The Impact of Lacking Self-Esteem on Business Professionals
Small Business Home Based Ideas for Writers
So you have decided to take the plunge a home-based business. Good for you! It will be nice to be able to wake up every day, grab a cup of coffee and walk into your office. No more rush hour, no more cubicle, and a chance to make it on your own. Sounds great doesn’t it? But there is one small snag before you can open shop. You need to know just what sort of business you should be running.
There are a myriad of opportunities for your small business requiring very little initial investment. If you are stumped for business ideas, here are ten quick ideas for you to consider.
Branch Out From Your Current Job
If you are already a professional, but want to get out on your own, this is often the best way to go. Architects, air conditioning repairmen, computer professionals, and plumbers are all in demand. You simply need to start up your own little section of these burgeoning fields. All it takes is the required tools and a willingness to put your name out there. Advertise in the paper, on the Internet, and in the yellow pages. If you are a landscape designer, you probably have a drafting board already. If you are a motorcycle mechanic, it is a safe bet that you already have the tools you need. Make them go to work for you in your own business.
If you enjoy fixing things around the house, you can easily parlay this into self-employment. Not everybody knows how to patch drywall, grout a ceramic floor, or install a new countertop. Chances are, most people don’t even want to know. However, people do want these things done. And you are just the person to do it.
If you have worked on houses before, now is your chance to make it pay off. Advertise your reasonably priced services in the newspaper and the yellow pages and people will call. The best part is that, when you have done a great job at a good price, your customers will refer you to their friends. Word of mouth is very big for those who work on houses.
You already own a lawn mower. You have a hedge trimmer and an edger. You have a large collection of lawn and garden bags. You have a pickup truck that can haul them around. And you like fresh air, sunshine, and working in the yard. Well, now you can get plenty of all three.
In case you hadn’t noticed, there are many people who do not enjoy mowing their lawns. Make their day by offering your services to them. Do some market research and figure out how much you should charge for your services. Get some quotes for your yard from other landscape companies. Figure out the area of your yard and translate that into the price you should charge. Then, you are ready to start. Put fliers on the neighborhood door handles and wait for the calls.
In case you have been in, say, a small plastic bubble on the bottom of the ocean for the last fifteen years or so, you may want to know that computer work is in high demand. For all the talk of the dot-com bust, the shrinking technology sector and outsourcing, computer professionals are in high demand. If you know how to program, how to repair or upgrade a PC, or how to configure a network, you can turn your knowledge into your own home-based business.
You already get a kick out of repairing electronics, refinishing furniture, or rebuilding Chevy small-block engines. You have all the tools that any good repairman would own. You can turn your hobby into money by starting your own small business.
There are a lot of people out there who want their toasters fixed, their vintage record player working again, or their car’s body repaired for a decent price. If you can do any of these things, you can put yourself on the map with an ad in the paper and the yellow pages.
By working out of your home, you can keep your overhead down and your profit high. Be careful though. If you are doing something such as automotive repair, your neighbors won’t be happy if there is a line-up of wrecked cars in your driveway. Check your zoning codes on work of this nature.
However, if you are working on smaller items, even appliances, you can easily do this work without the neighbors being too much the wiser. So start advertising and make your small business go!
If you have a special skill, such as playing the piano, playing tennis, dancing, or sewing, you can give lessons from your home. There are plenty of boys and girls, and even adults, who want to learn to swim, type, or speak Spanish. So translate your abilities into some dinero. You have skills that other people want to learn. They are a great place to start a home-based business.
Likewise, if you are a former teacher who wants to see the faces of young students again, tutoring may be a rewarding pastime. If you can, and if you are allowed, talk to your former teaching colleagues to see if they have any students who are interested in receiving extra tutoring.
Another option for a home-based business is a cleaning service. You already clean your own home, why not help somebody else with theirs? With a few of those household cleaners and chemicals, you can start up a nice little income. You need to be thorough, detailed, and willing to scrub everything to a shine. But with some effort, time, and patience this business opportunity can quickly pay dividends.
Arts & Crafts
If you happen to enjoy candle-making, soap-making, or designing teddy bears and decorative hats, you can make start up a small business selling your creations. Be prepared, this will probably not start out and be very lucrative. However, with some time and patience and a few church sales and flea market visits, your skills will improve, your eye for the market will sharpen and you can sell many of your original designs. The work can be fun, and some extra money won’t hurt either.
Artistic Pursuits/Graphic Design
Another business opportunity that may take your fancy is in the pursuit of the arts. Whether you happen to paint, perform graphic design, take photographs, illustrate, or write calligraphy, you can start a business that caters to the needs of those who want something not merely done, but done prettily. Wedding invitations require a calligrapher and photographers. Books need illustrators. Businesses need logos that are attractive to the eye. Living rooms can be livened up with a painting. You can use your special, unusual skills and turn a leisurely pursuit into a home-based business.
If you happen to enjoy writing, you can turn your writing and proofreading skills into your own cottage industry. Perhaps you can start writing articles and send them to the magazines you enjoy. Or you can spend your time translating foreign language texts. As well, good proofreaders, book indexers, and researchers are needed by both writers and publishing companies.
Sell your skills in these areas to people who need this sort of work done. As well, if you are a writer, you may even want to sell your typing prowess to those folks out there who can’t bang out 40-80 words a minute at the keyboard. Perhaps the local high school or university could bring some business your way.
These are just a few of the business opportunities available to those who wish to work from home. In fact, the possibilities are almost endless. You can get tons more information from our website.
You could buy and sell antiques, provide day care to working mothers, or a dog kennel for people who travel. You could sell house-painting services, wedding cakes, patent searching, permit filing, and event planning. The possibilities are endless.
Find the home-based business that is right for you and you will find that it can be both rewarding a lucrative. See what people need, what people want, and what they are willing to pay for it. Then, the rest is up to you!
Have a way with words? If you dream of writing for a living, but feel stifled in your everyday job, there are some top home based businesses for writers that you should consider. The demand for good writing is very high, so finding one of the top home based businesses for writers that fits your needs just takes a little digging.
One of the five top home based businesses for writers is being an advertising writer. If you have a flair for writing that sells, then being a copywriter may be your niche. Advertising agencies, private companies, non-profit agencies and more are all looking for someone to sell their products and services through ad copy, making copywriting one of the top home based businesses for writers.
The second of the five top home based businesses for writers involves creating a resume writing service. Not all job seekers have what it takes to create an effective resume, and having a talented resume writer on hand can be a blessing to them. If you find that you have a knack for putting together resumes that get people in the door, then you should take advantage the second of the top home based businesses for writers.
E-book writing and publishing is another of the top home based businesses for writers. In our technology soaked society, you can immerse yourself in the e-commerce boom by writing fiction or non-fiction e-books. The sheer number of topics available is endless. More and more people are looking to purchase their literature on the net, which makes writing e-books another one of the top home based businesses for writers.
Business writing is also one of the top home based businesses for writers, and it can be one of the most lucrative home based businesses. Companies are always looking for writers to create brochures, annual reports, sales letters, direct mail pieces, instruction manuals and more. The fact that there are all kinds of businesses out there means that this is one of the top home based businesses for writers just out of the sheer volume of writing available.
Finally, freelance article writing is another of the top home based businesses for writers. When people think of freelance writing, they most often think of magazine writers, but there are a number of people who will use freelance writers to create articles for their websites, e-zines, magazines, newspapers, newsletters, and more. The sheer volume of periodicals both online and on paper make this one of the top five home based businesses for writers.
Still, no matter what type of writing you love, you need to remember that your writing is your business, and you want it to be one of the top home based businesses out there. Make sure you stay abreast of current trends and hone your writing skills before you take advantage of any of the top home based businesses for writers. In order to sell your work and build your reputation as having one of the top home based businesses, you need to produce quality work on time, every time.
6 Tips for Mom Entrepreneurs
You are busy at both work and at home. Some days it may seem impossible to find time for YOU. You may wonder how other busy Mom Entrepreneurs make time for themselves, but you don’t have time to stop and ask. Here are four quick tips:
If it’s too late and you are already stressed…
1. Take a break.
Have you ever been overwhelmed and feel you can’t stop for fear you will fall further behind? When you’re in a high-stress situation, your thinking is often cluttered making you less productive. Michele Dortch, The Integrated Mother, suggests that you take a break when you become stressed. Whether you choose a 15-minute nature walk or a full day doing activities you love, stopping can actually provide amazing clarity and help you complete your tasks on time. This may seem counterproductive, but it really works!
To prevent going on overload, try the following tips on a regular basis…
2. Take time out to socialize each week.
Alice Seba of Mom Masterminds advises taking time out is invaluable to the Mom Entrepreneur. Alice makes a point to have a few opportunities to socialize each week—with girlfriends, her partner, or to just have some time alone. It revives her and makes her more focused when she comes back to being a mom or a businessperson. Alice says, “All work and no play not only makes you a dull mama, but it makes you a stressed out and ineffective one, too!”
3. Take a few “Mommy Minutes” as often as possible.
Ponn Sabra, author of Empowering Women to Power Network, puts herself on “time out” and takes “Mommy Minutes” as often as possible. Ponn sits in a self-made sauna in the bathroom with the hot shower running or enjoys a favorite goodie (she sometimes hides special ice cream sandwiches in back corner of her freezer where no one, even her husband, can find them.)
Ponn also insists that “adults need naps, too!” Whether for ten minutes or forty-five, it is important just to take a nap. The revitalization you receive from a catnap is very powerful. If you are unable to nap in the middle of a chaotic day, it is important to take yourself out of the situation to regain focus. You will have more energy if you meditate and clear your head.
4. Go “off duty” regularly.
In Linda Goodman Pillsbury’s Survival Tips for Working Moms, she recommends choosing a regular time when you are “off duty.” For example, you might say that after 8:30 every night, the kids cannot bother you with “Where are my blue jeans?” “I need cookies for a school party tomorrow,” etc. (Of course, you are there for emergencies.) Children will soon learn to ask for what they need before you go off duty or wait until the morning. This works on very young children up to teenagers–but you should make exceptions for talking to the kids when they come in from a date!
How To Improve Your Adsense Earnings
Google, being the undisputable leader in search engines from then until now, is placing a high importance on the quality and relevancy of its search engines. Most especially now that the company is public property. In order to keep the shareholders and users of its engines happy, the quality of the returned results are given extreme importance.
For this same reason, doing the wrong things in the Adsense and other forms of advertisements, whether intentionally or unintentionally, will result in a severe penalty, may get you banned and even have your account terminated. Nothing like a good action taken to keep wrongdoers from doing the same things over again.
So for those who are thinking of getting a career in Adsense, do not just think of the strategies you will be using to generate more earnings. Consider some things first before you actually get involved.
Hidden texts. Filling your advertisement page with texts to small to read, has the same color as the background and using css for the sole purpose of loading them with rich keywords content and copy will earn you a penalty award that is given to those who are hiding links.
Page cloaking. There is a common practice of using browser or bot sniffers to serve the bots of a different page other than the page your visitors will see. Loading a page with a bot that a human user will never see is a definite no-no. This is tricking them to click on something that you want but they may not want to go to.
Multiple submissions. Submitting multiple copies of your domain and pages is another thing to stay away from. For example, trying to submit a URL of an Adsense as two separate URL’s is the same as inviting trouble and even termination. Likewise, this is a reason to avoid auto submitters for those who are receiving submissions. Better check first if your domain is submitted already an a certain search engine before you try to submit to it again. If you see it there, then move on. No point contemplating whether to try and submit there again.
Link farms. Be wary of who and what are you linking your Adsense to. The search engines know that you cannot control your links in. But you can certainly control what you link to. Link farming has always been a rotten apple in the eyes of search engines, especially Google. That is reason enough to try and avoid them. Having a link higher than 100 on a single page will classify you as a link farm so try and not to make them higher than that.
Page rank for sale. If you have been online for quite some time, you will notice that there are some sites selling their PR links or trading them with other sites. If you are doing this, expect a ban anytime in the future. It is okay to sell ads or gain the link. But doing it on direct advertisement of your page rank is a way to get on search engines bad side.
Doorways. This is similar to cloaking pages. The common practice of a page loaded with choice keyword ads aimed at redirecting visitors to another “user-friendly” page is a big issue among search engines. There are many seo firms offering this kind of services. Now that you know what they actually are, try to avoid them at all costs.
Multiple domains having the same content. In case you are not aware of it, search engines look at domains IP’s, registry dates and many others. Having multiple domains having the same exact content is not something you can hide from them. The same goes with content multiplied many times on separate pages, sub domains and forwarding multiple domains to the same content.
Many of the above techniques apply to most search engines and is not entirely for Google only. By having a mind set that you are building your Adsense together with your pages for the human users and not for bots, you can be assured of the great things for your ads and sites.
Not to mention avoiding the wrath of the search engines and getting your Adsense and site account terminated altogether.
Entrepreneurs: How To Understanding Your Financial Statements
As you consider which legal entity or entities–corporation, limited liability company, or limited partnership–you want to use for your business structure, the decisions you make will depend heavily on your current financial situation, both personal and professional. But do you know how to read a financial statement on your own? Do you know how to read your own personal and business financial statements?
Knowing how to do this is an essential skill not just for entrepreneurs but for everyone. However, for the entrepreneur having this skill can mean the difference between having a thriving business that continues to thrive and winding up in bankruptcy. The annals of the bankruptcy courts are strewn with cases of entrepreneurs who entrusted their accounting to others and, not knowing how to read the financial statements of their own businesses, were surprised when they found that the business was ultimately unsustainable. The purpose of this article is to help prevent this from happening to you–and to arm you with the skills you need to structure your business to your benefit from the outset.
Your Two Major Financial Statements
There are two major financial statements that every entrepreneur should know how to read and (ideally) prepare or have prepared in their financial software (we recommend QuickBooks):
The Income Statement
The Income Statement (also known as the P&L or Profit and Loss Statement) offers a dynamic picture of the ebb and flow of your finances. Briefly, income statement shows first: A. Your various sources of income Then subtracts from that, B. Your expenses To give you the net result: Net Profit or Loss Typically, it is the result shown on this statement that is the basis for your taxation by state and federal authorities at the end of the year. The net income or loss (revenue outgo) is carried over onto your second major financial statement: The Balance Sheet.
The Balance Sheet
Offers you a snapshot of cumulative results of your financial activities. It is made up of two columns:
On the left side you have your Assets
On the right are listed your Liabilities and Owners/Shareholders Equity (or ownership in the business). The two columns must be in balance, which is why this is called a Balance Sheet.
Assets=Liabilities + Equity
It’s really quite logical how the Income Statement and Balance Sheet relate to one another.
If you have to use current or long-term assets to pay ongoing expenses during the current year, at the end of the year, the amount of your assets will be reduced by the amount of net loss. On the right hand side, your Equity has gone down too. If you borrowed, say $10,000 to pay current operating expenses, at year end, your assets remain the same, but your liabilities have increased by $10,000, lowering your net Equity or ownership in the company by that same $10,000.
It doesn’t take a rocket scientist to figure out that if you continue on this path, you will quickly be in a very painful situation, because Liabilities carry their own cost. The cost of borrowing money is Interest, and if you are fortunate enough to borrow at only 10% interest (on unsecured debt) today, a year from now, you will have to pay $11,000 to pay off the original $10,000 debt. This reduces your equity still further–unless you have used the borrowed funds to create more assets that increase in value at the same rate as the interest on your debt or, better yet–at a higher rate.
More to the point for deciding which business entities to use is that you need to work out both your personal financial statements and those of your business(es). If you find, for example, that that you have significant salary or wage income in your personal financial statements that is causing you to pay out high taxes (as reflected in your balance sheet), and you expect that your business will generate some significant losses for the first several years, it would be advantageous to you to use a business entity that is a flow-through entity. Losses incurred by your S-Corporation (or, if you prefer, your Limited Partnership or your Limited Liability Company) will flow onto your personal balance sheet to offset the salary or wage income and thus reduce your tax liability.
Moreover, in general, if you want to draw up a roadmap to getting where you want to go, you need to know your point of departure. Thus, preparing and understanding your personal and business financial statements is an indispensable first step for your business planning.
Gaining Quicker Home Business Profits
Now let’s be honest, way too many people believe the Internet is a place to become rich very quickly without any effort or sweat. They think that once you publish a web site, that you have a home business. Please do not expect riches and results from an online business started with that thought approach. Home business owners giving up or suffocating are clear indications that they did not read this article.
But there is good news, and the good news is that starting an online business is really worth every second if approached from the right angle and if you got what it takes to do it right. Imagine being your own boss as your first bonus, and then use your intelligence and motivation to make it work. The Time factor (lack of it) will always be a issue when creating your business, given the fact we all have jobs, families and all kind of distractions. But that easily solved. Manage your time dedicated to your business simply by using only the proven techniques, strategies, and today’s technology. Don’t go round the world for a shortcut.
Can you imagine what it would be like to be able to sit down at your computer and find your home business already built in a box? All you have to do is activate it. On the internet you can use anything from content sites and article sites, and you can easily find ready to go e-books, all kinds of software, online business products and even complete web sites, ready to be activated by you to give you the opportunity to build a home business with. However, they don’t include the marketing techniques and strategies that any home business badly requires.
Marketing is a broad business subject that encompasses a range of activities including advertising, public relations, sales, and promotions. Generally, you will find that people tend confuse sales with marketing, when in fact the two are quite different. Marketing is all about getting a product or service into the market, promoting it, influencing behavior, and encouraging sales turnover. Sales, quite distinctly, is the actual transaction of getting a product or service into the hands of your customers. As you can probably gather, neither can be successful without the other.
With so many messages being propelled towards all of us these days, it is more critical than ever for a business to get their product noticed. This means marketers have evolved to being creative. Marketing is not an exact science and managers who know little about it are afraid that the marketing staff within their firm is often wasting valuable money. The truth is that marketing is an investment that always pays off; it just may come back in ways that are not necessarily measurable. So even though one campaign may bring moderate results, another will bring astonishing profits.
Take a tour of sites like Profits Yesterday, Surefire Wealth, and Simpleology. Here you will find many ideas and solutions for your home business. But none will be successful overnight. Success will come to you, but it will take considerable amount of effort, motivation, and determination to achieve results. And it all starts with YOU and a great business idea.
Do not under estimate your most valuable asset. The skill and knowledge you already have. Online Business takes passion and patience and the chances are that through your job got you many years of experience that you can easily share for profit. Get a copy of the book “Make Your Knowledge Sell”, and see for yourself just how your knowledge can make lots of money.
Many products and services which are killers for a home business are already out there and affiliate sales already exist. Take advantage of this by joining sites that sell content and ideas you can modify to suit your specific business needs. These days you can start your home based business in a few hours, but above most things, have a very good marketing plan before you start. Then use all information available on content sites and article sites to get the job done right.
But my most valuable advice to you in all cases is, make an ACTION PLAN because without it you are looking at the fastest way for your home business to fail. “Crawl before walk” is a well known phrase, and also the answer for faster home business profits.
To Your Success,
Trying Not To Get Above Your Business
Young men after they get through their business training, or apprenticeship, instead of pursuing their avocation and rising in their business, will often lie about doing nothing. They say; “I have learned my business, but I am not going to be a hireling; what is the object of learning my trade or profession, unless I establish myself?'”
“Have you capital to start with?”
“No, but I am going to have it.”
“How are you going to get it?”
“I will tell you confidentially; I have a wealthy old aunt, and she will die pretty soon; but if she does not, I expect to find some rich old man who will lend me a few thousands to give me a start. If I only get the money to start with I will do well.”
There is no greater mistake than when a young man believes he will succeed with borrowed money. Why? Because every man’s experience coincides with that of Mr. Astor, who said, “it was more difficult for him to accumulate his first thousand dollars, than all the succeeding millions that made up his colossal fortune.” Money is good for nothing unless you know the value of it by experience. Give a boy twenty thousand dollars and put him in business, and the chances are that he will lose every dollar of it before he is a year older. Like buying a ticket in the lottery; and drawing a prize, it is “easy come, easy go.”
He does not know the value of it; nothing is worth anything, unless it costs effort. Without self-denial and economy; patience and perseverance, and commencing with capital which you have not earned, you are not sure to succeed in accumulating. Young men, instead of “waiting for dead men’s shoes,” should be up and doing, for there is no class of persons who are so unaccommodating in regard to dying as these rich old people, and it is fortunate for the expectant heirs that it is so.
Nine out of ten of the rich men of our country to-day, started out in life as poor boys, with determined wills, industry, perseverance, economy and good habits. They went on gradually, made their own money and saved it; and this is the best way to acquire a fortune. Stephen Girard started life as a poor cabin boy, and died worth nine million dollars. A.T.
Stewart was a poor Irish boy; and he paid taxes on a million and a half dollars of income, per year. John Jacob Astor was a poor farmer boy, and died worth twenty millions. Cornelius Vanderbilt began life rowing a boat from Staten Island to New York; he presented our government with a steamship worth a million of dollars, and died worth fifty million.
“There is no royal road to learning,” says the proverb, and I may say it is equally true, “there is no royal road to wealth.” But I think there is a royal road to both. The road to learning is a royal one; the road that enables the student to expand his intellect and add every day to his stock of knowledge, until, in the pleasant process of intellectual growth, he is able to solve the most profound problems, to count the stars, to analyze every atom of the globe, and to measure the firmament this is a regal highway, and it is the only road worth traveling.
So in regard to wealth. Go on in confidence, study the rules, and above all things, study human nature; for “the proper study of mankind is man,” and you will find that while expanding the intellect and the muscles, your enlarged experience will enable you every day to accumulate more and more principal, which will increase itself by interest and otherwise, until you arrive at a state of independence. You will find, as a general thing, that the poor boys get rich and the rich boys get poor. For instance, a rich man at his decease, leaves a large estate to his family. His eldest sons, who have helped him earn his
fortune, know by experience the value of money; and they take their inheritance and add to it. The separate portions of the young children are placed at interest, and the little fellows are patted on the head, and told a dozen times a day, “you are rich; you will never have to work, you can always have whatever you wish, for you were born with a golden spoon in your mouth.”
The young heir soon finds out what that means; he has the finest dresses and playthings; he is crammed with sugar candies and almost “killed with kindness,” and he passes from school to school, petted and flattered. He becomes arrogant and self-conceited, abuses his teachers, and carries everything with a high hand. He knows nothing of the real value of money, having never earned any; but he knows all about the “golden spoon” business.
At college, he invites his poor fellow-students to his room, where he “wines and dines” them. He is cajoled and caressed, and called a glorious good follow, because he is so lavish of his money. He gives his game suppers, drives his fast horses, invites his chums to fetes and parties, determined to
have lots of “good times.” He spends the night in frolics and debauchery, and leads off his companions with the familiar song, “we won’t go home till morning.” He gets them to join him in pulling down signs, taking gates from their hinges and throwing them into back yards and horse-ponds. If the police arrest them, he knocks them down, is taken to the lockup, and joyfully foots the bills.
“Ah! my boys,” he cries, “what is the use of being rich, if you can’t enjoy yourself?”
He might more truly say, “if you can’t make a fool of yourself;” but he is “fast,” hates slow things, and doesn’t “see it.” Young men loaded down with other people’s money are almost sure to lose all they inherit, and they acquire all sorts of bad habits which, in the majority of cases, ruin them in health, purse and character. In this country, one generation follows another, and the poor of to-day are rich in the next generation, or the third. Their experience leads them on, and they become rich, and they leave vast riches to their young children. These children, having been reared in luxury, are inexperienced and get poor; and after long experience another generation comes on and gathers up riches again in turn. And thus “history repeats itself,” and happy is he who by listening to the experience of others avoids the rocks and shoals on which so many have been wrecked.
“In England, the business makes the man.” If a man in that country is a mechanic or working-man, he is not recognized as a gentleman. On the occasion of my first appearance before Queen Victoria, the Duke of Wellington asked me what sphere in life General Tom Thumb’s parents were in.
“His father is a carpenter,” I replied.
“Oh! I had heard he was a gentleman,” was the response of His Grace.
In this Republican country, the man makes the business. No matter whether he is a blacksmith, a shoemaker, a farmer, banker or lawyer, so long as his business is legitimate, he may be a gentleman. So any “legitimate” business is a double blessing it helps the man engaged in it, and also helps others. The Farmer supports his own family, but he also benefits the merchant or mechanic who needs the products of his farm. The tailor not only makes a living by his trade, but he also benefits the farmer, the clergyman and others who cannot make their own clothing. But all these classes often may be gentlemen.
The great ambition should be to excel all others engaged in the same occupation.
The college-student who was about graduating, said to an old lawyer:
“I have not yet decided which profession I will follow. Is your profession full?”
“The basement is much crowded, but there is plenty of room up-stairs,” was the witty and truthful reply.
No profession, trade, or calling, is overcrowded in the upper story. Wherever you find the most honest and intelligent merchant or banker, or the best lawyer, the best doctor, the best clergyman, the best shoemaker, carpenter, or anything else, that man is most sought for, and has always enough to do. As a nation, Americans are too superficial– they are striving to get rich quickly, and do not generally do their business as substantially and thoroughly as they should, but whoever excels all others in his own line, if his habits are good and his integrity undoubted, cannot fail to secure abundant patronage, and the wealth that naturally follows. Let your motto then always be “Excelsior,” for by living up to it there is no such word as fail.
Strategies in Make Money Online
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For most people, achieving success in Home Based Business means a lot more than just earning more money. It also means more time freedom, more relationship freedom and a better lifestyle. It means paying off the bills, getting out of debt and having more peace of mind. It also means having money flow into your bank account every single month, whether you work or not.
So, in order to achieve great success working from home, you must first understand the difference between, Leveraged Income, Linear Income & Passive Residual Income. Let’s take a look:
Income Type #1 or Leveraged Income, is a little better than Linear Income, but still not that great, because your income is based on the efforts of those who earn linear income. This is where you can get paid from the work of others, like being a small business owner or a manager, however, leveraged income does not offer real security, because linear income employees, can quit, find a higher paying job or start their own competing business.
Income Type #2 or Linear Income, is income generated by working at a job. When you work, you get paid. When you do not work, you do not get paid. This is how most people live their lives and why those who only work for Linear Income, can never stop working.
Income Type #3 or Passive Residual Income is the income that allows ordinary people to achieve extraordinary success in a Home Based Business, because every distributor has the same exact opportunity to gain. This means that anyone, regardless of where they live, how old they are, or what their experience is, can earn as much or as little as they like, based on their own commitment and effort.
Think about it.
Corporate icons are toppling daily, massive job terminations and pension defaults are commonplace and globalism is in full swing. There has truly never been a better time to be self-employed or a worse time to be faithfully employed.
Airlines are experiencing turbulence financially. GM & Ford are moving toward bankruptcy and jobs are targeted for rightsizing, downsizing, and outsourcing.
If you take a new job today, in four years the statistics say that you’ll be jobless again. So much for job security in the 21st Century!
Indeed there has been a sea of change, and the Silent Revolution, whereby a new Home Based Business is started every 11 seconds, in the U.S. alone, is in full swing.
Success for a work at home business will be realized when you have the work at home business up and running while analyzing for things that actually don’t work and should be removed. This move will refine the workload according to things that matter. You can also opt to divert answering customer emails that you may receive to outsourcing firms who will handle it for you. Eventually, you can move on to another project or travel the world for that matter because of the success of your work at home business.
Entrepreneur Mentors: Thing We Can Learn From Mom
Moms are busy people. Raising a family makes you busy, but when you throw in the added responsibilities of running a business, you may feel like a professional juggler trying your hardest every day not to “drop the ball”. Today’s Mom Entrepreneurs are so busy juggling their family and business, some days it may be difficult to find time to breathe. The Business Mom believes the benefit and good advice of Moms who have already raised their families is priceless and will help you to set our priorities. A special thank you goes to the following Moms from NAFE’s For You Network for taking the time to share their thoughts and stories.
Reminder #1: Children grow up quickly…
Meli Van Natta’s son was seven years old and her daughter was four when she got into the real estate business. Meli of Prudential California Realty says, “I learned that children grow up quickly and you can never recapture the time that you miss.” If she had it to do over again, she would have arranged her schedule to spend more time with them even if it affected her business. Now that she is older (and wiser), Meli realizes that she could have delegated some tasks, maybe taken on a partner, and she didn’t have to attend all the social events that went along with the business. But, she was young, having fun, and feeling very powerful and successful with all the money she was making.
Meli’s kids don’t seem to feel that she neglected them. After all, they had time to go to Disneyland, the Zoo, and other places during the week when all the other mothers were at work. So, they didn’t mind too much if she worked weekends because of her schedule. They often helped her by stuffing envelopes, going with her to knock on doors, and sitting with her at Open Houses when she couldn’t get a sitter.
Both of Meli’s children are now happily married, well-adjusted adults with kids of their own. Her daughter has chosen to be a stay-at-home mom and is expecting her third child. Her son is the entrepreneur in the family. After a brief foray into the real estate business himself, he is now the proud owner of two successful businesses.
Meli’s Top Tips:
Learn when to turn off the phone and learn the difference between merely important and urgent. Take those vacations and make your days off sacrosanct. It may take you a little longer to reach your business goals, but you’ll be happier for it!
Reminder #2: Mom entrepreneurs can take advantage of their flexible schedule to share great times with their children…
Robbie Motter of Contacts Unlimited was a single parent who raised her three children (who are now grown). Robbie loves being an entrepreneur. Robbie says, “If I had known then what I know now, I would have left the corporate world earlier so I could have had the quality time with my older children that I had with my younger daughter.” Robbie took a break from work each day when her daughter came home from school for about an hour and a half so that they could spend time together before returning to work and while her daughter completed her homework.
Robbie recalls that it was she had some hard challenges when she first became an entrepreneur. It took awhile for things to start to move forward and times were tough. Her two older children were not too supportive at first, as they were use to the big corporate paycheck. Many times they told her to go get a regular job, but she was determined to make it work. Before long it did, and they truly loved having her work from her home office. They shared great times together.
Robbie used to have her children help in the business. They stuffed envelopes or jobs like that, and they loved it. As they got older, Robbie let them answer the phone so they could learn the right way to do that.
Robbie’s son is an entrepreneur. He and a partner have owned a company for 18 years. Her two girls are not entrepreneurs–they like having a big paycheck, the perks, and all the benefits that a corporate job provides. Today all of her children are very successful, own beautiful homes, and make a fantastic salary with lots of benefits. They do not take their work home with them; they leave it at the office and come home to be totally with the family.
Robbie’s Top Tips:
When you run your business, and if you work from home, make your children feel a part of it. When it is family time, stop worrying about business and give your children quality time.
Why A LLC Limited Liability Company The Right Formation for Your Business
Should you operate your business as a corporation? Or is there another, simpler alternative. You’ve probably noticed that in the past decade there are more and more businesses with their names followed by the letters “LLC” instead of “Inc.”. “LLC” stands for Limited Liability Company, is the newest type of legal entity that exists in the United States, and for many entrepreneurs it is the ideal marriage between the tax advantages of the limited partnership and the limited liability feature of the corporation. Now available in all 50 states—even to non-U.S. citizens–most likely the LLC should have a key place in your business structure. Why A LLC Limited Liability Company The Right Formation for Your Business
When it comes to legal entities for conducting business, limited liability companies are the newest kid on the block in the United States. The state of Wyoming was the first to pass legislation, in 1977, to establish this new entity. By 1999 all fifty states in the United States had enacted legislation to allow the formation of this exciting new legal entity.
But why is the LLC so attractive, so irresistible to legislators? And why have so many entrepreneurs opted for the LLC instead of a “C” corporation, or even an “S” corporation? And most important, how do you decide if it’s right for you?
Perhaps the most important reason is for the popularity of the LLC that the it satisfies the demands of both accountants and attorneys. Accountants tend to prefer the Limited Partnership (“LP”) because they are concerned about the dangers of “double taxation” if their clients use a corporation: If your corporation pays dividends, the corporation pays taxes on its profits, and its shareholders pay taxes again on those same profits when they are taxed on the dividends they receive. By contrast, attorneys usually prefer the greater asset protection offered by the limited liability that the corporation has to offer to all its owners.
Let’s begin with an understanding of what the limited liability company is. Basically it is a partnership among its owners, who are called “members”. The LLC is like a limited partnership (and an S-corporation), because it is a “pass-through entity”–each partner’s or member’s share of the net gain or loss for the year “flows through” to the individual tax-payer’s 1040 individual tax return. There is no separate tax to which the LLC itself is subject. On the other hand, the LLC is also like a corporation, because unlike the limited partnership–which requires a general partner, who is responsible for all results of all decisions and actions of the partners–all its owners benefit from limited liability.
People choose to form LLCs basically for the same reasons that they would elect to set up an S-corporation or a limited partnership. The LLC, like the S-corporation, is attractive if you have earned income that puts you in a high tax bracket, and you would like to be able to offset that income with the losses that you can normally expect to incur in your first years in a business. When I formed my first business entity twenty years ago, my husband and I selected the S-corporation. We both had salary income that placed us in a high tax bracket, and we knew that our new consulting business would incur significant capital expenses in the first few years. After all, we would have to purchase new equipment such as a fax machine, a laser printer, personal computers, and the replaceable supplies to operate them. We were also aware that it would take some time to build a clientele, so our income from the business would take a few years to take off. The S-corporation allowed us to carry the losses we incurred onto our individual 1040 tax returns. The losses were deducted from our gross personal salary income, and we paid dramatically lower taxes.
If you can get this advantage from an S-corporation, why would you bother with an LLC? The LLC has a number of advantages over the S-corporation:
1. First, LLC does not have the limitations that the S-corporation has on who can be a member of the LLC. Only individuals, estates, some trusts, and other S-corporations can be members of an S-corporation. Individuals (shareholders) must be either U.S. citizens or residents. By contrast, the LLC is not subject to these limitations. Thus, it is an ideal entity that you can combine with other entities in your business structure. For example, you can have a corporation or other legal entity be a member of an LLC. Why A LLC Limited Liability Company The Right Formation for Your Business
2. The LLC has much greater flexibility for allocation of rights, profits, and assets than the S-corporation. The S-corporation can have only one class of stock: In other words each share of stock has the same rights as every other share. This means that the allocation of profits and assets is extremely rigid. If Parties A and B are equal shareholders in a corporation, and the corporation decides to distribute its profits of $10,000, then A and B must each receive $5,000. This might not necessarily be equitable if one partner was much more active and produced a much greater share of the profits than the other. The LLC allows for A to receive, say, $8,000 if its business activities generated 80% of the profit, leaving B with the remaining 20%, or $2,000. This can be very attractive in a partnership in which there is a significant difference in the amount of capital and ongoing business activity that the partners are contributing to the business.
3. The LLC is not subject to the same corporate formalities that are required of the S or C corporation. While the LLC must still maintain appropriate LLC records and bookkeeping, it is not required to be managed by a board of directors and maintain minutes of regular board of directors meetings.
4. Unlike the S-corporation, liquidation of an LLC is generally not a taxable event. As your personal and business financial situation change over time, you may determine that it is no longer in your interest to maintain a “pass through” entity for your business. Once your business begins to turn a regular profit after the relatively high costs of the first year or two, you may decide that a C-corporation that is taxed at a maximum of 25% (unless it is a personal service corporation) would be more advantageous to you. If you have been operating as an S-corporation and you liquidate it by selling the liquidated assets to the shareholder(s) at their fair market value, the liquidation will be a taxable event. This does not apply to the LLC. This is one of the factors that makes the LLC particularly attractive for holding real estate. Why A LLC Limited Liability Company The Right Formation for Your Business
5. The concept of the charging order makes the LLC especially effective for asset protection. This makes it a particularly attractive entity for holding real estate. The corporation should not be used to hold real estate, because if the corporation is sued, the court might award shares in the corporation in the judgment. Control of the corporation translates into control of the property, and you effectively lose control over your real estate holdings. By contrast, the charging order, used with Limited Liability Companies as with Limited Partnerships, gives the plaintiff only the right to receive income distributions from the interest of the party or parties against whom the suit was brought. The charging order grants no voting rights or management powers. Thus, the existing managers or members could vote simply not to distribute income, thus leaving the plaintiff with no recourse; yet the plaintiff will have to pay taxes on the income allocated to her, even though the funds were not distributed(!). This offers a strong incentive for the plaintiff to negotiate for a settlement.
Clearly, the LLC is a powerful tool for protecting your assets against financial predators. If you use it for real estate holdings, you can maximize this protection by holding each piece of real estate in a separate LLC. Thus, if one LLC comes under attack from financial predators, the operations affecting only a single property will be affected.
Disadvantages of the Limited Liability Company
Needless to say, there are some disadvantages with the LLC–otherwise there would not be remain so many other attractive options for structuring your business. Why might the LLC not be the best option for you?
1. Increased taxes for LLC members in high tax brackets. Once your LLC is making a profit, its income passes through the individual members, who are taxed directly on that income, whether it is actually taken out of the LLC or not. Thus, members who are in a high tax bracket might pay higher taxes than they would if they used a C-corporation, which is subject to lower marginal tax rates. Proper planning of disbursements for expenses and other aspects of the business could overcome this disadvantage.
2. Higher initial filing fees for LLCs in some states. Some states may levy heavier tax obligations on LLCs in their initial years. Our home state of California requires that an LLC pay a minimum $800 tax in its first year, while corporations are exempt in their first year–whether the business has any earnings or not! It can still be worthwhile for you to start an LLC: If you have high start up costs, tax savings in the thousands of dollars will outweigh these higher filing fees.
3. Unlike corporations, LLCs do not have continuity of life, that is they are limited usually to a specific period of time (say, 50 years) depending on the state.
If an LLC member dies, the remaining members may vote to continue the LLC business. LLC interests can be gifted to other family members; and the LLC can have a trust or family limited partnership as a member, thus providing for effective estate planning.
4. The LLC is a relatively untested entity. There is the large body of case law on corporations but on LLCs. We may also expect to see changes in the laws governing LLCs as the implications of this new entity become more apparent to legislators.
Space does not permit coverage of all the advantages and disadvantages of LLCs, but clearly the LLC can be a powerful tool for operating your business, protecting your assets, and planning your estate. It is easy and inexpensive to set up on your own, if you use one or more of the items. Why A LLC Limited Liability Company The Right Formation for Your Business