Carts of Cash Chapter Two – Self Employment

Chapter 2
Self Employment

Advantages
So many people dream of being their own boss.  If you doubt me, do an internet search on the phrase “work from home”, or “home based business”.  You’ll find thousands upon thousands of “opportunities” ranging from medical billing transcription to envelope stuffing, and more multi-level marketing companies than you can count.  While some of these “opportunities” are legitimate, the vast majority will take your money and waste your time.  Multi-level marketing companies make money by requiring their representatives to buy inventory and recruit other reps who must also buy inventory, etc.  How much product actually gets sold to a real customer, and how much has to be “eaten” by the reps?  The odds of making real money are not good.

Beware of companies who require an “initial investment” to get started, or promises of a six figure income working ten hours a week.  If it sounds too good to be true, it probably is.  Always remember – as long as you work for someone else, they will pay you less money than you generate!

Discipline and Motivation
Everything you need to know about making and selling hot dogs is contained in this training package.  Does that mean that when you complete this program you will automatically be successful?  The answer to that is easy…No.  Your success depends on a lot more than technical and business knowledge.  The biggest single factor in the success equation is the ability to keep trying as long as it takes, especially at those times when things look the worst.  Some people call this trait perseverance, determination, or stick-to-it-tiveness.  Whatever you call it, it is the make or break element in every success story I have ever heard.  Were there times when I was tempted to throw in the towel?  Of course.  Am I glad I didn’t?  Yesterday I slept in until nine-thirty.  I’m taking Friday off to visit relatives in another state.  Yes, I’m glad!

Discipline is the ability to make your self do what needs to be done, when it needs to be done.  It is the opposite of procrastination.  What can you do to become disciplined?  You could join the Marine Corp.  You could hire a personal life coach.  While both of these options would certainly help, they may not be practical in your situation.  Let’s treat discipline as a muscle.  The more you use it, the stronger it gets.  At first you may only be able to accomplish small goals, but each success builds on the one before it until you’re capable of feats you never thought possible.  Plus, there’s an added bonus.  Discipline in one area of your life crosses over into every other area because of the increase in confidence that comes with mastery of self.

This training program comes with an “Action Plan”.  Its purpose is to give you a framework in which to complete each task or topic in this program.  You will notice that there are no dates on it.  This is to allow you to customize the program around your schedule, just as you will customize your whole life when you start working for yourself.  You will be able to complete the Action Plan at your own pace while at the same time building discipline by setting a realistic date for task completion and finishing each task when you said you would.  It’s great practice for those who are used to having discipline imposed on them by a boss or time clock.

If discipline means making yourself do something, then motivation means wanting to do something.  Most people think that once they get motivated, they can accomplish the task or reach the goal they are striving for.  So they sit around on the couch and wait.  And wait.  And wait.  “I hope I get motivated soon, I really need to get this done.”  Sound familiar?  The truth is motivation doesn’t come first.  It’s kind of a paradox but motivation is the product of goal accomplishment.  Think back to a time where you needed to do some mundane task such as cleaning the kitchen floor.  If you’re anything like me, you probably sat there waiting to get motivated, maybe for hours (or days?).  You felt like you had no energy or desire to do it at all.  In other words you had no motivation, so through sheer discipline you got off the couch and cleaned that floor.  Once the floor was done and you saw how great it looked, you thought, “Wouldn’t the sink look great without all those dirty dishes in it?” and all of a sudden you had the energy to get those dishes done plus a load of laundry or two.  Once you got started, the motivation appeared, or more precisely, you manifested your motivation.  So the next time you feel “unmotivated” try this simple experiment.  Do the task by sheer force of will, then look at your accomplishment, feel the satisfaction, and ask yourself, “What can I do next?”  I’ll bet you get three or four more things done with the motivation produced by accomplishing the first goal.

Practice harnessing the power of discipline and motivation while you train for your new enterprise.  The muscles you build now will be key factors in your success as a self-employed business person, as well as influencing the quality of your new life!

Earning Potential
I’m sure you’ve encountered the typical “start your own business” scams that promise a seven figure income working part time with no selling or inventory, or affiliate programs with unlimited earning potential.  How many of you have tried a multi-level marketing program (MLM) and ended up with nothing but a garage full of make-up, baskets, or spices, and friends who dread your phone calls for fear of being invited to another “party”?  If it sounds too good to be true, it probably is.  It’s a shame that so many “opportunities” are nothing but scams that prey on people who are desperate to make an honest income.

So how much can you make?  Like any business owner, you have unlimited earning potential.  But unlike the scams out there, I’m going to tell you what “unlimited” really means.  It means that you can earn as much money as you are willing to work for, and if you want to, you can hire people to do the work while you concentrate on managing the growing business.  The great thing is that the progression from a one person company to a 100 employee company can be gradual and controlled, and you can stop at any point along the way.  I don’t have any employees because at this stage of my life I don’t want to give up the huge amount of freedom that I enjoy.  I’m not afraid to show you everything that I know because I’m happy with my two carts and have no plans to corner the market.  It’s a big country and everyone loves hot dogs.  There are enough customers for all of us.

So really, how much can you make?  There are full time hot dog vendors that make close to $100,000 a year if they work year round.  A dog, chips and soda costs about $1.25 and you can sell it for $4 to $5.  If you sell 100 meals a day you will net close to $70,000 a year.  150 meals a day gives you over $100,000 a year.  If you work special events you can make thousands in a single day.  Some vendors only work the special events.  My insurance carrier told me that they insure a guy who follows the PGA tour selling hot dogs.  They said he makes $300,000 a year!

But wait, it gets even better.  When you run your own business, you qualify for major tax deductions and write-offs.  I am not an accountant so be sure to consult a CPA to be sure you are taking full legal advantage of the tax laws.  Here is an example of how tax deductions can equate to higher income from your hot dog biz:

The mileage incurred picking up supplies or other business related driving.  Example: You drove 3500 miles last year going to get supplies, going to the hardware store for cart parts, going to the office supply store, scouting locations, etc.  At 57 cents a mile that’s a $1995 deduction.  If you use the vehicle strictly for business and hold the title in the business’s name, the entire car payment is deductible.

This is just one example of the many tax advantages possible when running your own business.  Even if you only sell hot dogs on sunny Saturdays for extra spending money you will realize tax savings that will pay for this training system many times over.  Many accountants suggest starting a simple part time business just for the tax advantages.  Again, be sure to consult a CPA to be sure you are within the law.

But – you can’t deduct it if you don’t keep track of it. Instead of spending days going through shoeboxes full of receipts at tax time, check out our Hot Dog Cash Tracker software. We designed it right here at Hot Dog Profits specifically for mobile food vendors who don’t know anything about bookkeeping. It does everything for you with the click of a button and I guarantee it will save your sanity.

Previous Page     Next Page