Do you have a business plan?

Allen Lundy · 16th Apr 2011, 02:40 PM

One of the quickest ways to NOT succeed with Affiliate Marketing is to not have your own business plan.

Regardless of the completity or lack thereof, you really should have something to guide you to the next level and each level beyond.

Here is a link you can down load an example business plan, and I have included a "blank" one that you can print out and use as a guide for your own, should you need one.

He Who Fails To Plan... Plans To Fail! author unknown

http://www.affiliateswinblueprint.com/Business_Plan.zip

Good luck

Allen Lundy

Patrician · 16th Apr 2011, 03:12 PM

Thanks Allen -

Another thing about a business plan is if you are taking tax deductions for your home business, if you are ever audited it will help you make your case that you are serious about your business (it's not just a hobby which isn't tax deductible)...

*note: the rules change all the time but a few years back you could claim deductions even if you made no money - you could do that for a certain number of years - but if you still did not make money after a few years they would then say - hello you have a hobby not a business...

Patrician · 17th Apr 2011, 12:46 PM

Yes, Thomas - there is no difference - you are self-employed, contactor, whatever - when you have an online business.

Literally everything you spend on your business can be deductible as well as a percentage of your home that you use for your business - including utilities, etc etc.

Do read up on the IRS.gov site to be sure what is and what isn't...

There are just a few differences if you do it part-time or full-time - but even if you have a day job you can still be eligible for home business/self-employment deductions.

It is like a contractors form 1099 form -

There are a few schedules that go with Form 1040 - for home business self-employment

Schedule A -Itemized Deductions, plus
Schedule C - Profit or Loss from Business
Schedule SE - Self-Employment Tax
Form 8829 - Expenses for Business Use of Your Home

- and something new this year:

Schedule M - Making Work Pay Credit

- and then of course your state also has their forms as well.

Cost me a bunch to have my taxes done with all this - but that is tax deductible for the following year - @100%

Jeff Casmer · 18th Apr 2011, 08:55 AM

Hello,

A helpful resource....

Work From Home? Consider the Home Office Deduction

Take care
Jeff Casmer

talfighel · 18th Apr 2011, 09:03 AM

You not only have to have a business plan in place, you got to have an effective one.

I do a lot of business plans for my internet business websites and can tell you that you must have an effective plan in place. You also need to know that sometimes, your plan will not bring you the desired results so making adjustments to your plan is as important as making one.

Good luck

16th Apr 2011, 02:40 PM	#1
Allen Lundy Article Marketer War Room Member Join Date: 2005 Location: Orange, Ca. , USA. Posts: 558 Thanks: 151 Thanked 270 Times in 184 Posts	Do you have a business plan? Share on: One of the quickest ways to NOT succeed with Affiliate Marketing is to not have your own business plan. Regardless of the completity or lack thereof, you really should have something to guide you to the next level and each level beyond. Here is a link you can down load an example business plan, and I have included a "blank" one that you can print out and use as a guide for your own, should you need one. He Who Fails To Plan... Plans To Fail! author unknown http://www.affiliateswinblueprint.com/Business_Plan.zip Good luck Allen Lundy
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16th Apr 2011, 03:12 PM	#2
Patrician OffTheWallflowerChild War Room Member Join Date: 2004 Location: USA Posts: 2,776 Thanks: 6,161 Thanked 2,625 Times in 1,763 Posts	Re: Do you have a business plan? Share on: Thanks Allen - Another thing about a business plan is if you are taking tax deductions for your home business, if you are ever audited it will help you make your case that you are serious about your business (it's not just a hobby which isn't tax deductible)... *note: the rules change all the time but a few years back you could claim deductions even if you made no money - you could do that for a certain number of years - but if you still did not make money after a few years they would then say - hello you have a hobby not a business...
	Patricia Brucoli Plug-In Profit Site Helpdesk

17th Apr 2011, 12:46 PM	#3
Patrician OffTheWallflowerChild War Room Member Join Date: 2004 Location: USA Posts: 2,776 Thanks: 6,161 Thanked 2,625 Times in 1,763 Posts	Re: Do you have a business plan? Share on: Yes, Thomas - there is no difference - you are self-employed, contactor, whatever - when you have an online business. Literally everything you spend on your business can be deductible as well as a percentage of your home that you use for your business - including utilities, etc etc. Do read up on the IRS.gov site to be sure what is and what isn't... There are just a few differences if you do it part-time or full-time - but even if you have a day job you can still be eligible for home business/self-employment deductions. It is like a contractors form 1099 form - There are a few schedules that go with Form 1040 - for home business self-employment Schedule A -Itemized Deductions, plus Schedule C - Profit or Loss from Business Schedule SE - Self-Employment Tax Form 8829 - Expenses for Business Use of Your Home - and something new this year: Schedule M - Making Work Pay Credit - and then of course your state also has their forms as well. Cost me a bunch to have my taxes done with all this - but that is tax deductible for the following year - @100%
	Patricia Brucoli Plug-In Profit Site Helpdesk

18th Apr 2011, 08:55 AM	#4
Jeff Casmer Senior Warrior Member War Room Member Join Date: 2003 Location: Chicago Posts: 1,037 Thanks: 31 Thanked 250 Times in 192 Posts Blog Entries: 5	Re: Do you have a business plan? Share on: Hello, A helpful resource.... Work From Home? Consider the Home Office Deduction Take care Jeff Casmer
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18th Apr 2011, 09:03 AM	#5
talfighel VIP Warrior War Room Member Join Date: 2004 Location: Ontario, Canada. Posts: 6,896 Thanks: 168 Thanked 1,535 Times in 1,249 Posts	Re: Do you have a business plan? Share on: You not only have to have a business plan in place, you got to have an effective one. I do a lot of business plans for my internet business websites and can tell you that you must have an effective plan in place. You also need to know that sometimes, your plan will not bring you the desired results so making adjustments to your plan is as important as making one. Good luck
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