In the beginning, I thought it was going to be a breeze when my husband, Terry, joined me working full-time in my business.  If anyone could do it, we could!  We already had a healthy relationship built on trust and respect.  We communicated well.  We both strongly believed in what we were doing.  We understood the need to help each other with the children, keeping the house, and with the business.  We planned to allow for fluctuations in income to keep stresses over money to a minimum.  Yet I still wasn’t prepared.

For anyone considering working with your spouse, here are 3 Essential Boundaries for Entrepreneurial Couples to help to ease your transition:

1. Clarify expectations for work/home.  
Nothing can prepare you for the blurring of boundaries and turf that occur as you transition into working together.  When you join together with your spouse, most likely, both of you have experienced success throughout your careers, and have developed your own working style.  Suddenly you have a whole new dynamic in your relationship with your spouse you must learn to work through.  I always knew that we had different gifts and talents:  Terry is very techie and he loves to write, and I am a people person who is an administrative whiz.  Even though I should have probably seen it coming, I was still surprised at the difference in our work styles.  I multi-task all day long, and he prefers to work on one project at a time.  Just like being newlyweds all over again, we had to put some effort into getting to know each other on a whole new level to be able to work well together.

Beth Butler, creator of the Boca Beth Program has some helpful tips for clarifying expectations with your spouse.  “I make us lunch each day and we try to talk about BOCA BETH items that are pressing.  It's our time to reconnect - he works from home for the wine company he represents and I work from home sharing my passion for second language learning with young children.  A funny mix, but it works!  We talk about what each of us has planned the next day so there are no surprises - and I use that time to ask for his help.  I can't expect him to guess what I need so I have learned to be very specific.”


2. Schedule time for love.
Most entrepreneurial couples complain they have less time together than before.  It is possible to work beside your spouse in the same office all day long and barely speak on a personal level.  How difficult is it to turn off your cell phone and talk a walk with your love?  It is imperative to make it a point to schedule time for your relationship so that the business does not overtake it.  Terry and I plan ahead to sneak away for lunch or to take a break at Starbucks.  We have found if we don’t take the time to schedule in these lunch or coffee dates, then they are less likely to happen as we work to meet deadlines or get a project done.  We haven’t yet been able to master scheduling “regular dates”, but its next on our list of priorities in order to help keep our close relationship.
 
3. Schedule time for yourself.  
It can be a shock when you suddenly have so much time with your spouse.  In your previous life, they left at 7 AM and came home at 6 PM, and then you discussed your day during dinner.  Now you spend most (if not all) of the day with them, and during dinner, there is nothing new to discuss.  Where is the time for you?  Karyn Fagan, Founder of Team Women, tells “We both have hobbies that we love outside of the house so we have that important away time.”

Terry and I certainly have a long way to go as an Entrepreneurial Couple, but we have made it through our entrepreneurial “honeymoon” period.  Each day, we work together to reach our goals and dreams.  We understand when we help each other we will reach our dreams sooner, so we help each wherever its needed!

It’s a great time to be an entrepreneur—in the last decade, technology has leveled the playing field and propelled an entrepreneurial revolution. As an entrepreneur, you now have more access to information that enables you to make more intelligent choices more quickly. You have an advantage over big businesses in that you’re lighter, more flexible, and faster on your feet. You can target new markets more quickly, and you can turn on a dime.

But being a successful entrepreneur requires that you look at the big picture and follow a plan through from beginning to end. Rieva Lesonsky, editor-in-chief of Entrepreneur Magazine gives some practical guidelines that can help you when beginning your own enterprise:

1.Don’t Quit Your Day Job.
Consider starting your business part-time, especially if it’s online, while you’re working and have a steady income. It usually takes six months to a year to get a business going and you don’t want your ability to make your house payment to hinge upon your company being an overnight success. Start with what you can manage, financially and time-wise, and scale up as your business grows.

2.Find Your Niche.
The days of general stores are over. Particularly online, consumers are looking for stores that specialize. You have to find a need—something a specific group of people want, but can’t get at the big chain stores—and fill it. Advises Lesonsky, “You can’t compete with the big guys, so you have to find where the big guys aren’t and go into your niches.”

3.Have an Online Presence.
Even if you’re not planning to start an online retail business, consider that the internet can still play a valuable role in your company. Having an online presence eliminates the limitations of physical location and broadens your customer base by, literally, millions. It’s also a great tool for promoting yourself and letting people, even in your own area, know that you’re there, and what you’re doing.

4.Refuse to Quit.
Successful entrepreneurship requires creativity, energy, and a drive to keep going when you fail. Few people realize that before Bill Gates created the extremely successful Microsoft 3.0, he created a Microsoft 1.0 and 2.0, both of which flopped—but he kept at it. And that determination and refusal to give up is what will separate successful entrepreneurs from unsuccessful ones. Says Lesonsky, “Arm yourself with optimism to get beyond the ‘No’ or the trouble. There’s nothing wrong in failure—just don’t repeat the same mistake!”

Long-term investing in the stock market can offer a passive return around 5-8% if you remain invested for 30 years; but, unfortunately, that return is before taxes and inflation. This is so low because the company founders, backers, early investors, investment bankers, etc., have removed all foreseeable profit from the company before it is ever offered to the public market. There is a spectrum of investments available to you that is dependent on how much effort you are willing to put into educating yourself, networking, and performing your own investment due diligence. If you don’t want to do any work, you are going to receive the tiny return of a CD or mutual fund in exchange for supporting many people (in expensive suits) in between you and the actual business that is making money. For people willing to educate themselves and put forth added effort, they will be sitting across the table from business owners and managers; investing directly into a business that pays monthly or quarterly cash returns from 10 to over 20%.

For example, let’s suppose that there is a great single-family rehabber in your area. This rehabber buys homes in bad condition, fixes them up, and then quickly sells them for a profit. If he or she were very good, they’d begin taking on several simultaneous or larger projects until they run out of money to buy any more homes. Once they run out of money, they start using their credit until that is used up as well. Once a successful entrepreneur is out of cash and credit, the only way to grow is to partner with investors. And to entice these investors, they offer higher than average returns. [I want to make a very important distinction between what I define as a “start-up” and an “on-going business”. A start-up is a few people that only have a business idea who want to spend your money instead of theirs – never invest in them! Leave these to the professional evaluation of a venture capital firm. An on-going business is already being run by someone professional who has current customers, suppliers, location, products, or services – these are the types of businesses you want to invest in].

You may be simultaneously networking with local business owners, educating yourself about their industries and the local economy, and checking the reputation of those with whom you are interested in becoming a partner. Introduce yourself as someone that has been watching their success, and indicate that might want to invest in one of their future projects. It could be a business owner who has four retail stores and that you’d like to invest with them to open their fifth store; or the owner of a local manufacturer needs some capital to startup selling products overseas; or invest in a developer that splits large plots of land into residential lots; or an investor that packages privately held mortgages. There are many local investing opportunities that offer the investor greater control than buying public stock, along with higher investment returns.

Direct ownership requires a few skills that buying a CD or mutual fund doesn’t require, but you will be well compensated for developing these skills. The first skill to learn is some basic accounting because financial numbers is the language of every business. You need the basics to start reading financial statements in order to evaluate potential deals. If your desire is to invest in car dealerships, you need to know the difference between a well-run or a poorly-run dealership from reviewing their financial statements. The next skill is networking to locate deals – get your phone ringing, business card circulating, and e-mail account filling with potential deals. Private equity and debt financing is normally offered to family and friends, then acquaintances; and this will only happen if you are meeting people and talking about what you are looking for. The third skill is performing due diligence; which means independently verifying as much as possible about the individual, the company, and the transaction so that you can be reasonably confident in getting paid in full. Few local private offerings will have a prospectus written by teams of lawyers and accountants who have dissected the offer, so you, personally, have to do the work. No matter if this is a relative or a friend, there are people who will steal your money and disappear or people that mean well but are unable to follow-through and build a successful business. In either case, your hard earned money is long gone so you should take great pains to get independent third-party verification of all the facts and history that you can.

I personally know a few people that have built their wealth with the high returns from private placement offerings, and wouldn’t invest in the stock market due to the lack of control and lower average return. If you have the willingness to put forth the effort, great returns can be yours as well.

For ten years the world has been watching with Awe and Admiration the Phenomenal success of Jeff Bezos the Founder and CEO of Amazon.com.

The goal of each and every Entrepreneur be they Home Based Business or not is to achieve success and rise to the top.

Success does not come easily. It requires Hard Work, Commitment and Dedication to reach the top as an Entrepreneur. Attaining your goal is often easier if you can follow the path already trodden by Brilliant Entrepreneurs. Pick up some Great Ideas and Tips that rocketed them to Fame and Fortune and try to implement them.

In this respect the Phenomenal success of Jeff Bezos, dubbed by Time Magazine as the " King of Cybercommerce" comes to mind. His spirit of Adventure, Imagination, Innovation and Creativeness are some of the qualities that have made Amazon.com what it is today.

In 1994 he set up his Home Based Business in a two bed roomed house in Seattle with extension leads running to his garage. There was no turning back and the tremendous progress he made is history.

Today Amazon serves over 45 Million customers and well over 600,000 Associates. Amazon.com is the Internet's most popular brand name. It is the largest Internet retailer in the world. Jeff Bezos the founder and CEO is a multi-billionaire and one of the richest men in the world.

A few quotes of Jeff Bezos will display the characteristic thinking behind the success of this brilliant entrepreneur and the dominance of Amazon.com.

1."A brand for a company is like a reputation for a person. You earn reputation by trying to do hard things well."

2."If you do build a great experience, customers tell each other about that. Word of mouth is very powerful."

3."There are two kinds of companies, those that work to try to charge more and those that work to charge less. we will be the second"

4."We see customers as invited guests to a party and we are the hosts. It's our job everyday to make every important aspect of the customer's experience a little better."

5." What we want to do is something completely new. There is no physical analog for what Amazon.com is becoming."

About his vision Jeff Bezos says “Our vision is the world's most customer-centric company. The place where people come to find and discover anything they might want to buy on line.”

To top it up he places great emphasis on the importance of the six core values-he insists on.
1. Customer obsession. 2. Ownership. 3. Bias for action. 4. Frugality. 5. High hiring bar. 6. Innovation.

Here are some very useful Ideas and Tips that all Entrepreneurs including the Home Based Business Entrepreneur can pick up from Jeff Bezos.

You have to be:

1. A Dreamer and never give up your dream
2. An Optimist and be Confident in what you do.
3. A Strategist, ready to meet all situations and circumstances.
4. Prepared to tread into areas where others have never trodden before.
5. Customer focused more than Marketing focused.
7. Obsessed about customers not competitors.
8. Innovative and keep on innovating.
9. Always thinking Big.
10.Working hard and charge less.

Finally a tip from Jeff Bezos for all Entrepreneurs,” Work hard, have fun, make history". Yes,That's what the "The King of Cybercommerce" has done with Amazon.com.

Copyright © 2005 Kanaga Siva.

Gone: Customers, sales, profits. Following is a simple little tale about how it happens.

"Jones was a typical entrepreneur who worked long hours and wore many hats.

"The problem was that all the hats screamed for attention. Jones solved the problem by wearing the hat that screamed the loudest.

"Unfortunately, this was only a temporary solution since all the hats kept screaming until they were worn.

"There was, however, one hat that never screamed. It never complained, whined or whimpered, even though it was lonely. It knew it was important, whether or not it was worn. That hat was right.

"One day the customers quit coming. The other hats became quiet; they no longer were needed. It was then that Jones noticed the hat named Marketing and how little it had been worn.

"'Why didn't I wear the Marketing hat?' thought Jones.

"For one thing, Marketing hadn't screamed for attention like the other hats. The other reason was that Jones was afraid the Marketing hat was too expensive to wear and would drain profits.

"But now there were no profits; the customers were gone.

"Jones put on the Marketing hat. It was time to get the old customers back, and to get new customers, too. It was time to wear the Marketing hat regularly.

"Even the other hats perked up."

(c) 2005 Neil Sagebiel

News reports often tell of the struggle to lift Africans out of poverty. One entrepreneur is doing her part to bring hope to that continent through a business endeavor that is now bringing its products to the world market.

The desire to help others is what originally led South African Elmare Lombard to leave her successful psychological practice after 15 years to start a natural aromatherapy line.

From experimenting with essential oils and plant-based oils in her kitchen to eventually seeking international markets for the line, Lombard has made her dream a reality today. Her Molo Africa line is now being distributed in the U.S. by BioPharmetics Inc.

But her company, founded with family members and community leaders, also helps establish farming projects for disadvantaged people in her native South Africa. Molo Africa has a proactive employment policy that helps single parents get jobs with the company or affiliated businesses. This initiative is designed to promote self-sufficiency and brings a sense of pride for individuals.

Molo Africa supports the independent farmers of Africa through advice and assistance; the purchase of raw products at fair market prices; and through education initiatives that help impoverished South Africans develop skills in agriculture, basic education, entrepreneurship and computer training.

The company's product line includes pure essential oils, natural aromatic room sprays, massage butters, shea soaps and scented candles. Molo is an African greeting meaning "hello." Bearing evocative African names such as "Hamba Suka" and "Sefako," the products contain essential oils that were extracted from exotic plants farmed and processed naturally in African countries.

Gertrude Mewy is an example of the kind of success story Lombard's company helped to create. The single mother from Guguletu, Cape Town, was raising her four children on a small salary as a domestic worker. But she dreamed of being an entrepreneur. With the help of the Foundation for Economic and Business Development, she started her own pottery business.

Her hard work paid off when she became a supplier of ceramic beads to Molo Africa. Its contract with Gertrude enables her to employ two full-time workers, both of whom are single mothers. Her business now supports nine people and there are plans for more business deals between Gertrude and Molo Africa.

www.dealermobilehome.com

Studies have shown that successful entrepreneurs possess these characteristics:

1. Self-confidence

This is that magical power of having confidence in oneself and in one's powers and abilities.

2. Achievement Oriented

Results are gained by focused and sustained effort. They concentrate on achieving a specific goal, not just accomplishing a string of unrelated tasks.

3. Risk Taker

They realize that there is a chance of loss inherent in achieving their goals, yet they have the confidence necessary to take calculated risks to achieve their goals.

Entrepreneurs are people who will make decisions, take action, and think that they can control their own destinies. They are often motivated by a spirit of independence which leads them to believe that their success depends on raw effort and hard work, not luck.

So which of these three main characteristics is the most important? Believe it or not, it has to be self-confidence. Without self-confidence, nothing else is possible. If you don't believe in your abilities, then the first challenge that arises may knock you off the path to achieving your goals. Here are a few things to keep in mind for maintaining a higher level of self-confidence.

Positive Thinking

Well, it all starts with a positive attitude, doesn't it? Believing that something good will happen is the first step. Negative thinking simply is not allowed. You must truly believe that there are no circumstances strong enough to deter you from reaching your goals. Remember too, that positive thinking can be contagious. When positive thinking spreads, it can open doors to new ideas, customers, friends, etc.

Persistent Action

Now all of the positive thinking and believing in the world is useless if it is not applied towards a goal. You have to take action, no excuses are allowed. This action must also be persistent. Trying once and then giving up is not going to be enough. Keep at it one step at a time. If you can't get by a certain step, then find a creative way to try again or just go around it.

At the beginning of this article we identified a few traits that are common among successful entrepreneurs. You should be able to look ahead and see yourself where you want to be. Now just maintain a strong belief in yourself and your skills, stick with it, and don't give up. If you can do that, you're already half way there!

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!

With Singapore’s desire to become a regional business hub, it plans to attract a good number of entrepreneur minds into the country from overseas. The EntrePass is a type of Singapore Employment Pass that is designed to facilitate the entry and stay of foreign entrepreneurs who are ready to incorporate and launch a business in Singapore. EntrePass was introduced in 2004 and is aimed at attracting foreign entrepreneurs into the country.  

Two categories of foreign nationals are eligible for the Singapore Entrepass:
•    A foreign national who is an entrepreneur ready to start a company/business and be actively involved in the operation of the company/business in Singapore.
•    A foreign national who is an existing shareholder/partner in a Singapore registered company/business and who wishes to become actively involved in the operation of the company/business.

The EntrePass allows global value-creating entrepreneurs and innovators to establish and run their business ventures in Singapore.

You don't need to have a Ph.D. from top-notch school or have millions in the bank to get started. All you need is a good business plan and some investment to cover your startup expenses and support yourself in the early stages.

Important Facts about EntrePass

•    Application for EntrePass should be made prior to incorporating your business in Singapore.
•    Along with EntrePass application, you will need to submit a 10 page long business plan. The details of preparing a good business plan are described in the subsequent sections of this document.
•    Businesses not of entrepreneurial nature for example, coffee shops / food courts, foot reflexology, massage parlours, karaoke lounges, money changing / remitting, newspaper vending, and tuition services etc will not be considered for an EntrePass.
•    The application processing time is usually 2-3 weeks.
•    If your application is successful, you will normally be issued an EntrePass that is valid for two years. You do not need to incorporate your business in Singapore until the successful outcome of your EntrePass application.
•    Your EntrePass allows you to bring  your immediate family members to Singapore to live with you.
•    The EntrePass is renewable for as long as the business remains viable. You are also eligible to apply for a permanent residence in Singapore in due course.

Importance of Business Plan for EntrePass Application

Preparing a good business plan for your new Singapore business is one of the most crucial aspects of applying for EntrePass. The Good news is that the business plan is expected to be relatively concise i.e. no more than 10 pages long.

In addition to its importance in applying for EntrePass, another important value lies in the process of researching and thinking about your business in a systematic way. The act of planning helps you to think things through thoroughly, study and research if you are not sure of the facts, and look at your ideas critically.

A well thought out business plan will not only improve your chances of getting a Singapore EntrePass, but it will also help you clarify your mind and better prepare for your entrepreneurship journey. The well-known fleas-in-the-box analogy applies to your plan as well; if you put a lid on the box, the fleas will learn to jump to that height only, but if there is no lid, they jump as high as they are capable of doing. Your plan should set that lid higher. At the same time you must be confident that figures in business plan are achievable. You must strike a good balance between optimism and realism.

Make sure business plan EntrePass is impressive in presentation. Your plan must get across to readers what is interesting about your business. Stress your marketing and sales strategy and include a break-even analysis. Be sure to include tax payments, payments to local accountants and other service providers and the fact that your business funds will be kept in a Singapore bank!

How to prepare a good business plan for EntrePass?

So are you ready to prepare your business plan and apply for Singapore EntrePass? The guide below will help you to get a better understanding of the various sections and contents that are expected in the business plan.  

1.    Executive Summary (Approx. half-page)
Write this section last and keep it to half-page. Provide a brief summary of product(s)/service(s), target customers, owners, and the future for your business and industry in Singapore.

2.    Business Concept (Approx. half-page to one page)
In this section you should include brief description of the proposed business and industry, a mission statement, company goals and objectives, business philosophy, strengths and core competencies of the proposed venture, critical success factors, and legal form of ownership. (To find out more about possible legal forms, see Singapore Business Structure Options for Entrepreneurs).  

3.    Product(s)/Service(s) (Approx. 1 page)
This is the place where you need to describe your product(s) or service(s) in detail. How will you differentiate your product(s)/services(s) from the competition? What will be your competitive edge?

4.    Marketing Plan (Approx. 2-3 pages)
No matter how good your product and/or service, your business venture will not succeed without effective marketing. And it begins with careful research and planning upfront. Talk about the size of your market, current demand, and future growth prospects, and opportunities for a business of your size. What barriers will you face with your new venture and how will you overcome them? Write about your targeted customers, their characteristics, and their geographic locations, otherwise known as their demographics. Write about your direct and indirect competition: who, their size, position in the market. How will your offerings compare with your competition? Use a competitive analysis table to compare your new Singapore Company with the two most important competitors. Include factors such as price, quality, selection, service, reliability, technical and management expertise, sales and marketing strength, etc. Make an honest assessment of your company’s strong and weak points against the competition. Outline your marketing strategy. How will you identify potential customers? How will you create awareness of your offerings? How will you advertise? What is your marketing budget (startup and ongoing)? What image do you want to project? What is your plan for creating marketing collateral (logo, website, business cards, brochures, etc.)?  How will you retain customers? Write about distribution channels. How do plan to distribute your products/services? What will be your pricing strategy?

5.    Operational Plan (Approx. 1-2 pages)
Explain the operations and resource needs of your new Singapore business venture. How and where your product(s)/services(s) will be produced? What equipment do you need? What is your procurement plan? Explain production, delivery, and quality control processes for your product(s)/services(s). Describe your location and space requirements?  Who will be your suppliers? What will be the proposed credit, delivery, and quality control policies? What are the legal requirements for your business? Business licenses? Other regulations that apply to your industry? Insurance coverage needs? What are personnel requirements? What type of workforce (skills and experience) do you need? Pay structure? Job descriptions? Duties & Responsibilities? Organizational chart? HR policies? Recruitment plan? What services do you plan to outsource and to whom? What are your inventory needs and how do you plan to manage it? How do you plan to manage your accounts receivables and accounts payables?

6.    Financial projections (Approx. 2 pages)
Provide projected sales and net profit before tax for three years, startup expenses, cash flow projections, and breakeven point, key assumptions. The intended startup capital for your new Singapore business must be able to cover your startup expenses and keep you afloat for the first 6-months. Many startup businesses fail because they run into cash flow problems soon after they start. The person who will be evaluating your Singapore EntrePass application will definitely be paying close attention to this.

7.    Management Team (Approx. 1 page)
Talk about your past employment and business experience, achievements, key competencies, and roles & responsibilities. Identify weak areas and how you plan to address them.

8.    Supporting Documents
Here you can provide any supporting documents that you have to backup the information you provided in your business plan. This might include customer leads, written articles, awards, certifications, etc.

Although it requires some effort and research, preparing a good business plan is not as difficult as you might think. Writing a business plan is just capturing your longer-term goals, objectives, estimates, and forecasts on paper. It typically takes couple of weeks to complete a good plan. Most of that time is spent in research and re-thinking your ideas and assumptions. So make time to do the job properly. Those who do, never regret the effort.

Estate Planning legal firm

Mortgage Interest Rates, Lending

Home Inspection Course, Building Inspectors

Many of us maintain the tradition of making New Year's resolutions for our personal lives. The New Year has just as special significance for our businesses too.

Whether you're an experienced business owner or are just starting out (or thinking about starting a business), there are 5 crucial steps you need to take at the beginning of the year to assure the 2006 is your most prosperous year ever.

1. If you have not done so yet, take advantage of the greatest tax shelter available today: the opportunity to start a small business and organize your business activities to generate multiple streams of income for you.

If you have been thinking about starting your own business but are still sitting on the fence, resolve to take action today! With the internet making getting into business for yourself easier and more cost-effective than ever, there's no excuse for not taking that crucial first step.

2. If you already own your own business make sure that you're generating income from more than once source.

This way, if changing economic conditions exercise a negative effect on one stream of income, you are not left high and dry (so to speak!). If you're involved in network marketing, you'll have to make a point of ignoring those who would have you focus exclusively on a single company (often start up) that might not be around 5 years from now). You can and should diversify (within reason, of course!).


3. Make sure that you are using the most advantageous structure for operating your business.

This applies to you whether you have a traditional bricks-and-mortar business, operate a UPS Store franchise, or are operating an e-business doing affiliate marketing.

If you're operating your business as a sole proprietor, as most small business owners do, your business is not in the most advantageous position to reap the fruits of the generous tax deductions available to small businesses. More important, you are placing all your personal assets, including your home, your vehicle, your personal savings, and your family's future at risk.

Today, it's no longer as cumbersome as it used to be to establish an alternative business structure that will protect you from such risk. And with all the resources now readily available to the average person at minimal cost, you don't have to incur massive legal fees just to get started.


4. Resolve to learn the information you need to know to operate your business in the most profitable manner.

Continuing education about structuring and operating your business is an absolute necessity for the entrepreneur. Even if you have an accountant or attorney on your mastermind team, how do you know if she has the knowledge and sophistication to handle this for you properly? Unfortunately, too many, do not, and their lack of expertise can cost you thousands of dollars. If your accountant or attorney tells you, for example, that you "don't need" an LLC or corporation to do business, you'll know to run--do not walk--out of their office as quickly as possible and search elsewhere for competent advice.

In addition, even if you have compentent counsel, it is your responsibility as a business owner to operate your company in accordance with governent requirements governing corporations, partnerships and LLCs.


5. Adopt a Mindset that Focuses on Tax Reduction as a Way of Life

The largest single expense of most Americans is taxes. To optimize your bottom line, you must be up to date on which expenses are tax deductible for your business and keep proper records to document them. Using a credit card--even a personal card dedicated to your business--and an accounting program that is specifically for businesses--we recommend QuickBooks by Intuit--will help you immensely in keeping track of your expenses. It can be bought at a substantial discount on eBay.


Implementing these 5 steps might sound complicated at first, but they are well worth the trouble. Remember that in running your business, "Keep it simple" can be costly advice. What simplest--setting up shop as a sole proprietor, operating on a cash basis, using your personal bank account instead of a separate business account for your business, and failing to track and document expenses using appropriate business accounting software--can hazardous to your financial future.

Take advantage of the fresh start spirit of the New Year to implement these 5 tasks, and you'll be on your way to making this year your most profitable ever.

©Copyright 2006 Azur Pacific Associates. All media and formats known and unknown. All rights reserved.