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November 9, 2009

Finance tips – What kind of small business to start

Filed under: Finance — Tags: , , — admin @ 1:29 pm

Determining just what kind of small business you will start is definitely a difficult decision. But to one who knows how to go about it, you can start a business with very little difficulty if you just follow a few simple steps in determining what you will do.

First on this list of steps is determining what skills you have. It would be advisable to start a small business that didn’t require any extra training. Why? Well, needing to get extra training will require both time and money… neither of which are obtained easily. In fact, odds are good that if you had the time and money to go back to school, that you would do so and get a better paying job… thereby negating the need to start a small business altogether!

So, it is best to start a business that will either utilize the skills you already have, or one that doesn’t require any specialized skills. For example, if you are a computer programmer, consider building custom websites on the side! Or, if you do not really have a specialized skill, start a hot-dog stand on the weekends? This requires only a minimal amount of knowledge, and some common sense.  There are dozens of small business opportunities that you can start without obtaining extra training. (more…)

October 4, 2009

Finance tips – Starting a small business and sticking with it

Filed under: Finance — Tags: , , , — admin @ 1:23 pm

Starting a small business is an incredible way to start making more money on the side. In fact, who knows? You might end up being so successful that you end up starting another branch to your business, hiring someone else to oversee what you have already set into place. Or, you might make enough to quit your day job! This way, you could be your own boss, and finally be independent. You wouldn’t need someone else to write you a paycheck, because you would be the source of your own income!

But, just like anything worthwhile, a small business is not easy. It will take time, dedication, and hard work to develop properly. There will be times when you will find yourself very excited about it, and there will be times in which you will feel like giving up. You might wake up one day and think “wow, I am so excited about this”, and then you will wake up the next and think “why did I ever start this?”. Well, you are not along. It is frustrating, especially when it seems like you will never make any money. But remember that it takes time to succeed. (more…)

September 25, 2009

Finance tips – Starting your own small business

Filed under: Finance — Tags: , , — admin @ 1:15 pm

There are a lot of people nowadays who are finding it hard to make ends meet. This is not surprising, considering all of the financial struggle that has taken place within the last couple of years. Credit crunches, mortgage trouble, layoffs, rising expenses… all of these spell “hard times” to most of us in at least one way or another. Many people have lost their jobs, and have been forced to find jobs that don’t pay nearly as well. We have all heard the stories… mortgage lenders or stock brokers who lost their middle-class paying jobs and were forced to work as waiters or pizza delivery men… and this is only the brunt of the financial trouble that has plagued all of us.

Starting your own small business can be a great way to make up that extra income. Many people don’t realize that starting a small business doesn’t necessarily mean that you have to have a large chunk of “capital” to start out with. A few hundred dollars can get a company rolling that will make you some great extra money… and all you have to do is get it going! You might not be able to quit your day-job, but earning some extra money every month wouldn’t hurt, would it?

There are a lot of small business opportunities that you could research. You should definitely do your homework, and find out what opportunity best fits your skills and situation. The ideal small business is one which utilizes skills or equipment that you already possess. This way, your capital investment is minimal, your education needs are already met, and you can go right into the process of marketing your small business. Once you get rolling, you just need to stick with it.

March 15, 2009

Use your home as a Tax Deduction

Filed under: Taxes — Tags: , , , , — admin @ 12:24 pm

This is also one of the tax saving technique used by a very few people. If you are the owner of a small scaled miniature business, company or any organization, then you can use that house of yours as a home office for work purposes. This will help you to get deductions on the taxes on that place, as it is being used for company purposes. In this way, you can invest in property as well as pay less tax on it.

You can avail such tax benefits only if your company or business is small scaled. If it’s a big company, then you may not get the benefits on tax, as only small business owners qualify to take home office tax deductions. But if you own or work for a small business you are eligible. Even if you only ‘telecommute’ one day a week you still qualify to claim some of your home expenses as business tax deductions.

For example, if the tax amounted on a property of yours is three thousand dollars, then if you are using it for home office purposes, the tax will amount to a reduced Fifteen hundred to two thousand dollars, thereby saving a lot of valuable money.

You can also take deductions or show deductions on operating your home leading to further saving of taxes. Since you need electricity in your home in order for it to be an office, or heat or whatever else, many other home expenses can be used, at least in part, as tax deductible business expenses.

If you own a small business consider doing your financials, payroll, accounting, etc. from home. Or perhaps get a business line installed at the house and have expanded home office hours. Anything you can do to work in your home allows you to consider your home as an office and get a nice sized tax deduction.

Hopefully now you can see how having a home office can save you a lot of money come tax time if you own or work for a small business. There are so many different available tax deductions that many people fail to claim, be sure you get all the deductions that you deserve.

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