What is the difference between a business and a hobby? Google defines "hobby" as an activity done regularly in one's leisure time for pleasure.
Well, we have here at SFI many distinct groups of affiliates. I'm going to discuss two groups here. We have those who have a source of income other than SFI that they must attend to daily or in other time consuming schedules; and a group of people who may or may not have another source of income, but who do not have to report in to a job, i.e., the jobless and the retired.
The Internal Revenue Service of the United States of America, our tax agency, makes a distinction between a legitimate business and a hobby business.It is very important how one is rated as to how the taxes are prepared and how much is paid to the government. The legitamatr business gets many more breaks than the hobby business .Ask your PSA what his purpose is for building a business.
So there is a big difference between the two. But at SFI, we can get a bit confused here. Most of us love it. We spend much of our leisure time doing it. Because we know it can take 3-5 years to build, we tend to not push toward completion of an active team and our success. And here is one area that our IRS has an issue with. If we are serious about our business, they allow us only 3 out of 5 years to claim a loss. We must work with a purpose and a deadline, or goal in front of us.
It is wise for sponsors to fully explain all of the different income streams plus the various extra incentives that are within our reach. Don't just copy and paste this information, but take each part and lay it out on the table and put monetary figures on each example. Show them that the payments begin very small, but as they become more skilled at this work, they will make money. Show them what leveraging will do for them.
Show them they can find money to invest by purchasing their needed items from TripleClicks and the ECAs, transfer buying. Show them they can use the purchases of their PMs and ranks of their PSAs to earn their own vps.
Show them that there is nothing wasted at SFI, every page, report, method is important for their success. Explain the importance of goals and help the set useful goals. Then cheer them on when they meet them and prod them a little when they are lagging.
Keep their eyes fastened on the importance of being serious about their business even while they enjoy doing it.
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What is the difference between a business and a hobby? Google defines "hobby" as an activity done regularly in one's leisure time for pleasure.
Well, we have here at SFI many distinct groups of affiliates. I'm going to discuss two groups here. We have those who have a source of income other than SFI that they must attend to daily or in other time consuming schedules; and a group of people who may or may not have another source of income, but who do not have to report in to a
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