Don't Panic!

Written by Dave Balch

Continued from page 1

So, I stopped to think. I made sure she had a clear route to where I wanted her to go. And then I walked in there and said in a firm, but quiet and somewhat disgusted voice, "Kelly! You know you're not supposed to be in here!" She slowly looked up at me, turned around, and casually walked out with a look that said, "Gee, dad, you're no fun!" She went where I wanted her to go, I closedrepparttar gate behind her, and that was that.

It occurred to me that this was a great lesson for our businesses. Things happen allrepparttar 117607 time that could have very bad consequences for us. New competition, new laws that adversely affect us, loss of an important client, significant world events such as September 11...repparttar 117608 list goes on and on. How do we react? If we react emotionally, we could makerepparttar 117609 problem worse.

Your gut reaction may be to yell at an important customer that's giving you a hard time. Stop. Call them back later.

Cash flow not what you need it to be? Don't panic. Think it through.

Does your local government suddenly want to slap license fees on home businesses? Be calm. Discuss it with one of your peers.

My point is this: if a horse gets intorepparttar 117610 breezeway of your business, remain calm and carefully consider your options before reacting. The business you save may be your own.

"Make More Money and Have More Fun" with your small business! Dave will show you how with his FREE newsletter, "Big Bucks in a Bathrobe" sent by e-mail. Visit to sign-up, for information on speaking services, or for copies of past articles and newsletters. Comments and/or questions are always welcome at 1-800-366-2347 or

If You Don't Have a Home-Based Business, Start One Today!

Written by Sandy Botkin

Continued from page 1

For Lori - and for you -repparttar meaning of all this is simple:

Lori earned $15,000 in salary as an employee, but took home only $1,156. She could have nettedrepparttar 117606 entire $15,000 had she earned it in a home-based business!

This is an increase of almost 13 times her take-home pay as an employee.

Notice that Lori is not spending dramatically more money than she is currently spending. She would eat out anyway, go on trips and drive her carrepparttar 117607 same as before. By having a home-based business, however, many of their expenses become deductible. This concept is known as "redirecting expenses." With a home-based business, she can now deduct some ofrepparttar 117608 expenses that she is incurring anyway.

Renegade Strategy: If you don't have a home-based business, start one!

In addition to allrepparttar 117609 benefits mentioned above, Congress will subsidize you while you are growing your home-based business. If your home-based business produces a tax loss inrepparttar 117610 first year or so, you can use that tax loss against any other income you have. It can be used against wages earned as an employee, dividends, pensions, or interest income-or you can userepparttar 117611 loss against your spouse's earnings if you file a joint return.

Ifrepparttar 117612 tax loss exceeds all your income for this year, no problem. You can carry backrepparttar 117613 loss two years and get a refund fromrepparttar 117614 IRS for up torepparttar 117615 last two years of income taxes paid, or you can carry overrepparttar 117616 loss twenty years. You read it right: You can offset up to 20 years of income!

Here's an example:

Mike earns $50,000 in a job withrepparttar 117617 government. If he starts a home-based business that generates a tax loss of 10,000, he only pays tax on $40,000.

Renegade Tip: You can never lose a properly documented business deduction.

In fact, if everyone inrepparttar 117618 U.S., who is employed full-time began a home-based business, usedrepparttar 117619 strategies I suggest, each household could easily save between $2000 and $10,000 in taxes each year. If all employees inrepparttar 117620 U.S. did this, repparttar 117621 tax bite ofrepparttar 117622 IRS would be reduced by a whopping estimated 300 billion dollars annually. Of course, Congress would have to changerepparttar 117623 laws for this to occur.

Renegade Strategy: Get LUCK - Labor Under Correct Knowledge.

Can You Succeed In a Home-Based Business?

Research has constantly shown that it rarelyrepparttar 117624 business that determines success or failure. It is usuallyrepparttar 117625 business owner. Why does one person succeed and another fail atrepparttar 117626 same business?

Two words - Knowledge and Action.

Some people wantrepparttar 117627 benefits of having their own business, but they don't take action. The result is business failure.

Then there arerepparttar 117628 people who are always working. The take action but still fail. The reason is that they are not taking repparttar 117629 correct actions,repparttar 117630 knowledgeable actions, that will bring repparttar 117631 desired results. Again, business failure.

It's like drilling for oil. If you set up a drilling rig in your back yard, it is going to fail at producing oil unless your back yard is in Texas or Alaska. The same rig in a good field will produce a gusher, because it was placed where oil was known to exist.

The point is that most people who get excited about starting their own home-based business do so without allrepparttar 117632 necessary knowledge. Consequently, many people quit before they acquire, through experience,repparttar 117633 knowledge they need, without realizing that they are getting substantial tax breaks. This leads to another strategy....

Renegade Strategy: Learn to duplicaterepparttar 117634 success of others.

Duplicatingrepparttar 117635 strategy of others is much quicker and more effective than going torepparttar 117636 school of hard knocks.

It is also known as modeling, which is well-illustrated byrepparttar 117637 way The McDonalds Corporation blazed a trail to success that many have since followed.

Inrepparttar 117638 early 1950's McDonald's and other start-up companies discovered that they could grow many times faster thanrepparttar 117639 conventional firms through franchising. Instead ofrepparttar 117640 company investing millions of dollars to build new stores, they let independent franchise do it for them.

It seemed like a great idea, but at first no one figured out how to make it succeed on a consistent basis; therefore,repparttar 117641 media attacked relentlessly and continually. News articles featured destitute families who had lost their life savings through franchising schemes. Virtually every state attorney general inrepparttar 117642 U.S. condemnedrepparttar 117643 new marketing method. Some congressmen even tried to outlaw franchising entirely.

Overrepparttar 117644 years, however, Ray Kroc and his management team at McDonald's developed a turnkey franchise business team at McDonald's franchise. The newfound success-fromrepparttar 117645 system-turned public perception of franchising around. Today, virtually every franchise business models-to some extent-the franchise business system created by McDonald's, making franchising one ofrepparttar 117646 most respected ways of doing business inrepparttar 117647 world.

Modeling is simply learning what other successful people have done to achieve success in a specific area, and then doingrepparttar 117648 same thing. Someone said that "education isrepparttar 117649 shortcut to experience." With modeling, you literally leverage your own learning withrepparttar 117650 collective years of learning through experience of many others. Modelingrepparttar 117651 success of others saves both time and money and reduces frustration and stress.

The light atrepparttar 117652 end ofrepparttar 117653 tunnel, for you and millions of others today, isrepparttar 117654 financial opportunity that starting your own business offers. If you have one going already, then make sure you are enjoyingrepparttar 117655 many financial advantages to which your smart choice entitles you. The tax advantage alone can make a home-based businessrepparttar 117656 single best financial move you could ever make.

Sandy's website is located at. Would you like to get started in your own home based business to realize all of the lucrative tax benefits?

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