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Do you really want to start a business but just can’t seem to get started?

If so, your lack of action is probably the result of wrong thinking. ‘Wrong thinking’ is any thought that you have that delays or impairs your ability to take action. Wrong thinking over-complicates a process (the process of starting a business) that does not need to be complicated!

The process of starting a business is a simple one. It involves:

deciding on a business idea refining your business idea so that you understand the ‘who, what, when, where and how’ of what you are trying to accomplish taking constant action

Many aspiring business owners fail to become business owners because they cannot seem to make it past Step 1 (or even worse, fail to make it to Step 1 at all!).

A lot of the time, this comes down to one (or more) of five thoughts that seriously impair your ability to take action. These thoughts are:

I need to ‘find my passion’ first!

‘Finding’ passion is a ridiculous concept, as passion (by its very nature) is NEVER hidden. You absolutely know what you are passionate about, and you may be conflicted because none of these passions seems to work as a business idea.

Deciding on a business idea does not need to have anything to do with passion. Rather, it has everything to do with who you are as a person, what you are capable of, what you want to achieve, your financial situation, resources and much more!

You will never find passion by searching for it. Passion is a result of taking action on your goals and seeing the fruits of your efforts.

If you think you need to find your passion before you can start your business, think again! Start your business first, and you will be filled with passion after.

I don’t have enough money!

Do you ever stop to think about why you don’t have enough money to start a business?

Could it possibly be because you spend your entire day consuming the creativity of the people around you, without offering any creativity in return?

People rarely understand the concept of ‘creativity give and take’. Everything you use on a daily basis and every service you pay for whilst you sleep (electricity, phones, internet, and so on) are the result of someone else’s creativity; and you are paying for it. Who is paying for your creativity?

Don’t allow a lack of money to stop you from starting a business. There are plenty of ways to start a business without a lot of money - it just takes dedication and a little extra creativity! And once you start to provide this creativity to the people around you, the issue of money will (over time) begin to diminish.

I’m too tired to start a business!

Unfortunately, being too tired to make an effort on your business goal is usually the result of not having started your business in the first place.

Being too tired often happens because what you are doing in your daily life is against your natural inclination. You may be in a job you hate, be doing something that is not expanding your mind, or have simply allowed yourself to get into a ‘rut’.

People are rarely very tired because they are too busy. They are tired because they are depressed. If you start your business and decide to start pursuing what you really want, then the creative energy that fills your body and your mind will destroy that tired feeling and you will achieve more than you ever thought possible.

So do whatever you have to do to push yourself to get started. Because starting is the only way to rid yourself of constantly feeling tired.

I don’t like my business ideas!

If you keep coming up with business ideas and discarding them, it may not be the idea that’s wrong…it might be your approach.

Business ideas are like bright, shiny new objects. They look great at the start, you can’t wait to make them yours, and you are sure that if you could just get hold of them - your life would be so much better! However after a while, they lose their appeal. They start to require a bit of work, problems begin to appear and before long, you are looking for a different shiny, new object that will give you that great starting feeling again.

If you have been doing this, stop now. You could spend the rest of your life coming up with great business ideas and discarding them. That will not change your life. Next time you are about to discard a business idea, ask yourself whether the next one is really going to be ‘better’, or whether you are giving up on the one you have too soon.

I don’t know what the next big thing will be!

Waiting to start a business because you think you need a revolutionary idea is as ridiculous as trying to uncover your passion.

The next big thing is what you make it. Determining the future of consumerism is the job of existing business owners (to ensure they can evolve their product or service and survive). As an aspiring business owner, your job is to come up with a business idea that suits you.

The next big thing could be a fantastically packaged cheesecake! It does not matter. Forget trying to come up with ‘the next big thing’ and just pick something that is right for you. This will give you a much greater chance of success in the future.

So, do any of these thoughts resonate with you? If so, take stock of them and decide once and for all that you will not let them prevent you from taking action any further.

Yes, deciding to make a change in your life is scary. Worrying about failure can be terrifying. But do you know what is even more terrifying? Living a life of unrealized dreams.

Becoming your own boss is an aspiration of many people all over the world. While it can be one of the greatest feelings in the world, it can also be one of the most complicated feats in the world to accomplish. As an entrepreneur you have to be money conscious before starting your new enterprise. The best way to start is with business plans and an open mind for what type of enterprise you would like to start. Whether it is a new business or an existing one, this article should be able to give you the right tools to begin.

Among other decisions, there are two things to consider when contemplating a new enterprise venture. Do you want to start an original one or purchasing an existing one? If you are looking to start an original venture, then the sky is the limit! You should be able to take anything you are interested in and turn it into a business. Are you interested in a home type venture? If you are, then consider things like a hair salon or a cleaning service that you can run from home. Sometimes businesses for sale can drop into your lap and be the best option of all. An existing one is often a great first project for a first time entrepreneur.

Starting a business is certainly rewarding and even more so once you develop your business plan. Once you have this done you can begin to focus on the financial and technical sides of owning your own enterprise. Having a financial plan will be one of the most important actions you will take when starting a small business. No matter what type you start, being prepared will be your ticket to a successful future. This may include getting business loans, which many new owners opt for, as this will be one of the most important steps you will take towards success and financially stability.

Many people want to start a business but haven’t a clue where to start. A lot of people want to start into the world of entrepreneurship and fail horribly because they do not have a solid foundation of what they want to do. Did you know that 98% of new businesses fail in their first year. Now in 99% of these situations that cause of that is the actual business owner them self. Either they do not have a solid plan of what they want to do and they’re making stuff up as they go along or they just do not know what they are doing period. This is why it is very important to have a business plan in place before spending so much money and time into a business that will fail like the other 98% of them. In the coming paragraphs I will explain the most important aspects of a business plan so that you can prepare yourself for your business venture before wasting your money or time.

The first and most important aspect of your business plan should be to figure what exactly you want to do. If you are offering a product, what does the product do for others? If you are offering a service, what are others going to get out of the service? You have to know what your business is going to do for others so that you can market it to the proper audience and not just anybody. You would not sell a can opener to someone who needs a new car engine right? Once you figure out what you want to do you have to figure out whether there is a market for that product or service. There is no point in trying to sell something if no one is going to want it.

The next most important aspect of a business plan is to figure out your initial expenses and estimate what your profit margin could be. If you go through this and figure out that your expenses are going to outweigh your profits then what is the point in even starting? Before even doing this portion it is a good idea to write out what your goals are of starting this business (ie. How much would you like your profit margin to be?)

Depending on the size of the organization you need to run you might want to figure out how many employees you will need. If it is an online business you may not need any. Now of course this isn’t all that would be in a business plan but this is a start.

In summary a business plan lays out your ground work for you and your business and the business plan is what you will follow to make your business succeed. Look at the business plan as a checklist to your success. If you can get the business plan to look good on paper then just make sure you go through all of it and ensure everything is completed exactly as it is on paper and you should be well on your way to profits.

Why the LLC could be the Best Tax Option for Your Start-up Business.

Your start-up business is taking off. In fact, you just got your first check.

Now, you need to get that money in the bank.

You don’t have a business bank account? How are you going to cash that check?

In order to open a business bank account, you need to have your business license showing your trade name, your Federal Employer Identification Number, and your Certificate of Incorporation for a corporation, or Certificate of Formation for your LLC, or your partnership agreement for a partnership.

If you don’t have these already, it’s probably because you are still trying to figure out what type of entity you should form for your new business.

Unfortunately, it’s not always easy to figure out which entity type is best. Should you be a sole proprietorship, partnership, LLC, S-Corporation or C- Corporation?

What’s worse, you may be best off starting as one entity type, then changing when your business grows or gets more profitable.

If you’ve never gone through an entity change, I’m warning you now that the process can be a bit painful. You have to open new bank accounts, get a new Federal EIN, make sure your payroll tax deposits are made to the right account, change your 1099 information with all your customers, etc. If you change mid-year, you could end up filing multiple payroll and income tax returns, too.

Forming an LLC is one way to keep this process as simple as possible.

You see, an LLC is not a recognized tax entity. It is a legal business type, but the type of tax return your LLC files varies by the number of members and can even change with a simple election or two with the IRS. Since an LLC can choose which type of tax return to file, you can choose or change your tax type, without having to change your legal setup or Federal EIN. This can be a major time saver for your business.

Let’s go through your options.

If you form a single member LLC (only one owner), the IRS default is that this is a disregarded entity. Essentially, the IRS ignores the fact that you formed a separate legal entity for tax purposes, and you report your business activity on Schedule C of your individual income tax return. You file and pay taxes just like a sole-proprietorship.

If you form a multi-member LLC (more than one owner), then the IRS tax default is a partnership. Your LLC would file a partnership tax return, and the income or loss would flow through to the individual owners’ tax returns. The partnership return allows you to distribute income or losses to partners (members) based on criteria other than ownership percentages. This can be useful if you have members in different tax brackets, or if you would like to be able to distribute start-up losses to the member who invested the most money in the business.

If you would like to have your LLC file a different tax form, you can use Form 8832, Entity Classification Election http://www.irs.gov/pub/irs-pdf/f8832.pdf to choose how you would like to be taxed. Using this form, you can have your LLC elect to file a C-Corporation or S-Corporation tax return.

If you would like to change from the default entity type, you should file the election within 75 days of forming your LLC. You also cannot file the election more than once every 60 months, unless the first time it was filed was during the initial formation of your business. If you want to be taxed as an S-Corporation, you also need to file Form 2553, Election by a Small Business Corporation [http://www.irs.gov/pub/irs-] pdf/f2553.pdf within two and one-half months of forming your LLC.

With an S-Corporation, the income from your business is taxed on the individual member’s tax returns based on their ownership percentage, and members pay payroll taxes on their wages just like any other employee. A C-Corporation pays taxes on its income separately, but individual members also pay taxes any wages and dividends they receive from the corporation.

Corporations are required to keep corporate minutes, must file an annual report, and must have an annual shareholder meeting in order to maintain legal limited liability. The legal requirements for maintaining an LLC can be much simpler. It’s a good idea to consult a business attorney in your state to make sure your business is on track with your state requirements.

If you are in a rush to get your business rolling, starting an LLC could keep your options open. You can get your business started right away, and still have time to consult an accountant before you make a final decision on how you want to be taxed. You can even change your mind down the road, without having to change all your business accounts.

Don’t forgo professional advice, but consider the LLC if you need more time. That way, you can spend your time building your business, rather than filling out more paperwork!

The insurance position on leasehold properties is rather different to freehold properties and is something that should be at the forefront of discussions and agreement between the property owner and the tenant.

Agreement should also be reached between the two parties at contract stage as to who is responsible for the losses to the business and interruptions to trade, caused by damage to the buildings.

The lease document defines who is responsible for the repair and reinstatement of the property and also for providing insurance cover. If the tenant is required to insure they will need to purchase commercial or business leasehold buildings insurance, the basis of the cover will be similar to that for freehold property. The main variation is that the landlord may insist on approving the insurer, to inspect the policy and to seek confirmation that the insurance remains in force. The landlord may also require his interest noted on the policy documents.

Insurance cover for commercial leasehold buildings is normally on a reinstatement basis. This means that in the event of a claim the insured will receive the cost of the rebuilding the property back to its original condition. It is different to a market value basis. Market value is the amount the property would reach on the open market and is often substantially more.

Other additions to the basic wording for leasehold property cover usually include a provision for debris removal in the event of a claim. A public authority’s clause which meets the extra cost of reinstatement incurred as a result of a local authority or other statutory requirement being applied when repair or reinstatement work commences, becomes necessary after a loss and claim.

Establishing the initial sum insured for the business premises is vital. If the sum insured is inadequate at the time of loss, the insurers are entitled to reduce the settlement figure by the proportion that the true figure exceeds the insured value. This is called an average penalty clause for under-insuring the property.

In the event that the insured chooses not to rebuild or reinstate the buildings to the original condition, an adjusted indemnity payment will often be made, which would allow for the age and condition of the building.

If the landlord insures the property, the lease will detail the basis of cover, the range of perils and who is to pay the premium.

Tenants should seek to protect their interest by being named on the policy or by having their interest noted by the commercial insurers.

Aside from the cover for damage to the commercial let property itself, this type of policy will also include both loss of rent cover and property owners public liability cover as standard.

Loss of Rent cover is a specific item which is insurable for property owners or tenants who sublet. The period to be covered will be dictated by the lease agreement. To insure on the best basis of cover for loss of rent, it is important to discuss this with a commercial buildings insurance broker as there are often many clauses and exclusions not readily seen at time of the policy purchase..

Property owner’s public liability insurance is insurance related to the accidents caused by defects in the property for which the owners can reasonably be held liable. It can be extended to include employees and persons who maintain the property such as gardeners, cleaners, caretakers, window cleaners etc.

Affordable health insurance (small business): You can make reasonable savings on health insurance in some states if you run a home business. Such states require that insurance companies offer home based business the same rates as they do other (larger) business. In other states your home business qualifies for a group rate once it has one employee. You can have your spouse or older kid work as an employee. You’ll still qualify for such group rates if such an employee works only part time. This will give you more affordable heath insurance as group rates are always cheaper than individual rates. To know if you qualify or even if your state has such a provision, call your state’s department of insurance, department of financial services or their equivalent.

Your health insurance premiums may be tax deductible if you’re self employed. You may also be entitled to a tax break if your employer offers a flexible spending account. This means that you’ll do well to talk with your tax professional. He/she will be able to tell you savings you can or cannot make this way.

There’s a special type of savings account called the Flexible Spending Account. It’s a type of savings account where you can put tax-free dollars for your health needs. Any amount not used could be rolled over into the next year (still tax free). This offers you a tax free way of building large reserves of funds for your health needs. Ask your tax professional for more advice on this.

You will get more affordable health insurance (small business) rates by getting and comparing health insurance quotes from up to five quotes sites. Don’t just get and compare quotes from one site and think you’ve done a great job. You’ll increase your chances of getting lower health insurance rates by getting quotes from many sites.

Running a business can be very daunting. There are many aspects that you have to keep in mind, such as salaries, transportation, insurance for all your business goods and not to mention all the workings of the company too! A business is created to make money, so the wisest business decision to make is to protect that investment.

If your company owns a fleet of vehicles or trucks, the most important thing you need to do is to insure these vehicles. If you provide company vehicles for any of your employees, those vehicles will need to be insured under the employees’ names too. You do not want to take the risk of having to replace a vehicle should it be involved in an accident. You will be able to obtain insurance under the company name, with certain employees as designated drivers on the policy.

There are many different car insurance companies that cater for the needs of businesses. One of the most popular kinds of car insurance that companies go for is the Pay As You Drive option. This is an insurance option that measures your policy based on how far you travel each month. They are able to tell how far you travel by the installed tracker on the vehicle. This is the reason why it is a great option for companies, as they will be able to accurately gauge how far their employees are traveling each month in relation to their petrol allowance. Business owners can also keep track on where their employees are going each month during work hours. In addition to this, the security of their company fleet is protected as there is a better chance of finding a stolen vehicle when it has a tracker installed.

The most important thing for the business is keeping the insurance costs down. The first thing the business would need to do is to compile some quotes for comparisons. This allows you to make an informed choice. Most car insurance companies will have a specific kind of coverage deal for businesses. This is called business auto insurance. The insurance company will offer a package deal for the business owner, depending on how many vehicles are going to be insured under them. If you are insuring more than one vehicle you will pay a lot less for your business insurance than if you were going to just insure one vehicle on business insurance. Another money saving factor to take into consideration is housing all your businesses’ insurance needs under one insurance company. If you protect your business assets, premises and put your company’s other insurance needs under the same company as your car insurance, you may find that you obtain a better deal.

It need not be an expensive, overwhelming ordeal to insure your company’s vehicle fleet. The best thing to do is to insure you are getting the best deal possible, and not pay a large fee simply because you are falling under the business bracket. Remember that businesses can get even better deals for loyalty and for bulk insuring.

Blanket Insurance is an insurance policy under which more than one property can be insured in more than one location. When you purchase a blanket insurance policy, you need not to specify the items covered under the insurance, as everything under a property is covered. Blanket insurance is not used to insure just property, but also things like the health of employees, theft in a particular establishment etc.

How to Get Blanket Insurance:

There are some basic requirements that you have to fulfill before you ca opt for Blanket Insurance.

1) List the Items

You need to draw up a Statement of Values stating the value and name of the items that are going to be covered by the Blanket Insurance. The SOV states the name of the item and its location.

2) Coinsurance

If you have insured property at various locations, one major problem arises at the time of payment for any accident or damage to the property. The limit of the property under Blanket Insurance needs to be looked into. If the value of the damaged property is more than what is offered under the terms of blanket insurance, then you will suffer a loss. You must remember that insurance companies keep in mind the cumulative value of the properties and items you are insuring, not the value of one single item.

What You Must Know Before You Opt for Blanket Insurance:

1) Agreed Value

Agreed value is the value that both insurer and the insurance company agree on while drawing up a blanket insurance plan. You must be very careful while stating an agreed value, as you cannot invoke the coinsurance penalty and get the insurance limit changes at the time of payment.

2) Varying Rules

Before opting for a blanket insurance cover, you must remember that different insurance companies have different rules regarding blanket insurance. Since insurance must be done on many items and properties, all under a single limit, many companies are reluctant to do it.

3) If your property is located in many different regions, then getting a blanket insurance cover becomes difficult. In fact, you may need to use many different blanket insurance covers for properties in different states and countries.

4) Blanket Highest Rate

The highest blanket rate is calculated based on the highest value item under the items covered by Blanket Insurance. This type of Blanket Insurance can be expensive.

5) Blanket Average rating

The individual values of the items covered under blanket insurance are added, and then divided by the insurance limit. The resulting amount is called Blanket Average Limit. This is cheaper than Blanket Highest Rate premium.

Many people blindly sign for blanket insurance covers, thinking it will protect all their property against any kind of loss. Before signing, you must read the fine print, and keep the above points in mind. If you find it difficult to choose a Blanket Insurance cover for your business, you can consult a small business consultant or an insurance agent.

There is commonly some confusion when it comes to car insurance for business use vehicles. Many small business owners are unsure of what types of auto insurance policies are necessary for their cars. This articles discusses whether or not personal car insurance is enough to cover cars that are used for business purposes or if a commercial auto insurance policy is required.

Improperly insuring your company vehicles can actually leave you completely uncovered. In other words, even if you have car insurance, if it’s not correctly defined when it’s obtained, if the car were to be stolen or involved in a car accident, the policy that you hold may not cover the damages.

To the auto insurance companies, there is a big difference between personal use and business use. Of course, if you have vehicles that are registered to the company, have been bought by the company, and are driven by company employees, it’s pretty easy to determine that a business auto policy is necessary. In fact, no insurance company will even make a personal policy available.

But what if you own a very small business with no employees and you drive the same car for both personal and business purposes? Do you need a personal policy, business policy, or both? In most cases, a personal policy will be sufficient, even when used for business purposes. However, it must be stated in the policy that the car is also used for business purposes and you will pay higher rates. Also, any business contents that are frequently stored in the car must be detailed in order for them to be covered.

It’s a good idea to keep a detailed mileage log throughout the year, detailing how many miles were driven for personal reasons and how many were for business purposes. Not only will this save you money on your taxes, it will also help to save you money on your auto insurance rates.

Chicago has a population of nearly 10 million people in the greater metro area, with over 2 million residents residing in the city itself. There are 215 neighborhoods, thousands of insurance agents, and more than 300 insurance companies in the Windy City. All this means that there is plenty of opportunity for a business to thrive, but not without the right tools and education. When it comes to business insurance, Chicago has plenty to offer. Hundreds of companies deal with property and casualty insurance, including business and commercial lines. Of course, not all insurance companies are created equally, and a business needs to carefully choose the agent that is best for their needs.

In addition to selecting the most professional and reputable insurance agent or broker, businesses should also learn about business insurance, Chicago commerce, and other elements that will affect their daily operations. Having business income insurance or workers compensation insurance does a business no good if they don’t know how it works, how much protection they have, or whether the claims will be modified because of extenuating circumstances. There are many things that need to be understood, including the basic functions of business insurance.

Workers compensation insurance is pretty simple. This is the insurance coverage that pays for injuries or loss on the job that causes employees pain or suffering, as well as time off of work. Having the right coverage limits for this protection will keep your company out of court and keep employees happy because they know that they are protected. Business income insurance works similarly to workers compensation, but for the business instead of the employees. When an employee is hurt and cannot work, they are covered by their workers compensation protection. When a business is hurt and cannot continue working, they are covered by business income insurance.