It's Tax Time - Are You Prepared?

As the year winds down and we all start to get into the holiday season there is one thing to start thinking about as a business owner: TAXES

I know I just ruined your breakfast this morning but it is something we cannot ignore. Here are 3 quick tips to help you as you prepare for this all-important task:

1. Make sure you have updated contact information and W-9's for all vendors who you have paid $600 or more to this year. If they are a corporation then they will not need a 1099 to be issued to them but if they are a sole-proprietor or LLC then you will need to issue them a 1099. If your not sure then get a W-9 from any vendor who you have paid more than $600 to this year. It's better to be safe than sorry.

2. Start gathering all your business related receipts you used for expenses this year and capture them on an Excel spreadsheet for easy retrieval for your tax preparer. For next year think about using Expensify to manage all of your expense recordkeeping.

3. Make sure your bookkeeping is up to date and is working for you. Do you use a specific accounting software or are you only using Excel spreadsheets? If it is the later it may be time to review if that system is still working for your business.

If you need more specific information related to tax planning and how to work with the IRS should you find yourself owing them check out Josh Bauerle's site CPA On Fire to learn some cool tips and tricks.

It is the season to be jolly but you won't have much to be happy about if you have the tax monster nipping at your toes. Be proactive and check out the tips above. Do you have a good system for keeping track of your tax-related information? Or do you just hate the word taxes? Share with us in the comments below.

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How to Grow Your Practice Using A Business Coach

Are you stuck in your business? It's easy to get in a rut. You have all these ideas but start to feel the sense of overwhelm taking over and you become paralyzed. Well, maybe it's time to start using a business coach to help you get unstuck.

According to an article on BidSketch.com, "As a business owner, you can get in your own way a lot, and spend a lot of time in your head. So you need someone to pull you out of the funk". Check out 10 ways that using a coach can relieve you of getting stuck in your business and move you toward success.

What are some current issues you're facing right now that a coach can help you with? Share in the comments below.

 

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3 Tips For Starting an Online Business in Health and Wellness

Image courtesy of blackzheep at FreeDigitalPhotos.net
 

You love all things health: nutrition, coaching people, holistic living. So you decided that you are finally going to follow your bliss and start your online business focusing on health and wellness. Or you may already be in business.  In any case it never hurts to do a business checkup periodically to make sure everything is running smoothly.  If you have jumped into the health and wellness space to help people in person or online via coaching or both, having the right business basics in place will help you to serve your clients well.

 Tip 1: GET A BUSINESS COACH

I think this is the best place to start when you are ready to move from being an employee to an owner. It's also great if you're an owner right now and your business is not growing. According to Entrepreneur.com, "A business coach is somebody who helps you move from where you are to where you want to be, and does so by solely focusing on your goals". Here is a great article on 10 ways hiring a coach will help you reach success. 

TIP 2:  INVEST IN YOUR OWN PROFESSIONAL DEVELOPMENT

There is a myriad of ways to gain knowledge for your health and wellness business:

Podcasts: The Wellpreneur by Amanda Cook is a great audio resource for health and wellness professionals filled with great tips on how to make your business a success. The podcast Entrepreneur On Fire by John Lee Dumas will keep you inspired about your entrepreneurial journey.

Networking: If you are looking for a great place to learn about how coaching fits into your business and network with like minds then check out Dan Miller's site 48days.net. It is a hub for entrepreneurs in general but more specifically coaching entrepreneurs.

Certification: A great way to continue to stay abreast of the latest trends in the industry and display credibility to your clients is to have a certification in your field of focus. The Integrative Nutrition site is a great place to start the research process. This list on the Exercise Science Guide site is another great place to check out.

TIP 3:  PUT THE NUTS & BOLTS  FIRMLY IN PLACE

Do you have a robust internet connection? Have you maintained your business license or researched your business name? On the site Long Live The internet, they suggest that "One of the most important steps to starting an eCommerce business is getting organizing with a To-Do list". Here are a few things they suggest you have on your list:

• Define your startup capital $$
• Decide on a name
• Register your domain name
• Setup your email
• File your corporate paperwork
• Get a federal Tax id EIN
• Register with the State for Sales Tax
• Setup your bank account
• Fund your account
• Get checks and debit/credit card
• Get a phone number
• Decide on an accounting strategy
• Design your logo

The journey to being a successful health and wellness entrepreneur can be exciting. It will run more smoothly if you have a good plan in place. These 3 tips are a great place to start to help you along the way. 

Do you have some other tips for getting started or restarted as a health and wellness entrepreneur? Share with me in the comments below.

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How To Reboot Your Health and Wellness Business This Spring

Spring time is here and it is a great time to start or reboot your health and wellness business. During the month of March we will talk about:

• What business foundational basics you should have in place 

• How to attract the right customers that are your ideal fit

• What to do with them once you have found them

• How to keep your customers happy

The first thing we will start with is mindset. I have a great message on my wall calendar for this month:

Insert the Wayne Dwyer quotes!

What are some creative ways other businesses have used on YOU to gain you as a customer?

Share in the comments below and.....

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3 Simple Ways To ReInvent Your Business

If your like me & other entrepreneurs you started your own business for a variety of reasons. Some of the reasons may have been to create more freedom in your life, share more of your talent and skills to clients, focus on what's passionate to you and share that with others. No matter what the initial reason was to start your own business, somewhere along the way YOU got off course. Now you are stuck in a rut and your business is turning more into a job instead of a labor of love. What can I do to get back on track, Tracey? Well I am glad you asked.

• The first thing is to do is remember your "Why". 

Why did you want to start your business in the first place? Write down 3 reasons and keep them posted near your desk. This will help you to stay enthusiastic when you hit those business rough patches.

• Have an immigrant attitude.

On the website www.successthread.com, the late great motivational speaker Zig Ziglar describes having an immigrant attitude as people who have come to America with little or no money, very little english speaking skills and no family. They do this because they have a burning desire to carve out a new life for themselves & their family. "They do it because they have a dream and the dream has them".

• Surround yourself with like-minded thinkers

I am sure we have all heard of the motto, "Birds of a Feather Flock Together". What that means is that we tend to hang around people who think & believe like ourselves. As an entrepreneur it is critical that we surround ourselves with other positive small business owners to stay encouraged and tuned into what is going on in our industry. If your still working in corporate america and doing your business as a side-preneur then it is EXTREMELY important that you find your tribe of people who are on the same path as you to stay focused on your goals. Some great places to hangout are on LinkedIn, www.48days.com or .www.entrepreneuronfire.com.

So there you have it. 3 simple ways to reinvent your business. It all starts with your attitude & that flows down to propel you into action.

Do you have other things that you do to get you back on track that helps you reinvent your business? Share so we can all learn together.

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Is It Time To Take A Pivot In Your Business?

Picture this: You had a vision for your business that would solve a pressing issue and allow you to deliver the type of results you desire. You have the skills, temperament and knowledge. Time has passed and your dream business is starting not to look so dreamy.

You have fussy clients, the tools you are using to deliver the service aren't really working that well. And you are wondering what in the world happened to "The Dream"?  It might be time to take a different look at your business and pivot in a different direction. It is your business and if you are unhappy with any facet of it the beauty of it all is that you can change it.

No questions asked.

Life is based on the decisions that you make. Are you making the right decisions for your business?  Are you making decisions that will help you to better serve your customers and bring fulfillment to your life? Is it time to take your vision in a different direction? Only you know the true answer.

 

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It's Time To Stop & Take Action!

I am very ambitious. As a fellow business owner I am sure you share the same trait. But.....sometimes we can find ourselves spinning our wheels and not going anywhere fast. I wrote last week about having an action plan. Do you have one yet? If not, then stop and take a look at ideas on how to put one together.

We are all in this together as entrepreneurs working to make our dreams shine far brighter than we could have ever imagined!

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How To Hit The Ground Running In Your Business In 2015

Photo Credit: Ambro|Freedigitalphotos.net

Happy 2015 Everyone! 

It is a new year and time to get recharged to meet our business goals. There are many tools & tips that are available to help you reach the success levels you desire for your business. But let's face it. We are busy small business owners & entrepreneurs. So we need fast and convenient resources to help stay on track without taking our focus off course. Well throughout the year I will share practical tips that fit our busy lifestyle.

A Quick Tip

The first tool you can use to start your year off right is to select an audiobook to listen to that will help set the motivational tone for your year. I selected Act Like A Success-Think Like a Success by Steve Harvey. This book has supercharged my year already and it is only 8 days into the new year. What audiobook are you listening to that has you revved up for 2015? Share it with me in the comments below.

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Business Planning Checklist For 2015

Photo Courtesy of Stuart Miles|Freedigitalphotos.net

Merry Xmas Everyone! Santa has his list for getting the goodies for the kids, but do you have a business plan checklist for 2015? If not, here are 4 areas to take a look at to get you started:

• Tax Planning: Now is a good time to meet with your CPA to chart out next year's financial goals & to ensure that you are not due for overpayment come tax time.

• Expiring & Renewals of Subscriptions or Lease Agreements: Do you have a list of all the online tools, trade publications or rent lease agreements that you have? Now would be a good time to gather all those items and go through them with a fine tooth comb to make sure you still want them in place, dump them or renegotiate new terms.

• Annual filings: Take time to peruse your state, local and federal requirements for your business. This will ensure that you are in complete compliance with all applicable laws.

• Marketing Goals & Outcomes: If you are using social media, blog post, SEO or traditional marketing to reach your clients or customers, now is a good time to do a once over to make sure that you have the proper monthly goals in place that will drive traffic to your business so that you can make sales.

Taking an hour or two to brainstorm on these topics will go a long way to ensuring that you are on the right track for 2015. What are some of your business planning checklist ideas? Share them with me in the comments below!