Theo Nix, Jr. Esq., Generational Wealth Coach, Speaker and Entrepreneurial Expert Offers Tips

Learn what it takes to be a successful, business owner

Have you ever wondered whether or not you should start your own business, and if you can make and keep money doing so? If so, today’s blog may provide you with some answers.

Recently, I caught up with Theo Nix, Jr., Esq., the owner of www.generationalwealthcoach.com. Theo is a successful entrepreneur, attorney and generational wealth coach who helps people create, manage and keep wealth via his live presentations, videos and content.

Here are some tips specifically for Little PINK Book readers:

Why should women consider starting their own business?

I have spoken to women who have started their own business and are more happy, more fulfilled, more satisfied, and feel like they have power over their lives and their destiny. In this capitalist society, men attempt to control women; both in their relationships and on the job. Rather than being classified as a second-class citizen, women can control their lives. They are more satisfied and happier. Being the boss is sweetness to the soul.

Why is business ownership important to generational wealth?

I have worked and socialized with people and their families who have great wealth… millionaires and billionaires. All of those people work for themselves.

Those who have wealth, I mean real wealth, generational wealth, have it from owning their own businesses. Wages have stagnated for decades. The middle class actually is getting squeezed every day. Most don’t even know it.

After all, the secret from employers is to pay employees just enough to come back to work each day but never enough to get wealthy. The purpose of employers is to make it, and its stockholders, wealthy, not their employees. Whereas, if you own your own business, YOU keep the money. I say that being an employee, working for someone and having a W-2, is like being a “Slave in a Suit” or “Slave in a Uniform.”

Secondly, by having your own business, you actually get the same tax breaks as a Fortune 500 company. There are about 100 tax breaks a business owner can get, legally, if you own your own business. So if you get a W-2, you should also own a business. This way, you can get money back because of all of the deductions the Internal Revenue Service gives you.

So if you aren’t getting the equivalent of paying only 11 cents a gallon for gas, or if you aren’t writing off your vacations, meals, restaurants, and home expenses like utilities, insurance, or your cell phone or internet, or countless other expenses, you are losing thousands of dollars. (I provide my students with many examples of what can be deducted in my “Virtualboo Elimination of Taxes Class.”)

What tips do you have for new, female business owners?

I have started many businesses from scratch. First, before you start any business, you should pray about it. You must find out what you are passionate about. What interests you so much that you can’t wait to do it? What would you do for free because you like it so much? Don’t chase the dollars. Chase your passion.

Secondly, know the business you are starting. If you are starting a business in something where you worked for someone else, then the assumption is that you know what it’s about. If it is a new venture, then learn about it before you start your business.

Thirdly, put together a Business Plan. Most unsuccessful people who start businesses don’t have a plan and are undercapitalized.

Fourthly, be patient. Rome wasn’t built in a day. In my “How to Start a Business on the Cheap” class, I outline what to do and how to incorporate without paying a lawyer thousands of dollars.

Why do you think it’s important for all, new entrepreneurs to give presentations and network?

Networking is so important. Every break I got was because I met someone. People can help you get to your destiny faster than you trying to do it alone.

I talk to everyone, everywhere I come into contact with. They may know someone who knows someone who can get me to the next level. All you need is a few breaks that can change your life.

Is there anything else you would like to add?

In a capitalist society like what we have in America, there will always be wealthy, poor and everyone else stuck in the middle like a bunch of crabs in a bucket. Concentrate on learning how the wealthy do it and less about redistributing wealth.

Don’t use your energy to fight them. Learn their secrets and do like them. You will create such wealth you will wish you had started earlier.

Thanks so much for your inspiring tips Theo!

If you’d like more information about Theo and his generational wealth coaching, presentations and videos, please visit www.generationalwealthcoach.com.

And if you have questions for me, or need help with your content strategy for your new business, please write to me at www.rembrandtwrites.com.