You are currently browsing the MrBizPlan.com weblog archives for July, 2007.
- Mr BizPlan Says (41)
- October 7, 2008: How the Credit Crisis Affects Small Business
- September 26, 2008: Is Your Brand Awesome? Should it be?
- September 17, 2008: What's going on? From Wall Street to Main Street.
- September 2, 2008: The Universe of Opportunities
- August 7, 2008: Rags to Riches...Anecdotally Speaking
- June 30, 2008: Building Quality Financial Projections
- June 16, 2008: "The Only Thing We Have To Fear..."
- May 29, 2008: "Free Money to Pay Your Bills!" Or Maybe Not (Part 2)
- May 20, 2008: "Free Money to Pay Your Bills!" Or Maybe Not (Part 1)
- May 9, 2008: Ten Reasons Why Businesses Succeed (In My Opinion)
Archive for July 2007
New Domain!
July 26, 2007 by mrbizplan.
We are completing the final updates on the beta version of Capital Business Plan Basic and with that we will be moving the program to a different domain name with Secure Socket Layer (SSL) Protection.
So…guess what domain was picked to host the free planware? That’s right www.CapitalBizPlan.com - which works out because we acquired www.MrBizPlan.com to host this blog (why we didn’t think of this in the first place is beyond me).
For about one week the old domain will forward you automatically, then…no more. So update us in your favorites and blogrolls!
Mr. BizPlan
www.diybizplan.com
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Hobby or Business? That is the Question…
July 24, 2007 by mrbizplan.
eWalcot asks
I am considering a micro-business making and selling a product from home. I know there is a fine distinction between a hobby & business, but do I need a business license or tax registration certificate before I consider this endeavor? Do I also need a seller’s permit?
Mr. BizPlan Answers
I will try to answer the question as best I can…let me break it up into parts:
1. I know there is a fine distinction between a hobby & business, but do I need a business license or tax registration certificate before I consider this endeavor?
No…you do not need a business license or tax registration to do what you are doing. So long as you are doing business under your own name (not a “trade” name or “doing business as” name DBA) then you can use your social security number for business purposes and file your taxes using a Schedule C or Schedule C-EZ at the end of the year under your social security number.
If you are using a name other than your own you can file a trade name registration with your state’s secretary of state office. Either way you can use your social security number to file taxes. Most people do not like having their social security number floating around these days so applying for a EIN (tax id) number is recommended, even for sole proprietors.
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Blanked…
July 17, 2007 by mrbizplan.
Well for the first time since capitalbizplan.com started we have gone 30 days without a question for Mr. BizPlan. This is probably OK as Mr. BizPlan has been busy with a side venture. I am going against most of my good instincts and rules of thumb and investing in a business venture.
You see, I have had this idea for a restaurant in a small community close to where I live running around my head for the last few months and it finally caught up with me. Knowing that my life is too busy to run a restaurant I shared the idea with a friend of mine and we both got excited and started planning to open the business. He will own 60%, I will own 40% and he will draw a (minimum) salary for managing the business for the first year. After a year we plan on hiring a full time manager who will eventually buy the business by building equity.
Looking back I am breaking two of my cardinal rules a) open a business with good odds of success - restaurants have poor success rates b)Never partner with friends or relatives - Oops!
Oh well…the investment is relatively low (about the price of a nice new car) and the breakeven point is even lower…so it should fly. It should be a good refresher and learning experience for improving the site. I have even thought of starting another blog sharing the day to day experience of starting a business. But now I am 45 days into it and it would take a lot of back logging. Let me know what you think.
It has been interesting, being on the other side again (as an entrepreneur instead of a consultant). It has been several years since my last personal venture and it is exciting and nerve racking at the same time. Also, I have had a chance to fully use my free business planning software as a legitimate user and see where it works well and where it needs improvement. We are planning some updates with the programmers right now including a spell checker that should be done by August.
I hope you all are enjoying your summer…it is even suppose to hit 100 degree here in the upper Midwest!
Mr. BizPlan
PS - Keep those questions coming!
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