What is a MLM Business and What You Need to Know About Them

Written by 9 Comments
people_in_pyramid

Looking to improve your situation by starting your own business?

As you’re doing your research you may run across some amazing claims by potential business operations that promise you the ability to work for yourself while selling great products.

The old mantra of “if it is too good to be true, it probably is” should raise a red flag in your head.

When an individual or business claims they’re going to make everyone rich and successful, you are probably speaking to someone involved in an MLM business scam.

What is a MLM Business?

Continue Reading

Why You Need a Small Business Credit Card

Written by 5 Comments

Many of us with small and home businesses don’t think a lot about getting a credit card.

After all, what do we need with a business credit card, when everything is so…small?

However, a small business credit card can be a good move for just about any small business — even if you don’t think that you need one. There are advantages to having a credit card in the name of your small business.

Here are some of the advantages of having a small business credit card:

Build Credit for Your Business

Continue Reading

How will Obamacare Affect Small Business?

Written by 21 Comments

Since the economy began recovering from the economic crisis of 2008 and 2009, Washington has used one key talking point.

According to politicians, the key to a sustained economic recovery in America is the strength and health of the small business community.

Small businesses create more jobs than large corporations and according to some economists, have led the way in recoveries during past recessions.

But much of the small business community feels like Washington’s commitment to their growth may have been nothing more than talk in light of the recent Supreme Court decision that upheld the Patient Protection and Affordable Care Act, better known as Obamacare.

Some of the key provisions of this law include:

Continue Reading

The $100 Startup Only72 Sale – Follow Your Passion and Make Money Doing It

Written by 1 Comment
100startup-300

How do you answer “what do you do?” when you meet someone for the first time?  Do you give a sheepish answer?  Do you shrug off the question because you don’t truly love the work you do?

I’ve been in that position!

Ever wish you could start your career over?

Would you love to create your own business that you love?

Do you want to be your own boss?

Chris Guillebeau has travelled to over 175 nations.  He’s looking to visit every country on Earth.  Oh, and he’s only in his early thirties (in contrast, I’ve been to about 5 countries besides the U.S. and except for Canada, all the others are Caribbean tourist destinations).

That in itself is a pretty cool and interesting feat!

But how does he pay for all that travelling?

Well, Chris has a certain knack for taking his ideas and turning them into profit.

In his latest book The $100 Startup, Guillebeau culls together information from 50 case studies of individuals who have built businesses that earn $50,000 and more, many of which started out with $100 or less.

The book is a simple guide to help you find your own personal expertise that you can build a business into.  Read valuable lessons from other successful entrepreneurs and see how you can do the same.

Sounds like a pretty cool book, right?

It’s on my reading list and it’s not even out yet.

Only72 Sale

Continue Reading

Should I Climb The Corporate Ladder Or Start My Own Business?

Written by 15 Comments

When it comes to accumulating wealth, there are 3 main ways to go about it.

  • One, you can work for someone else, get paid a salary and try to save some money with every paycheck;
  • Two, you can make your money work for itself by investing it wisely;
  • And three, you can start your own business and become your own boss.

The 3 choices above are not all equally effective.  In fact, I would say that investing your money wisely and starting your own business are the only truly scalable ways to make money.

First off, what do I mean by scalable?

Let’s take your day job as an example.  If you work for someone else, chances are you are either paid by the hour or paid a fixed salary.  As a result, since there are only 24 hours in a day, there’s is only a finite amount of money that you can possibly make in a given year.

Sure, you might get a small raise from year to year, but in reality you will never be able to make “life changing” money with just your day job.

Now I’m not saying that having a day job is bad.

After all, having a steady salary is an excellent way to make ends meet and pay the bills.  But the best way to expand your pool of wealth is by starting your own business and investing the money that you do accumulate.

The Trap Of Working For Someone Else

Continue Reading

How the Small Business Jobs Act of 2010 Can Help You Save with Your Business

Written by 1 Comment

For many small business owners, being able to find every advantage is important — especially during tough economic times.

What many small business owners don’t realize, though, is that there are some provisions that help them save with their businesses.

The Small Business Jobs Act of 2010 provides you some opportunities to reduce your tax liability, saving money for your business.

If you qualify for the provisions in this law, the money you save can be used to go back into your business, helping you grow.  Plus, the tax breaks can help you stay afloat when you are struggling.

Here are some of the ways the Small Business Jobs Act of 2010 can help your business:

Treating Section 179 Property as an Expense

Continue Reading

What Business Expenses are Tax Deductible?

Written by 3 Comments

When it comes to reducing business income for tax purposes, the tax deduction is one of the most popular methods.

You can deduct some of the money you spend on business and lower your taxable income.

However, it’s important that you understand what makes an expense tax deductible for business purposes.  Otherwise, you could find yourself red-flagged by the IRS.

But What Business Expenses are Tax Deductible?

Ordinary and Necessary Expenses

Continue Reading

Is Your High Power Job Worth the Sacrifice?

Written by 9 Comments

Many students go to college and pursue known money-making degrees—engineering, computer science, and business among a few of them.

They may pursue these career tracks because they are truly interested in the field, or they may choose them because they want to be financially comfortable during their lifetimes and they know that a lowly English major, while pursuing her passion, will never be rich.  (Ask me how I know.)

Follow these individuals 20 years later when they have achieved a great deal of financial success, and you may find them less delighted with both their lives and their chosen career paths.

A High Power Corporate Job Isn’t All It Seems

Continue Reading

Obama Proposed Corporate Tax Reform – Cut Tax Rate But Seal Up Loopholes

Written by 7 Comments

It’s yet another example of something that most lawmakers agree on yet it most likely will not get done.  Washington gridlock is alive and well even when there is no disagreement on the core issue.

That is the main problem with the corporate tax.

Currently, American corporations pay a 35% tax rate, higher than any other advanced country and most lawmakers, tax experts and, of course, corporate CEOs believe that this is too high.

Because of that, President Obama proposed lowering the tax rate to 28% in an attempt to make America a more corporate friendly place to do business.

The chances of this issue gaining enough traction to get through Congress is essentially none.

Here’s why. Continue Reading

What is Self-Employment Tax?

Written by 2 Comments

When you work as someone who is self-employed, one of the costs of doing business is paying the self-employment tax. As you get ready to pay your taxes, don’t forget that you will need to add the self-employment tax.

What is the Self-Employment Tax, and Who Must Pay It?

The self-employment tax encompasses Medicare and Social Security taxes.  For those who are more traditionally employed, these taxes are automatically taken out of the paycheck.  The employer pays a portion of the tax, and the employee pays a portion.

Note that as a self-employed person, you will be responsible for the entire tax on your own — both the employer portion and the employee portion.
Continue Reading