Did you know studies have shown that forcing yourself to smile can lead to you feeling happier? Why not pretend to be positive and optimistic until you actually are? One prediction for is that President-elect Donald Trump will create an atmosphere that is ripe for freelance work. Another is that the U. That is a huge number of workers not directly employed by the people and businesses that pay them, and not geographically bound to a physical workplace outside of their home. This may create a massive opportunity for struggling rural cities and small towns.
A case in point — this week, my schedule consisted of meetings held in 5 locations over a mile radius, not one of which is a traditional place of work, unless you count the convention and training center at which I spoke to a group of up and coming leaders in the Agriculture industry. Otherwise, 2 were restaurants and 2 were coffee shops. The convention and training center is located in a small city adjacent to a larger city.
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The chain restaurant is as well, albeit a different small city. The other 3 locations were in small, rural cities. The remainder of the week, I worked from home and held multiple hands-free teleconferences while driving — with people all over the country, one of whom was also a freelancer in a very rural northern Missouri town, 2 of whom were also traveling from one location through vast rural areas to the next. I also conducted a webinar this week, from home, and am certain that some participants were either at home or in a local coffee shop while attending the webinar.
There are several appealing things about living in smaller cities and towns, such as generally lower costs of living, greater peace and quiet, and less concern about crime.
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With so many freelance workers projected over the next few years, rural cities and small towns are poised well for development efforts that create a living environment that combines the best of both worlds. I work hard to pack it full of useful information to help you achieve greater levels of success. Jeff has two restaurants — one in Melbourne, Australia and one in Columbus, Ohio. I should qualify that statement. What I mean to say is that I will never go in to the restaurant business — for a variety of reasons:. A franchise restaurant may be an entirely different story.
Otherwise, just because you enjoy working in the kitchen, consider yourself a foodie, and your family and friends love your cooking does not mean you can be successful running a restaurant. It is just not the same. But even that is not enough. You have to really love it, and that is one of the main points Jeff made on the show:. For example, I hate painting.
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Walls, ceiling, exterior, trim — you name it — I hate painting it. Would it make sense for me to open a painting business? So if you are thinking of starting or buying a business, there is a lot of homework you have to do first. You have to be completely honest with yourself in your due diligence and in answering questions such as the following:.
But whatever you do, as Jeff and his family have learned over the years, be flexible. Change when necessary and lead change when you can. But you definitely need to change your strategy, plans and tactics because the world around you constantly changes. Listen to the podcast in its entirety by clicking here.
During the show we discussed a variety of topics that business owners may find helpful, including:.
Startup businesses are twice as likely to succeed when they formally plan. Twice as likely! In my book Business is ART click here I lay out a process and templates that are devised in a simplified manner to the point anyone can do it. And this week I am please to announce that the Alpha Test version of Plan Canvas , the business planning software that will put it all together, will be complete December 15, If you would like to be part of our beta test group, please contact me. Congratulations on your first year of business. Well, not exactly.
The tax season might not officially start until the year is over, but as a business, you should be tracking your tax information throughout the year. That includes financials, expenses, potential deductions, etc. The best way to make your tax life easier is to record and document everything. The specifics on what to pay and how to do it is best left to a professional accountant, which brings us to the next point….
Those days are behind you. As a business, it really pays to have a tax professional help you navigate the requirements, deduction possibilities, forms, etc.
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There are literally thousands of tax laws, and making a mistake could lead to fines or worse, an audit by the IRS. Once you bring in a professional, it can be tempting to just let them do all the work while you sit back. This way, you can better prepare for the next year while potentially spotting additional deduction opportunities.
Some people go into their first year of business taxes thinking they can deduct everything. Want a new TV for your house? Deduct it! Need a new car? Deductions are watched closely, and they need to be justified. Specifically, they need to be expenses regarding your business, and only for your business. Should you use something for business and personal, the general rule is to only deduct the percentage for which that object is used for your business if at all.
How your taxes are done depends on what type of business you are. Generally, the same goes for an LLC, though you can file your taxes as a corporation, if you want. Of course, you can get some additional time if you really need to. Running behind on your tax returns? You can always file for an extension. Either way, the due date for extension applications is the same as what your taxes would otherwise be. But again, consult with your tax accountant.
That way you can put more focus on growing your business. We can help with that. Check out our course Odds Makers to improve your planning and strategy. Plan Canvas is a community and a powerful software for improving your odds of business success and personal fulfillment. Business Owners. Virtual Incubator. The idea sounds great: make money while doing something you love.
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Can I get others to understand the value of my hobby? Can I grow the business at a sustainable rate? But first…. But start with a simple, concise strategic plan. Speaking of starting simple….