• 16Feb
    Categories: Business Comments Off on Can anyone become a successful business person

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    Format 65 cpl Word count 865 Category: Business

    Can anyone become a Successful Businessperson?

    Can anyone become a successful businessperson? I am asked this question many times after I have given a speech on business procedures and strategies. The answer is not that simple.

    Before we get to the answer, let me ask you a question. Can anyone become a successful medical doctor? To become a doctor, there are several very important factors that have to be given a lot of careful thought and consideration.

    First, you have to be interested in the field of medicine. Then develop a passion for this profession – find out all you can, do plenty of research and get professional advice.

    Once you have made your firm decision, you have to go to medical school and learn from the work of those who have researched, developed and established the field of medicine through trial and error.

    When you graduate from medical school, you have another very important decision to make. Are you going to specialize in any particular field of medicine like cardiology, gynecology, anesthesiology or any other particular area of medicine.

    If you decide to specialize, you will have to go back to school and qualify in your chosen field.

    After you graduate, you will have to serve an internship either at a hospital or with a specialist in your field who might decide to take you under his or her wing and give you some hands on practical experience under supervision.

    Then you will be ready to venture out on your own. You can set up your own office or join a group of doctors who work from one office.

    Some doctors, after graduating from medical college and having served an internship, decide to go into general practise. General practitioners, who usually act as “Family Doctors” examine patients and refer them to specialists to deal with a particular medical problem.

    For example, a person with a heart problem will be refered to a cardiologist; a person with a skin problem to a dermatologist and so on.

    Becoming a medical doctor is not easy. You have to be interested in the field of medicine, develop a passion, be dedicated, educate yourself, get the proper training and work at it passionately on a consistant basis.

    Since new discoveries are being made in the field of medicine constantly by researchers and other scientists, everyone in the medical profession has to keep up with all the new developments.

    I have never heard of any doctor who has gone through all the education, training, internship etc. failing in this profession. There are those who might change course. For example, a general practitioner might decide to go into research.

    But doctors never fail to be doctors unless they give up or retire. Doctors take their profession very seriously and succeed always. There is no such thing as failure in the medical profession.

    Now to get to the question, “Can anyone become a successful medical doctor?” The answer is “Yes! Anyone who really wants to can become a successful medical doctor.”

    The key words here are, “Anyone who really wants to.”

    Let us get back to our original question. “Can anyone become a successful business person?” The answer is, “Yes! Anyone who really wants to, can become a successful business person.”

    To become a successful business person, you will have to make several important choices. choices like,

    1) What type of business do you want to get into? 2) Are you passionate about the field you have chosen? 3) Are you willing to devote enough time and energy to your business? 4) Are you prepared to do whatever it takes to succeed? 5) Are you willing to stick to it till you succeed?

    Then you have to research your field of interest, educate yourself, get the proper training, lay the foundation and work at it consistantly. If you do everything properly, success is inevitable. Ask any successful business person and he or she will tell you what they had to go through to achieve success.

    A business should be taken seriously and treated like a profession, not as a hobby. Then with the correct, persistant action taken on a daily basis, you are sure to succeed. There is no doubt about it.

    Those who do not succeed in business are the ones who are looking for “An easy way to make money.” These are the same people who buy lottery tickets and hope to strike it rich overnight. According to statistics, the chances of a person winning a lottery is one in 168 million.

    But the chances of succeeding in a business, if done in the proper way is 100%. There is no “Easy way” to make money in any business. Passion, dedication, knowledge, education, hard work are all necessary ingredients. Once you get started and get some experience under your belt, things will become easier and easier.

    Yes! Anyone who really wants to, can become a successful business person and make a living or even become very rich. Lots of people who have followed the correct path have succeeded in business and are continuing to do so. “Everyone wants to succeed but few are willing to pay the price.”

  • 12Jan
    Categories: Business Comments Off on How To Turn Business Losses Into Cash Flow

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    When the typical new business operator starts a business, they concentrate on making the business succeed. That is necessary but not the only thing that a business operator should concentrate on. A business depends on cash flow to exist and grow, so business operators would do their business a good turn by looking at sources of cash flow provided by the Government.

    We are talking about the taxation authorities such as Inland Revenue Department in New Zealand (IRD), the Australian Taxation Office in Australia (ATO) and Inland Revenue in the United Kingdom and the Inland Revenue Service in the USA (IRS). All of these taxation administrations, along with those in Canada and South Africa for example, have both income tax and goods and services tax (GST) or value added tax (VAT) that present opportunities for refunds when a business’ expenses exceed its income in the early stages of its life.

    Initially, the start-up capital may come from savings, family and friends and salaried employment. The last source of finance – salaried income – means that the business operator still works full-time for a salary and part-time on their business. This presents particular opportunities to receive extra cash flow to fund the growth of the business – from value-added taxes and income tax refunds.

    It should be noted that even where the business owner does not have other salaried (tax paid) income, they might have a husband or wife who does have salaried income. If they become a partner in a partnership conducting the business, or a shareholder in a Loss Attributing Qualifying Company (LAQC) in New Zealand only, then they can share in the business losses and receive income tax refunds.

    In Australia, there was an ATO income tax ruling (IT 2218) that allowed a partner to receive a salary – as long as the partnership agreement recorded it in writing – and this presented an opportunity to maximize the loss for one partner (the salaried partner), thereby maximizing the income tax refund. That income tax ruling was withdrawn on 22nd May 2002. Australia has no LAQC equivalent entity. However, there is nothing preventing a partnership agreement specifying a partnership split other than 50/50, so that one partner can receive more of the loss than the other. It would be prudent for the partnership agreement to record the reasons for the ratio used.

    So, how does it work? Most businesses start off making losses, and small businesses and home-based businesses are not exempt from this. The total revenue or income is usually low. It is often below the thresholds where the business has to register for GST or VAT, so that the business owner may be tempted to not register for GST or VAT, thereby saving on administration (in filing the returns) or accounting costs.

    If the business owner contacts their local taxation authority, they will be correctly advised of the income thresholds for registration and the decision will be left to them to make. It would not be appropriate for a taxation officer to advise the business owner on how to manage their taxation affairs, and there is a case of the Privy Council (UK) that confirms the Inland Revenue cannot tell a business owner how to run their business. It is certainly not obligatory on the taxation authority to advise a business owner on a course of action that would contravene their charter of �•protecting the revenue” of the State.

    This is why a business owner should seek the advice of a suitably qualified accountant who is experienced in taxation and business advice. A proactive accountant is more likely to provide this advice than a compliance accountant. The compliance accountant’s role is more likely to involve complying with tax laws, rather than optimising tax situations. The compliance accountant’s mind is so attuned to complying with tax laws that they often do not see the opportunities for optimising a client’s tax position. Once the business owner has been convinced that it is in their interests to register for GST or VAT, the next question is for what filing period to opt? The more regular a filing period, the sooner the GST or VAT refunds will improve the business cash flow. So they may decide to opt for monthly or two-monthly GST or VAT returns. There will be an administration or accounting cost that needs to be weighed against the benefit of a quicker cash flow.

    The income tax refund is an annual event that cannot be changed, except for where the business owner is leaving the country before the end of the tax year and applies to have a tax return processed sooner. There will be extra forms to complete and information to provide, and it usually means that the business is closing down. Even that income tax return should be lodged as early as possible after the tax year ends, rather than being left to be filed with other taxpaying business owners, so the income tax refund is received soon rather than later.

    About the author: Christopher Raynal is the Director of Master Accountants Group Limited, a tax and management consultancy based in Auckland, New Zealand. The practice specializes in rental properties, wrap mortgages, small business development and asset protection structures.

  • 15Dec
    Categories: Business Comments Off on Starting Your Home Based Business on a Shoestring Budget

    Whether seeking a supplemental income or a full-time income, many folks have undertaken the task to discover a viable home based business solution to meet their personal needs.

    For most folks who contemplate a home business, a low-cost or no-cost solution is not only nice, but also very necessary. Many also seek to find a home business that will permit them to maintain their regular day job in order to protect their base income.

    Taking the cautious approach to a home based business and keeping one’s job during the start-up period is often a very good decision. By maintaining one’s job, one can maintain the health of their personal finances while permitting their home business grow healthy and strong.

    Fortunately, most home based businesses can be started with little or no cash, can be maintained on a shoestring budget, and can be operated successfully with only a part-time investment.

    One day, the business will be strong enough to support itself and its owner. When that time comes, it will make good sense for the business owner to leave his or her outside job to dedicate more time to growing and maintaining their new thriving home based business. You will know when that time has finally arrived.

    The nature of a home based business makes it easy and very realistic for most folks to take the plunge into home business ownership.

    Yet, many folks put off starting their own home based business, because they have the misconception that they will have to risk thousands of their own hard-earned dollars at start-up. Then later, if their business fails, they fear they may be forced to take out a second mortgage on their house just to stay out of bankruptcy.

    Are you one of these folks? Do you let your fears of failure keep you from reaching for your dreams?

    If so, then allow me to introduce you to a few home business ideas that you can start for less than $100 and can be started and operated very profitably as a part-time business.

    THE LIFEBLOOD OF ALL SUCCESSFUL BUSINESSES

    First of all, let me advise you to search out a business model that will deliver steady and repeat business. It is the one thing — above all others — that will assure that your company can survive the test of time.

    HOME-BASED MAIL ORDER: Home-based mail order is a good example of how one can quickly grow a home business income. Mail order is a low cost start-up business that can be launched for around $100 USD.

    With proper planning, your home-based mail order business will not require up-front inventory purchases. In the mail order business, it is not uncommon to rely upon drop-shippers for product fulfillment services.

    By utilizing drop-shippers, we can sell the products, collect the money and then purchase the products from the wholesale outlet. The wholesale outlet will then put a return address for your company on the product packaging and deliver the product directly to your customer.

    By using the following link, you can explore the drop-ship directory, which will let you explore the drop-shipping companies that will enable you sell 500,000 products from over 1,000 brand name manufacturers:

    http://www.home-business.com/dropship.html

    Your primary expense in the mail-order business is advertising. Classified advertising tends to be a relatively inexpensive form of advertising with thousands of outlets available to the small business owner.

    WHOLESALE BUSINESS: Buy low — sell high. You can acquire high quality, top-of-the-line merchandise for a fraction of the retail cost. Starting a wholesale business would require a Wholesale Dealers Directory as your source for merchandise.

    AUCTIONS: Auctions can be an excellent source for buying cheap and selling high. Both government auctions and Internet auctions can lead to some excellent profit opportunities. Auctions are an excellent tool for both acquiring and selling merchandise.

    MAKE AND SELL YOUR CRAFTS: Crafts are a hot seller at country fairs, swap meets or anyplace where people gather. Make your own crafts and sell them for a tidy profit!

    SELLING INFORMATION: Selling information by mail is another good example of an inexpensive home based business start-up. One can gain the resale rights to information for usually about $50 USD. Other costs will include printer cartridges, paper and postage. There are plenty of free classifieds sites on the Internet, in which to successfully advertise your information.

    WRITE INFORMATIONAL BOOKLETS: Write and publish your own informational booklets; sell them at a high price! All you need is a little know-how, a printer, paper and stamps. This is a GREAT home business idea! You can also sell the resale rights to others, for extra profits. In this age of the Internet, you may also take advantage of the fact that selling information is one of the most profitable endeavors one can pursue online.

    OFFICE SERVICES: Offer office services for hire in your local paper. You’ll be surprised at the amount of regular office business that can be gleaned from one little classified ad. Word processing, typing, accounting, data entry, proofreading, transcription, promotional letters and newsletters. All these tasks can be accomplished right from your own home office.

    AVON REPRESENTATIVE: Yes, Avon’s been around for eternity, hasn’t it? Then it’s not such a bad prospect as a home based business, is it? I once knew a woman who did so much business as an Avon rep. that she had people calling her and knocking at her door wanting to order products at all hours of the day and night! Once you are an established Avon representative, you, too, will turn a good profit.

    CONCLUSION: On your search for the ideal home based business, try not to get caught up in any scams that will run off with your money. There are thousands of scam artists out there just waiting for the next sucker to come along. Remember, if it sounds too good to be true, then it probably is. Just use your good judgement and invest wisely in proven methods of earning extra income.

  • 22Nov
    Categories: Business Comments Off on Is a Home Business Right For YOu?

    Every morning as people wake up and make the commute to work, many dream of the day when they will finally work for themselves. Every time the boss lets someone know that they must give up their weekend plans for the good of the company, people contemplate the benefits of being the owner of their own business.

    Are you one of these people?

    If you are, it is important to ask yourself some very important questions before you make the uncertain leap into self-employment.

    Many dream of the benefits of home business ownership, but few take into account the sacrifices that must be made to bring the dream to fruition. Please don’t make this mistake yourself.

    You must approach home business ownership with your eyes wide open. Ask yourself the important questions, and more importantly, answer your own questions openly and honestly.

    AN IMPORTANT CONSIDERATION

    Are you the type of person who relishes every chance to gather around the water cooler for social interaction?

    If so, then home business ownership may not be the right decision for you.

    Instead, if you feel that you can be quite content sitting alone at your desk; speaking only to clients and really minding your own home business, then you might have what it takes to succeed as a home business entrepreneur.

    If you feel at ease with your own company and don’t need a dozen coworkers milling around your desk, then you, too, could savor the freedoms that will allow you and your family, to live the lifestyle you know you want and deserve.

    THE KEY TO HOME BUSINESS SUCCESS

    Self-motivation is the key to success when you start a home-based business. You need to possess the ability to push yourself ahead. Your drive and determination will be reinforced with every new sale.

    The level of success that you will achieve greatly depends on the time and effort you are willing to plow into your new home business. Your organization, planning and marketing skills, will all be put into practice when you embark on your liberating journey from employee, to being your own boss. In fact, you will be the wearer of many hats and gain a wealth of business experience along the way, when you finally make that commitment to work at home.

    YOUR SUCCESS RESTS ENTIRELY UPON YOUR OWN SHOULDERS

    You will now be the boss. Are you truly able to work independently? Do you have the drive; the tenacity, to persevere with your home based business? Will you be able to invest the necessary time to nurture it, to watch it grow and see it through, from germination to full, glorious bloom? When you’re the boss, you are responsible for the success of your home business, from A to Z, from disappointments to victory.

    When you work at home, it will empower you to achieve many things you were unable to do when you were stuck working for that tyrant boss. Remember him? He’s the guy that wouldn’t let you take time off when your baby was sick…the same guy that called you in to work on Thanksgiving Day.

    A home business means that you can take good care of your family and make money from home, simultaneously. You will have the best of both worlds! Just think–no more dirty laundry piling up–you can do it while you work. No more scurrying around at the last minute searching for a babysitter either. And no more worrying about getting fired; you’ll be the boss!

    IN CONCLUSION…

    Stay positive and focused on your home based business, even if, when sales aren’t up to par, you get occasional negative remarks or derogatory comments from people with stuffy, dead-end jobs. Ignore their cutting words and bear in mind that success is the best revenge! Keep your admirable, positive attitude at the forefront and show them what you’re made of!