Economic Stimulus Package – Why It’s Never Been a Better Time to Start a Business Without Money

The Economic Stimulus Package has opened a window of opportunity for budding entrepreneurs desiring to start a business without money from loans. In fact, it has never been a better time to start a business than NOW, for anyone seriously considering self-employment. Why? Well, to fully understand the answer to this question, let’s take a look at how the American Recovery & Reinvestment Act could impact your family. 

Tax Breaks: Payroll tax credits to the tune of $400 for singles and $800 for married couples, provide working Americans with more money in their weekly paycheck. Low income families also benefit from an increased child tax credit and earned income credit. College students are also reaping the benefits of the economic stimulus package, with an expanded tax credit benefit of $2,500 for tuition and related expenses.
 
Unemployment Benefits: The jobless get a leg up, with increased weekly benefit checks and a plan for suspending taxation on those same benefits.
 
First-time Home Buyer Incentives: Uncle Sam is dishing out an $8,000 tax credit for home purchases made through December 1st, as an incentive to stimulate the slumped housing market.

 
Auto Sales Tax Deduction: Car buyers get a boost by having the added advantage of deducting the sales tax paid on any vehicle purchase, from their taxable income.
 
Energy Efficiency Savings: Weatherizing your home can save you big bucks.  The new stimulus package provides for $4.3 billion in energy efficiency tax credits. Homeowners are entitled to 30% of the cost of home improvements (such as window replacements, doors or upgrades to heating and air systems) that increase energy efficiency, with a cap of $1,500.
 
So why is it such a good time to start a business without money from bank loans and outside investors — and how can you get started? All road signs indicate that the time is ripe now.  Here are 3 tips to help you get started on the road to success.
 
#1: Take Advantage of Increased Take Home Pay
 
The economic stimulus package is putting more money in your pocket. With increased payroll tax breaks, the government is hoping that you will spend more – in order to stimulate the economy. Don’t do it! The misuse or credit is the root cause of inflation. That’s the core problem that has put the nation into recession.
 
#2: Cut, Spend Less, Save More
 
Ruthlessly cut your current spending habits by eliminating all unnecessary expenses from your budget. Don’t allow the tax breaks to entice you to spend more. Create a financial plan and spend less by consolidating all expenses. Save more by getting rid of any unnecessary expenses, and put that money aside in a savings and investment fund — no matter how small the amount.
 
#3: Bootstrap, Bootstrap, Bootstrap!
 
Now that you have more money in your paycheck and a plan for reducing and consolidating your monthly outgoings, you’re on the brink of success. The final leg is to investigate bootstrap financing. Learning how to start a business without money from bank loans or borrowing, can only be achieved with a proven bootstrap financing system. This final step is essential to your long term business success.

 
The economic stimulus package has many incentives for budding entrepreneurs. Take advantage of these incentives by putting a plan in place to start your own business. There has never been a better time to benefit from the “gaping hole” left in the marketplace from weakened competition, due to corporate downsizing and cutbacks.
 
Start your business TODAY – even if you have very little money, poor credit or don’t own a home. Find free sources of business start up funding and turn your dreams into a success story.
 
To learn more, request your free copy of “The Bootstrapper’s Business Start-Up Planner”, by visiting my website.
 
©2009 Kimberly Kelly – All Rights Reserved Worldwide.
 
Permission to reprint this article is granted strictly on the condition that it be reprinted in its entirety, with all live links and author bio in tact. 

Home-Based Business Moms – Don’t Be Afraid to Ask For and Accept Help

What is it about solo-professionals that makes them think they have to do everything SOLO?!  Yes, I’m poking fun at the name solo-professional!  This name sets us up for overwhelm and ultimately failure, if we follow it literally.

But for some reason, we get this idea that because it’s our business, we have to do everything ourselves. And, often we’re afraid to ask for help, for fear it might be a sign of weakness.

And, as moms and caregivers we tend to fall victim to this more than any other group out there. Well, it’s time to change this!

Asking for help is actually a sign of strength

It means you value yourself enough, not to burn yourself out trying to do it all.  It means you value yourself enough that you spend your time doing the things you love doing and that best utilize YOUR talents.

Besides, here’s a secret:  all those successful solo-pro’s you aspire to be like … they’re not doing it alone!

Every successful “solo-professional” I know has help

That help may be in the form of a bookkeeper, a housekeeper, a part-time virtual assistant, a web designer, family members, or an entire support team. They have help with the tasks they don’t know how to do (e.g. web design), the tasks they don’t want to do or aren’t very good at (e.g. bookkeeping or housekeeping), and the tasks that aren’t a good use of their time (e.g. administrative work).

This doesn’t mean they have a full-time staff

Most often, these support team members are independent contractors who are available on an as-needed basis, or for a specific number of hours per week or month.

It’s never too early to ask for help

I know, I know … you’re just getting started in your home-based business and you can’t afford to invest in help.  Or, your business is struggling, you aren’t even paying yourself yet, how can you possibly hire help? These are very common situations. However, very often you are in these situations because you’ve been trying to do it all on our own.  You are stuck because you haven’t yet asked for help.

So sit down and look at how you’re spending your time. Make a list of the tasks that someone else could easily do, the tasks you’re not very good at, or the tasks you don’t like. And make a plan to start asking for help, even if you start by asking your family members to pitch in.

The Vultures Are Watching – Don’t Let Your Small Business Become Road Kill!

It is a well-known strategy in a recession, that if the business lowers its prices and goes for volume it can survive while the companies surrounding it and its competitors will fail. Of course, many business owners do not like the idea of dropping prices on their goods and services and so they hold out and hope that their brand name, and reputation over the years will suffice and continue to bring in the customers through the turbulent times.

A long-standing business of 20 years can get by with this for a little while as long as the recession does not get too deep. After a while however, consumers have no choice but to go and get the best deal possible on the things that they buy. At this point the business that held their prices high for so long suffers a huge decrease in volume of sales.

They can no longer discount their prices for less than it costs to run their business and instead of redesigning their business for low-cost high-volume strategies, they raise the prices figuring that they must sell each item for more to make up the difference in their fixed cost for the items that they did not sail.

Some companies realize that if they don’t raise prices and make more money for each unit that they sell that they will go at a business anyway and since they did not look into low-cost high-volume strategies in the very beginning of the recession they will be the ones that fail just prior to the return of the economy if they do not get huge inflows of capital to stave off their creditors and pay their fixed monthly costs.

In hindsight it would have been best for these businesses to do what was prudent and lower prices. But old habits die hard and now for them it may be too late. If you are looking to buy into a business it’s best to find a business that has survived most of the recession but now at the last minute is filing bankruptcy because it just cannot hold out any more.

This is where you can get a very good deal on the remaining inventory, bring in a little capital, and then ride the swell of the economic recovery. This is where the vultures do the best if you’re going to invest in a used business you might start wanting to look around right now for just such a deal. Please consider all this.