What They Don't Teach You About Internet Marketing

by 18 replies
23
Hey Warriors,

I dunno about you but I never seen an ebook tell you how
you are supposed to handle things like taxes, health insurance,
and employees.

Sure I figured out how to make a lot of cash over the years
but then what? How do I file for taxes? How do I take my kid
to the doctors?

Anyhow, I got all those other questions answered for free by
an organization called SCORE.

You can find them at score.org

They will teach you how to do the business side of things so
that you don't end up like me owing tens of thousands in taxes,
no health insurance, and blah blah blah.

Trust me... Take care of the official stuff FIRST! It's taken me
almost 2 years to get myself all fixed up because I focused on
just making money and not the business backend stuff.
#main internet marketing discussion forum #internet #marketing #teach
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  • This is so important and usually forgotten about. thankyou for bringing this to everyone attention.

    You are right, why don't we ever buy or see an info product that teaches us what we need to know with reguards to these business things:confused:

    I reckon there should be more teaching about sound business principles and practices that also include taxes and employees.

    I wonder how many people go banckrupt because they didnt think about this stuff and it eventually caught up with them.
  • I'm interested in how taxes play into IM since you're not working under an employer and such.
  • Absolutely... NOT!

    So you're advising a newbie to build a structure before conceiving what his business is going to be like?

    The beauty of IM, at least at the beginning, is that it's entirely flexible and entirely doable as a one-man show (at the beginning at least). So at the beginning you're better off focusing to taking your business off the ground and you can easily worry about the structure later on, once you're finally flying.
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    • you are right anonymous affiliate but what i think he was saying is when you are starting to make good money you need to start organising your paperwork before you get into tax trouble.

      or if you are looking to upscale that you need to start to think about how you are going to deal with enployees. these are important questions that i think cause people much trouble.
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    • The beauty of the tax-man is that he doesn't care how new you are... if you owe tax and don't account for it, or pay it, he's coming for you if he finds out.

      The beauty of emergency medical expenses is that they crop up when you least expect them, and if you don't have some form of insurance or money set aside - you can't afford the treatment. Try telling your sick kid that you're sorry, you didn't plan ahead.
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    • Absolutely yes.

      Invest in an hour or so of a Certified Public Accountant's time to set up a simple system for tracking. It then becomes so much easier.

      Business structure can be changed later from sole propiator to LLC, but get a money data gathering system at the beginning. The CPA might set up a system using Quick Books, or even Quicken, but if you don't understand how a chart of accounts works, or even what a chart of accounts is, you will be stuck.

      Add even a single employee and the tax-form fun really begins. How do I know? I've been a business owner for more than 40 years, and have had eployees during most of that time.

      :-Don
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  • Very helpful, I was thinking of this today, do not want to get stung by your government for earning and not paying tax for it.
  • Thanks for sharing your story and the information Justin.

    It's important to tend to things on the back end too. Easy to backburner this stuff until it's boiled over.

    Ryan Biddulph
  • Easiest way is to simply get an accountant. Mine saves me more money than he costs!
  • BTW, the SCORE people will sit you with a CPA
    who can advise you as well... and they're free.

    Def. a good thing to sit with one cuz they really
    make things less scary and easier to handle.
  • BTW, the SCORE people will sit you with a CPA
    who can advise you as well... and they're free.

    Def. a good thing to sit with one cuz they really
    make things less scary and easier to handle.
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    • Well, you can hide a lot of your income and also live 'off the radar' as an internet marketer, much like this guy:-

      This is Why the Big Boys Hate Me

      But if you're not a permanent traveler, I don't recommend that :-)
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  • Another thing you should look at is investments. The money you make online should be wisely invested so you can generate offline residual income.

    Real Estate is the best and then if anything goes belly up you will have something to fall back on.

    Quentin
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