Network Marketing: Pros & Cons

Network Marketing: Pros & Cons

ShareAfter beginning my journey into affiliate marketing and other web based opportunities, I recently had lunch with a friend who is very successful in the Network Marketing industry. If you aren’t quite sure what network marketing is, then think of companies like Avon, Mary Kay, and Herbalife. Yes, I know that will probably bring up instant feelings about MLM (multi-level-marketing) businesses, with opinions that revolve around the phrase “pyramid scheme”. To be honest, I pretty much felt this way myself. In fact I felt that there was no way a common person could ever be successful with it until recently. Over the past two years I had noticed that several friends of mine had signed up with various network marketing companies. Most ended up doing nothing with it, but a couple of them actually did well enough to quit their regular jobs and jump in full time with their new venture. So this sparked some curiosity and I decided to find out some more. After digging in, I discovered a few things about networking marketing that either makes it a good or bad decision for you. Yes, it is a very viable option for some, while others should steer clear of it all together. Let’s break down the how’s and why’s. Network Marketing Cons The immediate con that needs to be overcome by anyone thinking about jumping in, is your initial opinion. We all have visions of candle and makeup parties, while perpetually bugging the hell out of our friends and family to try and shame them into signing up into your organization. Is this the truth for some?...
Staying Focused vs New Ideas

Staying Focused vs New Ideas

ShareIf you are like me at all, you constantly have a flow of ideas for new businesses, websites, and more. While a creative mind is a fantastic thing for anyone looking to be income independent, it can also be an Achilles heel. The prioritization of current projects with planning and starting up new ones can be daunting even for the most seasoned entrepreneur. So how do you go about juggling everything while maintaining productivity?  This could be a very complicated answer but fortunately for you, I’ve spent the time in your very shoes to provide some tips on how to manage it all. 1. Don’t Bury Yourself Let’s say you are currently running two different projects: a drop shipping business and a niche e-commerce store. The drop shipping game has been running smoothly now that you have the process down and you are starting to finally get some organic traffic to your niche c-commerce website. Now you’re itching to fire up something new and shiny. The allure of new is always going to be easy to fall for. First you need to step back and really give your current operations a good review. Can they operate well with you giving them significantly less face time? Remember when starting these off, how much work was involved in getting them set up and running correctly? You will need to be able to take time away from them to get the hot newness going. Can you afford to take the hit in income or will they continue to run smoothly? Only when your current lines of business are taken care of and can run for a...
10 Tax Tips for New Business Owners

10 Tax Tips for New Business Owners

ShareTax season is upon us, but as a new business owner you must realize that all year is actually tax season. Keeping these tips in the back of your mind will keep you ahead of the game and organized when it comes time to officially file. While reading through this list remember that these are just general tips and should never take the place of advice and guidance from a seasoned tax professional. So before launching any strategy or taking any deduction, consult a pro so you don’t get in trouble with the man. This may be a lengthy read for some, but taking the time to learn how to properly file taxes as a new business owner is worth the extra couple of minutes. 1. Business Structure How you set up your business will effect how you pay taxes on your income. As a sole proprietor you will pay self-employment taxes on the entire amount that you earn. If you decide to go the LLC route, you can then elect what to be treated as a “S Corporation” or “S Corp” for short, which can help reduce your self-employment taxes. You can do this with an S Corporation because you are allowed to pay yourself a “reasonable” salary, which is subject to employment taxes such as FICA, Medicare and Social Security, and then any remaining profits can be taken as a profit distribution or “dividends”, which are not subject to to those employment taxes. For example, you are a web designer and as a sole proprietor made $50,000 last year. You would have to pay employment taxes on the whole...
10 Ways to Start Making Money Online

10 Ways to Start Making Money Online

ShareThe very premise of this entire blog is making money online or “internet marketing” as some would call it. I am going to cover more than just internet marketing, but I want to make sure that I provide the proper seeds for those who are here for it. As I move forward there will be more in depth posts on each of these with basic blue prints on getting started. Read this list with the correct mindset: you will have to learn, constantly adapt, and work hard to build a sustaining online business of any type. My suggestion is picking two or three from the list and get familiar with them. My first big tip to anyone wanting to start making money online is to diversify your knowledge and revenue streams. The point is that over time as you build your internet empire, make sure to earn from more than just one method. That way if something happens during a month and you lose one revenue stream, you don’t lose 100% of your income. With that, let’s get to the list, which is in no particular order. 1. Blogging You’ve heard of it, you may even have friends with blogs. You’re actually reading a blog right now. You can write about pretty much anything and once you start getting people to visit your blog you can begin monetizing it. From ads to selling things, there are many ways to make money from one. The big key to blogging is creating unique content and regularly. Also, pick subjects you are interested in as you’ll get burned out very quickly on subjects and...