Dipping Toes into the Water of Business Ownership by Barry Tauscher
“Going into business for yourself”, “Having your own business”, “Being in business” – we have all heard these phrases. We have all also heard of the headaches and dangers of losing everything. So, is it worthwhile? Yes! If you do not try, you will not learn. Hands-on learning “on the job” is the best way to learn and retain the information and skills. It is also called experiential learning.
It Can Be Easy To Start a Home Based Business
It is so easy to start a business by doing it in your own home. Start up costs can be minimal or zero! For me it was saying “I am in business” and printing some things off my printer to hand to people.
About 20 years ago I simply used my name for a business name, which was not even registered with the state, which meant using the Schedule C tax form for simple business income/loss added to my federal tax return. That was dipping my toes into the water of the business world. I made some income, incurred expenses, learned how to claim business use of my home, and other things. I doodled along for half a dozen years, and then let it fizzle out as I lost interest in it. What was exciting to see was that a number of my actions had become valid business deductions. That created a net loss which then reduced my taxable income. Of course as I declined in activity my deductions also declined.
Reading Books to Get the Edge
In that process I talked with other people who were doing similar things, and I read books, so I could learn better what to do and not to do, what was legal and not legal. I began to see that more and more people were doing what I was doing. 150 years ago most people had their own trade or business that was their livelihood. It was the American way of life. The families were united in being part of “the family business”, and as the children grew up they learned firsthand how carry on the business, or the trade. As the industrial revolution came along, fathers were pulled out of the family, and then World War II pulled the mothers out while the fathers were off at the war. Ever hear the saying “United we stand; divided we fall”?
Watch for part two, to learn about my next step 10 years ago of officially registering a business name, and uniting my family using our very own family business at home, and how that in turn led me to bigger and better things when I jumped into the business of water.