January 2010

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Working On Your Business VS Working In Your Business

January 7, 2010 in Business Success Tips | 7 comments

Business Asia

Guess what? Yup, I’m reading another business book. This time I’ve started reading The E-Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It by Michael E. Gerber. You may have heard of his books before or his company E-Myth Worldwide. What I find most interesting about this book so far is that it makes you ask yourself the question, “Are you working on your business it, or in it?” Anyone who is self-employed can tell you they are probably working in their business.

This is especially true for freelance workers, contractors, or anyone with their own brick and mortar business who does all of the work. When I took off on my own, I thought how much happier I would be by working for myself. Grant it, I am very happy. I don’t experience any of the stress or the long commute I once did, however, I do still experience the burnout of doing the same work I did in my previous job. I basically have traded one job for another, except now I have much more freedom in terms of time and choosing who to work with.

Now I am working on freedom from doing all of the work. I rather work on my business instead of in it. When you become self-employed, you also take on multiple roles. You become the project manager, the technician, marketer, and any other task that is needed to keep your business going. Many self-employed individuals actually find themselves working more hours than they had at a previous job.

Like myself, what used to be your passion becomes your downfall. I used to really enjoy web developing but now I view it as a chore. I used to enjoy reading programming books and learning new techniques. I’d make web applications for fun and learning. The thought of cracking open a web related book bores me. New web projects frustrate me. The passion is gone.

I know I lost the desire for my work because I do it all. Outsourcing is not an option for me due to quick turn-around times. My passion now lies in affiliate marketing and network marketing. Both are exciting and both create residual streams of income. Best of all, there are no clients to answer to (another reason I’ve lost my passion.)

My goal is to actually move away from the labor and create revenue streams that allow me to be free to do the things I want. If you are finding yourself in the same boat, I suggest reading the following books:

All three books will make you think hard about your business model and what you truly want out of life.

Cashflow Quadrant Book Review

January 1, 2010 in Books for Self Employed | 1 comment

Roll of $100 Bills

I finally finished reading Cashflow Quadrant: Rich Dad’s Guide to Financial Freedom by Robert Kiyosaki and I thoroughly enjoyed it. Just like Rich Dad Poor Dad: What the Rich Teach Their Kids About Money-That the Poor and the Middle Class Do Not!, it teaches you about the mindset of the average person when it comes to money. Most of us are taught to get an education and then a good secure job so we can retire in 30 years. As we know, there are no such things as a secure job. What Cashflow Quadrant teaches is to get from the left side of the quadrant (employee and self-employed) to the right side (business owner and investor.)

The cash flow and tax advantages are available on the right side of the quadrant. I thought the author did a good job in explaining the differences between both sides. He also went into detail about the various types of investors that exist, from the gambler to one that understands risk.

He also stresses the importance of becoming a business owner before jumping into investing. Developing a study cash flow as well as learning how to manage a business will help you to become a good investor.

Although the author wasn’t in network marketing himself when he wrote the book, he states that it makes a great option for those who want to become business owners. I was happy about that since I have become involved with network markting as a Beachbody coach myself. I do feel it is a great way for most people to get started owning their own business without spending thousands of dollars to do so.

What I got from the book is that a business is one that can run even when you are not there. You would need to set it up so that it runs and generates income regardless of where you are. Being self-employed usually means you are still doing most of the work. For example, as a freelancer, you are usually performing multiple jobs from project managing to doing the actual work. You can outsource certain tasks but most self-employed individuals find it difficult to let go as the quality of work is a reflection of themselves so they continue to do it all.

After reading Cashflow Quadrant: Rich Dad’s Guide to Financial Freedom, it has definitely got me thinking in a new way as far as self-employment and business are concerned. I suggest reading this book if you plan on working for yourself.

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