A Balancing Act:
The balancing act between holding down a full time job
and starting a part-time Family Business isn't easy, but it can be done - if
you follow some simple rules.
Talk
to the Family:
(1) It is essential for you to have their support
before starting. Discuss the idea with them and explain the risk and
pressures it will create, besides the satisfaction, profitability and
accumulation of Family Wealth (including Sponsoring them in the Family Sport
of Croquet).
Give
Family Members Paid Tasks:
(2) . The best way to involve them is to make them part of the
Venture with a guaranteed Income with corresponding responsibility. If there
is any substantial conflict at this point the project is either doomed or
will prove to be a burden rather than a joy.
Be
a Time Manager.
(3) Take advantage of every minute. Use lunch hours and
free time to work on the Business. As anyone who has gone down this
challenging road will say "the harder I work the luckier I gets".
Forget
Luxuries.
(4) Think Tax Deductions and Depreciations. Make it a fun
game. Quite nights in front of the TV should be a learning experience with
suitable Training Videos. Going out to Restaurants should be reserved for
Tax Deductable Family Business trips - inter city, interstate or overseas.
Confine Business to One Room.
(5) The last thing you want is for a part-time
Venture to disrupt the whole household and for you and the Family not able
to escape the pressures. Have a Business Computer in the room and a games
computer elsewhere. Have two phone extensions - two phones if on a modem/fax
- or a mobile.
Don't
let the Day Job Slip.
(6) Your efficient performance there is critical.
Remember, it is providing the financial security to allow you to try a new
Business. Your increase in efficiency and Business knowledge should be an
asset to both your own Family Business and your Employer's.
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Use the ATO s221D PAYE
Tax Variation to Finance:
(7) The Australian Tax Office will inform your
Employer's Paymaster not to take out all your PAYE Tax with an ATO s221D
PAYE Veriation.
Don't Rort Your
Employer:
(8) Don't make your Business calls during your day job
nor use your employers equipment/consumables without permission and
payment: you will get fired - besides forming dishonest Business habits.
Tell
the Boss.
(9) Some Government employees may need special
permission. It can do no harm and you never know, they may become a
customer. The boss has to learn about it anyway, should you have the ATO
advise him of your s221D Variation in your PAYE Tax.
Never
Compete with the Boss.
(10) Apart from being unethical, you can be accused of fraud by
pinching ideas, systems or computer applications and data files. Start a
totally different Business. If it can then serve your employer so much the
better.
Use
Every Business Training Scheme Available:
(11) Business Class is totally dissimilar to
Working Class - often seen as conflicting with working class: even the
Taxing System is different. Business Class is about Profit Making and
Business Asset Accumulation whereas Working Class is about Output V
Income.
Remember! Almost
80% of new Businesses go broke. Mainly because people cannot make the
transition from Working Class to Business Class in their attitude to
opportunities, efficiency, buying, marketing, and TaxPlanning. And in
particular, the use of Tactics (Skills Management or Captaincy) and
Strategy (Directorship or Generalship) --- the basis of Croquet.
Learn
About Business.
Business is about thinking and being rich and taking the personal
risk to create the Wealth - and Employment - of our Nation. Learn from a
Business Owner never an employee - Private or Public Servant.
But, don't give up your Day Job.
Yet!
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