Page 42 - 25148.pdf
P. 42
30 • The 100 Greatest Ideas for Building the Business of Your Dreams
matter when you work. I prefer to work Saturday mornings, for example, when the
telephone does not ring, but I never miss a monthly medal on a Thursday or my
weekly foursome. (New clients may find this a bit odd, so I don't tell them that golf
is the reason every Thursday is a no go area, until I know them well.) So here are
some great ideas for plunging in and going on your own as a consultant.
Idea 18- Don't be worse off
When you become a consultant it is easy to be misled into thinking that the money
is really rather good. It is paid gross of tax, and if you work things correctly you may
not have to pay any income tax for up to 18 months. This inflates your income
significantly. No one, of course, has made your contribution to a pension plan, and
it may take a while for you to set one up. Then there are the expenses of being in
business on your own. Think of these items. They are only the cash items; there will
be depreciation on fixed assets as well:
• rent and rates;
• buildings insurance;
• business and liability insurance;
• light and heat (even if you are working at home, this will cost more);
• cleaning;
• repairs and maintenance;
• printing, postage and stationery;
• telephone;
• motor running expenses;
• bookkeeping fees;
• accountant's fees;
• bank charges and interest;
• books and research; and
