Are you putting together a business plan? Well, good luck with that. I’ve seen lots of business plans over the past few decades that have been prepared by many well-meaning business owners for themselves, their bankers and their investors. Just about all of them have been useless.
It’s becoming harder than ever to stay calm and relaxed in the workplace–especially when you’re the boss. Part of the reason that so many people are feeling so angst-ridden about their work is because they have never learned any methods to alleviate their stress.
You don’t have to wait for Veterans Day to honor a veteran. Your business can help honor veterans by hiring one. It’s a good diversity practice with benefits that go all around – to your business, the veterans you hire and the community at large.
Entrepreneurs are a tough breed. It’s a necessity of the start-up life, in which:
“If repetition is the mother of mastery, then belief must be the mother of achievement,” Gary Oneil says. “Like most things in life, we won’t take action in anything if we don’t believe in it. So the million-dollar question becomes how do we strengthen our belief system – the rules that our brains play by to get us to move and do?”
If you start a business and don’t form an entity, the income and expense goes on Schedule C to your personal tax return. Schedule C, it turns out, is the single most likely type of tax return to be audited by the IRS. Ouch. That in itself can be a reason to form an entity. Other reasons include liability protection and allowing for multiple owners.
For those who’ve beaten the odds to create a successful business, congratulations. But your challenges are only beginning. This is the phase where millions of viable businesses will now trip on their long term planning to take their business to the next level or will miss the factors that could be bringing greater profitability from current operations their way.
These five simple rules have served as a valuable tool to set boundaries for quick-start entrepreneurs by preventing them from pursuing unprofitable, costly new lines of business, partnerships, business acquisitions, etc.:
The trend is well underway. Research indicates that more and more baby boomers are starting a business. Whether it’s consulting, taking the reins of a franchise, or developing a home-based enterprise centered on a personal passion or hobby, starting a business in retirement can offer many benefits. Done properly, a retirement business can not only help fill a retiree’s time and replace their work identity, it can also help make their retirement savings last longer.
If you are self-employed, operate a farm, or are a church employee, use this calculator to determine your self-employment taxes.