At lunch the other day I was talking with a group of people and I realized how many people either dont know they are business owners, want to start a business but dont know how, or dont really know what being a business owner means. Here a couple of examples of people who during the course of the discuss discovered that not only were they business owners but that they had been missing out on the benefits of business ownership such as tax deductions and credits.
Do you own rental property? As a rental property owner you ARE a business. Depending on the city you live in they may even want you to get a business license for your rental company. But did you know that all of the expenses of your rental house are business deductions? Need to replace a water heater, a roof, or a garage door? Dont forget to claim the cost of it on your taxes as well as the cost of property tax and so much more.
Do you do odd job such as lawn mowing? If you are a teenage earning money to go to the movies this weekend then you dont need to think of pushing the lawnmower as a business; but if even the older lady across the street pays your husband to mow the lawn that is a business. This means that not only is the gas in the mower a business expense, but so is: the wear on the mower, the cost of gas in the car to go get gas for the mower, even the trash bags you put lawn clipping in could be a business expense.
What kind of things could you be doing as a business?
Replace broken mail boxes
There are a lot of small needs out there. You dont have to quit your day job to be a business person all you need to do is look around for a need and then fill it.
What business would you like to start?