Best Home Based Business

What is the best home based business for people looking to make money online? Many starting an Internet Business have no prior business experience and many will have little to no computer skills. Yet complete Internet newbie's are coming online and making money. What do you need to know to discover the right business model to profit? With new online businesses coming online it can be difficult to find the right model to profit. It becomes increasingly difficult for those with no prior skills or knowledge in building a business. Many newbie's coming online have a higher chance of falling prey to the some of the misleading claims, and websites that misrepresent information online. If you are new to the Internet Business arena, and want to make money online, do not worry there are some guidelines to protect you and to assist you in finding the best home based business that will help you to make money online. How To Find The Best Home Based Business If you are ready to make money online then you probably do not have time in choosing the wrong opportunity. Our current economic situation is causing many to have an urgency to make money online. Regardless if you are experiencing an urgency to create an income, you have to take necessary steps and complete the necessary research to have you find the best home based business to meet your needs. The list below is designed to help you find the best opportunity to help you to make a solid income online. 1.) Research Company Claims - Finding the best home based business for you, starts with Researching the online companies. You need to know everything you can about the platform that will assist you to make money online, you have to feel good about the credibility of the business. Research the company to see if there is an excessive amount of publicity regarding the business opportunity, both positive and negative. If there is an excessive amount of negative publicity then I would reconsider the business opportunity as a choice. Finding an opportunity with low negativity results and high publicity regarding the structure of the model is considered to be optimal choice for new business owners. 2.) Automated Business Claims - People first starting an Internet Business will get caught up in the automated business claims. These automated claims suggest that there is no work and you will be able to make a secure income online. While business models are allowing a more automated system, there is no business online that is totally automated. Be very careful of the automated business claims, as they are not factual and are misleading you at the beginning 3.) No Experience Necessary - Do you need to have an excessive amount of knowledge to start a business? While you do not need to have extensive business skills nor extensive computer skills to start an online opportunity, it is important for you to not be misled by no experience necessary. You will have to learn skills, and business building techniques in order to be successful online. Find out what type of training and skill building techniques the company, or your online mentor will be providing you. moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k moviefree8k 4.) Training and Mentoring - Finding the best home based business in order to have you profiting is important. To make money online it is important to find the right training and mentoring to teach you the steps to creating a successful income model. For new online business owners, it is suggested to find a trainer who will assist them in learning how to market their opportunity, products and services for free. 5.) Multiple Product Ranges - When you are working online you never want to narrow your marketing audience down. You should look for models that offer multiple product ranges to enhance your earning potential. 6) Testimonials - If the company does not have testimonials of people that have had success with the business, or with the products or services I would question the authenticity of the opportunity. Research the testimonials, as these will answer a lot of questions about the credibility of the online opportunity. 7.) Business Enhancements - The best home based business is suggested to continue to grow and add enhancements over time. You do not want a business model that does not upgrade, or add new products to the market place. Find out if they add new products and services to their model, and what there five-year projections are for the business. 8.) Website Creation - When you are just starting off learning how to build a website is should not be expected. There are two things you should consider, what website does the company provide me, and if you found an online mentor will they create me a personal branded website. These are important questions to ask at the beginning of your business. 9.) Free Marketing Strategies - When you are just starting off your goal is to make money not lose money. Consider getting trained on free marketing strategies to grow your business until you see an increase in profits. 10.) Direct Sales Compensation - For those looking to make money online quickly it is suggested to review direct sales industries. Compared to MLM payment structures direct sales get paid to you first, and have a much faster turn around time than MLM industry. Online Business Opportunities are creating more legitimate and lucrative ways for people to make money online. There are many compensation plans within Internet Business structures that are lucrative and hold large potential for new business owners. While the compensation structure should be a key components in choosing the best home based business for you, it should not be the sole factor in your decision.

Internet Business Plan

Internet Business Plan Soup is a hearty, no frills recipe designed to maximise you chances of succeeding online. If you are in the early stages of starting your own online business then you may be experiencing the internal 'fear and doubt' dialogue that can often take place in one's mind. Internet Business Plan Soup will help ease some of the heartache - ensuring that you 'keep the faith' all the way to success. The key to this recipe is to revisit it often, making minor adjustments along the way - especially during those challenging Winter months. Ingredients A good quantity of Passion Two tablespoons of Niche An ounce of Leverage A pinch of Lateral Thinking Two cups of Testing A clove of Efficiency 2 bunches of Lag 300g of Timing 4 tins of Action Serves: Internet Business Startups Directions 1. Passion (a.k.a Do What You Love) The number one ingredient in Internet Business Plan Soup is Passion. You must ensure that you are working in a business that interests you. This doesn't necessarily mean that you have to be in love with the product or service that you sell; however, you must enjoy aspects of the business otherwise you won't be motivated to give it 100% of your focus. And it will need a lot of your focus and energy, especially in the early stages! To help determine this point, you could ask yourself the following types of questions: What do you really like to do (in a business sense)? Are you an ideas or action type of person? Or a bit of both? In which 20% of your talents do 80% of your results come from? In other words, where do your key skills lie? It really all boils down to one question though - what are you really passionate about? 2. Niche Another critical ingredient in Internet Business Plan Soup is the 'spice' Niche and it goes a long way to determining success. Without exception, the majority of successful online business owners I know can tell you in a couple of sentences exactly what it is they love to do and why it has made them wealthy. sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 sagame365 Without a precise understanding of your Niche your chances for success are greatly diminished. After all, it's very difficult to hit a target which doesn't exist or to win a game when you don't know what it (winning) is. Ask yourself what you are trying to achieve in this online business venture: Do you want to make quick cash? Do you want to develop and grow a sustainable online business? Are you interested in high cash-flow or developing assets? Or both? Do you have BIG aspirations or are you just looking to develop a hobby for some part-time cash? Keep in mind that your Niche can always be adapted down the track if your situation or the market changes. 3. Leverage You need to become a master of Leverage. It is one of the most powerful principles in online business. The majority of people who are successful in business and life use Leverage in a significant way. To use the concept of Leverage you need to continually examine how you can access other people's skill, resources and money more effectively. Furthermore, consider less obvious assets such as systems, marketing and time. Leverage is about duplicating a high-value item or skill at a lower cost. I will explore this topic in depth in future articles; however, at this point it is important to remember the following points: Focus on Money-Making activities Delegate to others as much as possible By doing this you will see an immediate increase in your ability to work 'on' your online business, rather than getting stuck 'in' the day to day running of it. Lateral Thinking shares an implicit relationship with Leverage... 4. Lateral Thinking This is the concept of looking at things from a different point of view. You can increase profits significantly by doing simple things to "Add Value" in ways that others are not. In other words, continually look at you business and ask yourself questions such as: How can we do, what we do, better? What do our clients want that they are not getting currently? Could we use affiliate marketing to grow our online business? Do we currently use the internet to effectively market our business? Could we join forces with another online business to cross-promote our products? Could we use our knowledge to create another product? What I am suggesting here is to take some time out to brainstorm ideas around your online business. This is a difficult for most small business owners to do because they see it as wasted and unproductive time - nothing could be further from the truth... Some of the most successful companies in the world allow themselves and their employees lateral thinking time - Google, Apple and 3M immediately come to mind. Many of Google's most successful products have originated from this process. Now, I'm not suggesting that you have to take 1 day a week (as Google does) to undertake this process - they have high operating margins and significant leverage. However, I would encourage you to consider 'opening your mind' for at least a couple of hours each week.

The Secrets to Buying

From the first day of your life that you enter the work force you have had a choice. And that choice has always been to either get a job or buy yourself a job. You probably didn't look at it that way, but stand back and think about it now. If you continued on with your education, you were preparing yourself for a job. You can call it a career if you like, but in simple terms it was a job regardless if it was the president of a large manufacturing company, the local bank or an executive position on Wall Street. You still had a job with an employer. Your other choice has always been to buy yourself a job. By this statement I am referring to by either becoming an entrepreneur or buying yourself a business. Which in turn means that you have bought yourself a job. Some people are made to have a job and work for someone or some company and do very well and are very happy or content in that position. Others would be restless in working for someone else and feel the need to make their own rules and have more control over their work place. Because we only have one of the other choices in the matter of how we spend our time you would think it would be a pretty simple decision wouldn't you? Well sometimes it is, but here is the clincher to this situation. People change. Change is the only constant we truly have in our lives. You may stay with the same partner for 50 years and you may stay at the same company or work in the same industry for years, but the one thing that is constant in all of this is change. People change, industries change, families change, economies change. Everything changes. And that is where the confusion and anxiety comes from. It is when the change occurs and we don't know how to react to it. Plus a lot of the time change has a tendency to sneak up on us and before we know it. We need to change. And then we are in a reactionary mode instead of being in a responsive mode, therefore creating the anxiety and uncomfortableness that comes with change. The change feelings that may occur in ones like can come in many different forms and have many different reactions to oneself, but the one I want to address here is the one regarding whether you get a job or buy yourself a job. Buying or starting a business is an area that I am an expert on since I have owned 35 different businesses that I have either bought or started and probably managed to make more mistakes in the short time that I was buying, starting and selling business than most people could make in their lifetime, therefore enabling me to write and comment on this subject for your benefit. blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency blackcatagency In today's economic climate we are experiencing a large number of people who had been employed and have had a job and their job was eliminated and they are out on the hunt to find another job. A commendable quality for them. But the chances of them finding another job is probably pretty thin, especially if they are looking to stay in the same field they were in, with the same amount of pay and in the same geographic area that they were working in before. As my old science teacher used to say. "It is very possible, but not very probable" that they will find such a position. So what are their choices? Back to what I mentioned earlier. Either they go out and find a different job or buy themselves a job. Since I am a qualified expert on the buying oneself a job you need to take heed and review the 11 different points I have listed below. These are short, but substantive issues that you must address if you are going to be buying yourself a job and be happy and successful at it. Not following the listed information could determine you financial failure and or the cause of your personal unhappiness. Take your time and study each of the listed areas of life and business I have described and then move forward. I have not gone into great detail as to all of the ins and outs and intricacies of operating a business. There are plenty of books on that subject for ever particular business that is available. What I want to address and for you to think about is whether you want to or have the qualities to be the one who buys themselves a job or not. The final decision if for you to make, but by following the listed points I have made there is a very good chance of you actually making the right decision for you and your family and your future happiness, which is what it is all about. Good luck and good hunting for the business of your dreams and enjoy the journey. 1. First decide what you like and don't like to do. Sounds simple, but if you don't like cooking or working around food then why would buy a restaurant? Because you tried to justify it by saying it is really marketing and the food is only an end to the means? You can say that and part of it is true, but in the beginning you will BE working with food. So to begin with find something you like to do and gravitate in that area. Reflect on what you enjoy doing. Your hobbies. Do you enjoy working one on one with people? Old people, young people. Maybe you are tired of working with people and want to work in an indirect manner with people on a business to business level instead. This is probably one of the most crucial parts of the equation you need to address before you go any farther. 2. Where do you want to live? Generally people want to work close to where they live. This is not always true, but for the most part it is. Are you willing to buy a business that is 1 to 2 hours away from your home and commute daily to it? Or do you want it to be across town within 5 minutes of your home? Or do you want something that involves traveling all over the country and enjoying a different setting every day? In today's business with an individual's access to the internet, cell phones, web sites, asp systems on the internet, outsourcing of administrative duties and pcAnywhere you can be doing business literally around the world from your bedroom at home while never leaving home and having the perception of a large company. So your ability to reach a large audience of customers without leaving a geographic area is available to you. So if you want to live in a resort town and work across the world it is possible for you to do in today's economy. 3. How much money do you want to make? Don't give the lame answer of a lot? Be definite. Determine how much you need and then add to that amount to get a realistic number. You have got to have a goal as to how much money you want to make before you set out to buy or get into a business. Before you get into a business you HAVE to know the dollar amount as to what you want to make, because without this number you will never be able to determine if the business can support that amount. All too many times people jump into a business not having a clue as to how much money the business can really generate and then after they get into the business they are disappointed that they have invested a large amount of time and resources only to find out the business could not support them. That is why we want to know on average how much income a business will generate before we start or buy the business and then having that number we work backwards to see if it meets our requirements of being capable to support us in our financial needs. 4. What is your risk tolerance? Are you willing to put everything you have on the line to get into business and sink or swim or are you only wanting to put your toe in the business and try it out to see if it is for you or not. If you are not one who has a high risk tolerance then maybe you should be looking at a franchise where they already have systems in place and if you follow the tried and true program of the franchise you should be successful. But keep in mind that the more you put into the business the more you are going to get out. So if you think you can only work 20 hours a week at a business instead of devoting 60 hours a week to knowing everything there is about your business and industry there will be a difference in the results you receive from the business. Plus, if you are concerned about not wanting to lose all of your money I would suggest that you start out small with a low investment business, because you will make mistakes and you will end up paying tuition to learn the business so you might as well start out with a small investment and work your way up to a larger business later.

How to Make a Career

People from all walks of life are really hurting these days and the forecast for most people does not look any better. Across the board there has been pay cuts, job loss, vacations and benefits taken away, foreclosures, which has lead to most people scared about their futures. People are hurting from all over and looking for anything to help them keep their heads above water. Scams have always been around but they seem to come out of the wood work when times are really bad. With so many people looking for help it's easy to see how people get taken advantage of. No matter what you have heard or what you have experienced in the past, the truth is some home based businesses do work. There are bad ones out there and you need to be careful when looking for one. WHY DO PEOPLE FAIL: It would be hard to list all the reasons why people fail at a home based business but I will cover some of the main reasons. First lets look at the facts of a traditional business - An average of 145,000 new businesses start up each year in this country - An average of 137,000 businesses declare bankruptcy each year - 8 out of 10 new businesses fail within the first three years. - 80% of new businesses fail within their first year. - Businesses with 20 employees or less have a 37% chance of making it to 3 years -They have a 9% chance of surviving 10 years -Restaurants have a 20% chance of surviving 2 years - About half of those who survive the first year will remain in business the next five years. Now it is said that 90% of people who try a home based business fail. That is not surprising when you look at the numbers for the start up of a traditional business. Most people who start a home based business do so for less then a $1000. Depending on what the traditional business is that's being started up you could be looking at a price tag of $60,000 - $300,000. Is it any surprise that the numbers of failed home based businesses is a bit higher? People do not have any money invested into them. You can say they do but when you are really looking at the numbers it is easier for people who start home based businesses to walk away when things get hard. For most home based businesses failure is not the fault of the company but the fault is in the people who do nothing with them and give up. bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti A large part of this is because people get told that it is easy money and they don't have to do anything to make it work. So they sign up and sit back doing nothing and wonder why it is NOT working! Again this is not always the fault of the companies. In most cases it is the fault of the people bringing them the opportunity. WHAT SHOULD I EXPECT IF I START MY OWN HOME BASED BUSINESS? You might have heard before that you get what you give. In most cases for any business this is true which means the more you put in, the better your chances of getting fast results. I say a chance of getting fast results because nothing is guaranteed which is why it's called a business adventure. One thing is for sure though, if you start a business of any kind then don't show up for work YOU WILL FAIL.... When starting a home based business you need to realize that things will not always go as planned. You will have to put some money into any business that you want to start. You just need to figure out how much you are willing to spend and how long are you willing to give it to start making that money back. It is an investment and if you look at it any other way then you will be very unhappy when all that money is not back in your bank next week. It is going to take Money and a PLAN with GOALS to stand a chance of getting success. HOW DO I KNOW WHAT'S THE BEST BUSINESS FOR ME? There are some very important questions to ask yourself when looking for a business to start. -How much is the start up cost -Once I have my business how much do I have to pay for inventory/ qualify/ any hidden cost (There will ALWAYS be something) If you have a business that is $200 to join there will be SOME kind of package you have to buy to get started. Could be anywhere from $100- $1600 -How much will I have to pay monthly (Watch out for companies that say you don't have to buy anything or you don't have to worry about that because everything will sell itself.) NOTHING sells itself..... PERIOD In many cases even if you have things left over from the month before you still have to buy NEW Product the next month! -How much do I make from sales -How much do I make from other people joining my business -Where does the money go that I paid for joining -What does it take to promote -Can I ever lose my promotion -What happens if someone under me promotes? Do I lose that money? -Are meetings mandatory and how much on average do they cost? -Do I have to buy books or CD's from the company every month? (More hidden cost) -How much does it cost to renew my business at the end of the year? -Can I promote without signing anyone up? -Can I see the entire pay plan before I join? -Can I find information on the services or products before I join? -How do I get paid and when do I get paid? I could list many more but these are some of the main questions you should be asking when looking for a business to join. If the person you are dealing with does not give you CLEAR answers or avoids certain questions, then run away. HOW CAN I TURN THIS INTO MY CAREER AND DO IT FULL TIME? Anyone who joins a home based business has the chance for this to happen but don't jump the gun. First find the company that is right for you. Then make a business plan with set goals. Set days and times that you will be working on those goals. Figure out how long you need to work your business to get the results you are looking for. Then figure out how much money your business needs to be bringing in CONSISTENTLY before you tell your boss to shove it. You MUST plan on things not always working out the way you plan and running into a lot of bumps. If you have what it takes to stick with it then you can and will succeed if you picked the right business to do. SOME MORE ADVICE: Find a company that has a product or service that you REALLY believe in. If you hate to ride bikes and never do it then you should not be out working a business selling bikes. If you don't back the service or product your selling you will never get anywhere. Most people join a home based business without even looking at what they offer because all they see is the money. Once that money does not get made in the first week they drop out. Make sure that the product or service you are selling will be around for the life of your business. You do not want to build upon something that will be gone in 10 years. When looking to start your business find out if you will be receiving help. You need to ask the person you are dealing with what their plans are for helping you and what they expect from you. If they give promises of easy money or that they will build it for you, then walk away. They should be able to tell you upfront what they are willing to do and what you need to do in return. You can do this so don't give up on your dreams. Just make sure that you find a company that you can believe in.

Selling a Business

You are looking to Start a Business. You are Running a Business. You are Buying a Business. You are Selling a Business. What is the most important step in any one of these ventures? And no the answer is not having unlimited deep pockets. To start, run, sell,or buy a business you need to understand that business. You need to understand not only the operational side of your company, you need to understand the financial side of your company. I am a business broker in Florida and I help people buy and sell businesses. (and current and former business owner) This last week I completed a very busy week of helping an out of town business buyer visit several different companies. Our intent of visiting these multiple companies was an effort to understand the businesses. To buy a business you have to understand the business. A small business owner truly needs to understand the financial health of their company. Many, Many Many small business owners DO NOT understand the financial side of their business. Do you feel as an entrepreneur you need to understand the difference between a debit and credit or if you buy something if it should be a capital purchase or an operating expense. So many small business owners and entrepreneurs run their business using their gut as their guide, they can feel if their business is going good or bad. Other small business owners look at their checkbook- if there is money in that things are ok. On the other side you may have a very successful business, you buy several new truck and new equipment with cash every year, you have very little money in the checkbook and "feel" you have an unsuccessful business. You could be very wrong. And yes it is also very easy to hire a CPA and or accountant and send all the monthly records to them, count on them to sort through them and have them generate a report for you to maybe glance at and file away. Your CPA or accountant is a great place to start the learning process. The more you know, the more effective they can be to you. Your Balance sheet and your Income statement tell your companies story. You may feel your company is healthy, or improving, or getting better, or getting worse- your balances sheet or Income statement (Profit/Loss Statement) will tell you in a factual manner. You need money for your business- you go to a banker or financial institution to get money, do you think they will listen to you tell them about your business and loan you money based on that. they will use your company financials to make that business decision. A few years ago banks I had worked with strongly considered your balances sheet to make loan decision. Now-a- days both Balance Sheets and income Statement both are a strong part of that evaluation. Why is that?. Understanding the "whys" about your company is important to your business. In the preceding scenario a business may have a strong balance sheet due to significant assets like real estate owned or equipment owned by the company. But in current economic conditions the companies Income statement show that the business sales are down 25% and and shows losses for the last year- lending may not occur. The banks may not be all that excited about the fact that you own real estate through your company. The business buyer I was working with flew in town for 3 days for him and I to visit businesses. Most of the small business owners we visited had good businesses. Without divulging any confidential information, they all showed cash flow in excess of $200,000 per year. They (the respective business owners) all said they didn't really understand the financial side of the business, but "here our our records for your review". (after confidentiality agreements were signed) They could speak for hours about their customers, employees, procedures and ideas. Questions regarding financial information were usually answered with 1 or 2 brief sentences. bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti bookatti The buyer I was working with was a very educated buyer, a President of a publicly held $40 Million company, and 30+ years of experience. He had looked through maybe 30 businesses to narrow down visits to less than a handful. He and I both knew that to buy a business, he had to understand the company. We spent hours discussing the financials of the businesses. You as an entrepreneur that is starting a business or running a business may someday want to sell your business. Understanding the true financial condition of your company is the 1st step to improving the financial condition of your business. Buying a business is a very effective way to expand your customer base and Revenues. knowing how to read and understand the financial statements of others could be the difference of a business acquisition that is a success or a failure. And when an educated buyer approaches you about buying your business, you provide the business buyer your Balance Sheet, your Income Statement, and your explanation and understanding of the true financial condition of your business may be the difference in someone buying your business at a good price or passing your business over to pursue other businesses to buy

What Does It Take to Start a Business

As a San Diego North County business attorney, I am frequently asked: "What does it take to start a business?" Generally, there are six steps to take into account when starting a business: 1. DECIDE ON A LOCATION FOR YOUR BUSINESS When deciding on a location for your business, certain factors need to be taken into consideration such as liabilities, taxes, incorporation costs and fees; where you want to do business; foreign entity doing business; raising capital; and reporting requirements. The decision to incorporate the entity in another state should only be made after weighing the advantages against the disadvantages. These factors should be discussed with your business attorney before you decide on a location for your business. 2. DETERMINE THE APPROPRIATE BUSINESS STRUCTURE There are several business structures that are used in setting up a business. Here are some of the most common entities used, their requirements and liability issues: Sole Proprietorship is a business owned and operated by an individual. Sole proprietorships are the basic forms of business organizations, which require no formal type of government filings to form the business and are not required to follow any type of operating formalities. The benefit of a sole proprietorship is the taxability of business income and the deductibility of business losses on the business owner's individual tax returns. The liability of a sole proprietorship is that the business owner is personally liable for all liabilities and obligations of the business, which liability extends, not only to liabilities in excess of the amounts invested in the business including any insurance coverage, but also to the business owner's personal assets. General Partnership is an association of two or more persons to carry on a business. A general partnership is another type of business entity which is easy to form but requires a written partnership agreement to govern the operations of the partnership and the relationship among the partners. Compliance requirements for a partnership are minimal and require that a Statement of Information be filed with the State of incorporation and the partnership maintains records to provide to the partners. The liability of a general partnership is that a partner's liability not only extends to that partner's percentage interest in the business but also to the partner's personal assets as well. Limited Partnership is a partnership formed by two or more persons that has one or more general partners and one or more limited partners as co-owners of a business. A written partnership agreement should be established between the business and its partners and a written partnership agreement should also be established between the partners themselves establishing the classes of general or limited partners. Compliance requirements for a limited partnership require more formal filings with the State, such as, filing a Certificate of Limited Partnership and obtaining an agent for service of process. The liability of a limited partnership is that the general partner is personally liable for the partnership's debts, obligations and liabilities. However, the limited partnership allows limited partners to avoid subjecting their personal assets outside of their investment. A limited partner is granted limited liability as long as the partner does not participate in the control of the partnership business. Limited Liability Company is an entity having one or more members, organized under State statute. Limited liability companies have all the powers of natural people, which include the ability to transact business, sue or be sued, make contracts, own and transfer real estate, and issue stock subject to limitations. Compliance requirements for a limited liability company require more formality in formation and operation, such as, filing Articles with the State, filing a Statement of Information with the State, obtain an agent for service of process, and establish an operating agreement. The liability of a limited liability company is limited for all its members, managers and officers. As long as the State's statutory requirements are followed, the members, managers and officers of the business are not personally held liable for any debt, liability or obligations of the business arising in contact, tort or otherwise solely by being a member, manager or officer of the business. marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler Corporation (commonly known as a C or regular corporation), is by far is the most common and well known form of business entity. All corporations are governed by the State of incorporation and are treated as separate and distinct legal entities separate from its owners with all the rights to own property, make contracts and sue in its own name. Compliance requirements for a corporation require strict statutory compliance, such as, filing the Articles of Incorporation with the State, filing a Statement of Information with the State, obtaining an agent for service of process, establishing bylaws, issuance of stock, establishing a board of directors, appointment of officers, holding annual shareholder meetings, holding annual director meetings, and maintaining books and records of written minutes. The liability of a corporation is limited for all its shareholders and the shareholder's personal liability is limited to the investment. As long as the State's statutory requirements are followed, the shareholders, directors and officers of the business are not personally held liable for any debt, liability or obligations of the business arising in contact, tort or otherwise. Subchapter S Corporation (commonly known as an S corporation), is a corporation that has elected to be taxed under Subchapter S of the Internal Revenue Code and is treated as a partnership for most tax purposes. The income of the S corporation is passed through to its shareholders therefore avoiding double taxation. Other than the different tax treatment, the S corporation operates identically to that of a C or regular corporation. Compliance requirements for an S corporation are identical to that of a C or regular corporation, however, for a corporation to qualify as an S corporation certain requirements must be met. The liability of an S corporation is identical to that of a C or regular corporation. 3. FILE YOUR TAX AND EMPLOYER IDENTIFICATION DOCUMENTS Like any individual, an incorporated entity must have its own social security number. This number is called the Employer Identification Number (EIN). This number will allow the incorporated entity to act as a sole and separate entity and allow it to pay taxes and open bank accounts. This number may be obtained through your business attorney or going online to the IRS web site. 4. OBTAIN THE NECESSARY PERMITS, LICENSES AND REGISTRATIONS Some of these permits, licenses, and registrations may include: Patent and trademark protection Securities and Exchange Commission (SEC) filing File as a foreign entity County filing Annual state or states filing Specific licenses to conduct certain types of businesses 5. CREATE A BUSINESS PLAN It has been said that the most important step in running a business is the creation of your business plan. A business plan is a detailed description of your business which allows you and others to evaluate your business. Business plans generally include the following: Overview of your business Description of your product or services Sales plans and forecasts for your business Marketing and advertising strategies for your business Financial information Who is your competition? 6. COMPLY WITH ANNUAL REPORTING REQUIREMENTS Your business will need to conduct annual reporting in the state of its incorporation and in any state in which the business has qualified to do business, as well as on the federal level, such as the IRS and/or the SEC.

A Business Owner's Divorce: The Impact

I am under the opinion, after practicing divorce law in Southern California for over 42 years, it is almost impossible to separate your business life from your personal life. I, too, run a multi-million dollar operation. I am responsible for meeting payroll and living up to my commitments to the judiciary, clients, vendors, and governmental authorities. A business owner's responsibility does not stop at 5:00 pm; rather it is a 24-hour-a-day job. This article seeks to address how a divorce impacts a business owner. You Are Served It all starts with the business owner being served with a Petition for divorce. As we all know, this usually means a sheriff with a badge arrives at your office and possibly startles the receptionist at the front desk. It seems, within seconds, the entire business knows you have been served with divorce papers. You may feel mixed emotions: embarrassment, complete anxiety, and possibly apprehension. Could you imagine the look on your face when making a presentation to key staff members in the board room and your receptionist interrupts to inform you there is a sheriff, with documents, requesting to meet you? This could actually take the wind out of your presentation. After you recover from this transgression you may nervously get on the Internet or call a trusted friend. After which, you need to make the necessary preliminary arrangements on how to respond to the divorce documents served upon you. Strategic Consultation It is absolutely critical you meet with an experienced divorce attorney. An experienced divorce attorney can provide valuable guidance at the onset of your divorce. Calming your fears is important. Make sure you select a practice limited to family law and a divorce attorney with years of experience. This is not a moment in your life to have a generalist talk about what might happen in your divorce. Keep in mind, the divorce process of Los Angeles County in 2010 is perhaps the most challenging environment you could find yourself thursted in to. There are thousands of cases and thousands of statutes that can be cited in your case. The California rules of Court and the Evidence Code also factor in divorce proceedings. Experts can be called upon by either side to provide credentialed and specific testimonies, verbal or written, to assert either spouse's best interests or to discredit the other spouse's assertions. There are different County rules. For example, (Los Angeles County rules differ from those of Orange County). There are different local district rules. Santa Monica Court has a completely different set of rules from Downtown Court. Judicial officers can look at the same set of documents and hear the same arguments and rule differently. There are judges who are elected and there are commissioners who are appointed. Attorneys are different as well. Single practitioners may not have the operational capacity to handle complex and sophisticated transactional or custodial divorce cases. They can be overloaded by bigger firms requesting document after document or filing hearings after hearings. Older attorneys perhaps are more experienced than younger attorneys. Real estate and business experienced divorce attorneys are different from custody attorneys. Some attorneys have abilities in both types of cases (financial vs custody). Employees We make our living with these great people. However, they may be affected by our personal lives. A business owner is responsible for the culture, tone, and integrity the business attempts to manifest. If an employee senses that a business owner is acting out of integrity in their divorce, they may assume they are acting in the same fashion in the working environment. The divorce process allows either party to subpoena and request documentation from the business directly. If appropriate, even the employees may be subpoenaed for a deposition to glean valuable financial and transactional information for the benefit of the spouse activating the subpoena. The divorce process can certainly be disruptive and disruption can lead to uncertainty in a business operation. The business owner going through a divorce decision-making process is sometimes strained and challenged. This additional stress can lead to business inertia. Inertia can affect business income which can then affect payroll. Sometimes, as a result of a business owner's divorce, employees are laid off, salaries are cut, or 401(k) matching plans are placed on hold if not entirely terminated. Also, at the end of the divorce process, there may be a change in ownership or in fact a sale of the business. This absolutely affects all stake holders especially employees. marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler marpler The Home Front One must be extremely careful to behave in a civil and dignified caring manner throughout divorce proceedings. This means behaving in a mature, reasonable fashion if you are still living with your spouse. Believe it or not, a lot of people that are going through a divorce continue to live together. When children are involved, even if the tone in the family residence is tarnished, you have a responsibility to act completely civil and mature, especially in front of your children. Any inappropriate behavior is not taken lightly by judicial officers. Children must not be exposed to our adult indiscretions. You should never discuss divorce proceedings with your children. Maintaining your civility at home and during your interactions with your spouse is absolutely necessary. What you do not want to do is inflame the situation whereby you threaten or assault, by any fashion, your spouse. You do not want to have an additional domestic violence case within your divorce case. Keep in mind temporary restraining orders are available to protect individuals. Either spouse can request this order when necessary to protect themselves or their children. There is no excuse for domestic abuse. If you do find yourself in a domestic violence situation, act responsibly and do whatever it takes to immediately reduce the situation; walk away and de-stress. Any arguments or disagreements should be resolved through your attorneys. Being kind and considerate to your spouse is invaluable. Child Custody Nothing is more taxing on a business owner's ability to focus on the business than the custody of the children involved. A divorce may contain sensitive custodial issues. These issues may necessitate the assistance of child custody evaluations, minor's counsel (attorney for children), or child custody monitors. Temporary custody and visitation issues are challenging as well. Who will have the kids? Who will pick up or drop off the kids? New custody arrangements present challenging logistics that may confront your time management skills. Equally important to the counsel of an experienced attorney is how the attorney can communicate to the judge your ability to maintain the custody you are entitled. Financials This is where the tire meets the road. Financials are at the core of every business. Immediately a sophisticated divorce attorney on either side should have a preliminary understanding of both the personal and business financial situation of the individual being represented. A divorce attorney experienced in complex divorce procedure can recommend the necessary professional for your divorce. One such professional is a forensic divorce accountant. The two most important reasons to engage a forensic divorce accountant is extracting business valuation and to determine what personal expenses are paid by the business, otherwise know as "perquisites". For example, if a high-earning business owner is going through a divorce, it must be immediately determined how to truthfully represent the financials to the family law court. While a forensic divorce accountant is invaluable, a business owner must maintain complete control of the process. Again, selecting talented and experienced professionals to assist you in your divorce is critical. In the beginning of the divorce process, the financial disclosures are presented in the Income and Expense Declaration and Schedule of Assets and Debts forms. A business owner's personal and professional life will greatly benefit from prompt preparation, reviews, and understanding of these forms. This is a significant step in the beginning of a business owner's divorce. These financial forms are referred to as "preliminary disclosures". Sometimes complex divorces take time to resolve, even taking a few years. If this is the case, at the end of the divorce, these same financial disclosures are referred to as "final disclosures". Any material financial changes must be reflected accurately. Insisting that my clients are truthful, organized, and pro-active is sensible for business. Keep in mind, when going through a divorce, the family law court is a court of equity. According to California community law, unless otherwise agreed to, most earnings and assets and debts must be equally divided between spouses. This is the cornerstone of the family law court. Also keep in mind, all assets are presumed community. If a family residence or business was acquired or started prior to the parties' date of marriage there may be significant separate versus communal issues and valuations that must be clarified. Another aspect that requires substantial analysis is support. Support may be for child support or spousal support (alimony). You do not want to be wrong in the process or representations. Attorney's Fees Keep in mind, that temporary support calculations and analysis is different from permanent support. In other words, typically final support amounts are somewhat lower than temporary support. Last but not least, financial disclosures and their representations or documentary substantiation are indispensable when it comes to attorney's fees. Although, there are many reasons for ascertaining attorney fees, two reasons take the highest priority for a business owner: the need and ability, and compliance and cooperation. One spouse may have the need yet the other may have the ability to pay for attorney's fee. Regarding compliance and cooperation, the divorce court frowns upon a spouse who is not complying or cooperating during the divorce process. A typical disciplinary measure employed by judicial officers is the charging of attorney fees to either spouse who engages in non-compliance or who is not cooperating. Business Operations Throughout a pending divorce process, the opposing party or their attorneys can launch a barrage of subpoenas demanding all sorts of financial information from the business. The employees, vendors, associates, and even customers, can be subject to such demands for production of financial information. Additionally, all these entities, including the business owner, are subject to a deposition. If subpoenaed, they may be required to appear at an attorney's office, bring documents, and be put under examination, under penalty of perjury, with a court reporter taking a legal transcription of the proceeding. It is actually an extension of the family law court procedure. If appropriate and permitted, the business owner's employees, vendors, customers and associates can actually be connected to the divorce case and be subject to the divorce judge's authority and orders. Business owners, employees, vendors, and customers can find the divorce process disruptive if not managed properly. Business accounts, if permitted, can be frozen pending further order of the court, producing poor business. While a spouse has the right to request extensive documents and information, handling these demands expends valuable business resources and may become extremely expensive. As a business owner, you may find yourself allocating a significant amount of time to your divorce, to the detriment of your business. You may be called away for court hearings, depositions, accounting meetings or attorney meetings. Additionally, a court may thrust itself into a business if deemed appropriate. This includes perhaps placing a receiver (court appointed accountant) in the middle of operations. Typically, receivers can approve or disapprove key financial transaction. Naturally, having another individual in the driver's seat of the business can and will wreak havoc on operations. Finally, since the divorce process is public record, all information divulged, as in some recent high profile court cases, can lead to a public relations disaster. For this and the reasons reflected above, one must seek experienced and knowledgeable counsel during this challenging time in a business owner's life.