income: VO Tip #4: Refuse to do Business (with those who don't do business with you)
- 11/25/08 03:04 AM
I did the math and added up what I spent over the past 3 years at a locally owned car muffler franchise: $3,000. Wow. I thought the owners would be happy to "reciprocate" by doing business with me -- their loyal big-spending customer. Boy, was I wrong! When I showed the muffler shop owners how they could benefit from my legal services plan, they refused to buy my product. It wasn't because of cost -- my plan is extremely affordable and saves them so much. And they can offer the plan to their employees at NO cost to them! What was … (2 comments)
income: VO Tip #3: How Much $$ Did you Really Make? Gross Income vs. Net Income
- 11/24/08 03:55 AM
During the presidential election race, "Joe the Plumber" asked Presidential candidate Obama, "I'm thinking about buying a business that makes over $250,000 per year, would I be taxed more?" The BIG problem with this trick question: Is the $250,000 GROSS profit or NET profit? That's a big difference! And unfortunately most people don't know the difference -- not even many self-employed folks such as real estate agents. It's flattering to go to a party and throw around that you "earned over $200,000 last year" -- but you really know that once you deduct your expenses, you only earned (netted) $50,000. So … (0 comments)
income: VO Tip #3: How much $$$ did you REALLY make? Gross vs. Net Income
- 11/24/08 03:49 AM
During the presidential election race, "Joe the Plumber" asked Presidential candidate Obama, "I'm thinking about buying a business that makes over $250,000 per year, would I be taxed more?" The BIG problem with this trick question: Is the $250,000 GROSS profit or NET profit? That's a big difference! And unfortunately most people don't know the difference -- not even many self-employed folks such as real estate agents. It's flattering to go to a party and throw around that you "earned over $200,000 last year" -- but you really know that once you deduct your expenses, you only earned (netted) $50,000. So … (4 comments)
income: VO Tip #2: Did you Make Money Today (or were you just busy)?
- 11/22/08 09:59 AM
Overwhelmed? Too many distractions? Busy all day but not producing income? Wonder where your time goes? Last year I received a critical time management tip: I ask myself at the end of each business day, "What did I do to make money today?" And then I examine where I spent my time, and how much of it was spent on money-making activities. When you're your own boss, it's easy to get caught up in "busy" work and get distracted: responding to emails; doing errands; opening and reading mail; searching for stuff on your desk; thinking, planning, and daydreaming; answering the phone; … (2 comments)
I did the math and added up what I spent over the past 3 years at a locally owned car muffler franchise: $3,000. Wow. I thought the owners would be happy to "reciprocate" by doing business with me -- their loyal big-spending customer. Boy, was I wrong!
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