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How to run a successful business

If you want to know how to run a successful business you need to talk to my good friend Danny. He has his own successful heating and air company in the United States.

He is a family man that dedicates his time to make sure others are comfortable in there own home. I recently had a chance to talk to family man Danny and just by talking to him I figured out his secret.

This secret is widely known around the world, but for some reason many people seem to forget this tactic.

You want to know what the tactic is? Well, it is not the product you are selling.

The way businesses succeed is because of their integrity.

If you actually care about the client and their needs and they believe you, that you do want the best for them, then that is the difference between businesses.

If a client believes that you only care about them and their home and you do everything you say.. then that my friend is a good business.

Guess what that client is going to do now. He is going to call all is friends and tell them that the next time they need their heater repaired they need to go see my good friend Danny.

What are you waiting for? Is your air conditioner in the greater Sacramento area broken? Then call Danny at Kingdom because he will actually care about your needs.

So the next time you wonder why your business is not doing well, ask yourself this…. how is the integrity of my business and how will clients talk about me to others when I am not around.

Ps: Danny’s site is here: www.kingdomhvac.org

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Executive Transportation

Whenever you own a business there are many advantages that no one knows about.

Tax Write-offs.

People do start businesses because they think that it is too hard. They are probably right. That is why you have to pick the right niche to do business under and make sure you educate yourself before starting.

If you do not educate yourself, then yes, it will be really hard to start a business.

If you read and learn about the essence of running and staring a business they it will be a lot easier to navigate through things.

After you read and educate yourself a little bit they it is time to go into the real world and start practicing how to run a business by actually doing the steps to start a business.

You have to get your forms turned into the state on time and make sure you are following all the rules that it takes.

fast car

However, here I wanted to write about the advantages of tax-write offs. The government basically wants people to start businesses because they help the economy. They provide services to the people and employment to others. It provided money flowing into the worlds. The more money they better, but the government knows that it takes money to make money and they is why they give tax incentives.

What is a tax incentive?

Basically during the tax year you will need to purchase things for your business to keep it running. These things are considered a tax write- off so that you can produce more income then have expenses. ( This can still happen if you are not careful.) When you have to do your taxes the next year, anything that you used for your businesses can be put on your taxes as a write-off. The benefit is that you do not have to pay that much in taxes and save money.

Examples include:

  1. Mileage
  2. Inventory
  3. Meetings
  4. Tools
  5. Advertisement
  6. Employee benefits
  7. Employee training
  8. Coffee (Talking about business)
  9. Flights
  10. Hotels
  11. Car rides

Lets look at the example Car rides. If I land in the airport in Sacramento because I have a business trip there, then up to half my trip can be written off because of business purposes. So I call Sacramento Limousine to pick me up in there best executive transportation car so that I can make my meeting on time. They pick me up in their best ride and take me to my meeting. The cost of the car and ride can be written off because it was for business purposes. So make sure to save the receipt.

 

I bet you did not know about this. That is why it is important to educate yourself before you go out into the real world. It will still be a challenge in the beginning, but if you learn a little bit off the gate they the challenge will be a little bit less challenging and more fun.

Goodluck on your new venture.

Liability Insurance

Liability Insurance

You have to remember that there is more to running a business than the equipment you buy and location/place you use. If you have a product you are producing that is being consumed by the people out into the world , there may always be a chance that you get sued by someone out in the world using your product.

Product Liability insurance protects you by covering injuries caused by the products you produced. If a product liability insurance lawsuit happened, the cost of paying for injuries can be quite expensive.

You can work closely with an insurance agent to determine the right amount of product liability insurance is right for your business.

Professional Liability Insurance

If you are a doctor, lawyer, engineer, dentist, or working in a professional level you will want professional liability insurance. This is especially malpractice insurance.

This insurance can end up being expensive and the reason why some professionals would rather opt out and go without insurance. This can be the biggest risk a professional can make.

Even if you are a separate legal entity, you are personally liable for your professional acts and those of your employees. With your corporation or limited liability company, you are still vulnerable to be at risk if sued.

If a malpractice happens and a client comes and sues you, your personal assets are now at risk alongside all your business assets too. You can minimize this exposure by talking to a qualifies insurance agent to get you a liability protection policy  that protects both your personal assets and business assets. Most insurance companies want you to win any legal battles so they bring their own legal team to help you, which is a great extra benefit.

Make sure you read the fine print

You need to make sure that your policy covers everything that agents told you they would cover. Carefully read the policy and make sure to ask questions when something does not make sense and is confusing.

Coverage is determines by the terminology in the insurance plan. Make sure you know what is excluded in the policy.

Agreeing to an insurance policy is very important for your business. If someone fell at your restaurant and you policy does not state anything about insuring people that fall on your premises of business then your insurance can opt out of paying for the costs.

Insurance coverage checklist:

  1.      What type of insurance plan do you have?
  2.       Real Property (real estate)
  3.      Personal property
  4.       Liability Insurance
  5.      Professional Liability Insurance
  6.       Director/ Officer Liability
  7.       Business interruption
  8.      What is your deductible?
  9.      With a higher deductable, what happens to your premiums?
  10.      Do you have to pay a co-payment?
  11.      Are you covered for replacement cost or current value?
  12.      Is your real property covered 100%?
  13.      Is your personal property and equipment covered?
  14.      If you rent a place out, are you depending on your landlord to have insurance OR do you have your own insurance?
  15.      Does your insurance company know about your home office?
  16.  What changes can you make to protect your business and lower your premiums?
  17.  What does your professional liability protection cover?
  18.  What protections does your insurance company cover in place of a lawsuit?
  19.  Does your insurance company pay costs to defend the lawsuit?
  20.  Do you need directors and officer’s liability insurance?
  21.  Are you satisfied with your current insurance agent? Do they assist you or do they just send you premium notices?

 

Healthy Mind, Great Success

When ever you are looking to be successful and look to have a lot of money you have to make sure you are healthy.

If you are not healthy then you will have no time to run a business. You will be worrying about being sick. Or you will be dead and will not even be able to run a business at all.

I was able to get a great personal trainer that helped me get my mind together with my body. He did a great job. He made me walk up early and start the day off right with a work out. When you do this you get oxygen to your head. Your brain loves oxygen.

After you work out drink a healthy shake or eat a protein breakfast. This is the best start of day to any successful person. Do you think that a successful person is sitting down on the couch for hours on end eating cheetoes and saying, ” I’ll do it later”?

No successful person is doing that. They are taking advantage of the day. Everyone has the same number of hours.

Corp? or LLC?

S corporation? C corporation? Limited liability company ?

Many people are often confused and don’t know what to do. We will be going into the key differences so that you will be closer to making the right decision. You and your advisers will be able to consider your options and select the right entity for your business.what we will not be talking about is limited partnerships in this discussion.

The reason is not due to any prejudice what we will not be talking about is limited partnerships in this discussion. The reason is not due to any prejudices.

Continue reading “Corp? or LLC?”

Qualify an LLC

The process of qualifying entail submitting out-of-state articles of organization, a certificate of good standing from the state of formation, and a fee to the business state secretary of states office.

Typically pay the same fee for qualifying that you would have paid if you had set up the entity in the business state to begin with. Texas, however, is one state that charges out-of-state entities more in fees and it does in state Or Texas found entities.

Of course, the consequence of qualifying is that now the business state has a way to tax you with things occurring within their borders which is why states Assess some high fees if you failed to qualify.

In California the penalties can reach up to 12,000.

Continue reading “Qualify an LLC”

Operating a Business

Operating a business takes several factors to consider the following are the factors:

Payroll taxes: salaries paid to employees including owner employees are subject to Medicare taxes otherwise known as payroll taxes.

For the current taxable limits visit www.corporatedirect.com/accounting.

The largest expense a business will have is payroll at 15.3%. Given that Social Security is almost at bankrupt and citizens under 40 may never see their promised benefits, it becomes important to consider the best way to minimize payroll taxes.

Continue reading “Operating a Business”

Let’s Talk Business

Hello There.

My name is Mark and I love to teach and talk about business and taxes. This blog is for those that need help in the business area and tax benefits of having a business.

I talk a lot about how to start a business and how to make it into a entity of its own. I will explain how starting a corporation is possible.

Feel free to leave comments and ask questions about thinks that may be confusing.

After you read some of my content you will now be ready to begin starting your own entity and business.

I wish you the best of luck in your new venture.

Sincerely,

Mark