses that use that model—are ILLEGAL PYRAMID SCHEMES
That’s a biggie; I’d say that probably 75% of the people who call me regarding my home-based business bring up that myth, and I suspect the other 25% think about it even if they don’t verbalize it…
If I had an hour to talk with you, I could mention all the legal battles won by the industry… the fact that there are currently over 50 network marketing companies or companies using that model on the stock exchange, that people like Robert Kiyosaki (bestselling author of Rich Dad Poor Dad), Stephen Covey (bestselling author of The 7 Habits of Highly Effective People) and Warren Buffet are either promoting, working with, or have purchased that type of business…
MYTH # 5: You can make a fortune offering NO PRODUCT, and therefore NO VALUE
This is not exact
Bullying has come into the spotlight this week, with a record number of complaints made about Celebrity Big Brother (UK). Whilst Jade Goody is bearing the brunt of the criticism, she was not alone in her appalling behaviour and was joined by 2 other housemates, who thought it was fair game to target another contestant.Nearly everyone is bullied at some time in their lives. Bullying doesn't stop when you leave school; it can happen to anyone at any age, and people can become bullies at any stage in life. Although it is hard to believe, bullying isn't always deliberate and bullies are not always aware of the harm they cause.What is bullying?Bullying takes on many forms, such as: leaving people out of a group; name calling; being singled out as 'different'; being tease
Why aren’t they? Because as I find out when I talk with them, they subscribe to many of the myths that surround business in general, and in particular the home business industry. To help them—and you if you’ve been thinking about it—I’d like to take a look at five of those myths and BUST them!
MYTH # 1: You need A LOT OF MONEY to start a business…
This is true IF you want to buy an existing business or start a traditional business (in most cases), specially a brick & mortar business. While doing some research the other day, I saw a motel for sale for $600K and a drycleaner for $250K.
I’ve owned a brick & mortar business once: an art gallery and framing shop in Whitehorse, with 12 employees. I bought it in 1986—inventory & goodwill for $200,000 (they wanted 250K). I had to borrow $20,000 from my parents for the down payment, then pay the ex-owners $30,000 a year for 8 years. That was hard on the cash flow. More recently, I invested in six online “stores”. With the support and the tutoring, that was a $20,000 investment.
Another example, I was talking to someone last month who was thinking about buying a fast food franchise for $300K. He told me he would be paying himself a living wage for 4 years, and then in year 5 he expected a profit of $50,000. Plus all the work and time and worry that goes into that! So yes, for SOME types of business you need a lot of dough…
Even businesses on the Net can be rather expensive; one business opportunity states up front that the investment is $49,500! Ouch! But at the other end of the spectrum, I’ve recently started a very lucrative ‘home-based’ business for under $2,000. And I know of MANY business opportunities you can get going for even less than that
So you see, that’s another myth busted: you DO NOT need a LOT of money to start a lucrative business. You just need to start with the right one*.
MYTH # 2: You need to WORK A LOT—at least 50 or 60 hours a week—to get a business off the ground and profitable.
You do for a ‘regular’ type of business. That was the case for me with Yukon Gallery… 7 days a week… 10-12 hours a day…Working on the Holidays… I remember one summer going 48 days without a day off.
But that’s not the case with most home-based businesses… For example, I’ve invested just over 100 hours in my home business over the last 5 weeks (about 20-25 hours a week), for very good RE$ULT$!
MYTH # 3: A home-based business is SMALL BUSINESS
When they hear the words “home-based business”, many people think “cottage industry”; stuffing envelopes, making earrings, gluing pine cones to make decorations.
I find that kind of funny…That’s because I personally know at least 30 people—maybe 50 if you gave me a bit of extra time to think about it—who are making BIG money from a home-based business. I mean $20,000, $30,000, $40,000 and more a MONTH! They do that with direct sales opportunities, with Network Marketing opportunities, with MLM-type opportunities like you see on the internet all the time.
For most people—because most people have a scarcity mentality, or a this-is-too-good-to-be-true mentality—those incomes sound ludicrous. Well, they’re not. Not in these types of business… Not if you pick the right opportunity* and you do it right.
The other reason for this myth being perpetuated is that most people either have a job or own a ‘regular’ type of business—like a brick & mortar retail outlet, or they provide services where they trade time for money. And with a job or a ‘regular’ type of business, those numbers are close to impossible to attain.
MYTH # 4: Network marketing—and most home-based businesses that use that model—are ILLEGAL PYRAMID SCHEMES
That’s a biggie; I’d say that probably 75% of the people who call me regarding my home-based business bring up that myth, and I suspect the other 25% think about it even if they don’t verbalize it…
If I had an hour to talk with you, I could mention all the legal battles won by the industry… the fact that there are currently over 50 network marketing companies or companies using that model on the stock exchange, that people like Robert Kiyosaki (bestselling author of Rich Dad Poor Dad), Stephen Covey (bestselling author of The 7 Habits of Highly Effective People) and Warren Buffet are either promoting, working with, or have purchased that type of business…
MYTH # 5: You can make a fortune offering NO PRODUCT, and therefore NO VALUE
This is not exactl
Day by day, minute by minute, seconds by seconds, millions of people around the world work very hard to make money in one way or the other. This not withstanding millions of people are still living under the vineyard of poverty. Today, many are poor not because they are lazy but simply because they don’t know the rules of the millionaires.Ironically, most of the millionaires are very lazy; but since there know the simple rules of make millions, they find themselves on top of the world. Does it mean that working 24 hours daily will not make you a millionaire? Answer this question yourself. If you don’t know the secrets of the millionaires, you may end up working had and dieing poor. Basically, working 24 hours a day may even make you more poor if you don’t take time.
Another example, I was talking to someone last month who was thinking about buying a fast food franchise for $300K. He told me he would be paying himself a living wage for 4 years, and then in year 5 he expected a profit of $50,000. Plus all the work and time and worry that goes into that! So yes, for SOME types of business you need a lot of dough…
Even businesses on the Net can be rather expensive; one business opportunity states up front that the investment is $49,500! Ouch! But at the other end of the spectrum, I’ve recently started a very lucrative ‘home-based’ business for under $2,000. And I know of MANY business opportunities you can get going for even less than that
So you see, that’s another myth busted: you DO NOT need a LOT of money to start a lucrative business. You just need to start with the right one*.
MYTH # 2: You need to WORK A LOT—at least 50 or 60 hours a week—to get a business off the ground and profitable.
You do for a ‘regular’ type of business. That was the case for me with Yukon Gallery… 7 days a week… 10-12 hours a day…Working on the Holidays… I remember one summer going 48 days without a day off.
But that’s not the case with most home-based businesses… For example, I’ve invested just over 100 hours in my home business over the last 5 weeks (about 20-25 hours a week), for very good RE$ULT$!
MYTH # 3: A home-based business is SMALL BUSINESS
When they hear the words “home-based business”, many people think “cottage industry”; stuffing envelopes, making earrings, gluing pine cones to make decorations.
I find that kind of funny…That’s because I personally know at least 30 people—maybe 50 if you gave me a bit of extra time to think about it—who are making BIG money from a home-based business. I mean $20,000, $30,000, $40,000 and more a MONTH! They do that with direct sales opportunities, with Network Marketing opportunities, with MLM-type opportunities like you see on the internet all the time.
For most people—because most people have a scarcity mentality, or a this-is-too-good-to-be-true mentality—those incomes sound ludicrous. Well, they’re not. Not in these types of business… Not if you pick the right opportunity* and you do it right.
The other reason for this myth being perpetuated is that most people either have a job or own a ‘regular’ type of business—like a brick & mortar retail outlet, or they provide services where they trade time for money. And with a job or a ‘regular’ type of business, those numbers are close to impossible to attain.
MYTH # 4: Network marketing—and most home-based businesses that use that model—are ILLEGAL PYRAMID SCHEMES
That’s a biggie; I’d say that probably 75% of the people who call me regarding my home-based business bring up that myth, and I suspect the other 25% think about it even if they don’t verbalize it…
If I had an hour to talk with you, I could mention all the legal battles won by the industry… the fact that there are currently over 50 network marketing companies or companies using that model on the stock exchange, that people like Robert Kiyosaki (bestselling author of Rich Dad Poor Dad), Stephen Covey (bestselling author of The 7 Habits of Highly Effective People) and Warren Buffet are either promoting, working with, or have purchased that type of business…
MYTH # 5: You can make a fortune offering NO PRODUCT, and therefore NO VALUE
This is not exact
Do not be fooled by those who CLAIM to provide you with 10,000, 20,000, 200,000 or even 250,000 text links.You are being conned, what they are offering you are comment links posted on blogs and directories.These are regarded as comment spamming, i,e there is no contextual advertising associated with it.Just random posts with your link tagged to the username, no benefit to any real person viewing the comment, just a trick to fool search engines.What they won't tell you is the majority of blogger and wordpress sites have incorporated measures to prevent comment spamming on their blogs.What they also won't tell you is the majority of blog admins no longer allow search engines to give weight to comments, by adding th
So you see, that’s another myth busted: you DO NOT need a LOT of money to start a lucrative business. You just need to start with the right one*.
MYTH # 2: You need to WORK A LOT—at least 50 or 60 hours a week—to get a business off the ground and profitable.
You do for a ‘regular’ type of business. That was the case for me with Yukon Gallery… 7 days a week… 10-12 hours a day…Working on the Holidays… I remember one summer going 48 days without a day off.
But that’s not the case with most home-based businesses… For example, I’ve invested just over 100 hours in my home business over the last 5 weeks (about 20-25 hours a week), for very good RE$ULT$!
MYTH # 3: A home-based business is SMALL BUSINESS
When they hear the words “home-based business”, many people think “cottage industry”; stuffing envelopes, making earrings, gluing pine cones to make decorations.
I find that kind of funny…That’s because I personally know at least 30 people—maybe 50 if you gave me a bit of extra time to think about it—who are making BIG money from a home-based business. I mean $20,000, $30,000, $40,000 and more a MONTH! They do that with direct sales opportunities, with Network Marketing opportunities, with MLM-type opportunities like you see on the internet all the time.
For most people—because most people have a scarcity mentality, or a this-is-too-good-to-be-true mentality—those incomes sound ludicrous. Well, they’re not. Not in these types of business… Not if you pick the right opportunity* and you do it right.
The other reason for this myth being perpetuated is that most people either have a job or own a ‘regular’ type of business—like a brick & mortar retail outlet, or they provide services where they trade time for money. And with a job or a ‘regular’ type of business, those numbers are close to impossible to attain.
MYTH # 4: Network marketing—and most home-based businesses that use that model—are ILLEGAL PYRAMID SCHEMES
That’s a biggie; I’d say that probably 75% of the people who call me regarding my home-based business bring up that myth, and I suspect the other 25% think about it even if they don’t verbalize it…
If I had an hour to talk with you, I could mention all the legal battles won by the industry… the fact that there are currently over 50 network marketing companies or companies using that model on the stock exchange, that people like Robert Kiyosaki (bestselling author of Rich Dad Poor Dad), Stephen Covey (bestselling author of The 7 Habits of Highly Effective People) and Warren Buffet are either promoting, working with, or have purchased that type of business…
MYTH # 5: You can make a fortune offering NO PRODUCT, and therefore NO VALUE
This is not exact
One of the most common issues that comes up for business owners is procrastination -wasting time, putting obstacles in the way of taking action towards goals, making excuses for delays, creating confusion/ ‘busyness’ etc. Procrastination is a self-defeating behavior.As human beings, we are adept at creating convincing language that allows us to rationalize taking specific action or not taking action. We become masterful in presenting a logical sounding viewpoint that successfully defends our position to procrastinate. In this way, we give ourselves permission to step into avoidance, despite the results we say we want!Having a game plan with action steps can foster procrastination. Over time we develop an automatic patterned response to change, convinced that what we are doing is
I find that kind of funny…That’s because I personally know at least 30 people—maybe 50 if you gave me a bit of extra time to think about it—who are making BIG money from a home-based business. I mean $20,000, $30,000, $40,000 and more a MONTH! They do that with direct sales opportunities, with Network Marketing opportunities, with MLM-type opportunities like you see on the internet all the time.
For most people—because most people have a scarcity mentality, or a this-is-too-good-to-be-true mentality—those incomes sound ludicrous. Well, they’re not. Not in these types of business… Not if you pick the right opportunity* and you do it right.
The other reason for this myth being perpetuated is that most people either have a job or own a ‘regular’ type of business—like a brick & mortar retail outlet, or they provide services where they trade time for money. And with a job or a ‘regular’ type of business, those numbers are close to impossible to attain.
MYTH # 4: Network marketing—and most home-based businesses that use that model—are ILLEGAL PYRAMID SCHEMES
That’s a biggie; I’d say that probably 75% of the people who call me regarding my home-based business bring up that myth, and I suspect the other 25% think about it even if they don’t verbalize it…
If I had an hour to talk with you, I could mention all the legal battles won by the industry… the fact that there are currently over 50 network marketing companies or companies using that model on the stock exchange, that people like Robert Kiyosaki (bestselling author of Rich Dad Poor Dad), Stephen Covey (bestselling author of The 7 Habits of Highly Effective People) and Warren Buffet are either promoting, working with, or have purchased that type of business…
MYTH # 5: You can make a fortune offering NO PRODUCT, and therefore NO VALUE
This is not exact
In today’s fast paced world there are few people that are enjoying prosperity. I mean true prosperity. I am talking about those people who wake up when they are done sleeping. They are people who can go on a vacation whenever they want to. People who when they shop for a car, they go with the intention of buying a new Ferrari or Porsche. 95 % of the people in this country do not have that kind of lifestyle. Most will fall in to one of the categories below. See which one you fit into, and if you fit into category 3, then congratulations you are truly prosperous.Group 1- People with No Financial SecurityMost people are working harder for less real money. Many are living paycheck-to-paycheck just be able to rent movies for the weekend until Monday rolls around so they can grind out
MYTH # 4: Network marketing—and most home-based businesses that use that model—are ILLEGAL PYRAMID SCHEMES
That’s a biggie; I’d say that probably 75% of the people who call me regarding my home-based business bring up that myth, and I suspect the other 25% think about it even if they don’t verbalize it…
If I had an hour to talk with you, I could mention all the legal battles won by the industry… the fact that there are currently over 50 network marketing companies or companies using that model on the stock exchange, that people like Robert Kiyosaki (bestselling author of Rich Dad Poor Dad), Stephen Covey (bestselling author of The 7 Habits of Highly Effective People) and Warren Buffet are either promoting, working with, or have purchased that type of business…
MYTH # 5: You can make a fortune offering NO PRODUCT, and therefore NO VALUE
This is not exactly a mainstream myth, but it will be familiar to people reading this who’ve spent any time on the internet looking for a home-based business or an extra stream of income.
I just finished busting myth #4 that network marketing and direct-sales companies are not illegal—but it’s critical to understand that some are right on the edge because of the way they conduct their business.
That’s a critical point. Just because the INDUSTRY is legal does not mean everyone IN the industry operates in a legal way. I’ve seen many offers on the net that are right on the edge. If you like to sleep well at night, I’d stay away from those*.
They’re on the edge because they basically pay people just for recruiting people, NOT for marketing a real product. Or, to stay within the legality, they’ll market a product that may be worth $50, but they sell it for $995 and you make a commission of $500 every time you enroll someone who joins your business by buying that product. We refer to those as get-rich-quick-schemes. BE VERY CAREFUL!
If you want a LONG-TERM viable business that offers real, residual income, you HAVE to offer a real product that represents real value*. And there are MANY great opportunities available to you, solid companies offering legitimate products. Just do your homework, your due diligence, and keep your eyes open.
[*If you visit the MoreMoney site listed below, look for the page entitled Secrets Exposed. That unbiased selection guide will help you make the right choice. While you’re there, also read the article There’s No Such Thing As A Free Lunch.]
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