Planning: Setting the Boxes That You Will Be Checking
There is a reason that they say if you don’t plan, you are planning to fail. Since you don’t want to set yourself up for failure as you start your business, it is crucial that you plan different facets of your business to increase your odds of success.
Let’s start with cutting down expenses.
How to Cut Down Your Business Expenses
The reason is simple – the fewer business expenses you have to deal with, the more business profits you can get to keep for yourself.
There are two significant ways to cut back on your business expenses:
Don’t Pay Too Much Taxes
Taxes take away a massive chunk of your business profits; however, there are some effective ways to reduce the taxes that you have to pay so that you can get to keep more of the business profits to yourself.
The legal way to do this is to increase your business deductibles – make sure you deduct up to the maximum allowed for all the allowable expenses.
Some of the allowable expenses to deduct from include:
• Travel Costs
• The costs of utilities and space related to conducting your business from home (especially for online based businesses)
• Motor vehicle maintenance costs
• Computers, printers, photocopiers, telephone and mobile phone costs
• Professional tax advisory services
• Domain and web hosting services
• Electricity and water bills
• Office furnishings and equipment
• Running costs for a specific mission or project
• Marketing expenses
• Professional membership fees
• Exercise and wellness
• Personnel costs
• Repair and maintenance of premises
• Legal representation
• Interest rates
• Training costs
• Business startup expenses
There are many more tips and advice how you can get your business profitable.
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