Jim Rohn said it best “profit is better than wages”. My interpretation of that comment comes down to control, when you are in business for yourself you have a level of control over your income.
Profit doesn’t need to be associated with large corporations handling huge sums of money. It could be the extra $200 you made after expenses this week from freelancing. With the cost of living only increasing, most Australian households would be in a much better position with an extra $200 a week.
In fact, when I heard Jim Rohn make that comment he was talking about building a self-employed business on the side in small increments. His first goal was to make a bit of extra money on the side, then his goal was to make half his full-time wage working on the side. Before long Jim was making more money working part-time in his self-employed business as he was in his full-time job.
In all of history there has never been a better time to be in business for yourself and here’s why.
Zero barriers to entry
Starting a business from scratch can be done in a matter of minutes and is completely free. Don’t get me wrong, over time you are going to need to spend time and money growing and developing your business but there is no reason why that time and money can’t be paid for from your business profits.
The biggest trick is to just get started, as Mark Twain said “The secret of getting ahead is getting started”. So in reality what do you need to start a business? An ABN, business bank account, Insurances, tax management, invoicing system, expense tracking, cash flow management. At Solo & Smart we help individuals setup all of these functions every day at no cost.
As I said, setting up a business can be done in minutes and for no cost. Once you have your business fundamentals setup all you have to do is start.
Boundless opportunity
Technology has opened up a world of opportunity that has never existed before. New industries are popping up daily to help people and businesses manage in such a fast-paced world. If you have a passion or a hobby that you truly love doing, there are people out there who would love you to do it for them and are willing to pay you to do it.
At Solo & Smart we have helped people turn their passion into a business as photographers, handymen, carpenters, dog walking, bloggers, copywriters, pet care, cleaners, graphic design, artists….. the list goes on. So, what is your passion?
Design your life, your way
Something I always tell people starting out in business is to work out what the perfect world would look like for you and work towards that goal. Being self-employed you are in control and you can make it happen.
Chris is a personal trainer and coach who lives in Indonesia and conducts mentoring and development programs completely online. Mark and Jill have a pet care product that they travel around Australia selling them at expo’s and markets. Alan is a care worker who commits a few hours every week to helping people in need.
The choices are endless and only you will know what is going to work best for you. So, work out what that perfect life looks like, discover your passion and make it happen.
Written by
Patrick Harrison
