Thursday, August 19, 2010

Home Business Marketing Business Plan

First Things First:

Please understand that it is okay to change or modify your business plan as the economy changes. The plan is not carved in stone, and therefore must be made flexible. Remember, no heartburn.

What business are you in, or what do you know?

Take a look at your skill set, and see what you can offer to others. I'm a teacher, and have been a substitute teacher in So. Cal. for 13 years. I also teach
contractor's law for a private enterprise, with topics on developing a business plan being covered. I've been doing that for 15 years. Therefore, I'm
giving back to the community.

Where do you see your company in 6 months (short term), and 5 years from now (long term)?

Maybe you just want to bring in some supplemental income, or replace income that was lost (it does happen). Never mind about making the proverbial "million dollars", that will come over time. However, be realistic with this goal.


How are you going to advertise? Flyers? Run classifieds in the Sunday edition of the local paper? You could run classifieds by using Classifieds for Free. Radio, Cable and Broadcast TV - run the numbers.

Target Market?

A target market is defined as a group of people that you want to sell products or services to. "Married 2 kids" is an example. Also, service area should be determined. How far are you willing to travel? Now, internet marketing is another story...the whole planet is your service area. But, don't loose your focus on who and what your selling to.


Join a local chamber of commerce, and in the construction industry for example, a builder's association.


Save as much as you can while being employed by another shop. Also, the Small Business Administration has funding for minority owned businesses. Check out
the website: for more info.

That's about it for now.

To your success!


Sunday, January 24, 2010

Home Based Businesses and Income Taxes

Don't forget to take care of your federal and state income tax obligations. A good rule of thumb is to set aside at least 35% of the gross earnings, let's say from Clickbank. The entrepreneur should make estimated tax payments on April 15, June 15, and September 15 of the current tax year. The current tax year would be 2011. One more thing: make your final payment on January 15 of the following year. The 30% would satisfy the federal tax component, and the Medicare. If you have state income taxes to pay, factor in at least 5%.

Please be sure to discuss your tax paying strategies with a qualified tax preparer.

So keep this in mind: for every $100 in gross commissions, $35 is sent to the government, Fed and State. Be disciplined.