Online Business Success – Balancing Between Action and Exploring New Things For Your Business

I was asked the other day about how I can grow my business and stay on the cutting edge with what seems to be the latest marketing technologies every time.

My answer is simple. I don’t. Frankly speaking, I never was the first one to use any technology as a marketing tool or channel. It seems like that, but most of the time the technology has been there for at least one or two years before I decided I’d take a plunge and learn how it can be applied to marketing and business.

One thing I’ve learned from years of doing online business is that you have to be dynamic in seeing and adapting to changes. This certainly applies to businesses whenever they are, both offline and online.

The fact is, online, changes happen at a much faster speed. You don’t have any choice but to keep growing with it. People can survive with old methods of doing marketing, but that won’t be for long because they will be less and less effective.

However, there is some basic principles that used to work and will continue to produce the same results.

Take copywriting. If you visit a library, most popular copywriting books are those from the previous century or even before. Human nature never changes, perhaps since the era when people still live in caves.

When there is a new thing going on, my advice is you spend some time assessing if it could be of use to grow your business. If the potential is there, keep digging until you get the big picture and then start planning the strategy to use it.

That is what we call continuing education, which is an essential part of a business. Invest in yourself. You’ll never regret it.

There is a problem though. I can certainly relate to this because I am a victim of this kind of problem for years before I could turn it back as an advantage.

Failing to take action and keep on investigating new things leads to procrastination. It’s very hard for people who have attention disorder and get distracted easily to focus and follow through.

The newest things are always shinier than what we have in our hands. Grass is always greener over there. Rather than envying on other people’s grass, it is better if you learn how to grow and fix your grass and start working.

Your grass is greener than others who don’t have it at all. The key is to balance between learning, planning and taking action.

Don’t forget to have some fun too. The joy is in the journey!

Start Your Own Home Based Business

Today more people are starting home based and micro businesses than ever before. Some are even taking on the corporate giants in many areas. You must thoroughly evaluate the potential for the business you plan to operate. As you consider a business beware of scams.

Being in business for yourself means you carry the whole load. Careful planning and consideration will help increase the chances of success and in some cases prevent you from making an unwise investment or help avoid unnecessary risks.

A home based business can be either Product or Service oriented. Product-oriented businesses are usually two types:

(1) selling products made by you, family members, friends, etc,

(2) selling other people’s products by the order or purchasing their products for resale.

Service oriented businesses offers a type of service in one or many fields.

An INTERNET HOME BASED BUSINESS once set up, is one of the simplest and easiest to run. If you are looking for ways to make money online or to expand your existing home business, starting your own eBook home based business and selling eBooks could be just what you need.

Selling eBooks on eBay is the “in” thing and is the best selling product on eBay today. A home based business where you resell eBooks gives you the opportunity to make a lot of money selling eBooks. It is easy, affordable and there are practically no expenses involved other than purchasing the eBooks.

eBook authors write eBooks in the hope that you will sell them. You can sell affiliate and other people’s products to start but most people that buy and sell eBooks are looking for something “original”, so you might want to write some of the eBooks yourself to save money and to help spread the word about you and your business.

About 70 percent of all home based businesses are in operation after two years. You can improve your odds of success by moving slowly and carefully in starting a business, and you can join the 95 percent of those who succeeded in their first year along with the 85 percent who are still in business and doing very well after three years.

Last of all, the more automated your home based business is the better it will be. A home based business is not for everyone. Seventy-eight percent of business owners stated that having more control over their lives was an important reason to start a home based business, and 90 percent said they would go into business again.

Home Business Income Taxes in Canada

Working from home is an easy commute in the morning and since it is your principal place of business, you may be able to claim some of your home expenses. As a home based-business, you are self-employed and report your business income and expenses in the same way as any other business. Depending on the amount of space you use for business and/or client meetings, you can claim a prorated portion of your utility payments, property taxes, mortgage interest and maintenance costs. It is important to remember, only mortgage interest is deductible – not your mortgage principal.

In Canada, self-employed people do have a little bit longer to file a tax return – until June 15. However, if you owe the government money and file after April 30th, they will start adding on the interest. As you prepare your paperwork for your tax return, here are some deductions to keep in mind:

Office supplies like paper and staples are fully deductible. Bigger items such as computers and office furniture must be depreciated over a number of years according to the Capital Cost Allowance (CCA) rules. CCA rate for computers and computer equipment was increased to 55% effective March 19, 2007. Don’t forget you can only deduct half the annual rate in the first year. So if you purchased a computer for $1,000, you would only be able to deduct $275 against your business income in the first year. In the second, you can deduct 55 per cent of the balance remaining, or $398.75 (calculated as $725 x 55 per cent).

For 2009, computers may be written off 100% in the first year as part of Canada’s economic stimulation package.

You are allowed to claim a portion of your auto expenses that relate to the home business. This includes gas, maintenance, auto club membership, license fees and insurance. It is important to document vehicle use for both personal and business travel so invest in a log book or record system to keep track. The rules may change for 2008 based on the last Federal Budget. There are limitations on how much you can claim for luxury vehicles. The ceiling on CCA claims for 2007 is $30,000 plus GST and PST. And if you want to lease, the ceiling is $800 per month plus GST and PST.

Insurance and health benefits are another concern for self-employed people including those in a home business. If you opt to pay for a private health service plan, you may be able to deduct the premiums as a business expense. To qualify, either your self-employment income must be 50 per cent of your total income or your income from other sources must be $10,000 or less. The maximum deduction is $1,500 for yourself, $1,500 for your spouse or common-law partner, and $750 for each or your children under 18.

Remember to keep all your receipts, just in case you are ever audited. Some sort of accounting software is highly recommended to help you to keep track of your revenue and expenses in an orderly manner.

And watch those deadlines to ensure that you do not have any interest or penalties on any tax owing.