Work the Way You Want, Live the Life You Love

Category: Business Sense

7 Benefits of a Franchise Business

When I got serious about quitting my job and going into business on my own, I didn’t know where to start. I looked into franchising because it provides an existing business model and a lot of support.

I bought a massage franchise, grew my location to be profitable, and built up its reputation. I had a manager to run the day-to-day operations, so that I could focus on marketing and growing the business. Most of the time I only had to work about ten hours per week, which I could do from anywhere. I only went in to periodically check on the business and get a free massage. Five years later, I sold the business for a profit.

If you have no experience running a business, or even if you do, a franchise can be a great way to go. Rather than going it alone and figuring everything out for yourself, you partner with a parent company (the franchisor) who provides everything you need to get started.

Franchising is a business model where a parent company, called the franchisor, licenses the use of its business systems and trademarks to independent companies, called franchisees. The franchisee invests their own money to open an independently owned and operated business, following the rules and model of the franchisor. Franchising is regulated by the Federal Trade Commission in the United States, to help make it a safer investment for franchisees.

1. Proven Business Model & Business Systems

When you buy a franchise, you are copying a business model that has proven successful in other locations. You will get many business systems that are already designed for you, so you don’t have to reinvent them, and there may be many that are centralized for economies of scale.

For example, my massage franchise came with a membership business model where I get paid on the first of every month, before my bills are due. They have systems for booking appointments, customer service, marketing, employee training, key performance indicators, and much much more.

Compare this to starting your own business, where you have to make every decision yourself and don’t know what will work.

2. Training & Support

Franchises have a training program for new owners, as well as ongoing support. They have a vested interest in making you successful.

I knew nothing about running a business nor about the massage industry before I started my business. The franchisor provides a week of of classroom training, site visits, workshops and conferences, and tons of online resources.

3. Network of Owners

There is also a network of other franchise owners, who you can always reach out to for help. A good franchise will host regular workshops and conferences to get the owners together.

I got many of my best ideas from other owners, including growing my gift card sales from $12k to $50k in just two years!

4. Semi-Absentee / Manager Run

Some franchises are designed to be semi-absentee, which means that the owner isn’t there every day. They are run by a manager who handles the day-to-day operations. This leaves you, the owner, to focus on high level aspects of the business such as marketing, strategy, and finance. Or you can keep your job, spend more time with your family, travel the world, or become a ski bum. In fact, many franchises are designed especially so that an owner can run multiple locations.

My massage business was exactly like this. I had a manager who took care of all of the employees and customer issues, and freed me up to work on the aspects of the business that I liked – marketing to get in new clients and strategy to grow the business. I was often able to run the business in around ten hours per week, and could work remotely while I traveled.

5. Brand Awareness

Some franchises already have national brand recognition, and your location benefits from the marketing of neighboring locations. It is virtually impossible to build up this level of brand awareness on your own.

6. Business Disclosure

The Federal Trade Commission requires franchisors to share a lot of useful information to potential buyers. This is put in a document called the Franchise Disclosure Document (FDD), which is updated and audited annually. This includes the estimated initial investment, upfront and ongoing fees, franchisor assistance, territory, contracts, etc. This can help you understand the costs of the business, what the franchisor provides, and your role in running it.

Furthermore, before getting into a franchise, you can speak with other owners who can tell you what it’s like to actually run the business. They can tell you how much money they make, what the day-to-day operations are like, and how it is to work with the franchisor.

There is nothing like this if you start a business on your own.

7. Financing

If you don’t have enough money to start the business on your own, it’s much easier to get a Small Business Administration (SBA) loan with a franchise. This is because you can piggyback on the reputation of a national brand, so banks are more likely to approve a loan.

Challenges of Franchising

Like any business, a franchise is not a guaranteed success. It may also have higher costs than running a business on your own, as you will have to pay an upfront franchise fee, ongoing royalties (usually a percentage of your gross income), and may have higher expenses. That said, you’ll be able to anticipate many of the costs (from the Franchise Disclosure Document) and many franchises have a higher success rate than starting a similar business on your own.

There are also bad franchisors out there, who have the wrong priorities and don’t provide the support needed to make their franchisees successful. You should spend time getting to know the franchisor as well as talking to existing franchisees before deciding to go forward.

Getting Started

If you are interested in franchising, I can offer a free consultation. I have run a franchise business myself, and now I work with FranNet to help potential business owners find the right franchise. There are over 3,000 different franchise business concepts out there, but which one is right for you?

I will work with you to understand your goals, strengths, and passions. Then we will explore different franchise concepts, to identify which ones fit your lifestyle and financial goals. You will be able to dig deeper, talk with the franchisor, and understand their business model. You can even speak with other franchisees who are already in business.

There is no cost and no obligation to this service. The only thing that I ask is that if you do engage with me that you follow the process. You can let me know anytime if you decide that it’s not for you.

Learn more to schedule a free consultation.

How to Run AirBnb as a Side Business

AirBnb can be a great way to turn your home into an asset that makes money for you. You can share one room with guests, convert part into a private guest suite, or even rent the whole place while you’re away.

Last year we converted an empty room in our house into an AirBnb listing. The room had been vacant, used for storage. That one room now earns me up to $3000 per month, which is enough to cover my mortgage!

Like any business, there’s an easy way and a hard way to do it. Here are some of the lessons that we have learned with the Easy Entrepreneur mindset.

Step 1: Make Sure Its Permitted

Many landlords, homeowner organizations (HOAs), and cities have restrictions on Airbnb and other short-term rentals. This is a shame, as it’s a benefit to hosts and travelers alike, and there is no real harm to the community if you do it right. If you’re not allowed to host Airbnb, I encourage you to lobby your landlord, HOA, or government to allow it.

In some cases, cities also have specific restrictions and taxes. For example, San Francisco requires a permit and limits you to 90 days per year. Airbnb can help you navigate any city requirements.

Step 2: Design The Space

Our clean bathroom

You want your space to be appealing to prospective guests. It should stand out among other listings, and get good reviews. The best way to do this is to design it with the guest in mind. Like any business, this may require an upfront investment.

At a minimum, guests are looking for a place to sleep, with access to a bathroom. They expect it to be quiet and clean. Ideally it would include a great location, parking, self check-in, a private entrance, a desk with wifi, soap and towels, and other amenities. Some guests may want a kitchen, multiple rooms, and even more. That said it doesn’t have to be perfect to be profitable, so don’t be discouraged to start with what you have. For example, we don’t include a kitchen or laundry.

We designed our space just like a hotel room – with a private entrance, studio bedroom, private bathroom, and the standard features you’d expect in a nice hotel. We are close to downtown and the convention center, so many of our guests are business travelers, but we’ve also had people visiting family, going to a Shark’s hockey game, and international tourists.

We added fresh paint, new bed, open wardrobe, heater / AC, desk, lamps, rug, mirror, and other furniture. We had to cut a new door into the bathroom, and we lock the doors to the rest of the house so that they have a private unit.

Here are some considerations when designing your space:

  • Entrance. If you can provide a private entrance, that’s best. You’ll get more guests at a premium if they don’t have to share space with you. You should also install a smart lock so they can have keyless entry and come and go on their own.
  • Comfy bed. Get a nice bed frame and decent mattress, and get good linens and extra pillows. We have a very cozy comforter for the winter. Make it a nice place for people to sleep. If you have space, you can also add a sofa bed or futon to allow extra guests.
  • Work space. Business travelers need a desk with wifi.
  • Bathroom. Keep it clean and simple. Provide enough towels, toilet paper, and soap/shampoo. Keep extra in a cabinet. We also provide a hair dryer, iron, and extra toothbrush in a cabinet.
  • Furniture. We provide night stands, an open wardrobe (so they won’t accidentally leave anything), luggage rack, and a reading chair.
  • Outlets. Make sure there are outlets next to the bed. As a bonus, you could provide a charging station.
  • Heater / AC. Even though the house has central heat, we generally keep it cool and added a separate HVAC unit that the guests can use just for their room.
  • Entertainment. If you have cable and a TV, that’s great. We don’t, and we’ve only had one guest ever comment on it (and he said it motivated him to go for a walk and explore the neighborhood).
  • Kitchen. If you give kitchen access, make sure it’s clean. We have had requests for both a coffee maker and a fridge, but we don’t have them because we don’t want to clean up after messy guests.
  • Decoration. Keep it modern and simple. People don’t want to see your personal pictures, so you’ll want to hide your stuff and redecorate if you are sharing your living space while you’re away.
  • Neighborhood Guide. Put together a page with a list of your favorite restaurants and shops that are nearby. This will help if a guest forgot something or wants to find some food.

You may find that there are a number of things that you don’t have but could have to make your space better. For example, we did construction to add a door between the room and the bathroom, and repainted the room. We also had to buy all new furniture, heater/AC, smart lock, curtains, carpet, etc. All-in-all we invested about $4,000 into the space, which we recouped in the first two months. Keep receipts, everything is a business expense!

Step 3: Design Simple Business Systems

The AirBnb platform handles finding guests and payments (including our city taxes), and it’s pretty easy to use. However, here are some other key systems that you should set up:

Communications. You should communicate clearly with every guest, and respond promptly to any questions or requests. Always communicate in a friendly, positive tone. You can set up standard email templates in AirBnb, and just update with the guest’s names, dates, etc. We have standard emails for confirmation (when they book), check-in procedure (the day before they arrive), and check out procedure (the day before they depart).

Nest Smart Lock
I can program this on my phone, from anywhere in the world!

Check-In / Check-Out Procedure. Make the check-in and check-out as painless as possible for both the guests and yourself. We installed a smart lock, so that we can change the code for each guest, and so that we don’t have to be there to meet them. It has the side benefit that we know when they go in and out, so we know if they’ve checked in and out. It was well worth the $300 investment, since guests can check in any time of day/night even when we are away.

Cleaning. This is the one part of AirBnb that’s the most work. Our check-out time is 11am and check-in is 3pm, so it needs to be done during that time (or you can schedule a night off between guests, but that’s lost money). Since we work at home, it’s easy for us to do when we are around. However, we travel a lot, and but we’ve been able to find a reliable cleaner using TurnoverBnb. We can easily schedule and manage the cleanings with that app, and it handles the payment to the cleaner.

Step 4: Marketing

AirBnb handles finding guests for you, but you want your listing to stand out so that you’ll have high occupancy. This will help you get a higher price during busy seasons, and help you get more bookings during quiet times.

Welcoming flowers

Take good pictures. Hire a photographer or talented friend to take pictures with good lighting. It will pay off in the long run. Show the entrance, bed, bathroom, and any other key things that make your place special. For example, we could highlight the snacks we leave and our organic soaps. You could also highlight things in the neighborhood, like nearby restaurants or convention center.

Write a good description. Think about who is your target guest, and look at other listings in your area to get some ideas. For us, we target mainly business travelers, but also get both local and overseas guests on weekends.

Make sure your listing is accurate. When we first put out our listing, we had it as “entire place” which one guest interpreted to be the whole house, and had a fit when he found out that it was only a part of the house (even though there was no shared space). We later found a better classification for our room, and have no issues since. Don’t exaggerate your listing, such as listing it as a 1 bedroom when it’s a studio. People will call you out on it in the reviews.

Surprise and delight. For 5-star reviews, it’s good to give a little extra to your guests. For example, we leave two fig bars and bottles of water in the room (we used to leave two chocolates, until I started eating too many myself). Our soap and shampoo are organic (but bought cheaply from Grocery Outlet). We leave them parking in the driveway if we are out of town or if they arrive late at night. We try to accommodate special requests when possible, like early check-in or to borrow a phone charger, but we’re not afraid to say no when we can’t.

Leave good reviews. When you review your guests, overlook the small stuff and give them good ratings unless something is really wrong. We have only given negative feedback a couple of times, and always try to do it privately to educate guests on standard Airbnb etiquette rather than shame them. Most of our guests have left us great reviews in return.

If you get a bad review, don’t stress. See if there is anything that you can improve for future guests. If not, is there anything you can change in your listing to make it more clear for future guests? Whatever you do, don’t write a long defensive response to the review, as this will just call attention to it and make you look like a bad host.

Next Steps: Get Started Now!

If you have a space that could be an AirBnb, it’s worth starting it right away. Every week you delay is $100s of income! If I had started Airbnb when I first bought my house five years earlier, I’d be $125,000 richer!

While we currently have only one room as an AirBnb, I am working to convert the rest of my house to AirBnb for when I travel. Renting out that additional space could pay for my whole trip!

Do you have any experience or advice as an AirBnb host? Please share.

How To Get Paid To Travel Abroad

I’m currently staying in a studio apartment in Kuala Lumpur, Malaysia. I’ve got a beautiful view of the city from the 16th floor. I’ve got all the first-world amenities I could need – a desk to work at, fast Wifi, clean kitchen, nice bed, climate control, free laundry (in my room no less), gym and pool, and even a cafe in the building! We got a really good deal for about $20/night on AirBnb.

It’s right in the city center. Just outside the condo is a street with bars and a dozen international restaurants. They have burgers, pizza, Mexican, Cuban, Italian, Arabic, Irish, Thai, Vietnamese and many other kinds of food. There are also many local restaurants and cheap street food within a five-minute walk. It’s a ten-minute walk to the subway and posh shopping malls.

For a night out, we went to the sky bar atop the 5-star Banyan Tree hotel. We had amazing views of the whole city, got to witness a great tropical storm from up close, and then the winds blew away the clouds and had great views of the city at night. Drinks were around $10 each, and were quite good!

For a weekend away, we took the bus to Penang island, and rented another Airbnb that was even nicer! It had an infinity pool and was on the 31st floor!

Everyone here speaks English as a second language, so I’ve had no problem getting around.

Business Model

Clean modern condo for $20/night on AirBnb. Kuala Lumpur, Malaysia.

The cost of living here is extremely low. It’s easy to get by with a good quality of life, for less than $50 a day. Here are some example costs in Malaysia:

  • Housing: $20-40/day in a private, clean, modern AirBnb condo with gym and pool.
  • Meals: $2 at a local restaurant, $5-10 at a clean air-conditioned restaurant in a modern mall. That includes tax and service, since they don’t have a tipping culture in Malaysia.
  • Phone: $15 for a local SIM card with unlimited 4G data for a month.
  • Coffee: $0.40 for local coffee, or $3-4 for a latte.
  • Laundry: free in my room.
  • Subway: around $1.
  • Taxi: $20 for a 50 minute ride from the airport.
  • Bus: $10 for a 6-hour ride to Penang.
  • Flight: $600-700 from San Francisco, $23 to Penang.

Meanwhile, back at home, I’m renting out my living space on AirBnb. I net about $80/day just from one room, and I plan to convert another room when I get back for an additional $100/day. I can manage all the bookings from my phone, with self check-in and a cleaner who turns the room over between guests. It’s a very easy side business to run.

The math is simple. I can earn $180/day from renting out my living space, and I spend $50/day to be here. Stay for a week, and it will even pay for my plane ticket!

How To Do This Yourself

First, you need to set up your living space on AirBnb. Make sure this is allowed by your lease, city, and HOA. Here are some tips for AirBnb:

  • Give guests the whole space. We give them a seperate entrance, keyless check-in, a bed, and a bathroom. We lock the doors to the rest of the house, and don’t give them access to the kitchen.
  • Declutter your personal effects. Guests feel more comfortable if they don’t feel like they’re staying in someone’s home. Put all your personal stuff in a locked closet or room.
  • Keep it clean. Do a deep clean or have a professional cleaner to make the space spotless. Make sure to have a good, reliable cleaner who can come between guests. We use TurnoverBnb to find and manage our cleaner.
  • Invest in good furniture and linens. We bought some new furniture for the room, and have many sets of quality linens. It’s worth the upfront investment to get good ratings.

Second, you need to find a good place to travel cheaply. Mexico, Asia, South America, and Eastern Europe have many cities where you can live in what I call a “first-world bubble.” You can speak English, stay in a modern condo (often with more amenities than home), drink Starbucks, and eat at clean restaurants at an affordable price (well except for Starbucks, which is expensive everywhere). Of course it’s more fun if you venture outside your comfort zone, but it’s not required.

Some travel tips:

  • Location, location, location. You want to be central, in a safe (tourist) area, and near public transportation and restaurants. You don’t want to feel isolated and stuck.
  • Stay comfortable. You can find some beautiful places on Airbnb, whether you want a historic room or a modern condo. I like having a gym in the building when possible.
  • Manage costs, but don’t skimp. I like my lattes, so I was OK to pay American prices for coffee, but save on everything else. You can afford to treat yourself to some home luxuries.
  • Set up a routine. If you plan to work and travel, it takes extra effort to keep a routine that includes dedicated time and space to work. Of course if you’re just taking vacation, you don’t have to worry about this!

Please share comments if you’ve tried this yourself and have any additional tips. And for those of you who aren’t allowed to rent your living space on AirBnb, I’m sorry – lobby your landlord, HOA, or government to allow it!

Anyway, my two hours of work is done for the day. Time to go for a walk and find some local food.

Why Work? 10 Reasons to Own a Business Instead

“Self-employed people are four times more likely to be millionaires than those who work for others .”

Thomas Stanley, The Millionaire Next Door

My former employer once ran a job recruiting campaign with the headline “why work?” I think they were trying to convince people why to work for them, but I took it literally. I quit my job and started a couple of businesses. Now I’m semi-retired with a couple of businesses on the side, and help other people who want to accomplish the same!

Why work? Well, we all need money to pay our bills and survive. For most people, the easiest way to get money is to have a job where a business will pay you for your time and effort.

But there’s another way. Instead of working for someone else’s business, why not have your own business that works for you? That’s right, a well-run business is an asset that works for you. It creates value that people are willing to pay for, and as the owner of that asset, you collect the income. That doesn’t mean that it doesn’t take work to create and run a business, but ultimately you can build it into something that works for you.

Here are some of my favorite reasons to run a business:

  1. You are the boss. You don’t have to answer to a bad boss, and you don’t have the stress of performance reviews or arbitrary deadlines. No more corporate politics. You make the rules.
  2. Freedom. If you set up your business right, you can work where you want, when you want, and how you want. I’ve run mine from cruise ships, on an African safari, and hiking in the French Alps – all while owning a profitable business with 25 employees.
  3. No income limit. Most billionaires are business owners. Your paycheck isn’t limited to how much (or how little) your boss wants to pay you. This is not to say that it’s always easy to make money, but there is no glass ceiling!
  4. It’s never boring. I’ve learned so much and grown as a person since I started my first business. I’ve learned hard skills like marketing, accounting, and strategy, but also soft skills like leadership, customer service, and diplomacy. Every day is a new experience!
  5. More family time. Since you work for yourself, you can also spend more time at home or traveling with your family. No more missed soccer games, and more time to enjoy life with my aging parents.
  6. More hobbies. You have time to learn other things too. Since quitting my job, I’ve picked up piano, yoga, and cooking, to name a few.
  7. Community. Your business is also a bigger part of a community than you are as an individual. It’s fun being part of something bigger!
  8. Career growth. It’s basically jumping from wherever you are stuck on the career ladder right to CEO, COO, CFO, CMO, and CTO (among others). As an entrepreneur, I’ve learned how to be an executive. I’m also 10x more driven, focused and productive than when I was working for someone else.
  9. Pride. Your business is yours. You created it and you own it! Every time I drive past my store, look at my website, talk with my employees, or see one of my ads, I feel the pride of ownership.
  10. Legacy. Your business is an asset that you can pass on to your kids, or sell, and it can live on.

Business ownership isn’t for everyone, and it does take planning and work to build your business the right way and create the life that you want, but that’s what the Easy Entrepreneur is all about!

Contact me if you’d like a free 20-minute consultation on how business ownership could work for you.

Financial Independence, Retire Early!

Wouldn’t it be nice to retire when you’re young enough to enjoy it, and have the energy to travel the world or spend time with your family? That’s what the Financial Independence, Retire Early (or FIRE) movement is all about.

I hit my retirement number in 2018, still in my early 40s. If I wanted, I could retire and never work another day in my life. However, I like making the world a better place through business, so I’m choosing semi-retirement instead. Now I work on what I want, when I want, and where I want — and travel the world the rest of the time (hi from Los Angeles at the moment!).

There are three basic steps to Financial Independence, Retire Early:

  1. Develop good financial habits.
  2. Know your retirement number.
  3. Prepare for retirement.

Develop Good Financial Habits

While you might think the easiest way to get rich is to win the lottery, many lottery winners don’t have good financial habits and go broke again! The best way to get rich is slowly, through good financial habits. If you don’t have these, I recommend reading some books on personal finance, such as The Millionaire Next Door or Rich Dad, Poor Dad.

Here are some of my favorite financial habits that I have honed over the last decade:

  • Spend less than you earn. This seems obvious, but most Americans don’t get it.
  • Get out of bad debt. Credit card debt is for suckers. Pay it off first and never borrow from a credit card again (I haven’t in 20 years). Then pay off auto loans and other personal debt, then student loans. Loans that let you leverage appreciating assets, like a home mortgage or a business, may be worthwhile (I have several mortgages, but chose not to go into debt for any of my businesses).
  • Develop multiple streams of income. I have rental properties, an Airbnb room, stock investments, and three businesses right now. Even if I didn’t work, I’d still have income coming in. And if any of my nest eggs breaks, I still have others.
  • Invest wisely. Take advantage of compound interest and have your money make money! Don’t try to time the market, but don’t be afraid to go opposite of what everyone else is doing.

Know Your Numbers

Now that you’re saving money, you need to know two numbers:

  1. Your net worth. This is the total value of all of your assets, including cash, money in the bank, home value, credit card debt, . I use mint.com for this to track it daily.
  2. Your retirement number. This is the amount of money that you can live on for the rest of your life. There are a number of ways to calculate this, but I like using the 4% rule. Figure out how much money that you can live on for the rest of your life, and then multiply it by 25. For example, if you need $50,000 per year, then you need $1.25 million saved. You can put this in a fairly safe account that earns 4% a year, and never have to work again! It’s even safer if you have passive or semi-passive income, such as rental properties or a business.

Plan For Retirement

Once you are getting near your retirement number, you should start planning for your retirement. Here are a few things to keep in mind:

  • Lifestyle – What is the lifestyle that you want when you retire? Do you want to buy an RV, live abroad, or play computer games 24/7? Do you have a spouse and are they onboard? What about children?
  • Healthcare – The Affordable Care Act may not have made healthcare as affordable as we’d like, but it does put a limit on health insurance costs so that you won’t go bankrupt, especially if you have a pre-existing condition.
  • Borrowing money – It’s much harder to borrow money, especially large amounts like mortgages, when you don’t have a steady stream of income. If you have a mortgage, you should consider refinancing before you quit your job or sell your business.

Of course, when you reach your number you may be having so much fun that you don’t want to retire! That’s what I’ve done, and it’s one of the best parts of being an Easy Entrepreneur.

6 Awesome Things About Traveling as an Entrepreneur

I’ve always loved to travel, and I’ve been able to take it to the next level as an entrepreneur. I typically take one big trip a month, along with lots of shorter trips. For example, I went to 7 states and 10 countries in one year (including visiting the Grand Canyon twice because I loved it so much!)

Here are a few fun observations about travel for the self-employed.

1. You Own Your Schedule

Rule #1: Always check with the boss before taking time off. Rule #2: You are the boss!

When you work for yourself, you can take off whenever you want. Monday has no special meaning, except that most of your friends are busy working at their jobs. Neither does Saturday or Sunday, except that your friends are more free to hang out, so I’ve found it’s a good practice to minimize work on those days. For travel, this means you can go whenever you want, or even just take a random weekday off for a day trip.

2. Work From Anywhere

For many kinds of business, you can get a lot of work done remotely. Even when I had a brick and mortar business with 25 employees, I structured the business so that I was not in a critical position where I had to be there every day. I got an email twice a day with a status update of the businesses key performance indicators and any important updates. With technology I can be reachable anywhere in the world, and my employees and clients don’t know the difference.

3. Maximize Productivity

My most productive time is the week before a vacation, because I’m highly motivated to get decisions made and work done before my trip. I also have a lot of energy to get things done, because I know I’m going to have a time to relax afterwards! When I do work on a trip, I’m often motivated to work quickly so that I can get back to enjoying the trip. So, taking vacations more makes me more energized and productive!

4. Get Inspired!

Sometimes distance can give you a better perspective on things. Many of your best ideas may come while you’re disconnected, such as on an airplane, hike, or exploring Machu Picchu. In fact, the idea for this article came to me when I was on an airplane, and I wrote most of it on the flight!

5. Get the Best Deals

Since you own your schedule, you aren’t restricted to travel during the most expensive times, like the holidays. If you go off season, you can find incredible deals, and often without planning too far ahead! I’ve seen spring and fall flight deals to Europe and Asia for a fraction of what they cost in the summer or holidays. You’d be surprised how many airlines have sales, once you start paying attention!

6. Business Expenses

Some activities during your travel may be a business expense and be tax deductible. For example, if you visit a competitor’s business while on vacation, that may count as market research. You can even plan a whole trip around a visit to a business partner and be able to deduct the whole trip! Consult your accountant on this and be sure to keep this reasonable and honest, or the tax auditor may come knocking.

As a final note, I would like to add that a good work / life balance don’t come automatically with being a business owner. Many owners end up overworked and feel like they can never get away. However, planning your business and your life right is what The Easy Entrepreneur is all about!