Author: Financial Awakening Blog
If you still haven’t read Step 1 – Plan ahead. Imagine where you are when you retire, I highly recommend you to read it first.
You probably have heard people talk about starting a small business. Why people do it? Is it a good investment? If you already have a stable full time job, then why would you want to start your own business?
If you still believe in CPP and OAS, if you are looking for job security, if you think RRSP is a good investment (sorry, no offence if you are a believer), if you don’t mind getting food from food bank and sleep in shelters, then small business is not something that you should spend time into, and you should stop reading this article. Otherwise, please read on.
We all want to spend our retirement in beaches drink iced cappuccino instead of working our asses off in Walmart. So our financial should be to generate as many passive income as possible when we are young and let it grows. One of the passive income would be business. We should set up our business in such a way that it can run itself without needing you to worry too much about it. There are many small business in the market that the only single piece of greatest asset is the business owner, who is a doctor or a dentist. Imagine when the business owner retired, is the business still going to exist? Here, we see that this is not going to be the kind of business we are interested in planting. In another instance, another business owner purchased a parking lot and hired a minimum wage employee to manage the parking lot. Although, he is not going to make as much money as the professional small business, it does not take much of his time to manage. He can eventually own many parking lot and make more money that the professional small business owner while he still has lots of time to enjoy his life.
It all sounds great, right. However, it takes more than just money to run a business. You will have to start your own business; talk to many people; do a lot of research, and most importantly, fail many times before you can successfully manage a business well.
The best time to start a side small business is when you are working a full time job. When you have a job, you have a lot less pressure to pay the bills and keep your family feed. You can take your time to research on your business and can afford to lose money while you try out. Do not think about making money in the beginning. Think about what to learn and what good does that do for your future. After you failed 3-4 business, you will start to get the feel of it and smell the money.
There’s a lot of benefit to start as a small business. For example, you can get grants, tax credits, HST rebrate, etc. Most importantly, you are going to have fun and get to know a lot of people.
It is never too late to start a small business. Do it now!
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