The sun will come out tomorrow -- but in reference to when the unemployment rate is expected to peak north of 10 percent, just which "tomorrow" we're talking about depends on who you ask.
Tomorrow could very well be this time next year, according to about half of 49 leading economists surveyed by USA Today. Another 16% push that peak Federal Reserve chairman Ben Bernake, however, expects that peak will occur much sooner, and begin to recede before the year is up.
Tired of the guessing game? As my small-business colleagues from around the blogosphere and I have been reporting for months on end -- even before the R-bomb was officially dropped late last year -- more and more people are taking their careers into their own hands and starting their own small businesses. Some call them "accidental entrepreneurs" -- Accidental? Really? -- but no matter what circumstances place you in a new small-business state of mind, the federal tax responsibilities that come along with them won't take care of themselves.
So hot off the press (that's an idiom), the IRS has served up the following checklist of basic tax considerations for anyone who has started or is about to start a business.
1. First, you must decide what type of business entity you are going to establish. The type your business takes will determine which tax form you have to file. The most common types of business are the sole proprietorship, partnership, corporation and S corporation.
2. The type of business you operate determines what taxes you must pay and how you pay them. The four general types of business taxes are income tax, self-employment tax, employment tax and excise tax.
3. An Employer Identification Number is used to identify a business entity. Generally, businesses need an EIN. Visit IRS.gov for more information about whether you will need an EIN. You can also apply online.
4. Good records will help you ensure successful operation of your new business. You may choose any record-keeping system suited to your business that clearly shows your income and expenses. Except in a few cases, the law does not require any special kind of records. However, the business you are in affects the type of records you need to keep for federal tax purposes.
5. Every business taxpayer must figure taxable income on an annual accounting period called a tax year. The calendar year and the fiscal year are the most common tax years used.
6. Each taxpayer must also use a consistent accounting method, which is a set of rules for determining when to report income and expenses. The most commonly used accounting methods are the cash method and an accrual method. Under the cash method, you generally report income in the tax year you receive it and deduct expenses in the tax year you pay them. Under an accrual method, you generally report income in the tax year you earn it and deduct expenses in the tax year you incur them.
7. Visit the Business section of IRS.gov for resources to assist entrepreneurs with starting and operating a new business.
If you're still on the fence about what kind of business to start, check out Research & Markets' compilation of 50 industries that have best weathered previous economic downturns, with a specific focus on small business industries.
by Gayle Kesten | businessknowhow
Showing posts with label Small Business. Show all posts
Showing posts with label Small Business. Show all posts
Tuesday, August 4, 2009
Saturday, July 11, 2009
Small Business Management Principles
For any business to flourish the management needs to be innovative and creative. As a manager find an excellent role model, either an individual or a company. Establish what makes them successful and then emulate their mode of operation to your small business depending on your needs.
As you emulate avoid pursuing courses of action that are of no value to you or your business. Absorb only that which is essential to running of your business operations. Seek to improve excellence in financial management by budgeting before spending. Avoid lip service and approach your business with policies that suit you and your small business. Adopt and adapt to methods that have been tried and have proved to produce excellent results.
Problems should be confronted and resolutions found as they occur. Solutions are good for as long as they work. Being knowledgeable and well informed in your line of business will greatly improve your business performance.Significantly, consult widely on models of managing a small business. Observe your competitors closely and always stay ahead of them. Come up with innovative ideas that counter whatever your competitors are offering. It's also recommended you get a mentor whom you respect and has succeeded in his area of operation preferably in business.
Take control of your finances by coming up with a budget before purchasing or investing. This will help avoid overspending and hence invest effectively. Balance is everything, so every aspect of management has to be excellent and produce results on all key aspects of a small business. The product of excellence is excellent results, financial or non-financial.
By Stephen Kavita
[via ezinearticles.com]
As you emulate avoid pursuing courses of action that are of no value to you or your business. Absorb only that which is essential to running of your business operations. Seek to improve excellence in financial management by budgeting before spending. Avoid lip service and approach your business with policies that suit you and your small business. Adopt and adapt to methods that have been tried and have proved to produce excellent results.
Problems should be confronted and resolutions found as they occur. Solutions are good for as long as they work. Being knowledgeable and well informed in your line of business will greatly improve your business performance.Significantly, consult widely on models of managing a small business. Observe your competitors closely and always stay ahead of them. Come up with innovative ideas that counter whatever your competitors are offering. It's also recommended you get a mentor whom you respect and has succeeded in his area of operation preferably in business.
Take control of your finances by coming up with a budget before purchasing or investing. This will help avoid overspending and hence invest effectively. Balance is everything, so every aspect of management has to be excellent and produce results on all key aspects of a small business. The product of excellence is excellent results, financial or non-financial.
By Stephen Kavita
[via ezinearticles.com]
Thursday, June 4, 2009
Tips For Entrepreneurs and Small Businesses
Whether you've just started out in business or taken the first step toward marketing your small business, there's a lot to learn. Whether you've hired a full-time employee or selected a partner you trust to work with to achieve your goals, you need to ensure your investment is good. To get your money's worth, maintain a healthy professional relationship, keep up momentum, and ensure a smooth process, consider the following tips.
1. Communicate your expectations and share the ideas in your head about all aspects of the project. A good partner or employee charged with managing a project will want to know what you expect, will ask questions to draw that out, help you articulate it, and make sure they understand it. Sometimes, however, it helps to be proactive in identifying and communicating what you want-and what you don't. With some introspection and honesty, you can also identify any preconceived ideas you have, especially about budget, costs, and the relationship. Sharing those upfront will allow your marketing person to help you understand what's possible, design a project scope that meets your needs, and ensures a mutually beneficial path.
2. Understand and believe in the value of what the marketing project will accomplish. Without clear, future goals and marketing projects that are investments towards achieving them, you have no way of quantifying success and so every expense can seem like an unnecessary cost. You-and you alone-must be emotionally and financially ready to promote your business or the project is not worthwhile. If your goal is "a more professional image through marketing," you must attach a value to that today. Whatever your goal is, in a best-case scenario, you feel as though you are getting a good deal and your marketing person feels they are being well compensated.
3. Be open to new ideas. The idea that you had regarding your initial project may not be the solution-or the only solution. Sometimes you will have a project in mind-something you believe you need because someone said so, your competition has it, or you read about it somewhere. By looking closely at the aforementioned goals, however, this may or may not be a professional marketer's recommendation based on your target market, product or service offering, channel structure, or any number of variables that they are trained to consider. Start discussions with the problem and you'll have a wider range of potential solutions to choose from that match your budget, your style, and your true needs.
4. Decide how the project will be managed. Most often, a marketing partner or employee was brought on to manage the project. Most of us went into business for ourselves because we are experts in our field. We know how to do something and do it well. If you are hiring a professional marketing person, chances are they can manage the project at hand (and will provide a plan or statement of work to do so) while you focus on doing what you do best. If you need to manage the project directly, however, let your prospective partners know the level of involvement you would like. This will ensure a good fit and an amicable relationship based on clear lines of who's-doing-what-by-when. (In best cases, however, the "how" is best left to your marketer. After all, that is what you're paying for!)
5. Make your project a priority. Once you've started, remain mentally committed to the project and don't lose sight of the goal. Many projects stall and have an impact on the quality of results, not to mention the bottom line. If you get busy and/or do not have the commitment level, fortitude, time, or money to invest in your marketing and/or entrepreneurial efforts appropriately, try to continue on a smaller scale or add resources to the project. For the project to run smoothly, responsiveness from all parties involved and adherence to deadlines should be expected. That said, your marketing person should be making your project a priority as well.
Like most professionals, your marketing person will be best prepared, equipped, and excited to see your project through-and you'll be pleased with the results-if you're able to establish a rapport and follow through on the tips above. When I take on a marketing project, I am just as invested in that company's or individual's success as my own because I realize that they are one and the same. I hope these tips provide food for thought and insight for you when your next project arises.
source : Tracy Diziere - ezinearticles
1. Communicate your expectations and share the ideas in your head about all aspects of the project. A good partner or employee charged with managing a project will want to know what you expect, will ask questions to draw that out, help you articulate it, and make sure they understand it. Sometimes, however, it helps to be proactive in identifying and communicating what you want-and what you don't. With some introspection and honesty, you can also identify any preconceived ideas you have, especially about budget, costs, and the relationship. Sharing those upfront will allow your marketing person to help you understand what's possible, design a project scope that meets your needs, and ensures a mutually beneficial path.
2. Understand and believe in the value of what the marketing project will accomplish. Without clear, future goals and marketing projects that are investments towards achieving them, you have no way of quantifying success and so every expense can seem like an unnecessary cost. You-and you alone-must be emotionally and financially ready to promote your business or the project is not worthwhile. If your goal is "a more professional image through marketing," you must attach a value to that today. Whatever your goal is, in a best-case scenario, you feel as though you are getting a good deal and your marketing person feels they are being well compensated.
3. Be open to new ideas. The idea that you had regarding your initial project may not be the solution-or the only solution. Sometimes you will have a project in mind-something you believe you need because someone said so, your competition has it, or you read about it somewhere. By looking closely at the aforementioned goals, however, this may or may not be a professional marketer's recommendation based on your target market, product or service offering, channel structure, or any number of variables that they are trained to consider. Start discussions with the problem and you'll have a wider range of potential solutions to choose from that match your budget, your style, and your true needs.
4. Decide how the project will be managed. Most often, a marketing partner or employee was brought on to manage the project. Most of us went into business for ourselves because we are experts in our field. We know how to do something and do it well. If you are hiring a professional marketing person, chances are they can manage the project at hand (and will provide a plan or statement of work to do so) while you focus on doing what you do best. If you need to manage the project directly, however, let your prospective partners know the level of involvement you would like. This will ensure a good fit and an amicable relationship based on clear lines of who's-doing-what-by-when. (In best cases, however, the "how" is best left to your marketer. After all, that is what you're paying for!)
5. Make your project a priority. Once you've started, remain mentally committed to the project and don't lose sight of the goal. Many projects stall and have an impact on the quality of results, not to mention the bottom line. If you get busy and/or do not have the commitment level, fortitude, time, or money to invest in your marketing and/or entrepreneurial efforts appropriately, try to continue on a smaller scale or add resources to the project. For the project to run smoothly, responsiveness from all parties involved and adherence to deadlines should be expected. That said, your marketing person should be making your project a priority as well.
Like most professionals, your marketing person will be best prepared, equipped, and excited to see your project through-and you'll be pleased with the results-if you're able to establish a rapport and follow through on the tips above. When I take on a marketing project, I am just as invested in that company's or individual's success as my own because I realize that they are one and the same. I hope these tips provide food for thought and insight for you when your next project arises.
source : Tracy Diziere - ezinearticles
Sunday, April 5, 2009
5 Easy To Avoid Mistakes in Your Small Business Marketing
Do you have a brand new business sprouting as we speak? Or may be you own a small business trying to find its feet? In either case you need a plan to reach your target customer. And you need it fast.
Just like the big Fortune 500 companies, even the humblest of start-ups need a thorough road-map. What makes it different for start-ups is that they can't afford a lot of trial and error. You can't afford to loose a million dollar in market research or focus groups to find out what might work. You have to risk, but do it in a small, one-step-a-time manner. Lets find out what to avoid in your initial marketing and promotional exercises.
1. Acting Small
Greatest sin you can commit in this time and age is to act small. Of course, you are a small business but internet gives you a level playing field with the big guys. So go out, get a neat website, find some multiple-id corporate email ids, get a toll-free no. and open the shutter to public. Dn't make it blatantly obvious that you are a one-man/woman band. Find ways of being big- not small.
2. Underselling
Yes, you are just starting out. Every penny counts and you have mounting bills. Granted. Undercutting a competitor by underselling can be a business strategy, but simply trying to survive by taking whatever you can- is a SOS signal. Remember, price is an integral part of your marketing mix, please do not dilute it. 'Better-value' is a unique proposition'; ‘cheap-product' is not.
3. Boasting
Do you have references and testimonials to prove your credibility? Is there a way of telling your customers that you know what you are doing? If not, then whatever you say in support of your product and services will sound like an over-hyped speech. So please be careful. Your sales page might be boasting beyond your customer’s logic.
4. Blabbering Online
If you have a business to manage, you have a reputation to guard. Blabbering on online forums, writing sleazy chain-emails, or, commenting rudely on blogs will all show on your Google resume. Watch what you do online.
5. Freeby-Mania
Its very common for new small business owners to be always on the lookout of freebes. Not bad. As long as it cuts the cost and provides added productivity. Beware of too many freeby links in your website, or, emails. Maybe that presentation that you made with free software that left a 'sample' watermark, can find its way to your clients.
Hopefully these tips will help you guard against small errors you can make in a bid to quickly promote your business. These are all common-sense pitfalls. Make a habit of avoiding them once will help you throughout your entrepreneurial career.
By : ZAGGER NAUT
source : amazines
Just like the big Fortune 500 companies, even the humblest of start-ups need a thorough road-map. What makes it different for start-ups is that they can't afford a lot of trial and error. You can't afford to loose a million dollar in market research or focus groups to find out what might work. You have to risk, but do it in a small, one-step-a-time manner. Lets find out what to avoid in your initial marketing and promotional exercises.
1. Acting Small
Greatest sin you can commit in this time and age is to act small. Of course, you are a small business but internet gives you a level playing field with the big guys. So go out, get a neat website, find some multiple-id corporate email ids, get a toll-free no. and open the shutter to public. Dn't make it blatantly obvious that you are a one-man/woman band. Find ways of being big- not small.
2. Underselling
Yes, you are just starting out. Every penny counts and you have mounting bills. Granted. Undercutting a competitor by underselling can be a business strategy, but simply trying to survive by taking whatever you can- is a SOS signal. Remember, price is an integral part of your marketing mix, please do not dilute it. 'Better-value' is a unique proposition'; ‘cheap-product' is not.
3. Boasting
Do you have references and testimonials to prove your credibility? Is there a way of telling your customers that you know what you are doing? If not, then whatever you say in support of your product and services will sound like an over-hyped speech. So please be careful. Your sales page might be boasting beyond your customer’s logic.
4. Blabbering Online
If you have a business to manage, you have a reputation to guard. Blabbering on online forums, writing sleazy chain-emails, or, commenting rudely on blogs will all show on your Google resume. Watch what you do online.
5. Freeby-Mania
Its very common for new small business owners to be always on the lookout of freebes. Not bad. As long as it cuts the cost and provides added productivity. Beware of too many freeby links in your website, or, emails. Maybe that presentation that you made with free software that left a 'sample' watermark, can find its way to your clients.
Hopefully these tips will help you guard against small errors you can make in a bid to quickly promote your business. These are all common-sense pitfalls. Make a habit of avoiding them once will help you throughout your entrepreneurial career.
By : ZAGGER NAUT
source : amazines
