Financial Freedom Classroom

We accelerate your results!

Business Boost

How to EASILY get other people to do what you want

by

Image courtesy of keakguru from www.freedigitalphotos.net
Image courtesy of keakguru from www.freedigitalphotos.net

Everyone knows the old saying “You catch more flies with honey than you can vinegar”.  It is absolutely true, even though we aren’t fishing for flies.  We are fishing for good relationships.  Whether it is your family, friends, or employees, the old adage is true.

Don’t misunderstand, the vinegar approach will work in the short term because nobody likes negative consequences. However, for long term relationships the honey approach is always better.  

Some good tips to be sure you are using the honey approach is to be polite, caring, and listen well.  Be focused and attentive when having conversations.  Then always work towards a win-win for both parties.

 This one tip can make the difference between your employee having your back or kicking you in the behind!

 Can you list another tip on how to get your employees to do what you want?

 

Don’t have a small business? Create one and reap the rewards!

by

Image by imagerymajestic from freedigitalphotos.net
Image by imagerymajestic from freedigitalphotos.net

Even if you have a JOB (Just Over Broke) open a business!  You will earn extra income AND get to keep more of what you make with some tax deductions.  **Disclaimer!  Please ALWAYS consult your tax professional regarding tax matters.  We are not tax professionals!**  One of those is the home office deduction but be honest, you should be able to defend your deduction in an audit.  Meals and entertainment when you conduct business with a person you are entertaining during the meal or event.  Be sure you keep good records of what the activity was, when, with whom and how it relates.  Another possible deduction is internet and phone directly related to your business.  Vehicle deductions for local business trips can be deducted either by the standard mileage rate or your actual expenses.  Education for yourself can be deducted as well.  The list goes on and on.  Another VERY helpful benefit of a small business is being able to contribute to a Self-Employed Retirement Plan and the tax benefits you can recognize.  These are a twofer!  They are particularly valuable for reducing your tax bill now and racking up tax-deferred retirement savings for later.

Can you share more benefits of having a small business?  Please comment.

Taxes; The Good, The Bad and The Ugly

by

Just in case you missed it…A fantastic webinar, Taxes; The Good, The Bad and The Ugly with Kim Landry, CPA from Landry and Associates.  Kim gave us some great tax strategies and planning techniques to be able to keep more of what you make.

What is a tax strategy that has saved you from paying more taxes than necessary?  Please share.

Worth their weight in gold!

by

Image courtesy of digitalart from freedigitalphotos.ne
Image courtesy of digitalart from freedigitalphotos.ne

A CPA can be a very important member of your investing team who can guide you through the labyrinth of taxes.  They are worth their weight in gold to you and your business.  A true CPA professional can ease your stress and save you lots of money you may have given Uncle Sam because you didn’t know any better.  Here are some tips when working with a CPA to make the most of your time and money.

Form a good relationship.  Once you find a good CPA, stick with them.  They become familiar with your business and they will ask important questions to lead you to a lower tax bill.  Of course, telling the truth is very important because it may make your CPA terminate your relationship and will hurt you if you are dishonest.

Lower your annual bill by being organized.  If you hand over a shoe box fill of receipts instead of a categorized report of expenses, your bill will most certainly be much higher.

Use your CPA in making decisions.  Be sure to consult your trusted CPA regarding purchases and don’t make assumptions.  Those assumptions could be very costly.

We are proud tonight to have our trusted accountant and friend Kim Landry, CPA with us tonight for our FREE webinar to go over the topic of taxes.  Don’t miss it!

 

Please comment on what you learned from the webinar.

 

 

6 Sensational Businesses to Start (even in a recession)

by

Image courtesy of Tina Phillips from www.freedigitalphotos.net
Image courtesy of Tina Phillips from www.freedigitalphotos.net

Candy – When times are bad we all need something to sweeten our day.  Candy can be affordable and is commonly bought impulsively.  That is why you see it at every checkout counter around!

Veterinary services – Most pet owners have very strong connections with their animals.  They will always make sure they have the care they need.

Thrift stores – No matter how much people are spending they always like to shop and spend less.

Death care services – Unfortunately it happens to all of us and we need it no matter what the economy is.

Cosmetics – Put on a little color and it can brighten your world.  Makeup helps people feel good about themselves.

Home health care services – With the hospital stays getting shorter but costing more, home health care services will continue to grow with the need.

Can you share other businesses ideas that could thrive under any economic condition?  Please share.

CNBC can be part of your success

by

“Life Process Sticky Paper On Glass With Drops Water Background” by 2nix from freedigitalphotos.net
“Life Process Sticky Paper On Glass With Drops Water Background” by 2nix from freedigitalphotos.net

Need some fresh ideas for a new business or your existing business?  Invest some time in watching CNBC!  They have some fantastic shows to spark ideas to take your business to the next level.  Shark Tank has some wonderful ideas and a lot of education on business.  There are at least five investors on a panel that hear about businesses and products.  The business owners come on the show to ask investors to invest in their business.  It is very entertaining and educational with a very likable cast of investors.

Another great show is The Profit.  Marcus Lemonis is a very successful entrepreneur who invests in struggling businesses to make them VERY profitable.  He discusses his theory of the three P’s of business, People, Process and Product.  Again, this very educational show can provide ideas for new business owners or fresh ideas to reignite established businesses.

What new business idea have you tried that was successful?  Please comment.