Business & Revenue Models
The Models that Make your Unique Money Mold
In order to make money you have to have an idea of what type of plan suits the types of products & services you want to create. Where a lot of people go wrong is they see someone like them operating a business and they begin to believe they can do it without any real thought.
When you know the destination you’re headed to, it’s easier to plot the directions you’re going to take with a map guiding you. You can make room for rest stops to evaluate what you’re doing and to make sure you don’t get lost or overwork yourself trying to get there. The same applies in business… now that you know the ways you can make money, you can map your way there then Assess, Adjust & Align yourself with the best way. various ways but here’s a recap of the easiest 3 to begin with and develop products for:
There are various ways to make money & do business but here’s a recap of the easiest 3 to begin with and develop products & services to sell:
A bonus is when you provide what I call, DFY Services aka Done For You - where you can leverage time and execute a task for those you want to serve & sell to. If you sell your own designs or handmade products, retail is ideal for you until you determine how far you want to go with your income level & etc.
Legal Business Structures
Legal Business Structures & Tax Info
When beginning a business, you must decide what form of business entity to establish. You will also need an Employer Identification Number (EIN). Your form of business determines which income tax return form you have to file. You should consider what legal & tax details you are prepared to handle before selecting & filing based on what you “think” will be best. The most common forms of business are outlined for you below:
Limited Liability Company (LLC)
Click here to be directed to break downs of each structure in detail. The absolute best place to get detailed information is through the IRS. In my experience over the past 13 years, they are extremely patient and helpful with guiding you to make a better decision! Call the dept & number below for your EIN & structure information:
The IRS Business & Specialty Tax Line at 800-829-4933. The hours of operation are 7:00 a.m. - 7:00 p.m. local time, Monday through Friday.