How Your Hobbies and Interests Can Save the Economy
The state of our nation's economy on a macro scale is directly influenced by the micro scale economics of its people. So many hard working citizens have lost much of their net worth over these past few years. With lost jobs and lost retirement funds, as a nation, we are searching for an economy turn-around.
Jay Martin, creator of Entrepreneurial Innovation believes that our Nation's macro economy can be directly shifted by turning people's hobbies and interests into a business. "This economy is the best time to start a business" according to Jay. "So many people are sitting on profitable ways of generating extra income without even realizing it." However, many people find it intimidating to begin the process of starting a business or innovating. By putting the right foundational building blocks in place, anyone can successfully bring their ideas or interests to fruition.
There is a common misperception that invention and innovation is for a select few with a particular stroke of genius. One of the fundamental elements of human existence, throughout history, has been our drive and desire for innovation and invention. Through the evolution of innovation, our world around us is always changing - from new ways of doing business, to new patentable inventions.
In just the next 10 years, independent inventors will submit nearly 750,000 patent applications. "Learning to invent is something that anyone can do," according to Jay. Invention and innovation is a learned art. Much the same way a painter or writer refines and improves their skills through practice and education, anyone can learn to think like an innovator and launch their own unique ideas.
With bank financing opportunities at an all-time low, many want-to-be innovators and entrepreneurs fail to ever make it to the starting line due to lack of funding. Starting a business in today's Internet based world does not require the costly stereotypical storefront, employees and merchandise on shelves and therefore many business ideas can be launched with very little or no capital. Internet-based commerce has quickly become a predominant and preferred consumer shopping method.
For any business ideas that still need an influx of capital to get started, nearly anyone can raise the capital they need for their innovative endeavor, without giving up equity or control of their ideas. Instead of raising capital for a business endeavor from the usual suspects like venture capital groups or mature investors, raise the needed funds from everyone else. With a well-structured investor agreement, anyone with an IRA, savings and many 401K's, can invest in your business and innovative concept.
Starting a Business is the #1 Tax Saving Strategy in America. Not only can starting a business generate an additional source of income, but starting a business is also the best way to save money on your taxes. Statistically, most Americans overpay on their taxes, compared to what they could be paying if they owned a business. Our government has given us countless ways of legitimately paying less in taxes, through incentivizing small businesses with hundreds of special tax incentives and deductions. If you do not own a business, you pay taxes on the money you make and then have what is left to spend. With a business, you make money, spend what you need and then pay taxes on what is left. The end results of these are very different - and can help you save roughly 50% in taxes.
It's not enough to have a great idea. Learning how to monetize it is a key to success. One of the best ways to gain attention for a new product or business is to capture free press. Local newspapers and television will often cover stories on innovative new local businesses. This type of third party validation is the best type of advertising you can get.
Owning a business can also help make you bullet proof. We are in a lawsuit epidemic in this country. 94% of the world's lawsuits are in the United States, yet the U.S. accounts for only 4% of the world's population. For many, owning a business creates significant liability exposure, but it doesn't have to. Statistically, most business owners own their assets in a way that causes both their personal and business assets to be at risk for loss in this lawsuit epidemic.
"If you are not strategically protected with proper entity structuring, you are one car wreck or accident away from losing all you have worked to gain," according to Jay. Having proper entity structuring is one of the most important foundational building blocks of starting a business and if done right, can actually make both your business and personal assets protected from possible loss through litigation.
Through putting these simple building blocks of innovation in place, anyone can turn their innovative ideas and interests into a profitable business. Everyone has been created with unique passions and interests. Turning these giftings into a way of making money can make all the difference in your quality of life and will grow our economy one family at a time.
Jay Martin, CP, LP, FAAOP is a career inventor and entrepreneur. He has launched numerous businesses based on his inventions, including helping create the nation's largest prosthetics research and development company. He now mentors and equips other innovators and entrepreneurs to bring their ideas to fruition, and shares the secrets to his own successes at http://ideamold.com.