Run Your Business Like a Business For Greater Success

By Miata Edoga

As a small business owner, your goal is to be successful. The first step toward

that success is to make sure you always treat your business like it's a business. Here's how you should do that when it comes to finances.

The first step is to consider how a big company runs and to try to emulate as much of those practices as possible. All big businesses have business bank accounts and corporate credit cards that allow them to easily track their sales and expenses and, in turn, their profits.

Think for a moment. Are you following this practice? If you don't have a separate bank account and credit card for your business, you're making the mistake of treating your business as a hobby. Unless you happen to be an accountant, it may be a little overwhelming to think in these terms at first. But taking a few easy steps can make this process fall into place. To be sure, this step is absolutely imperative to your success as a small business owner.

Let's start with thinking about how a CEO handles business-related expenses. He or she doesn't charge corporate printing supplies, for example, to his or her personal account-and neither should you! (This is one of the easiest traps for network marketers and home-based entrepreneurs to fall into.) Using a separate bank account for your business makes it impossible for your personal and business expenses to get confused. It also makes record-keeping easier.

Once you set up the business account, make sure that all personal earnings (wages from a "day job" if you have one, alimony, financial gifts, etc.) are always placed in your personal account. Nothing but business earnings should be deposited into your business bank account. You should also be sure to keep personal expenses (rent, clothes, groceries, vacations etc.) and business expenses (salaries, equipment, supplies, etc.) separate, strictly paying for personal expenses out of personal accounts and business expenses out of business bank accounts.

Setting up a new bank account isn't particularly hard but it may take some time to shift your way of thinking. If you're just getting started, you may be worrying that you're not yet at the point where you are profitable enough to pay for all your business expenses. If this is the case, make your business a loan from your personal account. Keep a record of these loans and then allow your business to reimburse you when it becomes profitable.

Just having a business bank account is a great start, but it's not enough. It is also necessary to have a separate credit card for your company. The same protocol goes for the business card: personal purchases should be charged to your personal credit card and business expenses on your business card. Remember that the interest is tax deductible if you carry a balance on your business credit card. Having even one personal expense on the business card disallows this benefit.

Sometimes there are expenses that fall into both categories-a portion is personal and the rest is business. This is particularly true if you work from home or if you use your automobile for business travel. Paying for these items from your personal account is the best way to handle these expenses. Always remember to keep very clear records, though. Keep a log handy in your car to track your business mileage. File your household bills (mortgage/rent, utilities, phone, etc.) together so you can easily access them at tax time. At that point, you can determine what percentage you are allowed to write off as a business expense.

Here are three reasons why these practices will help you be a success:

1. If you want to earn income from your business, you must treat it as a business at all times in both practice and attitude.

2. If you don't keep clear and separate records, the IRS may classify your business as a hobby if you're audited. As a result, you could lose tax deductions and possibly even be penalized.

3. By following these practices, you can easily track your progress, discover any changes you need to make and determine when you've become profitable.

Remember, in addition to treating your business like a business, entrepreneurial success rests on believing in yourself. Be confident in your ability to be a success. By following these tricks of the trade, you are acting like a professional and believing in your own success.

Miata Edoga is the President & Founder of Abundance Bound, Inc., creating success for small business owners, network marketers and solo entrepreneurs. Their mission is to provide the financial knowledge and skills entrepreneurs need to build lasting, stable and profitable businesses. They employ innovative and inspiring methods to share this information, while making sure the learning is practical and action based - creating measurable results. Get your FREE audio download, The Power of Prosperity, with simple strategies guiding small business owners to a rock solid financial foundation at: http://www.AbundanceBoundSystem.com

Serious Entrepreneurs Know How to Stay Motivated

By Shauna Harper

As an entrepreneur do you ever find yourself having grand plans and intentions but then often falling short of them? It is natural to want more wealth, health and knowledge. However, we often lack the motivation to see our plans through. Despite the initial "boom" of enthusiasm, we tend to quickly lose our steam.

A typical true entrepreneur at heart is always looking for their next business. How many of us have signed up for the next MLM or business venture. Your energy is high and your dreams grand, but after working a little while in the business, you end up losing the motivation and the energy you had when you first started. Usually this is after you have also invested a lot of your time and money.

So why should we bother? Achieving what you set out to do, can give you a sense of fulfillment and purpose. You feel accomplished and complete. Learning how to motivate yourself, is a lifelong skill that will make reaching any target possible. So how do you stay motivated or "on task"?

Here are some tips:

1. Find your Dharma Your what? Another word for Life's Purpose is Dharma. What is your true calling in your life? What would you do if money was not an issue? Once you figure that out, then turn whatever you love into service for others. If making a lot of money is your life's purpose, then you need to be helping others do the same, in order to fulfill your life's passion.

2. Get a map! You need to get a roadmap of where you are going. A plan for the next month, 3 months, 6 months and even to a year. By having a plan, you now have direction and a map of how you are going to accomplish your goal.

3. Start to visualize your goal. By visualizing what you want to do, you end up putting your thoughts, feelings and energy into your goal. You can do it simply by closing your eyes and thinking about it, or you can create vision boards around your desired outcomes.

4. Ride the momentum and excitement wave. A quote about how to action our goals by Tony Robbins really sums this up: "Excitement must lead to immediate action or you will lose the power of momentum. More dreams die because we fail to seize the moment. Do it now! "

5. Celebrate small successes and milestones. Everyone always looks at the final destination as the reward. "When I make $1Million Dollars..." By celebrating small successes along the way, you are just reinforcing that you are on task. Examples of milestones could be: The first client you get, the first 4-figure month, the first 5 figure month, the first 6 figure month etc...

6.Keep your energy clean. Have you ever had a great idea that was waiting to blossom and then you shared it with someone and they shot it down? Refrain from getting too close to negative people with negative energy. And if you can't keep completely away, use their negativity or doubt as a way to catapult you to succeed.

7. Network with others. Now with the world wide web, you can find a forum or a group for everything. Networking with others that are either in the same business or similar business, can really keep your motivation level up. Other entrepreneurs have gone through what you have gone through. Note: Remember rule number 6.

8. Use the power of words. Surround yourself with powerful quotes, words and affirmations. You can have a quote or affirmation scroll as your screen saver, hang them up around your house (post it notes are good for that), write them on little cards and carry them in your wallet, or use magnets with quotes. Every time you think you feel your motivation dropping, whip out a card and just say it over and over again.

9. Use personal development products. There is a reason why this is such a booming industry. Using tapes, cds, dvds over and over again can help to put you in the mindset you need to stay motivated. Also, once a year, incorporate your vacation with a personal development workshop so that you come back refreshed and ready to live your life's passion.

10. Exercise, exercise, exercise. If the above 9 steps just don't work to keep you motivated. Put on your workout shoes and just get out and exercise. Once you get your blood pumping, oxygen into your brain, you will be sure to be back on task.

Shauna Harper is a serial entrepreneur with a passion for motivating and helping others to build businesses. If you are looking to build a six figure income that inspires others to suck the juice out of life, then check out her website: http://www.shaunaharper.com.

Solo Entrepreneur - Want to Boost Business, Start With YOU!

By Candice Bowles

When I'm teaching business building strategies one of my key points is that you can't grow your business if you aren't prepared to grow yourself! Having your own business will help you discover amazing things about yourself! You will even do things you never thought you could!

It can get a little rough

On the flip side, having your own business may mean that you have to face personal baggage you would otherwise have carried around for years! This could be an incredible opportunity for personal growth and freedom. But if we are brutally honest, most of us would not request a dose of 'character building' experiences if we didn't have to, would we?

Somewhere we find the courage

But, when growing is connected to our big dreams, we are much more motivated to get out of our comfort zones and grow where we need to! Somewhere along the line we realize that although it may not be easy, it will be worth it!

The downside of being passionate about making a big difference

The advancement of your business is very closely tied to who and what you are because it relies so heavily on your dreams, skills and confidence. The bigger your business, the bigger the responsibilities. For many, that's enough to shy away.

For those with a vision and a passion to make a big difference, the status quo loses its luster. Comfort becomes an unsatisfactory option!

When you say "yes" to growth

So, how do you help yourself grow and take your business with you? First stop: find a mentor (or two). Mentors are the people in our lives who can offer us sage advice on life's challenges. Your mentors (business and personal) can help you take your life to new levels.

Amazing ways a mentor can help you grow

Mentors can help you find clarity where you have blind spots and help you figure out what your next step needs to be. You can benefit from their experiences so that you don't have to learn it all the hard way! They can help keep you accountable and remind you of the big picture when you are getting lost in the details.

Finding a mentor

When you're looking for a mentor, look for people who have experience, expertise and personal values and life skills that you trust and would like to emulate. Mentors can be as informal as your wise old grandmother or as formal as hiring a life coach or business mentor.

If they're not available or affordable

Not everyone we trust and would like to learn from is available or affordable to us. If that's the case turn to their books, or find out if they are speaking at any conferences. You may also be able to follow them online, courtesy of social network sites. Start listening to what they're saying and see how you can learn from them.

If it's not their profession

If you have someone in mind for whom mentoring is not a profession, ask them if they would be willing to meet with you, perhaps once a month or once every 3 months. (Meetings over the phone can work very well too. Don't be put off by geographic distance.)

Be intentional and turn the tide

The fact is, our Western culture focuses so much on independence that we've lost the culture of mentoring. Mentoring is intrinsic in cultures more focused on extended families and community. We need to be intentional about re-introducing this aspect to our lives and the lives of those around us.

One more thing!

As you find yourself a mentor or two, remember that you also have experience and value that others could benefit from and by mentoring others, we also continue to grow ourselves. Is there someone in your life you can make yourself available to, as a mentor?

Would you like to boost your income with a business designed around your strengths and passions? Are you looking for economical ways to grow or market your solo-entrepreneurial, service or home based business?

Whether you're just starting out or already in business, in under 5 minutes, this FREE Business Assessment Tool will give you valuable strategies to help your ideas succeed!

Get your copy at http://www.candicebowles.com. Once you have the tool you can run as many business concepts through it as you like - so you'll always have a way to weigh those new ideas!

Candice Bowles is passionate about helping solo entrepreneurs design great businesses so they can earn income doing what they love. Utilizing her clients' strengths, Candice helps them structure and quickly build dynamic businesses, with an online marketing focus.way to weigh those new ideas!

© 2009 Candice Bowles Consulting.