Category Archives: starting a business

Starting a business – basic things to consider

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There are many things to think of when looking to start a business. From choosing a business structure and legal issues to tax obligations and financial management, there is a vast range of things to consider so as to ensure the smooth running of your business. Below are a few key areas that should not be forgotten when establishing a business.

Business Names, Structures and Registration

Before starting a business you should consider how you would like to structure your business to suit not only the type of business but your personal situation.

Functioning as a Sole Trader is the simplest and most inexpensive form of business structure to set up. Although, it is important to note that you will still be personally responsible for any actions of the business and personally liable for all business debts. You should seek professional advice to understand your options and what is the best structure for your business and your situation.

One of the most important things that you will do is to name your business, and it is crucial to remember to chose a name that is fitting to your business offering. You should ensure that your business name is registered with the department of fair trading in your state and be aware that in some cases this process should also include registering a trade mark, which is a separate action.

Starting A Business – David Green’s Success Story

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Have you been thinking about starting a business of your own but are afraid to take any risks, especially in today’s uncertain marketplace? I believe that success hinges more on attitude and action than anything else.

Here is some information about a successful Christian businessman named David Green, owner of Hobby Lobby Creative Centers. David started his Hobby Lobby stores back in 1972.

It started out as a small frame shop where he retailed manufactured picture frames. It grew large within just 3 years. Today he has stores all across the United States (335 stores with 16,000 employees) which grosses a billion dollars in sales annually.

Listed below are some of the reasons why his hobby and crafts stores have prospered over the years. He started out with just a $600 investment in his business. Today his stores do over 1 billion a year in sales.

1. David Green is a Christian businessman who started from modest beginnings and went on to enormous success and attributes all his success to his total dependency on God.

2. Another reason for his success is that he has had a strong customer service policy. He believes he is a servant to his customers.

3. Along with his servant minded mentality towards his customers he practices and sets an example of strong character and integrity in front of his employees.

4. David say he also pays his employees better than other similar hobby and craft stores because he wants his stores to be a shinning light in the community and to stand out among other similar stores as well.

5. He has a list of high quality traits he passes on to his employees. There are even bible studies available as well as a company chaplain.

6. David says that true success comes through the Lord because everything hinges on eternity and without eternal life you are not really successful.

7. He says that prayer has helped him in business more than anything else.

8. He closes his stores on Sundays even though he is walking away from $100 million in sales. He does it to show the world and his employees where his priorities are.

Whether you are a Christian or not you can use these principles in your own home based business and excel. As I used to hear them say at Amway seminars, “Get your attitude up and your income will follow. Get your attitude down and your income will follow”. And… “Your attitude governs your altitude. And… If you think you can, you can and if you think you can’t, you’re right again!”

In the Holy Bible, the book of Psalms (Psalm 1, verse 3) God says that everything a righteous man does shall prosper. Here is a link to a web site that actually shows you how you can instantly become righteous today. While the rest of the world is given to change you can build your business on rock solid truth and promises that won’t change. http://www.godssimpleplan.org/gsps-english.html

The gospel (good news) is the world’s greatest info product and it is free! The world’s best kept secret is Romans 10:13 “For whosoever shall call upon the name of the Lord shall be saved”

Starting a Business? Understanding Your Estimated Tax Payments

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If you organize your business as a single-owner LLC or elect to have your multi-owner LLC taxed as a partnership, you will have to pay estimated quarterly taxes to the IRS after your first year of business. If you are earning a substantial profit during your first year, you may want to go ahead and begin paying quarterly taxes immediately so that you are not hit with an outrageous bill come tax time. Paying quarterly taxes is the scourge of self-employment — it can be difficult to write a check every three months for 15.3% of your income. In reality you are just covering what is usually paid through withholding and the employer’s share, and paying once per quarter saves you from having to file and pay more frequently.

IRS Form 1040ES is used to calculate and file your estimated quarterly taxes. To estimate your payment, you must calculate your expected adjusted gross income, taxable income, taxes, deductions and credits for the year. If your income is on par for last year, it may be easier to use last year’s return as a starting point for estimating your tax bill. If your initial estimate is too high or too low, Form 1040ES includes a simple worksheet to help you recalculate your estimated tax each quarter.