Business: Business Plans and Small Business Funding for Internet Business

Business Plans and Small Business Funding for Internet Business

Written by Mat Siltala

Most Internet Business Entrepreneurs Lack Both repparttar

Funding, and Proper Planning Needed to Last as a Business. Commentary on repparttar 150925

two most prevalent problems Internet business entrepreneurs face, namely, lack of funding and planning. This press release announces a new product www.eplanit.biz designed by four small business consultants. repparttar 150926

product is essentially a combo small business funding report/ internet business planning software.

(PRWEB) May 19, 2005 -- For many “want to be entrepreneurs,” starting an Internet business appears inviting due to repparttar 150927 low start up cost. The cost is low because repparttar 150928 entrepreneur does not need a building, and many times does not even need inventory to begin selling. The result of these and other factors is a large group of excited entrepreneurs who get involved in some type of Internet “biz op.”

Four professional Internet marketing consultants Dave Mink, Mat Siltala, Dane Ing, and Mike Ing have worked with literally thousands of these kinds of entrepreneurs and have noticed two recurring problems with repparttar 150929 ensuing business ventures. First, there is a general lack of funding for these small Internet business start-ups. Although repparttar 150930 cost of starting an Internet business can be low in comparison to an offline business, repparttar 150931 cost is often times considerably more than people realize or have repparttar 150932 capital set aside for. These same people have no idea where to go in order to get repparttar 150933 money required to fund their business effort. This is precisely why repparttar 150934 founders of www.eplanit.biz created repparttar 150935 small business funding report to educate entrepreneurs on repparttar 150936 different funding options, strategies, and procedures available to them.

For Entrepreneurs A Simple IRA May Be Best

Written by Tim Knox

Q: I own a small decorating business and I’ll be repparttar

first to admit that I don’t know anything about taxes or retirement plans. I’d like to set up a 401(k) or an IRA or some other kind of retirement plan for me and my three employees. What are repparttar 150886

various retirement plan options available for a small business owner and in your opinion, which would work best for me? -- Wanda S.

A: Wanda, I appreciate your confidence in my humble opinion, but asking me for financial advice is like asking Donald Trump for a recommendation on hair care products. I can tell you what works best for me and my business, but you’ll need to do your homework and seek professional advice to figure out what would work best for you. As a side note, I hear that Donald Trump is coming out with his own line of hair care product soon to be called “Big Head.” The formula is 1% mousse, 1% liquid nails, and 98% hot air. It should be a big seller among repparttar 150887 high brow, comb-over crowd.

Here’s my best advice on retirement plans: find yourself a financial advisor (or financial planner) who is has experience working with small businesses and have him or her explain repparttar 150888 options available and make a recommendation as to repparttar 150889 type of plan best suited for you and your business. When I say “financial advisor” I’m not talking about your know-it-all brother-in-law or your accountant. I’m talking about a broker or financial planner (or other licensed professional) who has a proven track record of making his clients money and is an expert on IRAs, 401(k)s, mutual funds, etc.

The best way to find a good financial advisor is to ask for referrals from your most successful friends and associates. Find repparttar 150890 richest, stingiest man in town and ask who his advisor is. Meet with several advisors, explain your situation, and ask for their recommendations. You should also make sure repparttar 150891 advisor is a good fit for your personality and your business. If all goes well you will be doing business with this person for many years to come, so make sure repparttar 150892 relationship feels comfortable to you and that you are confident in repparttar 150893 advisor’s ability to manage your money.

Let me give you a quick overview of a few of repparttar 150894 retirement plans available to small businesses so you at least have an idea of what’s out there before you start your search for a good financial advisor.

As a small business you basically have three types of retirement plans that you can take advantage of: repparttar 150895 Self-Employed 401(k); repparttar 150896 Simplified Employee Pension Plan or SEP IRA, and repparttar 150897 Savings Incentive Match Plan for Employees or SIMPLE IRA. Each allows you to make pre-tax contributions to repparttar 150898 plan, which lets you save for retirement and lessen your taxable income by repparttar 150899 amount of repparttar 150900 contribution. Your investments also grow tax-deferred until withdrawal.

A Self-Employed 401(k) is an option for self-employed individuals or business owners with no employees other than a spouse. The business can be a sole proprietorship, a partnership, or a corporation, including S corps. You can make salary deferrals to this type of plan of up to $14,000 for 2005.

Next is repparttar 150901 Simplified Employee Pension Plan or SEP IRA. A SEP is an option if you earn a self-employed income from a full or part time business, even if you are covered by a retirement plan at your fulltime job. A SEP allows you to contribute up to 25% of earned income, up to $41,000 for 2004 and $42,000 for 2005.

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