Do you consider your home business to be a short-term solution, the culmination of a personal goal, or are you hoping that it will grow into something bigger? Do you think of your home-based business like a family business that you would like to turn into a lasting concern for the family income? I don’t think there is anything wrong with thinking beyond today and considering what sort of legacy you would like to create with your home business.
Most of us get up in planning for next year with our business or try to make sure that we make enough income during any one month. A few of us are forward-thinking enough to have a long-term or a five-year plan, but have you given any thought to creating a lasting business entity with your home business, or growing it into something that could sustain other family members in the future?
Perhaps there is an extended payroll, employees, or investments that could come of your home business? Perhaps you would like to build on to your house to make room for a shop or an office (I know one person who did this and it actually added to the value of the property—turning an unused basement into a workshop and retail space). Or, maybe having a home-based business is only a starting point for you and you would eventually like to move into a larger retail or office space as your family and personal needs change. Regardless of what your secret dreams might be—getting them onto paper or starting to plan for HOW to make it happen can be the start of creating a legacy.
One of the great things about creating a business is that it CAN take on a life of its own; it can exist completely separate from you as the owner/operator and as the years go by and you grow and expand your business, the business can become sustaining to your family or at least provide an income to others—and this can be a very grand legacy indeed!
Also: Dodging Responsibility