So You Want to Have an Internet - Based Business

So You Want to Have an Internet – Based Business
Internet businesses are popping up everywhere! From food orders to clothing, there is a wide variety of things you can do with the internet. In this blog I wish to inform you of the steps on how to create and grow your online business.

Checklist:
C-Corp, S-Corp, or LLC?
Sales Tax? Payroll? UCT? EFTPS?
Website & Merchant Service/Shopping Cart
Business Plan
CREATE & GROW

Legalities:
Having an internet based business can save you a lot of money. For example, you won’t need an office/store if you use your home as your location. You can also write off a percentage of the Internet/ Phone bill as a business expense to your company. Your expenses will be a merchant service, Website design and maintenance, inventory (if selling items), postage, and any marketing expenses. Sales Tax depends on what you sell and where you sell it. Payroll is income-based. If you make a good profit, you should consider taking a paycheck!

It’s PINK! And scented!:
Your business plan should be jam packed with charts and projections so that you will be prepared for whatever comes in your way. Be sure to include all projections for month to month, year to year, a 1 year, 5 year, and 10 year projection of income as well as a fool proof plan of execution to this plan. Your mission statement is the most IMPORTANT goal setter! If you do not have goals set in place you will not succeed. These goals can be ever changing but stay continuously positive! Having a positive outlook is very important to success!

Employees and what to do with them:
The concept of employees can be a bit daunting considering that you will probably have a rough year or so starting out. Let’s say we set up a booming online Jewelry store and the inventory is selling like HOT CAKES! You as the only employee can’t keep up with all the buying of inventory and always running to the post office or UPS for supplies to ship the beautiful, delicate jewelry. So we hire an assistant to do postage and delivery. Say they do these tasks three days a week, when needed, without a set schedule. You should hire them as a W4/W2 employee, pay taxes, and compensate them for miles driven or out of pocket expenses. Your business plan should include a 5 year projection of expenses that include hiring help or employees.
For most of your business expenses and payroll questions we highly suggest consulting an accountant who has experience and knowledge of internet businesses. We, at Quick & Easy, are very knowledgeable on payroll, due to owning a payroll satellite, as well as working with many internet-based businesses.

SA CURITY!!!!!:
Creating and securing your website should be a main priority. If the site is not secure and someone’s debit card info is stolen, it is your responsibility. We do not recommend building it yourself! We recommend Scott or Liz from Excalibur Technologies! They can assist you in all aspects of design such as color schemes, spiders, email, shopping carts, wish lists, inventory organization, etc. They will make sure your information is uniquely designed so that you will stand out among the competition. Your Shopping Cart is the MOST IMPORTANT aspect of your website. Use a merchant system that is secure as well as user-friendly.

Networking:
We also recommend networking in groups such as RGA! RGA happens to be our favorite networking group for businesses to really get themselves out there and do business in the business community as well as have recommendations to the public. There are many other networking groups out there such as FNI (Free networking International) and WWTB (Working Women of Tampa Bay), BNI (Business Networking International)… etc. that provides referrals and recommendations with many different types of businesses.

Quick & Easy…
We can provide a plethora of services to help you jump start your business. We can file your corporation, set up payroll, set up sales tax, do monthly or quarterly bookkeeping, pick up and deliver to your door, and educate you on how your business is doing. We not only care about how your business is doing but we care about it is affecting you personally. So before ripping all your hair out and wracking your brain on all these stresses, come by our pink dollhouse and find some Zen!


So Here is our question for you:

If you were to build an internet business, what would it be? Why?

Here is my view:
Everyone knows how completely obsessed with PINK we are so we would make everything from tax files to 1099’s in PINK. We would have every office supply in pink as well as purple and red. These supplies might involve lace, leather, vinyl, and a little velour goes a long way! We would also go further as to offer logo shirts, shoes, handbags, belts, and hats along with Jewelry from the sea. We would offer everything for your girlish needs! Men could buy the perfect “I’m sorry” Gift or Valentines gift. Women could splurge without going over budget. It would be the most pink you could ever see in a website.

Did you check out that blog yet????

What Type of Business Owner Are You?

In business you encounter many types of business owners. You might not do the same services for each client but you offer your services as if they were equal. These are some of the types of clients we encounter on a daily basis and how we help each one of them to maintain a stress-free business.

Control Freaks!!!!
We can help you to maintain control while still being able to dedicate more time to your business. With one-on-one meetings and monthly financials, we can create a controlled stress-free business environment for you to be able to do more of what you love. We will assist you every step of the way!

Shoe box frenzy? Time consumed? Confused?
We can help take care of that clutter as well as prepare you for any unforeseen problems that could arise. Not only do we care about our clients’ businesses well-being, we care about how it affects you personally. We take the time to make sure you understand anything you question. We explain thoroughly and in detail so that you walk out of our offices knowing where your company stands and how to grow your business. Not only can we educate and advise, we also assist in any endeavors that might hinder your time and business production. (Includes taxes, back taxes, payroll discrepancies...Etc.)

“I don’t care, just do it and let me know how much I owe!”
Not only can we take care of everything business-wise (including billing, payables, and payroll), we can make sure everything is filed and paid on time and done in a timely manner. We can’t run your business for you but we can help ease some of the business transactions that can be a bear.

From up-to-the-minute analysis to yearly lookovers, we like to make sure our clients feel secure and confident that their businesses will be WELL taken care of.

Here is a question to ponder in your everyday interactions with your clients:
Do you treat each client with the same RESPECT and CAN-DO attitude that you expect to receive? Are you selective to whom you prefer to do business with?

Here is my point of view:
In being a service only profession, we treat every monthly, quarterly, yearly, once-in-a-while, tax, and 24/7 clients with the same attention and respect. We go over and above what most bookkeepers and accountants would normally view as a “waste of time.” Nothing is a waste of time if the outcome allows for happiness and contentment to be shared with all parties involved. We believe this concept can not only be applied to business interactions but also to everyday interactions. You might have a friendly neighbor, or notice the smile of the waiter serving you at a restaurant, or maybe you can feel the exuberant energy of a motivational speaker. Not many people realize that the way you treat someone can affect how others will perceive your personality. We very whole heartedly believe in Karma and you know how the saying goes…

WHY AM I IN THIS BUSINESS?

Going to network meetings is so much more than just a meal or a place to hand out all those business cards. And we all know we have lots of business cards (thanks to Jaime Limbaugh). It’s a chance to sell your product or service. But the most important thing you can hope to get from all this networking is an opportunity to learn things about yourself and your business. After all the better you become the more you have to offer.
This week in networking a mirror was held up (thanks to Dick Powell). Look deep inside and answer the question: Why am I in this business? Here is what I see:
I am in my business to make a living doing the things I love the most. Here goes…
I love crunching numbers!
I love balancing checkbooks!
I love doing tax returns!
I love helping clients understand their financial situation!
I love helping them make decisions that make them money!
I love it when a client is too busy to get their paperwork together. Hopefully they are too busy building their dreams. I love being an integral part of that process.
I love my work environment and the people who surround me.
The most important service our company provides is peace of mind regarding the paperwork and taxes that plague every business owner. Don’t waste valuable time doing things you don’t like or understand. I just wish I had a dollar for every time a client said “Why didn’t I hire you before now?” I’d be rich and writing this from my yacht!
So…I challenge you to look in that mirror. Find out why you are in business. It’s NOT just to make money…that was too easy! Look deeper and list what you love to do. Then go do it! But most of all don’t forget to have someone else do the parts you don’t like to do…..paperwork!

Anniversary around the corner!

It’s hard to believe Quick & Easy Tax & Accounting has been open for a year now. Our anniversary will be September 9, 2010! This will also be the celebration night of our new office open house! I hope you all have it in your calendars! More information will be coming about this event!

Wendy & I have worked very diligently to make your recordkeeping less stressful so that you have time to work on building your businesses. Some of you have taken this free time allotted for other purposes (Congrats to Pam & Jesse for the birth of their 3rd child “Olivia” who just happened to come along 9 months after we took over their books!) But we are very pleased to be part of your business building team.

Our first year has been very successful thanks to our many marketing strategies and of course a big THANK YOU goes out to all our clients for their many referrals. You are our best advertisement. We want all of you to know how much we appreciate you.

Coming very soon will be our QuickBooks® training classes so all of you that have these products can learn to use them properly! There will be lots of tips and tricks from the experts. But as always we are willing to come to you and work on your computer at your office to help optimize your time!

Business owners beware!

All to often I hear, after the incident, that a business owner has been taken advantage of by an employee. Many times it is the one person that you put in a trusted position only to find out later that they could not be trusted. There are things you can do to protect yourself from employee theft.

First: Run a background check before letting someone manage the cookie jar! This is a simple and inexpensive way to see if they had ever done it before. Call prior employers for references. They may not be willing to tell you much but one simple question is a good gauge:
"Would you rehire this person? Why or Why not?"

Second: Never allow and employee to be signer on your checking account! Always review your bank statement including cancelled checks to be sure that you signed each check and each debit card charge is valid. It may cost you a small fee for your bank to supply you with those little pictures of the cancelled checks with your statement but it's worth it.

Third: Don't give away all your secrets! Do not allow an employee to access your online banking or your credit cards! Whatever information they may need can be supplied by you.

Fourth: Don't allow and employee to feel that you do not watch their every move. Just a spot check will keep them on their toes. Employees expect to be held accountable for their job performance.

Lastly: If you are stolen from....PRESS CHARGES! I know sometimes it is very difficult. Especially when you become close to your employees and become friends. But it must be done. They were not being a good friend or a good employee when they stole from you! This makes step one work better for everyone!

Just remember, you work very hard to build your business. It need to be protected as well as nurtured. You wouldn't leave cash on your car seat and the car unlocked, so don't set up your business to take the same hit. Don't tempt people, not too many can resist when it's made easy.