How To Properly Define Your Business - Anything Does NOT Go!
Keywords: business-planning, internet-marketing-strategy, internet-marketing-online
The framework of a business determines its strength and stability. How you define your business is the shape of that framework. It all starts with the definition of “business”: a person or organization whose objective is to make a profit from the sale of goods or services. Operating at a profit is the number one reason a business exists. Distraction from that objective is not only unbusinesslike - it’s a recipe for disaster.
It’s perfectly all right to have a hobby that can earn you a little money, or experiment with methods of advertising that can pay a dividend or commission. Just don’t make the mistake of calling your hobby or experiment a business. For one thing, the taxman won’t agree with you unless you can prove a serious commitment to operating in a businesslike fashion. Trying to deduct a loss for a hobby on your taxes is disallowed in the USA and many other countries.
For the prospective Internet Marketer who has been dabbling in different areas of online business, the switch from dabbling to an active pursuit of profit can be clearly defined:
- Obtaining a tax identification number
- Registering as a business in the location where you live
- Opening a separate business bank account
- Devoting a specific area to business work (for home-based businesses)
- Publishing a Web site that shows you are actively doing business
- Accurate and timely record keeping
- Obtaining professional advice and counsel regarding establishing a business
These are just a few of the steps you can take to transform yourself from hobbyist to full-blown business. The idea here is to create a definite “footprint” that shows you are now actively pursuing your endeavor as a profit making entity. This is not only important if the taxman audits you - it impresses upon your own mind the change in what you are doing.
How you frame your actions determines how you will respond to challenges and obstacles. It’s easy to drop a hobby if it cuts into another important area of your life. An experiment can be discontinued if the results are failure. A business is different: your commitment to starting a business means the business takes top priority over just about everything, including your personal comfort. You don’t have to neglect your family or health, but you may have to cut back on all your other activities until your business is firmly established.
Now is the time to begin defining and measuring all the chores and duties your business will require. Develop a set of clearly defined steps to take every day, to make sure all the important work is done on time. Ideally, your “action plan” could be read by someone else and executed as if you had done the work yourself. This is very important! Eventually, you will want to think about delegating work to others, so that you can devote time to planning and growing your business.
Finally, you need to apply your greatest strengths to earning a profit from your business. Your “core competence” should also be your main method of earning and receiving income. The best use of your time and energy is to use whatever you do best as the hub of your profit making work. All the rest of your chores and duties must come second to this in importance. Of course, there will be times when the chores and duties are urgent enough that you must attend to them, first. That may be a sign that you either must revise your plan or begin “hiring out” work to others. Only you will be able to tell which step to take, based upon your plan.
Like a photograph, once you put something into a frame, anything does NOT go!
Jo Han Mok is the author of the #1 international business bestseller, The E-Code.
He shares his amazing blueprint for creating million dollar internet businesses
at: www.InternetMillionaireBlueprints.com
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