What have you thought of this series so far? At the beginning of this episode, I recapped economic stages 1-5. It’s important to understand them and how to advance if you’d like. But also if you find that your economic stage was once 4 and you are back to 1, you are not alone. It can happen to anyone and honestly I think all of America is in stage one, trying to reduce expenses to match their income. The Economy changed which affected our small business AKA our homes. It’s important to understand and own the economic impact our home has on the global economy. Thinking about stage 6 should prompt you to look at your expenses and set expectations for what you can expect financially.
Stage 6: A business bigger than yourself; but there’s no playbook
If you choose to go to stage 6, get ready for a life long journey of development. You may make some expensive mistakes or have some hires not work out. In stage 6, your business becomes bigger than just you and your household budget. You are looking at your budget and realizing you can increase your expenses to (in the long run) make more Money. It’s time to start interviewing people, explore their uniquenesses, and hire accordingly. And get ready for your income to decrease. In growing your business and getting structure in place, just know you will likely have little to no income for about 3-5 years. I wish there was a playbook that could have warned me. Take heart, in America, the 4 positions that can provide exponential wealth are doctor, lawyer, sales, and business owner. So if you are embarking on stage 6, there’s a lot of income potential due to all the extra help you have in your company now.
Stage 6: Taxes
And with structuring your company, you will become a W2 employee, at least that is how I set up Organize 365®. My income was capped by my salary. I have learned more about the IRS than you ever wanted to know. There will be new tax implications on your business’s income. And your business income is not solely yours anymore. Due to the structure you put in place, you will pay yourself, your employees AND Employment taxes. You get to learn about human resources and you’ll be where benefits come from! Remember, life long journey of learning and development.
Stage 6: It’s so fun!
Even if I had known the growing pains I could expect, no one could have stopped me. I love having a company, a team, and leading them!! Details aren’t my strength and it makes me really happy to hire those tasks out. It’s time to get your home in order to give way to the time and attention you need to direct towards your business. Get that home train running smooth to allow capacity at work so you can really make an impact.
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