10 Keys to Creating a Profitable Online Business - Enthusiasm, Commitment and...
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9. Enthusiasm, Commitment and Self-Discipline
Looking at the various online business opportunities and how you should evaluate them is only part of the equation for online wealth building. Working for yourself in your home-based business will require real enthusiasm, commitment and copious amounts of self-discipline. Whichever route or opportunity you consider, all will require a degree of 'do-ability'.
Be prepared to spend more time at your computer, especially in the early months, building your business and getting your products in front of likely prospects. If you do it right, an online business can pay you big monetary rewards.
10. Accounting the costs
If you plan to set up and run an online business as your main source of income, beware! The tax man cometh! An online business is no different to a bricks and mortar business, in the eyes of the IRS. If you establish an online business and you're making a full-time income, don't forget to inform the authorities. You must have a business name, although this could be your own name, preferably a business bank account and you'll need to inform the IRS.
You'll need to keep records of all your business transactions for accounting purposes and you'll need to set aside a percentage of your profits to cover taxes. Microsoft's Excel program is perfect for keeping records of this nature, but don't forget to keep a back-up of your files, just in case. The message here is to play it straight and keep it legal.
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