Black Money Business Jobs : What is your entreprenurial venture?

Discussion in 'Black Money Business Jobs' started by soulsearcher, Nov 15, 2005.

  1. soulsearcher

    soulsearcher Banned MEMBER

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    One of the things I believe in very passionately is economic independence for the black community.

    In my personal life, I am trying to establish success through affiliate marketing and Google Adsense. It is REALLY frustrating... only pennies are coming in, but I am learning each step of the way and feel I am getting closer. I have chosen this as my entreprenurial path because it is low-cost and it helps you develop the skills necessary for marketing. After online success, (WHENEVER that will happen), my goal is to expand on brick and mortars.

    What is your entreprenurial venture? Do you believe in the online to offline approach (as I do), or would you rather just go on and take out a loan and establish a business outside right now? Or do you believe in other approaches... my dad saw real estate as the answer. And how do you stay focused even if right now you are not seeing the success you desire?
     
  2. HODEE

    HODEE Well-Known Member MEMBER

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    Stay strong all hope for your present venture. Real estate will give you larger returns on your effort and investment. I know some people that bought low, fixed houses up and sold them. Today they are doing very well. They are in Missouri so you have to have a good market and not so expensive one as well to do something similar.

    The key to staying focused is to enjoy what your doing, have fun while doing it and keep a short term three / six month goal and a long term one year goal out in front of you. If you overshoot don’t worry keep plugging away and slinging mud. Some will stick on the wall. That portion you get to keep.

    I think both a online and a brick and mortar can compliment each other. You can have a product and advertise it on your web site and sell it in a home based or leased out space.

    Start a home based business is one way to go. The start up cost is minimal and you can incorporate your already purchased items into it. Let’s say you start now. Decide if you want to offer a product or a service.

    A product is quicker and more readily available. Go to your local Franchise Tax Board there is no cost, and apply for a wholesale license. Now you need a product. Know what that product will be before applying for your license. They will ask.

    Ask to pay your taxes on items sold yearly. They may want to place you on month to month... no problem keep up with the documentation. Very important. Get your self some wholesale vendor cards that are required and filled out when you buy from a wholesaler. Most will offer you a blank one after you show them your license.

    Your computer becomes a tax deductible item. Your car cost of depreciation and maintenance half is deductible. Your rent or a portion of your mortgage is deductible. Meals with potential customers, customers, become deductible items. Gifts to customers and potential customers up to $25.00 each become tax deductible. Your dry cleaning and business travel and expenses. Anything used and related to your business is incorporated and depreciated.

    Get a good tax preparer. Someone who will talk with you and file your taxes.
    Not question and try to talk you out of deductions. One that will guide you is what is needed. H and R block will not be a good tax choice.

    The tax code wasn’t written for those working a job everyday. They are written for those in business. You can only get ahead by legitimately reducing your tax burden.

    Type this into www.ask.com

    Legal tax deductions for home based business


    www.turbotax.com/articles/TakingBusinessDeductions.html


    But you may not know that you can deduct part of your rent on your home, condo, or apartment if you use part of it as a place of business. (You must meet the requirements for a home office.)
     
  3. HODEE

    HODEE Well-Known Member MEMBER

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    Companies aren't hurting by paying employees. They get to deduct all expenses. The whole tax system is a rip off for average citizens and hard working citizens are supporting the government because corporations get to write it all off.

    Employee Expenses

    The wages you pay employees for producing goods or services are deductible, including salaries, fringe benefits, employee benefits, awards, bonuses, sick pay, and vacation pay. You get a deduction regardless of whether you pay wages to employees (to whom you provide a W-2) or use contract labor (independent contractors, to whom you provide Form 1099).

    Deductible fringe benefits include:

    Discounts on goods or services
    Flights on airplanes
    Meals and lodging
    Memberships in country clubs
    Tickets to entertainment or sporting events
    Use of a car
    Deductible employee benefit programs include:

    Accident and health plans
    Adoption assistance
    Cafeteria plans
    Dependent care assistance
    Educational assistance
    Group-term life insurance coverage
    Report these expenses on your Schedule C, Employee Benefit Programs.
     
  4. soulsearcher

    soulsearcher Banned MEMBER

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    Excellent advice. Thanks. :)
     
  5. NNQueen

    NNQueen going above and beyond PREMIUM MEMBER

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    Inactive thread?????

    This is a good thread and I'm surprised that it is slow and inactive. I know not everyone here has an entreprenurial spirit or will or even has the desire to be self-employed. But there should be enough of us given the sentiments expressed in other threads, to keep this thread moving.

    I like the real estate market and always have. I've had rental property and agricultural property and both have been profitable investments but it wasn't something that I wanted to do full time. I'm the type of person that is always looking for investments that can serve a multi-purpose. That's why now that I'm seriously planning for my retirement in the near future, I am looking at the hospitality industry. I'm thinking about becoming an innkeeper. It's business that you can do and never leave home. It gives you the opportunity to meet people and create a nice environment for them and generate an income at the same time. Depending on what type you want start-up costs can be very little or a lot.

    I've never done anything like this before which is why I'm doing extensive research, networking and seeking advice from professionals in the industry. I think I'll be good at it and want to find ways to make my place uniquely attractive to Black people. Who knows, maybe I'll eventually turn my ideas into a franchise.

    I plan to start attending conferences to learn how to not just own a B&B, but how to be successful and make it profitable too.

    Next???

    Queenie :heart:
     
  6. mchinadoll

    mchinadoll Well-Known Member MEMBER

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    I too am in the Real Estate industry. I also own invest properties that I rent through our local housing authority Section 8. It has been very rewarding so far. As a Real Estate Paralegal/License Mortgage Broker I have been able to do a lot of entreprenurial endeavors. I started my own business, credit repair and or bankruptcy. I enjoy helping people and learning. My desire is to work for myself totally by the end of the year, doing what I love, personal financial counseling, credit repair, and home financing.
     
  7. Lyric Genesis

    Lyric Genesis Member MEMBER

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    I am a business owner...and my company does well...

    It took 3yrs before I turned a profit, and now in it's 5th year will be the most profitable yet...

    Hodee gave great instruction...it's actually the steps I followed to become a successful business owner...

    To all keep ya head, and keep it moving...and love what you do, then sacrifice will not matter!

    Get Money!
     
  8. NNQueen

    NNQueen going above and beyond PREMIUM MEMBER

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    mchinadoll, you've listed some interesting and most definitely much needed services. Do you provide online assistance with credit repair services? Are there some general rules you can share without "giving" the information away since it is a business venture for you?

    My credit report isn't bad but my FICO score isn't as high as I would like for it to be and I want to make a major real estate purchase soon and might decide to purchase a mortgage.

    There's so many different ways to get a mortgage these days but I'm wondering is there one that is better than all others, i.e., conventional 15 year- or 30-year fixed rate.

    Do you think it's a good investment to pay cash for a house if you can afford to versus buying a mortgage to use as a tax reduction?

    You got a business card? j/k *lol*

    Hi Lyric Genesis...I admire the fact that you're in business for yourself. Do you mind if I ask what line of business you're in? Do you have a payroll? Is it tougher/better than you realized? Do you have any regrets? How did you finance your start-up costs--savings, family assistance, bank loan, grants?

    Also, to both mchinadoll and Lyric Genesis, what type of preparation did you do before you branched out...education, conferences, being mentored, etc.

    I wish you both the BEST of success....^5 You're my "heroes"!

    Queenie :heart:

    P.S. I find it interesting that all of us are PREMIUM MEMBERS. Must be that we understand how important it is to support each other's businesses, eh? ;)
     
  9. youngblackceo

    youngblackceo Well-Known Member MEMBER

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    I'm in the process of getting up my website up and going. It's a adult retail website onestopentertainment.net. I've been working on this for about two years know. So it's been tough but I will continue to stay patience and see it through.I look forward to retiring from working for others hopefully before the end of this year.
     
  10. NNQueen

    NNQueen going above and beyond PREMIUM MEMBER

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    Hey youngblackceo....thanks for adding to this thread and ^5 to you too, for not only having an entrepreneurial spirit but also the courage to make your dream a reality.

    Let me ask you, do you have a business plan that gives you an idea of your income potential and whether you can retire by the end of the year?

    Queenie :heart:
     
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