Home Advertise Contact Blog Advertiser Login RSS
Newsletter Signup

Buy A Business Opportunity of Franchise
Home-Based Businesses
Choosing a Business Opportunity Growth and Profit Marketing and Sales
Plans and Goals Running Your Own Business Start-Up
Working From Home Entrepreneur Exchange Feature Articles
Opportunity Community Opportunity Focus In The News

Happy first day of December! It’s December and the end of the year is in full-swing. Don’t go into the holiday travel season without the December Book-of-the-Month: Business Adventures by John Brooks.

December means that its holiday time. No matter what holiday you celebrate it’ll...

Female celebrities are breaking the stereotypes of Hollywood and diving into the world of business. Check out how these women are using their fame, fortune, and power to start their own companies. From media production to makeup, these Top Female Celebrity Business Owners are doing it all!

As...

With only a few weeks lefts in 2017, it’s time to get organized now! The holidays are around the corner and you don’t want to be scrambling at the end of the year. Use these Small Business Organization and Tax Tips to End 2017 to help you keep the end of the year stress to a minimum.

Happy...

Sponsors

STARSCAPES®
Imagine making up to $500 to $1,800 a day! Call or click now see how you can get your business for FREE! (602) 679-0257
Promotional Products Home Business
Run Your Own Business. Be Your Own Boss. Earn Great Profit Potential. Start At A Low Cost. Try It For Free! Learn More.
Residual Income Business Opportunities
Residual Income is the way that you work once and get paid multiple times—sounds great!... Read On
Top 7 Reasons to Consider a CMS
The internet loves obscure abbreviations. You can skip over most of them, but not CMS. What is CMS? read on...
The Ideal Length of Everything Online, Including Social Media Posts
When one of your busiest marketing channels limits you to 140 characters, you know that the internet sets its own rules.
Low Cost Business Opportunities to Own
Are your right for a Low Cost Business Opportunities to Own? The desire to own your own business... Read On
Why Advertise Your Business Opportunity?
Over the years we have been fortunate enough to receive quite a few testimonials. In fact, ... read on
National Property Inspections
Flexible work schedule, no experience needed, and complete training and support available!
How Many Leads Does It Take To Close A Sale?
This Featured Article is live on our blog and I know could be very insightful for connectivity and ROI.
Top 50 Home-Based Business Ideas
Home-Based Business ownership can be the most rewarding endeavor you will ever undertake. The new year... Read On
I Want To Buy a Business Opportunity or Franchise
Who are the types of people who buy a business opportunity or small franchise? According to people in... Read on
Copying & Publishing Business Opportunities
Today creativity abounds in the printing and publishing space with more unique business solutions than ever imaginable.
 
Resource Center > Article
Which Little Pig Are You?
30 Nov 11 Posted by: Kathleen C Lanza
in Start-Up
Share this Article:

When the stock market fell in 2008 and panic ruled the land, Dave Ramsey wondered what was wrong with him that he just wasn’t afraid. “I was not vulnerable to the mess that seemed to be looming,” he says. “I was like the little pig who built his house of brick, not hay or sticks.”

In his new bestselling book EntreLeadership, Ramsey assures home-based and other small business opportunity start-up entrepreneurs that they too can enjoy an equal measure of confidence by following some key “bulletproof” principles for finding financial peace.

“Start-up home-based businesses often forget to do even the most basic and primitive proper accounting,” Ramsey warns. Because these smaller ventures often get their start out of your garage or slowly take over your living room, it’s all too easy for you to mix your business funds with your personal funds. Where you end up as a result is “effectively embezzling from yourself,” according to Ramsey. This haphazard approach to small business accounting signals the death knell for all too many well-intentioned entrepreneurial endeavors.

To ensure you don’t fall prey to this problem, Ramsey recommends taking a number of critical yet simple steps:

1. First and foremost, you need to open a completely separate checking account for your business, which is not hard. In fact, you don’t even need to incorporate or obtain a tax ID number before doing so, he says. Rather, all you need to do is “open a simple sole proprietorship account in the DBA (doing business as) form using your Social Security number.” Then you can manage the account using a simple checkbook similar to the one you would use for a personal checking account.

2. You must get in the habit of depositing every single penny you make from your business endeavors into this account.

3. Never pay your business expenses with anything other than the funds in this account.

4. Understand that your checkbook is now a simple P&L statement and that your checkbook balance at any given time is your profit, plain and simple.

In addition to keeping a completely separate business checking account, home-based and other small business owners must get real when it comes to paying their taxes. As Ramsey states so clearly, like them or not (and most people don’t), “If you don’t keep up with your taxes, that alone will close you down.” Ramsey’s advice? “Open a ‘tax’ savings account that you deposit money in every time you write yourself a check (from your business account),” he says. Setting aside roughly 25% of everything you make so you can pay your quarterly estimated taxes as required by the IRS is just plain smart. It’s a means of withholding taxes from your own profits before the money somehow disappears and you’ve destroyed yourself before you even know it.

Ever the realist, Ramsey asserts that true entrepreneurs oftentimes aren’t detail-oriented and therefore dislike accounting, so they either do a very sloppy job or avoid it altogether―especially in the earliest stages of business when doing things correctly is most critical. Messy or non-existent just isn’t an option if you want to be successful in business. As Ramsey so ably sums it up, “Those who do not follow commonsense, conservative money principles leave themselves and their businesses vulnerable to the whims of their competitors, every little ripple in the market, and certainly, to big shifts in the economy.”

So what will it be? Hay, sticks or bricks? It’s entirely up to you.

Related Blog Posts
17 Nov 17 Posted by: Margaret Mallonée
in Start-Up

If you’re a woman looking to start a business, you need to make use of all the Small Business Resources for Women.

It’s 2017, and more than two-thirds of new business owners are women....
6 Nov 17 Posted by: Margaret Mallonée
in Start-Up

It’s that time of the month again! Our November Book-of-the-Month is The E Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It by Michael E. Gerber.

As we head into the end of 2017 and transition into the holiday season, there’s no better way to kick back and...
11 Oct 17 Posted by: Margaret Mallonée
in Start-Up

To help you get inspired, we’ve collected success stories from some of the Top Mom Entrepreneurs of 2017, or mompreneurs.

There is no question that starting your own business is tough. It requires a lot of time, dedication, effort, and money. You’re putting your financial stability, job security,...
22 Sep 17 Posted by: Margaret Mallonée
in Start-Up

Young Entrepreneur's Start-Up Advice — The best advice, helpful tips, and questions for the aspiring, young business owner.

To help you decide if you're ready to start a business, we’ve compiled the best young...
18 Sep 17 Posted by: Margaret Mallonée
in Start-Up

Entrepreneur Start-Up Tips - How to Keep Your Bottom Line from Going Bust When Starting a Business

Entrepreneur Start-Up Tips - Congratulations—you’ve decided to take the plunge and make your dream a reality by
 
   

I had the pleasure of chatting with Shawn Pigg, CEO of Hotels Etc. for BusinessOpportunity.com's Podcast series that will be released very soon on our new Digital Platform.  Here is the transcript from that call for our regular RSS feed subscribers who get all of our posts first.

If you would...
Read More


Premium Sponsor