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Home Based Business Taxes - Where to Find Answers
April 15th looms for most people when filing their income taxes, but doing your home based business taxes can change everything and be very overwhelming. There are a lot of tax laws that business owners should understand, and there are places that...
YEAR END TAX PLANNING AND PREPARATION FOR BUSINESSES – Tax Tips for 2004
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Seven Ways To Save On Taxes Next Year
Nobody likes paying taxes, so the procrastination factor when
preparing them tends to be high. But the good news is that there
are some things you can do now that will help you prepare for
next years taxes. Here are seven great tax saving tips so...
Who Wants To Be A Millionaire? ©
In order to achieve what you've never achieved before, you must be willing to do what you've never done before. While this concept may not be a secret to you, the overwhelming percentage of people who actually apply this principle is staggeringly...
Tax Trap #1: Waiting to Incorporate: What A Difference A Date Can Make
NOTE: This is the first in a series of 5 articles: "Small Business Tax Traps and How To Avoid Them" If you're a sole proprietor, perhaps you've considered incorporating your small business or self-employment activity. And so maybe you've been...
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Is Your Business Idea Feasible?
Is Your Business Idea Feasible?
By Darrin F. Coe, MA
10/26/04
So you have a love for business, have a talent or skill you’re passionate about, and believe you’ve come up with a great business idea? Before you push forward you should consider doing a feasibility study to see whether you’re business idea is worth your time; whether you should just dump the idea; or whether you can modify your idea and make it profitable.
Study a specific business.
– If you can spend some time working for a business that your idea closely resembles this is a great way to develop an idea of feasibility
– If the business is regulated, the regulatory agency will have public records that you can
study
– If you have friends in the business ask them if you can spend a day at work with them or
spend some time interviewing them.
== sidebar ==
you perform a feasibility study to determine how much a project will cost and if it can be profitable. You gather facts, and add intuition.
== sidebar ==
Your feasibility study should include
a location study
– consider where it is
– consider rent vs. purchase
– consider traffic
– consider possible
Associated Websites
renovation and remodel costs
a competition study
– consider how they could improve their location and costs involved
– study their product/service and what costs might be involved in improving different aspects such as
– delivery and distribution
– quality
– marketing presentation
– what’s the competition’s unique selling point and can you improve it?
– what would be potential costs for the improvements and can
you sell the improvements for a profit?
-- A feasibility study should produce accurate information concerning the potential costs for rent, taxes, utilities, licenses, advertising, renovation/remodeling, and labor if you dig deep enough.
-- All of this information will prove vital to you when it comes time to produce your business plan and pursue financing for your project. You’ll have good numbers to make financial and marketing projections in a pro forma manner.
– Take the time to study business idea feasibility it will prove a powerful tool for success.
About the Author
Darrin Coe is a weekly columnist and author of the ebook, Micro Loans: Finance Your Dreams available at http://dcoe1.tripod.com/microfinance
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