VIEWS: 29 PAGES: 2 POSTED ON: 11/6/2008
Profitable Business Ideas Require An Implementation Strategy If you are thinking of getting that online business you always wanted to start up and going, you need to have some plans and strategies to help you succeed. Strategies or plans to consider should be in the form of an outline so you can clearly see your next move. Your online business plan strategy should have the following elements: ● Define your business, what are you selling—that’s the ―what‖ in your business vision. If it’s candles, are you selling only one kind or numerous kinds? Define your mission, how are you going to sell—that’s your how in your mission. What will be your marketing plan on selling, web only, web and another venue? You must decide the ―how‖ you are going to sell. Cash flow – Do you have enough money to keep you going? Don’t forget about things like computer and printer supplies and repairs, postage, paper, packaging materials or shipping arrangements, website costs and, any other expense you incur. You can go to any office supply center and get a good sample of how to list your expenses or try Microsoft Excel and use their income expense report. Will your business take up only part of your time or is it going to be full time? This is an important decision. If it is full time, you must remember that you are now an independent contractor or self-employed so those employer benefits you might have had like health and life insurance may be gone. Have you discussed your business with an accounting or tax professional? Because the dollars coming in won’t be taxed by an employer, you should seek professional advice on how much you need to put away to pay quarterly federal, state, local, social security, and Medicare taxes. A good tip for the social security and Medicare taxes and how to calculate them are: Your social security tax should be multiplied by what you bring in. Say you make $100, multiply that by .062 and you’ll get $6.20 – so you need to put $6.20 of that $100 away in a your tax account for quarterly payments. For Medicare taxes, the multiplier is .0145. So take your $100 again and multiply by .0145 and you’ll get $1.45, put that in your tax account too. For federal or state taxes, you can download booklets that show the amount of dollars you should withhold based on your deductions online from any state website. ● ● ● ● 5 FREE Videos Show You The 10 Simple Steps To a Full-Time Online Income Doing What You Love! Go to: www.NitroBlueprint.com ● Manage your time – If you plan to work full time on your online business, be sure to figure out how to best manage your time. If you have young children you have to get off to school first, your business day may not start until 9:00 am and end at 3:00 pm when they return. If you have older or no children, you should put as much time into your business as you would a regular job—nine to five! So, get organized and take some time to figure out how to get started. If you make an outline and get all your ducks in a row before you begin your online business, you will be successful and reach the goals you’ve dreamed of! 5 FREE Videos Show You The 10 Simple Steps To a Full-Time Online Income Doing What You Love! Go to: www.NitroBlueprint.com
"Profitable Business Ideas Require an Implementation Strategy"