It is shocking to see the huge percentage of people failing in an internet home based business.
Statistics reveal that up to 90% of home based businesses fail within the first year.Is it the wrong business which results in failure or there is something wrong with the idea of earning money at home?Many people take up a home based business because they want to escape from the traditional nine to five job. But when people fail in their home based business, it adds more bitterness and frustration. Why does this happen?There are countless reasons which can cause failure in business. Here are five common mistakes:1) Failure to take action – Many home based business owners fail in their businesses because they simply do not take action. Planning is an integral part of any business but implementation of plans determines the success of a business.People spend a lot of time in making lists and planning business strategies and then after doing all this, they often fail to take the necessary steps of implementation which are of paramount importance. Planning without implementation will not take you anywhere towards success.2) Low self-confidence – Self-belief is one of the pillars of business success. Do you have it in you? When you do not believe in your own capabilities, your business will never show any signs of growth. Faith can take your internet home based business in the right direction.3) Failing to take it to the end – Strong determination backed by persistence will help you to succeed in your business. Many entrepreneurs are all charged up during the initial stages but their energy levels fade with time. Many quit just before the business starts working. As a result they join the majority of work at home failures. You must be Persistent.4) Failure to do enough research – Lack of knowledge of your market scenario can often lead to failure in an internet home based business.Collection of adequate information and development of your knowledge base is very important for starting any business. You need to understand the position of your competitors and many other factors which are responsible for the success of your business.5) Failing to work – Home based businesses always sounds very interesting because people think that it is going to be easy and you can work anyway you want. This is where they go wrong and end up in the red. You need to put in more effort than in your regular job before you’ll see success in your business.It is very critical to identify the mistakes and find the solutions in order to succeed. If you want to succeed with your internet home based business, you must learn from your mistakes and implement what you’ve learned.Put a couple of little phrases up where you’ll read them every day. When the going gets tough – the tough get going. The other one… You can – if you think you can.
Five Ways to Kill Your Internet Home Based Business
10 Things to Find Out While Selecting a Small Business CPA Firm
Looking to hire a Certified Public Accountant (CPA) firm for your small business? Going the CPA way might actually make sense over hiring just any accountant. The problem is, how do you know which is the right CPA firm for you? Here are some of the factors to consider while selecting a small business CPA firm.
1. Does the firm specialize in serving small businesses like yours?
A CPA firm specialized in serving small businesses is likely to understand and address the challenges unique to small businesses more effectively than one that is not. Also, it is likely to be efficient and agile in serving your needs as its services, processes and operations are built to cater to small businesses.
2. Does the firm have any client(s) in your industry?
A CPA firm specializing in serving small businesses in your industry is likely to be more familiar with the accounting principles and tax laws specific to your industry than a CPA that serves clients in any and all industries. This industry experience makes it an effective and informed business advisor for better business decision-making.
3. Does the firm offer all the CPA services you currently need or will need in the near future?
As your business grows, you will need a CPA firm that provides more than just accounting, tax, payroll and bookkeeping services. You will need a firm that can also be your business consultant, part-time CFO and a personal financial planner. Hire one that is a good fit for your present needs but also has the capacity to serve you as you expand.
4. Does the firm have expertise in areas relevant to your needs?
Understand your needs first before seeking a solution. For example, if your internal staff handles your accounting and bookkeeping but you need an outside help for certain types of taxes, then hire a CPA firm that is an expert in those types of taxes, preferably in your industry. If you want to setup a retirement plan for yourself and/or for your employees, hire a CPA firm that also provides financial advisory services.
5. What credentials and licenses in accounting and finance do the firm employees have?
Most highly-recognized professional credentials in accounting and finance, such as CPA, CFP, CFA, PFS, EA, etc., have requirements for continuing education and compliance with their standards to ensure that the professional is not only knowledgeable about the subject matter but also that his/her knowledge is up-to-date. It’s always wise to hire professionals with the highest professional credentials in the field of your needs.
6. Who will actually serve your account?
A typical CPA firm has accounting staff ranging from the most junior staff accountant to the most senior firm partner. Their ranks are largely determined based on their level of expertise and experience. Ask your CPA firm who will be your single point of contact for your account and who else will work on your engagement.
7. What is the firm’s client callback policy?
One of the main reasons to hire a small local CPA firm is the ease of access. Ask whether they have a written policy of returning client’s calls within 24 hours and addressing their queries and getting them resolved within 72 hours. Also, find out whether they will be available over the weekend for an occasional urgent situation.
8. What fees will the firm charge?
Depending on the nature and scope of your engagement, a CPA firm may quote you either an hourly rate or a flat fee. Ask them to explain why their quote type (hourly or flat) is appropriate for your situation. Also, ask whether there is anything you can do on your side to help lower the fees.
9. Is the firm also skilled in preparing personal tax returns and providing other personal finance services, if needed?
Most small businesses are flow-through business entities whereby their business profits and losses flow through their personal tax returns at the year-end. Therefore, as a small business owner, you need a CPA firm that has experts in not only accounting and taxes but also in personal finances.Such a CPA firm applies a holistic view to your finances in devising optimal tax strategies.
10. Does the firm have a strong referral network for your other professional service needs?
For many small businesses, their CPA is their most trusted source for many great referrals. You should be able to count on your CPA for reliable referrals for your other professional service needs such as legal, financing, banking, investment and insurance. Once you hire the right CPA firm, it should become your primary source for other reliable professionals.
Out Of Rat Race and Into Starting A Home Based Business
Most of us are running in a rat race. We work hard in the office, we go home exhausted, we take a night rest, and the following day we work even harder to earn more money. For many of us, doing just one job is not enough to secure our future. Rat race is a race that destroys — easy to enter and difficult to get out of.
Getting out of the rat race is possible, but it takes strong determination and commitment. Many have successfully achieved this by starting a home based business in the internet.
Starting a home based business in the internet is appealing:
· Flexible work hours.
You can implement ideas for a home based business at your convenient time, after taking care of your job, family, and study.
· Flexible workplace.
You can work and pursue ideas for a home based business wherever you desire as long as you have your laptop and internet connection.
· Minimum capital.
Starting a home based business needs only a small capital to begin.
· Low expenses.
You can work by yourself at home; no need for office rental, employees’ salary and traveling costs. You just need computer and good internet connection.
· “Inexpensive” labor.
You can start a home based business by yourself; then, when the business grows, you can seek help from your teenage children or relatives.
· Unlimited income.
Working for others limit your potential to earn money, but ideas for a home based business has unlimited income potential.
· No company required.
You do not need to have a company in starting a home based business.
· Quick start.
Unlike offline businesses that require a few months to start, you can implement your ideas for a home based business immediately.
· Autopilot business.
Many things you need in the internet are done on autopilot such as your websites and auto-responders, to help you implement ideas for a home based business.
· No face-to-face meeting.
You communicate with people without facing them personally. Furthermore, starting a home based business can be done at any age.
Here are some tips before you quit your job and the rat race:
Know exactly what you want to do. You need to know exactly your vision for the future. This is a strong “Why” which will drive you to get there. You must be strongly determined and committed to get out of the rat race.
Educate yourself. After you decide in starting a home based business online, you must educate yourself, to have ideas for a home based business.
Prepare financially. Being financially prepared is the best approach. You must be prepared to have no income for several months.
With these tips, and if you are tired of your job, you can fire your boss and get yourself starting a home based business to get out of the rat race!