This month, we’ve been making some decent progress getting all the legal aspects of our businesses set up. Not exactly fun stuff, I’ll admit, but necessary. Friday we’ll be seeing an attorney who specializes in small businesses. Hopefully he’ll be able to answer the questions we have and help us get all the legal aspects finalized. One of the next things on our to-do list is to open our business checking accounts. When you’ve established a business, it’s important to keep your business and personal finances separated. It just makes good business sense – for bookkeeping and legal purposes. You can file all your LLC paperwork correctly, but you need to actually operate your business as a business in order to ensure the legal protections (like limited liability) that creating an LLC can provide.
As you know, we’ve been studying the courses at Internet Business Mastery Academy and using their step-by-step instructions for launching our internet businesses. Of course, we can’t pass along all the information we’re learning there, because it wouldn’t be fair to Sterling and Jay, who have put a lot of time and effort into creating the Academy. With that said, once in a while, we learn something at the Academy that’s just too important not to share with you. In a recent course, Sterling and Jay shared a really good tip for further protecting your business funds. Whether you’re going to formally establish a business, or go the more informal route – if you’re doing business on the internet, this is an easy but essential step you should take to protect your money. And because it’s so important, we wanted to pass this tip on to you…
No matter how much you want to start your own business and escape your traditional rat-race job, there are certain benefits to having an employer. One of the biggest benefits is, well…your benefits. This is an issue every wanna’-be Quitter will face at some point along their journey to become financially independent. If you’re still in the rat-race, it’s pretty likely that you have medical and dental insurance through your employer. Before you punch the time clock for the last time, you need to give some consideration to how you’ll handle your healthcare expenses when you’re a big-shot self-employed business owner. I personally had decided on wrapping myself in 6 layers of bubble-wrap and wearing a hard-hat and facemask at all times. But, I don’t think Scott could resist that overwhelming urge to pop all my bubbles. Damn, those things are addictive! But seriously, planning for your successful rat-race escape should include a plan for dealing with your healthcare expenses on your own. It’s something we’ve been considering lately, so I wanted to pass along some resources that will help you find an alternative to your employer’s group medical and dental insurance.
So far, September has been a pretty exiting month for us at Internet Business Mastery Academy. We’re getting to the “meat” of starting our businesses. There’s a lot to learn about choosing your business entity, legal mumbo-jumbo, accounting and taxes, naming your business…the list goes on and on. It’s all really exciting, but it can also be overwhelming at times if you don’t have a good starting point. One of the cool things about the IBM Academy is that it gives us a step-by-step guide to keep us on track and moving in the right direction. It’s also a good place to find the resources we need at each step in the process. For your Web Candy this weekend, we want to pass along some of the resources we’ve been finding and using lately. Hopefully, you’ll find something here that will help you take your next step toward getting your business off the ground!
The following is an excerpt from a guest post I wrote for Business Opportunities Weblog.
There is a growing interest in starting small businesses. So many people want to start businesses but don’t know how exactly to begin. Although there are many steps, from start to finish, that will need to be taken before your business is fully viable, here is something you can try and see if it will kick-start your progress and get you past the first step—identifying what business you want to start.
The 10/10/10 Plan
- Make a list of 10 areas of interest or things you are passionate about.
- Select your top item from the list and make a list of 10 ways to produce, promote, package, sell, or provide this as a business.
- Select your top method from the list, and then make a list of 10 action steps you can take to move forward with your plan.
This may seem like a simple method, and it is really. But the results of a simple method are sometimes easier to achieve because you haven’t overcomplicated everything along the way. The great thing is, you can easily repeat the process until you’ve found your true inspiration. Let’s take a more detailed look at each step.
To read more of this post, click here. Another guest post I wrote for BOW can be found here: “Nine Tips for Setting and Achieving Your Goals”.
The Question: How Much Money Do I Need to Have Saved Before I Quit My Job?
The Answer: Exactly $28,436.26
If you’re scratching your head right now and the thought, That’s Bullshit is running through your mind, good for you! Read on…
I had coffee with a friend at Starbucks recently. We talked about people who started businesses and how they came up with the idea for their business. For many of them, the best ideas came when they recognized a specific need that hadn’t yet been filled. As we talked, I offered ideas on how to find a match between his passions and a new career. When it comes to my life, all I have to do is look at how I’ve done it and tell someone the opposite, since it has taken me many years to make this connection.
As we talked, I thought about how many different ways a person can possibly find the “perfect” job or career. I also thought that most of those ways were probably not the best match for my friend. I told him that I really hoped he didn’t find a perfect career. I know that this sounds rather backward, but I explained to him that I would rather see him create a perfect career. He’s sort of an unconventional guy. He’s willing to go against the grain and not follow the crowd down a trail that leads to an uninspiring destiny in some career or job that bores him to tears. He’s the kind of guy who likely would be happier if he were self-employed or developed a few sources of passive income. He’s a creative guy, so I encouraged him to try to think of ways he could tap into that creativity and develop a career out of it.
Blending Passion with Possibilities
Every day our paths cross so many potential products or services that have never been invented…we walk right by them or we even wish we had them but they don’t exist yet and so we never notice the opportunity in spite of the fact that it might be right in front of our faces. Once you start thinking about blending your passions with possibilities, your mind goes to work on solving this puzzle. Suddenly, you begin to notice things; ideas start hitting you out of the blue. If you were to start noting all these ideas, you would soon have a list of so many ideas that you don’t have time to pursue them all. But all you really need is one good idea; one idea that fits your skill set, your imagination, or your passion. Then the possibilities open up for you. Continue reading