Home Business Tax Deductions
Meet Todd Millhouse Watts. He is talented, has a wit that’s quicker than a photon running through a fiber optic cable, he is meticulous, creative and loves all things that has anything to do with residential electricity. From indoor to outdoor lighting he is a master of his trade, the seer of all things photon, a painter and artisan of light.
Todd is 45 years old, married to Mini aged 40 and they have three wonderful children ranging in age from 5 – 12. Like many of us they have a new home mortgage that is in danger of renewing at higher interest rates which in turn increases your monthly commitment to the bank and creates further personal financial hardship. Now that would normally not be a bad thing, but like Todd said, “Works been a bit slow. Times are a little tougher especially for the guys who got laid off, but for me as a master electrician the chances are pretty slim I would be laid off too… at least I hope so!”
Time for Plan B
ToddMillhouseWatts-BusinessPlan
2010 Vehicle Log added bonus.
Success for anyone wanting to earn a second income by creating an online home business depends very much on your level of interest and passion towards your products or services. In Todds case there is no question what captures his attention and where his true passion lies. Todd didn’t make it to the top in his field without a genuine interest and passion for all things electric! Right?
Todds online business? Home indoor and outdoor lighting of course! Now before he runs out and starts building websites he can improve his chances of success by first working on his business plan. It does not have to be complicated, but it is essential it gets done. Why? Without a business plan, statistics show a proven home business failure rate of 95%! That is a huge economic cost when you consider a simple business plan of action can be done in an evening.
Whats Included in the Business Plan.
Overall Todds business plan should include the following;
- Vision Statement
- Mission Statement
- Target Prospects
- Customer Profiles
- Competitive Environment
- Marketing Advantages
- Marketing Plan
- Sales Strategies
- Income & Expense Projections
- Conclusion
- Biography of Principal
Todds completed plan can be downloaded here, ToddMillhouseWatts-BusinessPlan I am sure he won’t mind! IMPORTANT* Avoid the 95% failure rate and get your business plan done as soon as you can. Especially if you have working online from home and not yet making any money.
to be continued… the home business tax deductions bonanza
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