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That doesn't mean you can't be successful, it just will be harder. My advice is not to hire until you have to. Do as much as you can yourself until you get going.
If Obama loses, you will see the economy start to soar the day after election day; just like it plummeted right after he won in 2008.
This is true. I agree, i also advise not to hire anyone and do as much as you can yourself but maybe outsource a bookkeeper and get advise from a CPA. One wrong move or missed deadline and it can cost you big. The minute you claim home office deduction the flags will go up and you better follow the letter of the law and have submitted all the right paperwork. Also look up limited liability company also known as LLC. Disclaimer, Always ask a professionals advise.
Once you are pulling a profit, by the time the gov is done with you, you will feel side blinded especially in this punish the successful, punish the producers climate. That's when the light bulb will come on and you will see things very differently.
Thanks for the well wishes. Fortunately my business is a service based business so I do not need to worry about inventory.
You may not have to worry about inventory but there are plenty of other expenses to pay for to keep your business running. And you will still have to pay unbelievable taxes. I know, I am also a service business.
I am going to initially work out of my home, until I think the business can support a small leased space. Right now it's just me and my skills with little start up costs. If I had to invest a lot initially I probably wouldn't be inclined to do it. I have the money but I'm very frugal.
As a business owner you will have to be frugal, in fact if you were not frugal, you will see money in a different way and you will become frugal. Remember, those bills need paid and no business can be an island upon itself, you will need others services and taxes need paid. And just when you think you see the light of day, you'll get side blinded.
I am looking at business structure right now and trying to decide if it would be better for me to run a sole proprietorship or S corp. For a long time DH worked as a musician for the church who treated him as a contractor and we had to file a Schedule C and all that and pay the entire 15+% for self-employment tax even though it was never his intention to start a business. Crazy PITA.
There will probably not be a lot of profit to pay taxes ON the first couple of years anyway. I am going to have a website designed but will count on word of mouth and targeted marketing as well.
You better have a better plan. If you will provide a service locally it might do but learn about Seo.
As I have been a SAHM the last 10 years, any additional $ coming in would be gravy. And I have no hesitation in shutting the business down after 2 years if I feel that my compensation is not adequate for the time spent.
If your business is going to be successful don't start with a negative mindset, start with, .... Success Is The Only Option / Acceptable Outcome mindset.
Good luck and if Obama gets re-elected, your going to need every ounce of luck. Many businesses, if they have not already folded and closed their doors are already weakened by a very weak economy and really can't take on much more. And there will be more unemployed.
I remember the last time we had high unemployment. Guess what? For those buying this hoopla,
It is now an employers market and you know what that means? For those who are working, wages stagnate, no raises, other people who desparetly want a job and will work for less. If you have a job you better be at the top of your game.
And into a downward spiral we go!
Julia!!! now I need the Gov to take care of me????
You better have a better plan. If you will provide a service locally it might do but learn about Seo.
Oh, I know about this, believe me. Secret weapon. I am actually looking to fill a niche so there will definitely be keywords on my site. I'm not only marketing direct to consumer, but to those who would send me referrals. This idea has been in the works for about 2 years already while I am back in school preparing.
Quote:
If your business is going to be successful don't start with a negative mindset, start with, .... Success Is The Only Option / Acceptable Outcome mindset.
It's not a negative mindset. I just want to start slow. It's OK if this is a sideline business for a while. My kids are still young. I think this has the potential to do very well though, so I am excited about that prospect. And mentally prepared to pay about 50% taxes on profit. And fees for banks and an accountant. And insurance, etc.
And mentally prepared to pay about 50% taxes on profit. And fees for banks and an accountant. And insurance, etc.
Lol so when you do start to pull a profit, say, $50k a year, you won't mind paying the gov $25k leaving you $25k?
Then you pull $100k, if you ever do with this mindset, you won't mind writing that check for 50k?
Leaving you $50k
Lol, you have a tough time growing your business giving your your working capital and profits away.
By this time you will wish you could hire someone but since you are paying for some of that party in las Vegas or welfare checks. I want to hear you say this after years of working your butt off.
And mentally prepared to pay about 50% taxes on profit. And fees for banks and an accountant. And insurance, etc.
Remember, you as a business person want to create jobs, a job that your employee can depend on. Do that and they are happy (unless they prefer a handout), create jobs also means there is a demand for your service, that your business is surviving, that you also should be able to support your family on, and should be able to live well on, there is nothing wrong with that.
Giving it a way and your company is doomed and without providing anything for you or a job for others.
I love it! Obama posts something that says, "Look! You have to subsidize this ENTIRE WOMAN'S LIFE!!!"
This is going to backfire BIG TIME.
Who is "We?" Eisenhower, Nixon, Ford, Reagan and the First Bush certainly supported the safety net.
Eisenhower even said this:
Quote:
"Should any political party attempt to abolish social security, unemployment insurance, and eliminate labor laws and farm programs, you would not hear of that party again in our political history. There is a tiny splinter group, of course, that believes that you can do these things. Among them are a few Texas oil millionaires, and an occasional politician or businessman from other areas. Their number is negligible and they are stupid."
President Dwight D. Eisenhower, l952
This only shows how far the GOP has tacked to the right.
Lol so when you do start to pull a profit, say, $50k a year, you won't mind paying the gov $25k leaving you $25k?
Then you pull $100k, if you ever do with this mindset, you won't mind writing that check for 50k?
Leaving you $50k
Lol, you have a tough time growing your business giving your your working capital and profits away.
By this time you will wish you could hire someone but since you are paying for some of that party in las Vegas or welfare checks. I want to hear you say this after years of working your butt off.
Enjoy your $25k
Where did this 50% number come from? Because if one thinks that the marginal tax-rate means everything from $0-$X, you don't know what a marginal tax-rate is. A marginal tax-rate on $1,000,000, means that the 50% doesn't kick-in until $1,000,000. As an example, if one earned $1,000,001. The 50% rate would only apply to that last $1. The taxes on the rest are at the lower rates. The first $50,000, according to current law, is probably either not taxed or at a very low rate.
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