Make 2014 Your Most Profitable Year Ever

Hello Hustlers!

Lets get started on our topic of the day, PROFIT. Consistently earning a profit is one part of the reason why you came here, correct?

Investopedia states that profit is a financial benefit that is realized when the amount of revenue gained from a business activity exceeds the expenses, costs and taxes needed to sustain the activity.

Make 2014 Your Most Profitable Year Ever : 5 Crucial Steps For Every Entrepreneur

Many of us maintain the tradition of making new years resolutions for our personal lives. The New Year has just as special significance for our businesses too. Whether your an experienced business owner or a just starting out , or even just thinking about owning one, there are 5 crucial steps you need to take at the beginning of the year to assure that 2014 is your most prosperous year ever.

1. If you have not done so yet, Take advantage of the greatest tax shelter available: the opportunity to start a small business and organize your business activities to generate multiple streams of income for you.

If you have been thinking about starting your own business but are still sitting on the fence , resolve to take action today! With the Internet making getting into business for yourself easier and more cost-effective than ever, there's no excuse for not taking that crucial first step.

2. If you already own your own business make sure that your generating income from more then one source.

This way if changing economic conditions have a negative effect on your first stream of income you are not left high and dry. This is extremely true for those of you who are involved with the Network Marketing business model.  Some of these companies will not be around in 5 years. You can and should deversify within reason. I personally plan to diversify my income in 2014 by publishing e-books, creating webinars etc to generate residual income. Residual income is a topic I will discuss in the future.

3. Make sure that you are using the most advantageous structure for operating your business.

This applies to you whether you have a traditional brick and mortar business , operate a franchise, or even e-business doing affiliate marketing.

If you're operating your business as a Sole Proprietor , as most small business do, your business is not in the most advantageous position to reap the generous tax deductions available to small businesses. More important , you are placing all your personal assets including your home, your vehicle,your personal savings and your family's future at risk.

Today its no longer as cumbersome as it used to be to establish an alternative business structure that will protect you from such a risk. With all the resources readily available to the average person at minimal cost, you don't have to i massive legal fees just to get started.

*** I.R.S. information on L.L.C.'s***

4.Resolve to learn the information you need to know to operate your business in the most profitable manner.

Continue your education about structuring your business because it is an absolute necessity for you as an entrepreneur. 

You or your teams lack of expertise can call you thousands of dollars! Even if you have competent counsel it is YOUR responsibility as a business owner to operate your company in accordance to governing corporations , partnerships and LLC's.

5. Adopt a Mindset that focuses on tax REDUCTION as a way of life.

Guess what the largest single expense is for Americans? Taxes. You must optimize your bottom line. Be up to date on which expenses are tax deductible for your business and keep proper records to document them. Using a business credit card and an accounting program specifically for business will help you keep track of your expenses. Failing to document your expenses can be detrimental to your business.

Implement these tips and you will be on your way to making 2014 your most profitable year.

Riche Life Media | Hustlenomics 101

5 Success Strategies For The Mind

5 Success Strategies For The Mind

Building a business is a fantastic and challenging experience.  You can wake up exhilarated to begin your day and go to bed feeling overwhelmed and frustrated.  The key to success is to maintain a positive, yes you can do it, mindset.

Easier said than done, right?  Here are 5 keys to help you create and sustain a positive mindset so you attain the success you desire.

1. Surround yourself with successful and positive people.  The influence people have over our own personal energy is amazing.  Moods and attitudes are so easily spread – think about how much of a difference a simple smile from a stranger can make for your day and then magnify it 1000 times to demonstrate the power of positive and successful friends, family and associates.  When you have people around you who inspire you, believe in you and want you to succeed, there’s no room for doubts and even when they creep up, they’re quickly swept away.

2. Create a mantra or an affirmation.  Repeating positive affirmations has been shown to get people through tough times and to actually help them truly believe what they’re saying.

For example, “I am building a powerful and profitable business.”  Many of the most esteemed business professionals have used the same affirmation strategy to attain their success.  To find the right affirmations for you, consider writing a quick list of your doubts, insecurities and complaints.  These can then be quickly turned into affirmations.

For example, if you write that you’re always feeling disorganized then your affirmation would be, “I am organized and in control.”  Repeat your affirmations several times a day and feel the power of positive thinking.

3. Capture negative thoughts.  We all have negative thoughts from time to time, however, negative thoughts and emotions can derail us and prevent us from achieving all we desire.  Of course catching those negative thoughts takes practice and persistence.  When you find yourself thinking negative thoughts or having negative emotions, find a trigger to turn them around.  The affirmations mentioned above are a great way to turn the negative into the positive.  You can also find quick pick me ups like a favorite song, a walk outside in the fresh air, or some exercise to help improve your mood.

4. Set goals/intentions and then be willing to let it go.  The law of attraction says that we attract what we focus on the most.  However, desperation, needing your business to be a success, sends mixed messages and a lot of negativity into the universe.  Set your goals and intentions and then let them go.  A certain amount of faith in yourself and in the power of attraction is necessary.  Give it a try.

5. Be grateful.  Gratitude is perhaps the single most powerful and positive tool for success.  When you’re grateful for all of the wonderful things and people in your life the challenges you face seem significantly less important and are more easily dealt with.

Consider keeping a gratitude journal and make a practice of entering into it daily.  That way, when you’re facing challenges a quick peek at all the amazing things in your life will make you feel as if you can tackle anything.   Additionally, an attitude of gratitude helps you maintain a positive perspective and to face challenges as opportunities rather than obstacles.

One of the most important points is writing down the five most important things you want to accomplish this year. This is key to setting the tone of your year and directing all your energies to accomplishing those goals. Success is within your reach and with the right attitude you can accomplish anything you set your sitghts on.



RICHE LIFE MEDIA