How to Juggle a Day Job
                                                   and a Family Business:        
 

    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!