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Being Your Own Boss – How to Start Your Own Business From Scratch!

Life as an entrepreneur, soloprenuer, small business owner, or independent contractor is very different from one business professional to the next. What makes it different depends on your business model, your passion and tolerance for risk, and whether or not you are promoting tangible or intangible products and/or services. Having said all that, you want to start a business and you want to do it from scratch. Great! Being a business owner is like all things in life: it can be rewarding and frustrating at the same time. I am here to tell you how you can minimize your frustrations and reap the rewards sooner rather than later with the following 6 simple tips on how to start a business from scratch.  

1.  Write a business plan. Oftentimes we start a business out of passion or disgusting for working for someone else. We jump head first into the deep end of self-promotion, yet we forget to take the appropriate steps that lead to the best results. A Business plan can be as simple as writing down your company’s vision, mission, objective, strategies and action plan(s) or it can be as sophisticated as showing income projections over the next few years, marketing efforts, sales strategy, cash flow, etc. Regardless on how simple or sophisticated your plan is, you have to start with something, but not something that stays in your mind, but rather something written. Then, when you have a clear vision of what you want to do, how you want to do it and how much you plan to charge for it, you can invest in a sophisticated plan.

 
2. Identify your secret ingredient. Starting a business can be an overwhelming process if you are unsure what makes your business unique. Offering lower prices for something that already exists is not necessarily a good reason to start a business. Oftentimes, you cut yourself to the point where you can’t afford to stay in business. You may not need to be the first person to do something, but you have to offer something of value so that people will pay. Generally, a good start up solves a legitimate problem. For example, do you remember life without Google and page rank? Google was able to solve the problem of poor search results. They were the first company that banked on people wanting smarter search results and look at them now. 
 
3. START. “I am so grateful for my clients for they buy my products before they are perfect.” Bill Gates. You cannot allow yourself to get stuck in the proverbial fork in the road. If you have a burning desire to do something, just do it. Then, speak it out loud to friends and family, even if they are not immediately supportive. You have to say it out loud to subconsciously see yourself being the entrepreneur you always wanted to be. It’s similar to wanting to lose weight. If you keep it to yourself, you risk putting yourself down. But if you speak it out loud, you not only accountable to yourself but to others as well.
 
4. Hire a Business Coach. You may be in business for yourself, but you certainly don’t have to do it alone. A good business coach listens, teaches, keep you accountable, and can model the same activities he or she recommends to you. A coach can take you through the development process and knows how to give “constructive criticism.” That’s the type of criticism that hurts, but helps us grow at the same time.

 
5. Take Calculated Risks and Track Your Results. Tracking is the most important part of any small business’s owner’s life. If you invest $100, $1000 or a million dollars, you will want to know what will be your return on your investment to decide if the risk was worth your time.
 
6. Understand and accept that starting a business is a journey. You may find that what you started out as is not what you end up to be. In fact, as you are going through your business building motions, you may find your secret ingredient and live out the life you’ve always dreamed about. “I am a small business owner and I am proud of it.”

8 Investment Property Documents That Landlords Should Keep

The financial records you should keep should fall into these three main categories: rental income, allowable expenses, and capital costs.

Rental income

Keep records detailing all of the rent you charged and received, as well as the dates each property was let out.

Allowable expenses

These are the costs that are involved in letting out or managing your property investment portfolio these may be subtracted from the rental income to reduce your taxable profit. Those expenses can include all or part of these costs:

8 Property Investment Documents That You Should Keep

1 – Documents relating to fees paid to letting agents and accountants, and for legal Fees.
2 – Documents for property insurance insurance for Homes and Commercial buildings and contents;
3 – Documents showing the interest on your property loan
4 – All paperwork regarding maintenance and repairs on your Investment Property.
5 – Document the utility costs;
6 – Make sure you document the rent, ground rent, and service charges.
7 – Keep records of your Council tax bills;
8 – advertising costs not to mention to document other direct costs of letting out the property.

Capital costs

You may claim different types of allowances for the cost of furniture and equipment you provided with the property. You may also deduct certain capital allowances for cost of equipment relating to your lettings business. To take these deductions, you need to keep records showing exactly how much these items cost you and what date you purchased them.

For all of your expenses, an accountant should give you guidance on exactly what you can claim and how to keep the required records. In general, you should document all of your income and expenses by having rent books, receipts, invoices, and bank statements. Remember to keep your business and personal records separate.

Finally, if you do profit from selling property that is not your primary home, you may have to pay a set amount of capital gains tax. Some of your costs should be deducted when calculating this amount of this tax, so make sure you keep a record of when you purchased and when you sold the property.

The acquisition and the sale price, all buying and selling costs, and the cost and dates of improvements. yearly capital gains tax reductions are available to landlords under certain conditions. Confirm with your accountant what you can claim and when so you can then plan to sell your property at a tax advantageous time.

7 Steps to Building Your Business Big

As business owners we all want to see our businesses succeed and make it big. In reality, we are the only ones who can make this happen, therefore in order to make your business grow and see real results you will want to take the proper steps to building your business big.

In order to give you an idea of successful steps to business growth, the following are seven steps to building a big business. These include:

Investing in the proper tools. There is honestly no way to do business and do it well without the proper tools, therefore investing in those tools from day one can help you on your road to business success. So, whether it is software, a computer system, or the proper training you will want to be sure that you have what it takes to be successful.

Obtaining proper training. As mentioned in the previous section, it is important, in order to be successful that you have the proper training. If there is something that is important to your business that you do not already know how to do it is worth it to you to invest in the proper training to learn how to do it so that you can make it a part of your business.

Following the pros. Whatever your line of business is there are bound to be some people who have done this type of business before. Do not try to reinvent the wheel. Most ideas are not brand new ideas, rather they are most likely variations of an idea that someone has had before. So, find those people and businesses like yours that have been successful and then in turn learn from them.

Creating multiple streams of income. This is a part of business that comes with time, but can truly help you to be successful in business and to build it big. Think of ways that you can turn one area of your business into two or three areas, which will create profits for you. Maybe you provide the service of article writing, why not create an information product such as an eBook on how to write articles and sell them, then prepare a teleseminar that you can sell for those out there who prefer to listen rather than to read. These are ways to incorporate multiple income streams into your business and help it grow. After all you will be selling these information products again and again.

Having confidence in yourself. Sometimes all it takes to be successful is to believe that you can be. Showing confidence in yourself in your business can help it to go a long way. People are going to be more attracted to you and your business when you show them that you are confident about your abilities and you put your best foot forward, this will attract the customers and clients that you need to make your business a success.

Being laser focused. In business it is important to focus. Focusing on the areas of your business that you are most productive in and properly suited for is key. You will want to spend your time on the areas of your business that you do well and this will in turn lead to your success. As for the other areas, well that’s where the next step comes in.

Outsourcing is the way to go. Outsourcing the other areas of your business that you are not as confident in or do not have the abilities to do as well can be a positive for your business, allowing the work to get done while you are able to focus on the areas which you are best at performing.

All of these things will help you to build a big business which you can be proud of and happy that you took the time to spend both your time, energy and money growing.