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Live Your Mission by Starting Your Own Business

04.09.2012 by Guest Author //

Identifying your mission in life can be a tough task in and of itself. But finding a way to achieve it can be even more challenging. Ideally, you should be able to combine your mission with your career so that you can draw an income while doing something fulfilling.

However, in today’s job market, changing careers might not be feasible. The only remaining solution is to start your own business. While this notion is often met with trepidation or fear, it’s not as difficult as you might think. In reality, you can start your own business, achieve your life’s mission, and stay financially afloat at the same time. All it takes is some common sense, planning, and a strong work ethic.

Here are some tips to get started:

1. Identify Your Mission by Gauging Your Passions in Life
Take an introspective look at yourself – look for your strengths and abilities and partner them with what you’re passionate about. If you are struggling, ask family and friends for ideas. They may offer insights, tips, and advice that you never considered.

2. Convert Your Mission to Income Generation
Once you’ve identified your mission, the next step is to turn it into a money-making venture. Research what other people are doing with similar ideas – and don’t try to reinvent the wheel. Whatever you do, develop a plan and follow it. Undoubtedly, as you go along, you’ll learn more and determine how to hone your plan to better accomplish your goals.

3. Focus on Customer Service
There are plenty of places you can go to get great food, but how many of them deliver it with exceptional customer service? The best way to set yourself apart from the competition is to focus on customer service. The cost-to-reward ratio often works out heavily in your favor. Whether your venture is product- or service-based, run your business in a fast, courteous, and friendly fashion, and you’ll be sure to build a solid client base that will serve you for years to come.

4. Effectively Market Your Business
You can have the best business idea in the world, but if no one knows you exist, your efforts will be in vain. Therefore, you need to effectively market your business.

Start by creating a website, so your customers have somewhere to go for more information. Then, create a page for your business on popular social media websites, including Twitter, Facebook, and LinkedIn. Creating an account is typically free, and these sites can be huge in generating new customers.

Be sure to manage all your social media accounts, and be as interactive as possible with your followers. The more promptly you respond to comments and questions, the more likely your business is to grow.

5. Save Money
If you’re a first-time entrepreneur, saving money by cutting small business expenses should be at the top of your list. Buy used items whenever you can, including computer equipment and office furniture. You can barter your talents with other professionals to get services you need for less. Also, avoid expensive marketing campaigns when you are starting out, and meet with professionals in your industry for other ways to save. Check out the website Meetup.com for networking opportunities in your area.

6. Expand Judiciously
Never overextend yourself financially when first setting out, as this may quickly lead to failure. Instead, build modest revenue streams, reinvest them in your business, and expand cautiously as you see fit. You’ll find that this business model will serve you much better than one of expanding too rapidly.

Final Thoughts
Some people feel guilty about receiving money while building or living their dream. But as long as you are ethical in your efforts, there is nothing wrong with profiting from hard work. As 2 Corinthians 9:6 says, “Whoever sows sparingly will also reap sparingly, and whoever sows generously will also reap generously.” This is true in business and in life. As long as you approach the idea of small business ownership with good planning and save everywhere you can, you can fulfill your mission in life, be financially successful, and help others along the way.

What other tips can you suggest for finding your mission in life?

*******

David Bakke runs an online reselling business and blogs about personal finance on Money Crashers. He lives in Atlanta with his young son and enjoys keeping up to date on the best ways to save money and improve his life.

Categories // Earn Money Tags // entrepreneur, mission

Estimated Tax Payments

04.03.2012 by Matt Jabs //

If you’re self-employed or owe more tax than was withheld from your earnings, you may need to pay quarterly estimated tax payments.

Income not subject to withholding (self-employment, interest, dividends, alimony, rent, gains from the sale of assets, prizes and awards) is paid by making quarterly tax payments to the fed.

If you will owe taxes of this sort you must make estimated payements by the quarterly due dates to avoid penalties.

How To Pay

The easiest way to pay is by using The Electronic Federal Tax Payment System (EFTPS). Just enroll online, enter your payment information, and have payments directly debited from your bank account.

Be sure to enroll a few weeks before your estimated payment is due because it will take the IRS a week or so to get your login PIN to your mailbox.

Estimated Tax Payments

To figure your estimated tax amounts (and to pay manually), use Form 1040-ES.

Who Needs to Pay

Any sole proprietor, partner, S corporation shareholder, or self-employed individual expecting to owe more than $1,000 in tax at year end will need to file and pay estimated tax.

How Much To Pay

They’re called “estimated taxes” because you must estimate how much you’ll owe based on expected earnings, deductions, and credits at year end.

If you’re confused or overwhelmed by estimating these numbers, don’t worry, just grab last years return and use it to guide you. Plug those numbers into the 1040-ES worksheet to calculate estimated tax due and figure quarterly payments. If your business is new just estimate the best you can and make adjustments as necessary.

Keep your estimates as accurate as possible to avoid penalties, but don’t worry about estimating perfectly; if you’re too high or low just complete another 1040-ES worksheet and adjust your amounts for the next quarterly payment.

Quarterly Payment Due Dates

Note: if you’re planning to use EFTPS for the first time, enroll a few weeks before the first payment due date so the fed has time to send your PIN via snail mail.

Estimated taxes are paid quarterly throughout the year and are due on the following dates:

  • April 17th, 2012
  • June 15th, 2012
  • September 17th, 2012
  • January 15th, 2013

Pay enough tax (typically 25% of total tax due for the year) by the due date of each quarter to avoid penalties.

You can also pay your entire tax bill on the first quarterly payment due date if you’d rather just get it all over with. I recommend paying quarterly so you can keep the money liquid and/or draw interest on it as long as possible.

*******

References and Resources

  • The Electronic Federal Tax Payment System (EFTPS) at EFTPS.gov
  • Estimated Taxes at IRS.gov
  • Form 1040-ES at IRS.gov

Categories // Taxes Tags // entrepreneur, Taxes

Create Something Awesome and Sell It

03.16.2012 by Matt Jabs //

I used to carry a heavy burden of debt.

I pined away at an 8-5, M-F job I hated so I could pay for a bunch of crap I thought I wanted. I was an unhappy wage slave.

That was a few years ago.

Now I’m financially light on my feet. I wake up every day and aspire to create something awesome, in lieu of trading my time for money.

What about you? Are you where you want to be, or at least heading in that direction?

Answer these questions:

  1. Do you earn a living trading time for money (a.k.a. salaried worker)?
  2. Have you ever created something to sell (a product, service, etc.)?

Keep your answers in mind as we explore the intention of spending time creating something awesome, and selling it.

When I say awesome, I mean creating something that’s useful and meaningful, that embodies your passion. Something you could sell without even trying. Something you know other passionate, like-minded people will love.

If you’re looking for a step-by-step guide to quitting your job and making money fast, stop reading now, close this browser tab, and keep surfing.

I’m writing this to inspire you to action! In this relationship I’m the cowboy with spurred boots, and you’re the horse.

Now let’s go for a ride.

Note: if you love your job, this post isn’t for you.

Trading time for money

The average Joe/Jane will never earn money from a creative endeavor, which is fine unless they’ve always wanted to but never have.

If you want to stop trading time for money, and transition into selling your own creations, I’m here to tell you it’s not only possible, it’s doable . . . I have done it.

Before proceeding I want to touch on several philosophical reasons we fall victim to the “time for money” trap.

If you’re unsure how you turned into an unhappy, salary worker, let me assure you, you didn’t get here by accident. If you were publicly educated, the first 20+ years of your life were spent in something I refer to as “wage slave training.” You were trained to work for other people – people who create something to sell.

You were NOT taught to solve problems and think with independence.

While we can’t place full blame on our grade school and college undergrad curriculums, it’s important to recognize the effects of our training. Most people in the wage slave role wonder how they got there, and why the heck they hate it so much.

I know because I was one of them, for a long time.

Right about the time Obama was promising hope and change, I was breaking ground on my transition from wage slave to entrepreneur. I wanted to move toward creative, meaningful work ASAP, but I wasn’t sure what it would be or how I would get there.

When I was just about to lose it, I took a “mental health” day to drive to my Dad’s and ask him how in the world he spent 35 years working a job he hated. This is what he said:

“When I was about your age I reached the point you’re at now, and a decision had to made. I could either quit my job to pursue meaningful, fulfilling work, or stay where I was and focus on finding fulfillment in my personal life, and use the job to support it.“

He retired from that job, and it supports his personal life to this day.

But it was then that I KNEW it had to be different for me, I had to make the opposite decision.

God bless my mother for her steadfast support through this transition too. I Love her!

Create awesome stuff and sell it

It was January 1st, 2009 when I started DebtFreeAdventure.com. The interest on my debt alone was costing me over $1,300/month (yeah, you read that right).

I had tens of thousands of dollars in student loans, a 30 year fixed 1st mortgage, a 2nd mortgage, around $7k in auto loan debt, and another $6k in credit card debt.

I was working a job that drove me frickin nuts – but – I was creating my own plan for hope and change.

I started DFA for 3 reasons:

  1. To help me get, and stay, out of debt.
  2. To help others do the same.
  3. To earn money by creating something awesome.

Along the way I developed passions for simple living, doing things myself, and reducing my intake of harmful chemicals – and started diyNatural.com to nurture that passion.

Some goals for diyNatural were:

  1. To simplify life and learn new skills.
  2. To live a natural, sustainable lifestyle, and inspire others do the same.
  3. To earn money by creating something awesome.

In late October of 2010 I quit my job and toyed with the idea of creating information full-time. For a few months I tried to make the transition but – for whatever reason – wasn’t quite ready to take the plunge. I explored other avenues of work including a 3 month, $800 investment to become a financial advisor. It was not in line with my gifts and desires the way I thought it’d be.

Finally in February of 2011 I jumped off the entrepreneurial cliff and committed myself to creating information full-time. I would succeed, or fail while trying my best.

Website traffic and earnings increased as I lived and grew the plan, and it’s a good thing because in July Betsy left her full-time job to avoid having a stress breakdown (she was in the same boat I had been in, but under a lot more pressure).

That summer she began writing for diyNatural and on September 1st we released our first ebook titled DIY Natural Household Cleaners: How to make your own cleaners… naturally.

Two and a half months later we released the book in print version on Amazon, and just a few days ago made it available on Kindle and other e-reader platforms.

We had never run websites for a living – but we made it work because we were passionate about creating and sharing awesome information. We had never published, marketed, or sold an ebook, print book, or Kindle book – but the book is selling very well.

Nowadays we’re content using our God-given gifts to inspire others in holistic stewardship. We have time freedom, we’re happy with our work, and we trust God to provide. He always exceeds our best expectations!

Now it’s your turn to create and sell

Betsy and I focus on creating information products. We give most of the information away for free, but sell enough to support the work.

Maybe you want to create and share your gift and passion for art. Maybe crafts. Maybe farming. Maybe you have a flair for graphic design and want to build awesome websites for people, businesses, or charities.

Whatever your passions are, start creating something awesome, and trust God with the details and provisions. He gave us the desires of our hearts to steer our lives in certain directions. Stop ignoring Him.

Don’t worry about selling – yet – just focus on a passionate interest, outline some goals, and start creating.

Who knows, maybe in 3 years you’ll be much happier with your answers to the two questions asked above!

*******

photo credit: Mickey van der Stap

Categories // Debt, Earn Money Tags // career, entrepreneur, passion

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