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Online Home Business Opportunity Is Waiting For You

Most business requires a lot of capital to start with. It involves serious preparations before you can be in business. It includes choosing the business location, the office, the products or service and other elements concerning business as a while. If you are thinking about starting a business but do not want to be in serious debt for the business capital, online home business opportunity might be what you wish for.

You can find endless business opportunities online to get involve with. The opportunities are endless. You can decide what type of business you want to be involve in. It is really up to you. It will greatly depend on your interests, likes and loves. Business that you choose should be one that you like and loves doing. You will not be successful running a business that hardly appeals to you.

Business opportunities abound the Internet. However, the best opportunity has to come from within yourself. Identify the needs of people around you; do not just copy the business of another person. The more unique the business opportunity is the better. However, keep in mind that it should be something of great interest to most people. If you are the only one who is interested in your product or service, it is not advisable to continue.

When you think of starting an online business opportunity you should start from within yourself. Think of the possible home businesses that you can put up. Start with making a list of things based on your hobbies, interests, loves, and likes. Do some research online. It can help you determine which opportunity can be pursue as an online home business. Choose the right one so that you can now start an online home business right away.

After you have chosen the business opportunity, you can start organizing your business. By this time, you should already know the product or service that you will be offering to the World Wide Web. You can reach customers from different parts of the world. You will be amazed by the number of people you can reach everyday by having an online business. Local business has limited ability to serve only local residents. You will be able to be in online business for as long as you want to. The key is to come up with effective business and marketing plan.

In order to be in online home business you must have your own website. You need to generate traffic in order to make money online. Do not make your business opportunity fail. Do all your work to make the business a success. You must not get discouraged easily. Having your own business means that you will have to work hard and you must have the right business attitude.

The opportunity is knocking. What is your answer?

Owning Your Own Home Business -10 Reasons to Look Forward to April 15th

OK, no one really likes tax time, but, owning your own home business can make April 15th a bit more enjoyable if you know how to save money on your taxes. There are many legitimate business deductions allowed by the IRS for the home business entrepreneur, the key is knowing what they are and what you need to do to claim them.

Sandy Botkin, CPA and former IRS attorney says, “If you do not have a home based business you are losing money.” The tax advantages to a properly formed home business and not a hobby are worth your time and efforts.

Tax Advantages

Business Deductions

It should go without saying that all business deductions should be reasonable and necessary. And to prove those claims you must keep accurate books and records. If the IRS where to audit you they would be looking for such items as sources of income, detailed expenses, bank statements, credit card statements and all receipts for purchased items and services rendered.

The more deductions your business can legitimately take, the lower its taxable profit will be. Here is a simple example: if you earn $100,000 per year from your job and home-based business, combined, but have $15,000 in allowable business deductions from your business, you would only pay taxes of your net income of $85,000. At 30% tax rate, that could save you $4,500 in federal taxes!

Auto Expenses

Proper logging all business related travel will help you reduce your yearly auto expense. You will need to track the date, purpose of the trip, and round trip mileage. These few extra steps will save you money on gas, yearly upkeep and insurance costs.

Education/Training Expenses

All home business owners need to keep on top of their industry or may need to update their computer skills. Cost for seminars, online training programs, books, e-books, professional memberships and subscriptions are all deductible. You can even deduct those fees from your lawyer and tax professional.

Business Entertaining

Does your home business require you entertain clients? If so, you can deduct a percentage of those costs directly related to the business. Keeping good notes on this activity, jotting down who was their, what was discussed and making certain that business activity was foremost, will ensure the legitimacy of this claim by the IRS.

Travel

How would you like to have your vacations paid? Owning a home business can help you achieve just that. The IRS allows you to combine business travel with pleasure provided your primary purpose for the trip was for business. You can deduct such expenses as your plane fare, operating cost of your car, rental cars, taxis, lodging, meals, tips, dry cleaning, telephone calls, faxes, well you get the idea. However, this will not include all expenses for family members if they accompany you, unless by chance they work for you!

Advertising

All expenses involved with advertising or promoting your business are deductible. For example, business cards, classified ads, brochures, fliers, posters, t-shirts are just a few.

Interest

Interest on credit cards and business loans are fully deductible.

Computers and Software

Is your business done on the computer? Do you need software to operate your business? Do you need to connect to the Internet? These rules can change based on the business model so be sure to check with your account for your industry.

Charitable Contributions

Part of being a model citizen and business owner is to give back to your community. Charitable contributions are allowable. Again you should consult with a professional on what you can take based on your business structure.

Household Expenses

This is one of the most valuable deductions. If you use a percentage of your home, say a den or the basement “exclusively” this will qualify you for this deduction. This will allow you to save on your utility bills, phone bills, maintenance; even a portion of the interest you pay on your home is deductible.

These 10 tips only scratch the surface of the tax benefits owning a home business provides. As always it’s important to consult with a CPA or Tax Attorney to ensure you are taking the proper deductions and getting all you deserve. Keeping those hard earned dollars in your pocket and out of Uncles Sam’s is to your benefit.

Starting a Business – 10 Reasons Why Small Businesses Fail to Thrive

Kathy, a skilled massage therapist, called me to discuss what she needed to know to start her own massage therapy clinic. She had been in the industry for over ten years, and was very skilled at working with her clients.

She worked for another clinic and felt she was ready to start a business of her own. However, like many want-to-be entrepreneurs, she possessed the technical skills-massage therapy-but possessed little business management experience, and no self-employment experience.

For many want-to-be entrepreneurs, discovering why businesses fail is a smart research project. It helps to uncover personal weaknesses, as well as begin to build up inherent strengths before investing in becoming self-employed.

It also helps them better understand the dynamics of the industry they will be competing. For example, if competition is intense because of a large number of massage therapists in a geographic area, we can expect that there will be less market share per clinic, downward price pressure, and lower profit potential; this makes for difficult going, especially in the start-up phase of the business.

Following are 10 reasons why small businesses fail to thrive. If you have an existing business, it might help to determine why your business is not growing.

1. Mistaking a business for a hobby. Just because you love something does not mean you can successfully convert it into a business. Too often we feel others share our passion, and we bank starting a new business on it. Research your business idea and make sure it is viable.

2. Poor planning. Yes, you must have a business plan. It can be a 3-page plan for the simplest of businesses or a 40+-page plan for a more complex business opportunity. The point is you are prepared to focus on your business’ goals and vision, and you have a good idea of what you need to do to put your plan into action. By going through a business planning exercise, you also may have unearthed what problems may arise, and how you are going to handle them, if they do. In addition, financially can you launch the business? It takes a lot of time to build a business; 60% of business start-ups fail within six months after opening. Lack of cash flow and undercapitalization is the culprit.

3. Entrepreneurial excitement. Entrepreneurs often get excited about new ideas, but are unable to determine if they have a “true opportunity”. Part of an effective business strategy (here is the business plan, again) is determining which markets you will and will not serve, as well as what products you will or will not offer. Before deciding to undertake a new business activity ask yourself, “Do I have the time and skill to implement this?”

4. Risking everything on one endeavor. Too often, small business owners will have just one product, one service, or one big client. However, what if this one thing disappears? Diversification will allow you to ride the flow of ebbs and tides in business.

5. Poor record keeping and financial controls. You must review your revenue and expense records each month-, and understand what they mean! Accounting is the language of business. If you do not know how to speak it, get help from someone who does.

6. Poor cash management. A good rule of thumb is that you can live for one to two years without income when getting started because new businesses are usually slow to get off the ground. If you have created a business plan with a realistic budget, you will already have determined what I have just written!

If your plan shows you earning a high income in the first six months, it may be a good idea to go back and review your budgets.

7. Poor time management. Putting off tasks you do not enjoy will sink your business fast! We get into a business because we love massage therapy. However, have we thought about all the other things that go along with running a business, like bookkeeping, banking, sales, and marketing activities, talking with accountants, attorneys, dealing with customer problems, collecting receivables, and slow cash flow? Getting help with administrative tasks that eat up your time is a sure-fire way to spend time doing what you do best-developing new ideas and revenue for your business.

8. Ineffective marketing. Learn the basics of marketing and track the success or failure of each technique you use. Dump ones that are not working for you in three months time.

9. Ineffective sales techniques. Once you have generated interest in a client, how are you going to convert them into a sale? Understand the basics of selling; take a class, read a book; get some professional help.

10. Entrepreneurial burnout. Owning your own business requires a huge investment of time, money, energy, and emotion. Are you ready to ride the rollercoaster of the highs and lows associated with each of these items? I can guarantee you, it will happen! Motivation and creativity can suffer in the most challenging times, and a pessimistic attitude may prevail.

Be sure to schedule time for yourself. Take time off from your business. It will help you manage the ups and downs of entrepreneurship, and give you fresh perspectives.

As Kathy and I ended our counseling session, she made a list of areas where she needed to grow, and created a task plan. With planning and an objective look at both your personal and your business’ strengths and weaknesses, you can be successful.

© 2006, 2008. Bonita Richter and Profit Strategies. All rights reserved.