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Idea of the Day®

January 20, 2022

MLMs Not Profitable for Most People

Multilevel marketing (MLM) is a business model used by Amway, Avon, Mary Kay, and other companies where a person makes money on his/her sales as well as on the sales by others recruited by the person. According to a Savings.com study, more than one in 10 Americans have participated in an MLM activity; nearly 60% quit within 6 months. While 72% of those who tried MLM selling did so to make money, only 1 in 4 sellers did make money from their MLM activity. While many broke even from their venture, a third lost money. #IdeaoftheDay

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Resources For Your Business
  • The post-holiday season is the time for taking a physical inventory of your merchandise and restocking your shelves. According to U.S. Census Bureau information reported by Trading Economics, inventories in general rose at the highest level in October 2021 were the highest since May 2011. Sounds rosy? If you’re an inventory-based business, things related to your items haven’t been easy in recent months and likely some problems will continue. Here are some challenges you may or are likely to face in optimizing your inventory and what you can do about them. Inflation Inflation has both a financial and tax cost […]

  • Combat fatigue, according to the dictionary, is a psychological disturbance caused by prolonged exposure to active warfare, especially being under bombardment. But this sounds a lot like the psychological disturbance that many small business owners are experiencing from going through two years of COVID-19, supply chain disruptions, labor shortages, and most recently, spiking inflation. Not to belittle or even equate the wartime experience, small business owners need to find ways to handle their “combat fatigue”—severe stress—and move ahead. Here are some ideas to help. Recognize the symptoms of severe stress The symptoms of combat fatigue in the military listed by […]

  • For the past several years, a monthly blog of mine throughout the year has focused on a theme (developing leadership qualities in 2019; preparing for economic change in 2020; recovery strategies in 2021). The theme for 2022 is “Startup Ideas for Success.” The reason: startups are exploding. Intuit’s survey predicts 17 million new businesses will start up in 2022. The survey found that nearly three out of five people wanted to start a business and 20% will actually do so in 2022. Of course, there’s a lot of important information that new business owners need to know. The first idea for […]

  • Many businesses and enterprises rely on the cloud for all of their data needs. With more people working remotely and more business being done online, it’s no surprise that cloud technologies are going to change. An emerging trend within IT is the “distributed cloud.” The concept of a distributed cloud system involves businesses being able to migrate their data into different cloud locations at will. What Is a Distributed Cloud? Companies rely on traditional data centers and individual clouds for all of their business requirements. As businesses evolve, naturally, cloud computing tech needs to adjust to keep up with the […]

  • UPDATE: On January 13, 2022, the U.S. Supreme Court ruled that the federal government could not impose OSHA’s mandate on private businesses with 100 or more employees that would require everyone to be vaccinated or regularly tested. However, in a separate decision, the Court ruled valid the vaccine mandate by the Centers for Medicare and Medicaid Services for all employees in health care facilities—hospitals, nursing homes, etc.—that receive federal funding. It’s been nearly two years since COVID-19 debuted in the U.S. We now have variants and there are no guarantees there won’t be more to come. The federal government, the states, […]

  • If you engage independent contractors and pay them in the aggregate $600 or more during the year, you must report payments to them and to the IRS. In fact, business tax returns ask whether you’re required to file 1099s and whether you have or will do so. You may report payments that are below this threshold, even though not required to do so. The failure to report nonemployee compensation—payments to independent contractors—meeting the threshold can result in costly penalties to you. Here are 5 things to know about this reporting obligation. 1. Don’t confuse 1099-NEC with other 1099s Before 2020, […]

  • New Year’s resolutions have become a perennial activity. For personal reasons, resolutions usually focus on becoming healthier, saving money, and learning a new skill. Nearly three quarters of all Americans made resolutions in 2021. But a New Year’s resolution is merely a promise to do something differently than in the past. For business reasons, it’s easy to make a list of promises you’d like to see happen in your company the coming year, but how are you going to make this a reality? You need more than a promise and a prayer. Make a plan NerdWallet has a list of 10 New […]

  • Whether the past 12 months have been profitable or not, one thing you surely can say is that it hasn’t been dull. The past year has seen the rise of inflation to historic levels, unprecedented supply chain issues, and the unemployment rate drop from 6.7% announced in January to 4.2% in November, which has translated into labor shortages. Each business has been affected in different ways. But now’s the time to look ahead. What kind of year will 2022 be? While economic factors will surely have an impact, your actions now can go a long way in steering you in the […]

  • In the past several years, business owners have grown accustomed to adapting to many changes in tax rules. Some new rules have been temporary in response to COVID-19; some have been permanent. All have required businesses to comply with new tax rules. As we head into a new year, it’s helpful to recognize that some things haven’t changed, yet they continue to be problematic. The following tax issues continually trigger IRS scrutiny and often result in litigation; taxpayers may not always win. Review your actions with respect to these tax issues and follow the better course of action. Worker classification […]

  • With the “Great Resignation,” in which 4.2 million employees quit their jobs in just October 2021, small business owners need to be smart about handling their staff. They may be inadvertently contributing to the mass exodus from the workplace. Here are 5 actions that likely will trigger job openings in your company…unless you take action now to avoid this result. 1. Demanding overtime Due to the labor shortage, some companies are asking employees to put in overtime to complete the work needed to get done. Yes, they’re paid for the overtime if they’re covered employees under the Fair Labor Standards Act (i.e., […]

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Resources For Your Business

Disconnecting from Work

Recovery Strategies: Staying Positive

10 Ideas for Re-Energizing Yourself and Your Staff

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barbara’s books

  •  A complete guide to taxes for small businesses, brought to you by the leading name in taxes
    If you own a small business, this comprehensive guide explains in easy-to-understand terms the essentials of business taxes to prepare you to work better with your CPA or other tax adviser or handle tax responsibilities on your own. Whether you’re a sole proprietor or have organized your business as a corporation, partnership, or limited liability company, the information is tailored for your business. Up-to-date information is keyed to the 2021 tax return as well as providing evergreen tax planning to improve your bottom line. A free supplement available in February 2022 updates the information so you won’t miss out on any tax-saving opportunities.
  • The definitive guide to all income-tax deductions and credits for the everyday taxpayer.
    The fifth edition of this popular book has been fully updated to reflect the latest rulings and laws, allowing the reader you to easily refer to the appropriate deductions for their your particular needs. A free supplement available in February 2022 updates the information so you won’t miss out on any tax-saving opportunities.
  • Ideas you'll use everyday!

    With only so many hours in the day, it’s impossible to stay on top of key developments and opportunities to help you run your business better and smarter. 500+ Big Ideas for Your Small Business gives you quick access to resources and tips you can use every day. Whether you’re a seasoned entrepreneur or just starting out, you’ll find actionable ideas to help you with your finances, your operations, your staff, your marketing, your taxes, your technology, your environment, and your personal growth.
  • A Step-By-Step Road Map--with Checklists--to Get You Started Up, Profitable, and Successful 
    Whether you want to start up a part-time home-based business or jump in full throttle and work on it full time, you need a start-up guide. A road map! Home-Based Business Start-Up Guide will help you chart your course to work-from-home success. Written by industry expert Barbara Weltman, our Start-Up Guide is broken up into easily digestible chapters that cover the key areas of a new business launch. We outline 10 fundamental steps to succeed in running a home business. These include selecting a business; determining business fit; establishing your business organization; business protections; marketing and selling; setting up a productive home office; managing your business; achieving success; business growth and more. Jim Blasingame, Host of The Small Business Advocate Show, and author of the award-winning books, “The 3rd Ingredient,” and “The Age of the Customer” says:  "At a time when working from home is becoming the norm, why wouldn’t right now be a perfect time to start a home-based business? If you’re still with me, here’s the next logical question: Why wouldn’t you want to learn how to do that from someone who was home-based before it was cool? Someone who was making being home-based look good before technology made it easy. Well, that person is my friend, Barbara Weltman, and she’s put all of her experience, wisdom and perspective in a new book, “Home-Based Business Start-up Guide.” It’s a by-the-numbers tutorial on how to launch a successful home-based business. Let Barbara help you get your home-based business going with her book, and all of the other awesome resources she produces in support of small businesses. She’s the best."
  • Your GPS to Get You Where You Want to Go in Your Business

    Do you enjoy driving and being your own boss with flexible work options? Are you looking for a part-time (or full-time) activity that earns good money? Maybe you’ve already discovered that there are great opportunities for making money with your car. Or, you’d like to become a delivery driver driver but uncertain how to begin. This guide, "The Delivery Driver Tax and Business Guide" is your answer!
  • What every self-employed person needs to know about their taxes!

    If you’re self-employed, chances are the majority of your time is spent finding new customers or clients, servicing existing ones, and handling each and every aspect of your business. Freelancers, independent contractors, gig economy participants, and other individuals working for themselves need to be aware of their responsibilities when it comes to paying their taxes. Even if you have an accountant or use tax preparation software, you may not be aware of all the deductions and credits you are entitled to. That’s where the experts at J.K. Lasser come in. The second edition of J.K. Lasser's Guide to Self-Employment helps you file your taxes correctly, accurately, and on time. Using clear, jargon-free language, this bestselling guide explains the legal and financial implications of self-employment and shows you how to keep as much of your hard-earned money as legally possible. A reader says: "This book, Guide to Self Employment, is an excellent tax resource for all freelancers & self employed people, including small business owners. Barbara Weltman is a knowledgeable tax attorney & small business specialist."
  • The Uber/Lyft Driver Tax & Business Guide, Kindle Edition

    Created for Uber and Lyft drivers as their GPS -- to help them get where they want to go in their business, safely and securely.
    Note: This e-Book has been updated with a new title and revised content (shown). Do you enjoy driving and being your own boss with flexible work options? Are you looking for a part-time (or full-time) activity that earns good money? Maybe you’ve already discovered that there are great opportunities for making money with your car, and you’re a business owner driving for Uber, Lyft, or other platform. Or, you’d like to become an Uber or Lyft driver but uncertain how to begin. This guide, "The Uber/Lyft Driver Tax & Business Guide," is your answer!  
  • Presenting a recently-launched, updated, paperback edition!  Barbara Weltman takes an inspired look in Smooth Failing at the hard lessons learned when things go wrong. Through extensive interviews with entrepreneurs whose ventures failed for a variety of reasons — some stunningly unexpected, some painfully inevitable — Barbara gleans valuable insights about the small mistakes that can lead to large scale catastrophe.  Smooth Failing seeks to save readers from similar disaster — while empowering those who are learning from failures and adversity to bounce back stronger and wiser on the often rocky road to success.
  • Small Business Survival Book

    12 surefire ways for your business to survive and thrive! Owning a small business can be a fulfilling and financially rewarding experience, but to be successful, you must know what to do while the business is up and running, and, most importantly, what to do when the business runs into trouble. This book is definitely part of what you need to succeed!
  • As Vicki Raeburn of Dun & Bradstreet notes in the forward, "...the successful creation of credit by small business has a significant effect on one of the most important business drivers, namely cash flow. ...     [This book has] the information needed to understand and build business credit."

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    Jim Blasingame, Host of The Small Business Advocate Show, and author of the award-winning books, “The 3rd Ingredient,” and “The Age of the Customer” says:  "At a time when working from home is becoming the norm, why wouldn’t right now be a perfect time to start a home-based business? If you’re still with me, here’s the next logical question: Why wouldn’t you want to learn how to do that from someone who was home-based before it was cool? Someone who was making being home-based look good before technology made it easy. Well, that person is my friend, Barbara Weltman, and she’s put all of her experience, wisdom and perspective in a new book, “Home-Based Business Start-up Guide.” It’s a by-the-numbers tutorial on how to launch a successful home-based business. Let Barbara help you get your home-based business going with her book, and all of the other awesome resources she produces in support of small businesses. She’s the best." ”

    -Jim Blasingame, Host of The Small Business Advocate Show

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    As a tax attorney and small business specialist, Barbara has a lot of great information to share. Barbara, your blogs contain information that everyone can use!  Your newly-expanded ebook, "175+ Big Ideas for Small Business" ebook has lots of great recommendations for small business owners. ”

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