What to Look For in Your Own Business

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Starting a successful business means asking the right questions, the first of which is: are you an entrepreneur? Would you enjoy starting and running your own business? Having the responsibility and discipline to do what needs doing when it needs doing? And continue to do so even when there’s not a lot of money coming in in the beginning? Beginning the process of starting your own business is a big step to take. It will change your life. Starting a business is one of the most challenging, but rewarding things you can do but it can also be a quite a stressful task. Starting your own business is both rewarding and scary as hell.

Typically, you will begin by analyzing yourself as an entrepreneur before you even think about quitting your day job. There are key questions you need to consider. Ask yourself ‘If it doesn’t work what can I do.” Are you disciplined enough to work from home? I also find it a great idea to surround yourself with the right type of people who can help push you forward. People who can encourage and motivate you and help you through when there’s no light at the end of the tunnel. Make sure you have a very good idea of what kind of work you’re getting yourself into when you run a new, small business.

Sit down and think through what you’re going to do, how you’re going to do it, and how much money it will take. And you’ll need a business plan when you go out and raise money to fund your new venture. All businesses need capital/money to finance its operation… whether you are starting an online store or a store in your neighborhood.

How much money will it take to start your new business? Learn how to pinch your pennies during startup and build a successful business. Make sure you do enough research on starting and establishing a new business.

The Small Business Planner includes information and resources that will help you at any stage of the business life cycle. Study it and study it well. Businesses change as products, technology, regulations, consumer tastes, competition and many other factors change. Business is similar to sports in that you need basic skills to do well. Business marketing is an important step of your total planning package.

You can even make your hobby, something you love doing, into a business and cut your tax bill. There are innumerable cases of “hobbies” converted into “businesses” with expenses allowed. Their expenses were considered ordinary and necessary business expenses even though you have to prove your business expenses, with receipts, checks or a journal that’s regularly updated.

Here’s the best part: Your business doesn’t have to make a profit for your expenses to be deductible. It’s recognized and expected that new businesses probably won’t make a profit in the early years. In fact, in the early years, you can insist that the IRS defer any challenge for the first five years as to the legitimacy of your business by filing Form 5213.

So you see, by doing your homework in advance you can certainly lessen a lot of the start-up stress of getting your new business of the ground and running at full speed.

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