INTRODUCTION:

THIS WORKSHOP WILL EMPOWER YOU WITH INFORMATION ON HOW TO START A NEW BUSINESS OR TAKE YOUR CURRENT BUSINESS TO THE NEXT LEVEL.

Section 1: Everything begins with your idea / creation! Let that creation guide you to a vision & mission / your purpose!

* Mission vs. Vision (difference)

* Define your Mission (present)

* Define your Vision (future)

* Do you have a Niche? What is it?

Section 2: Business Plan

* What is a business plan?

* When should you prepare one?

Section 3: What is it? A Business or a Hobby?

* IRS definition of a hobby.

*IRS recognition of your activity as a business, not a hobby.

Section 4: Business Structures

* What type of business structure is best suited to your business?

Section 5: Taxable Income & Deductible Business Expenses

* What is taxable income?

* What business expenses are deductible?

Section 6: Payroll Expense

* Differences between an employee and an independent contractor.

* Ask yourself: are you hiring an employee or an independent contractor.

* Steps to take when you hire employees.

* Steps to take when you hire independent contractors.

Section 7: Sales Tax: Are You Responsible For Collecting And Submitting Sales Tax?

* How to determine if you’re responsible.

* How to obtain a state sales tax permit.

* Tax Collection, reporting and record keeping

Section 8: Business Bottom Line: Accessing & Improving Net Profits

* Is your business making money, breaking even or barely surviving?

* Accounting Basics

* Tax Planning

* Money Management

* Developing or reviewing your budget

Section 9: Planning for Retirement: Retirement Savings Options For Self-Employed And Small Business

* Compound Interest

* Simple IRAs

* SEP - Simplified Employee Pension

* Qualified Plans or Keogh Plans