Archive for April, 2010

If you own a coaching, consulting, speaking, healing or other service business, no doubt you have been challenged by the upheaval of the last 2 years. But what if the events that contributed to that upheaval were the very ones that will also catapult your business to the next level?

They are.

I have worked with heart-centered and spiritually oriented service entrepreneurs for more than two decades, and there has never been a more exciting – nor fearful, for many – time than right now. But where too many business owners are finding themselves caught now is “holding back,” waiting until something shifts or changes outside them until they take the steps they want to take to build their business.

It’s time to stop waiting.

You see, waiting to move forward also holds at arms-length the very clients you want to attract. So you become part of the problem, not the solution, by hesitating! Consider these three dangers which I see as monumental – yet very much surmountable – as you envision your future.

Danger #1: Blaming the economy for not moving forward.

Certainly these have been “interesting” economic times of late. But did you know that the vast majority of the companies now in the Fortune 500 were begun during a recession or depression? This is where the opportunities lie! If you are willing to see things differently than the masses – and find opportunity in the midst of chaos and change – you can literally open up a gold mine for your business.

People are investing their money in what they value – and in what they see as the bridge to help them obtain their important goals. But they have to want your services, not just need them. Have you made an emotional, soul-based connection with your prospective clients? If not, they will keep shopping until someone does.

It is also dangerous to believe that once the economic indicators start to uptick, business will be “back to normal.” A whole new definition of normal is emerging! This is not just another economic downturn; it is the emergence of a new way of doing business – what I call the Entrepreneurial Renaissance.™ And it has a whole new set of rules that govern it. Small, virtual, home-based, and entrepreneurial is “in” (much like the emergence of the guilds in medieval times) – and large, red-tape laden, corporate structures are on their way “out.” Anything that is not authentic and aligned with integrity will be brought into the open and eliminated now. But here is exactly where the opportunities lie: in capitalizing on the needs and wants people have now for the personal touch, for meaningful services, and for opportunities to connect with people who share common interests and values.

Question to ask yourself: Am I making business decisions based on a pessimistic attitude or fear about the economy? If so, how can I make a decision based on my vision, with faith, instead?

Stay tuned for danger 2 next week!

A quick question for you – Do you know the secret behind the 4 successful businesses generating as much as $400,000 I’ve built over the last few years?

The answer is simple: honing in on personal purpose and LEVERAGING it into multiple in_come streams!

It’s the heart of success in today’s information economy, and a CRUCIAL step if you want to get out of the trap of one-to-one, “dollars for hours” services. And yet, much of what we’ve been taught about how to do it is WRONG!

Now I’m ready to pull back the curtain and show you EXACTLY how I’ve managed to leverage my purpose into 23 books, more than 15 info products and certification programs, hundreds of teleclasses and presentations and tons of profits with my BRAND-NEW, F*R*E*E teleclass “Purposeful Branding Secrets: How to Quickly and Easily Turn Your Purpose into Multiple In_come Streams While Increasing Your Cash Flow, Clients and Consciousness” on May 6th.

On this ground-breaking call you’ll learn:

• The #1 thing you need to focus on to grow your business to the next level in TODAY’s climate (Most business owners over look this!)
• 4 simple steps to finding the essence of your brand so your clients will flock to you! (This is the EXACT same formula I have used to build my successful 6-figure businesses!)
• My secrets to creating dozens of programs and products from  a SINGLE idea (This is how I have managed to author so many books  and create dozens of programs – including coach certifications – using one simple tool.)
• Exactly how to structure your Product Funnel so that your clients become customers for life and keep on buying – so you can spend less time marketing.
• Why traditional marketing no longer works – and what you need to be doing instead (This is why so many solopreneurs are struggling now – they haven’t made this critical shift!)
• How I have created a freedom-based lifestyle that allows me  to work from anywhere while continuing to grow my business – and you can too!

Reserve your spot in this complimentary teleclass here:

http://www.PurposefulBranding.com

Blessed Mother, Sacred One
We celebrate you for the job you have done
Supporting us, nurturing us,
Providing for all of our needs.

Blessed Mother, Sacred One,
Forgive us for the things that we have done
Polluting you, trampling you
All in the name of human greed.

We feel your rhythm,
We hear your sounds,
We see your beauty
And it truly abounds.

Help us to heal you
Help us to see
That by caring for you
I’m really caring for me.

Blessed Mother, Sacred One,
Look at the potential in all we have done:
Technology, ceremony,
Restoring the wholeness – for now we can see.

While I’m not an accountant or an attorney (any more!), it is tax time and I am paying my taxes along with the rest of us.  So I thought it would be helpful to provide a few basic guidelines for tax deductions for the small business owner and be sure you’ve taken advantage of these legal benefits of having your own business.

Business Operating Expenses

Many expenses are deductible against your business revenues.   These reduce your taxable income from your business activities.  Whether or not an expense can be deductible depends on several factors:

1.  Was the expense “ordinary and necessary” for your business?  The IRS defines ordinary as “common and accepted in a field of business,” and necessary as “helpful and appropriate to your business.”

2.  Did it relate to a business (as opposed to personal) activity?  A mere hobby does not qualify for the business deduction.

Adequate records will be required for all expenses as well as items that are amortized (where a portion is depreciated each year) over a period of years.

Some examples (not a complete list) of common expenses that are deductible to a business include things like advertising, bank service charges on business accounts, commissions paid, costs related to the sale of goods, dues, business gifts, office expenses, office rental, travel expenses, independent contractor services and more.

Other business-related costs and investments may not be directly deductible but may be eligible for other favorable tax treatment.  For example, certain start-up costs are amortized over a longer period of time.  Capital expenditures in equipment and furnishings can be deducted up to a certain annual limit; above that limit, amortization and depreciation are required.  There are other exceptions to the deductibility rule, such as home office deduction, and business use of an automobile.

And the list of expenses that are neither deductible nor amortizable is even longer!  Representative expenses that do not qualify for deduction (not a complete list) include bar or professional examination fees, charitable contributions or gifts by non-corporation, country club dues, commuting expenses (with some exceptions), job search expenses and more.

Retirement For The Self-Employed

As a self-employed business owner, you can deduct up to 25 percent of your net income to a Self-Employed Pension or SEP.  Other retirement options include IRA, Simple IRA and others.  Don’t forget to put some of your hard-earned money away for the future – and get a deduction too!

Your Coach Training And Other Education

Up to $4000 in tuition is deductible if you are below the adjusted gross income ceiling of $65,000 single, $130,000 couple (and if you have higher AGI, you can still deduct $2000).  IRS Topic 302 addresses this.  Check with your tax professional as to whether a coaching school qualifies as a “post-secondary institution.”

Home Office Deduction

If you work from home, you can deduct, for your home office, the percentage of mortgage, utilities, insurance, taxes, repairs and related homeowner expenses allocable to the number of square footage your home office is divided by total square footage of the home. 

Business Entertainment

If you take clients to lunch, buy them tickets to an event or conference, travel on business or otherwise enjoy meals or other listed entertainment expenses, you can deduct a percentage of it on your taxes (often 50%).

Health Insurance

Any medical insurance you pay for yourself can also be deducted against your business income.  Certain other uninsured medical expenses, including nonprescription medications, acupuncture, and eyeglasses, are also normally deductible.

Business Assets

Did you buy a computer, printer, projector, software, or other items for your business this year?  If so, you can usually write off the cost of those items (up to an ever-increasing ceiling) under Section 179 of the Internal Revenue Code.

Business Mileage

Since many coaches work from home, any transportation to see a client, attend a meeting, pick up mail or do other business errands is usually deductible as business mileage.  Commuting to and from one’s office is always excluded, but with a home-based business there would be no commuting to eliminate. 

For further details and the current requirements, please consult your tax advisor or see online resources such as CCH’s Business Owner’s Toolkit at http://www.toolkit.cch.com/text/P07_2510.asp or the Internal Revenue Service’s Tax Guide for Small Business, available on their web site at www.irs.gov.  The IRS offers streaming video classes as well as Power Point presentations on its web site regarding deductible business expenses.

And for a full course on your start-up – including legal, accounting, and helpful logistical issues such as phone systems, software, where to get funding and more, get our Jump-Start Your Purposeful Business e-course (or join our class in progress) today!  www.purposefulentrepreneur.com/jumpstartbiz.html