How to Succeed in Business

By taskeinc
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Succeed in Business

Succeeding in business encompasses a broad array of ventures. From managing the lemonade stand to a CEO of a fortune 500 company. However, as broad as the entrepreneurial field is, there are certain do’s and don’t and certain characteristics that are inherent in the successful business person.

1. Step 1

   Find a business that suits you. Go to job fairs and attend online seminars to get a feel as to which direction you’d like to go with your business. Attending free seminars and job fairs will also allow you to find out which markets are popular at any given time.

2. Step 2

   Whatever business you decide on, if possible pursue an Internship with a company in that particular field. Keep in mind, Internships are not just for HS or College students, mid-career Internships are offered by companies as well.

3. Step 3

   
   

   Find a mentor. Someone who is successful in the field that you are pursuing. Most financially savvy entrepreneurs have no problem with sharing their success stories. The problem is getting the interview, or capturing their attention, because most 6-figure income earners are extremely busy. Be persistent, and you’ll get that interview, and this will open the door for mentors. Go after that mentor like Bud Fox pursued Gordon Gekko in the movie “Wall Street.” Of course Bud (played by Charlie Sheen) was rather  too aggressive and paid for it in the end. Gordon Gekko (played by Michael Douglas) paid for his unscrupulous business practices too. Which brings me to my next point; never take illegal short cuts as you pursue entrepreneurial success, it will always come back and bite you on the rear. Just ask them !

4. Step 4

   Your local Chamber of Commerce and the SBA (Small BusinessAdministration) are there to assist you. They offer classes at very reasonable prices. Spend at least one day per week at your local SBA and you’ll be surprised at all the opportunities afforded to the Small Business Owner.

Opening a business and wondering what types of expenses I can write off?

I am opening an online business for website design. (set up as a LLC, I’m the sole owner) Should I start keeping receipts of all business related expenses? Or would my business qualify as a hobby if I don’t make a certain amount of money in the year that I’m filing.

You need to keep accurate records when running a business. This will be your best defense if you ever get audited.

For IRS purposes, you need to make a profit every 3 out of 5 years to have the IRS prove that you are not running a business. Otherwise, it is up to you to prove that you are running a business and not doing a hobby. You can prove that you are running a business by keeping your business accounts and personal accounts separate.

You can write off any legitimate business expense including dinners with clients, car expenses, equipment, etc.

Having a separate checking account and credit card is a good idea. However, it isn’t necessary. You can comingle your business and personal expenses using your personal accounts. But, if you do this, then it will be harder for you to prove that you are running a business.

For your revenues, you don’t need a corporate account to make you deposits. You just need to make the deposits in your separate account that you use for business.

You can read Publication 334 for more information.