Is Your Business Legit or a Glorified Hobby?
- May 2, 2017
- 3 min read
So you finally made the decision to start that business – the one you’ve been mulling over for months and even years. Congratulations! Have you decided how full-force you will go? Are you looking to generate a few hundred here or there? Hopefully not! Or are you looking to build something that will replace your traditional 9-to-5?
STOP THE PRESS
Before we can get into the good stuff - and it really is fascinating to watch a business grow when launched effectively, is your business completely operational according to the Federal Government?
Yes, those 3…
The I.
The R.
The S.
I don’t want to water down your passion to have a thriving, passion-based business. In fact, I highly encourage you to get started so you can scale it to 6- and 7-figures…ASAP. At the same time, as an entrepreneur, or Female Preneur (what I call my Savvy Sister Preneurs), you have to put on the legal hat and administrative hat, in addition to the creative hat, and visionary hat. Yes, we already wear a million hats as women. As a Female Preneur, we get to style and profile even more.
Let me pose two very realistic points here.
One: If you have yourself positioned to collect money…even one red cent, you must follow the guidelines established by the IRS. What do I mean by positioned to collect money? If you have products or services posted for sale, established ads on social media, Craigslist, or selling cakes and pies out of your kitchen, you are required to report that income to the IRS. Even if you take a loss – and I don’t want to sound to tax-ish with this, you are required to report this to the IRS.
Two: If you have positioned yourself to operate a business, but have not followed the protocol outlined by the IRS, you are still held accountable to the IRS. This is where legal and financial ramifications could come into play. By all means, we do not want any ramifications to confront us. We have business to grow, lives to change, and mouths to feed!
Now there are also generous benefits from exemplary business practice.
1. A solid business foundation to grow into multiple streams of high-yielding revenue.
2. Deductions can also be made that prove cost-effective to you
3. Protect your assets.
So how do you accomplish all of this? Grab my FREE Start-up Checklist for the Beginning Online Entrepreneur.
Yes…FREE.
90% of start-up businesses fail in the first year. You need to be a part of the 10% that set it off right! So get you FREE Start-up Checklist for the Beginning Online Entrepreneur now!
If you're ready to rejuvenate your business or reinvent your life by stepping out of an ordinary existence and into a more purposeful, meaningful existence, let's talk. Secure a Complimentary Personal Strategy Session with Ché Myers at www.CheMyers/Apply
Ché Myers is a Business Mentor and Success & Confidence Enthusiast for the aspiring and growing female entrepreneur who is ready to experience freedom by launching and growing a widely successful online business, making generous income, impacting lives and leaving legacies. Her passion is helping women remove overwhelm, find her voice, and help them step out of ordinary into her authentic, confident self. She wants women to know that you CAN still have the beautiful, purpose-filled business that you envisioned, while living an abundant life infused with passion, purpose and freedom. You simply need a momentum, support, and strategy.!
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