The Executive Suite: Self Employment

Showing posts with label Self Employment. Show all posts

Tuesday, December 10, 2013

How to Operate a Successful Food Cart Business

Whether you are a trained chef or culinary enthusiast, operating a food cart allows you to blend your interest in food with your entrepreneurial spirit. A food cart can also be an inexpensive springboard to a future restaurant or catering venture. Food carts, known for providing good food and low prices, remain eateries of choice for college students and office workers. Once you select a profitable location, you can purchase a food cart for as little as $2,500 and start making money upon acquiring the appropriate operating licenses.

Suggestions

Sell cost-effective food items. Hot dogs, ice cream, coffee and snacks are cheap to purchase, sell well and increase your bottom line, according to "Food Truck Business" author Rich Mintzer. You can also sell sought-after items, such as healthy salads and smoothies or popular desserts like cupcakes, profit margin permitting. Pre-cooked food items and ingredients should be purchased daily for freshness at wholesale food warehouses.
Provide a consistent menu based on customer feedback rather than your own culinary tastes. Pay attention to customer reactions to food items. Make room for more customer favorites by discontinuing items that do not sell. Engage your customers in conversations to gauge immediate reactions to new items.
Operate in a high-traffic location. High-traffic locations could include, but are not limited to, college campuses, medical complexes, downtown areas and on the premises of large corporations. The presence of other food carts, however, does not mean that the owners have permission to operate in that area. Contact your local government to find out where you can operate your food cart legally in your city.
Open early and close late. Plan to open your food cart earlier and close later than other food carts operating near you. You can make money by capturing "early bird" and "Johnny-come-lately" business, whether you serve a breakfast, lunch or dinner crowd. You must, however, purchase extra food items on a daily basis so that you don't run out during normal operating hours.
Maintain operating licenses and pass inspections. Your ability to make money hinges on paying business license renewal fees and meeting or exceeding health department standards. To continue to operate legally, you must also attend food handler's continuing education and re-certification courses as required by your local health department.

The Executive Suite

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Starting A House Flipping Business

For many years, real estate has been a popular investment. While most people simply choose to purchase a home and live in it as it increases in value, some individuals participate in house flipping. They seek out properties that need repairs or are outdated, which they can purchase for a low price. After they've purchase the house, they make the repairs and updates before selling it. If done correctly, this yields investors a profit that can then be used to flip more homes. You too can make an investment in real estate and start a house-flipping business.

Suggestions

Learn about the costs involved. To be successful at house flipping you must be able to make a profit. It's important that you know the costs of homes in your area based on size, amenities and location. You also must know what common repair and remodeling projects cost, as you'll need to figure these in when determining whether a flip will turn a profit.
Find funding to start your business. Starting a house-flipping business can be costly depending upon the price of the first home you flip. You'll need to get a loan for the home you purchase as well as have money to make the needed repairs. Some lenders won't provide loans to people purchasing a home as a business investment rather than their residence, so you may need to seek out multiple lenders before you can find one that will qualify you for a loan.
Find a property to flip. Once you have secured the money for the home as well as the remodeling, you can find a house to flip. Find a house that has potential to sell for a higher dollar amount if cosmetic changes are made, and then compare the cost of the home and the repairs to the price at which you could sell it in the end.
Network with subcontractors. When flipping homes as a business, the majority of work often done to houses are completed by subcontractors especially if they involve specific trades such as plumbing or electricity. You want to get to know subcontractors in the beginning to ensure that you find ones who you can trust and who do good work at a fair price.
Obtain the appropriate licenses and permits. Some states and local governments require house-flipping businesses to be licensed since they are responsible for construction in residences much like a general contractor. While these licenses aren't always required, you must get building and construction permits prior to starting work on houses that you're flipping.

Tip

You might be able to get a discount on certain items you use to flip a house such as tiling, cabinets, etc. if you purchase a bulk order and use them in multiple homes you flip. It's important that you are organized when operating a house-flipping business since there are large amounts of paperwork involved in the purchasing and selling of houses as well as many expenses you have flipping them. If you don't plan to be present at the house you are flipping each day, you might need to hire a general contractor to make sure subcontractors stay on task and work gets done on time.

The Executive Suite

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Monday, December 9, 2013

Getting Started As An Independent Contractor

While getting on your feet as an independent contractor, you may want to accept contract job assignments from agencies until you can become truly independent. But agencies might withhold taxes and take other deductions from your paychecks, depending on your working relationship with them. Agencies will also charge you a finder's fee, charge companies a markup, or both, which will cut into your pay.

For example, an agency might pay you $30 an hour while charging the company $60. $30 an hour may be more than what you were making as a permanent employee, but you have to consider your increased expenses as a independent contractor, if the agency doesn't cover them. In the absence of an agency, you could be collecting the entire $60 and allocating it as you wish.

On the other hand, if you don't have the resources and client base to become instantaneously self-employed as an independent contractor, then agencies might be the way to go for awhile. Landing contract jobs right away may help you to network, earn referrals, and build a client base to strike out on your own sooner. Some agencies offer benefits and training or share the expenses with you, too.
You'll be more of a temp employee than an independent contractor in this case, but at least you'll be one step farther from permanent employee and one step closer to independent contractor.

The Executive Suite

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Laptop Bag (Black)

Laptop Bag (black/Grey)

Real Estate Agent Business Card (Pearl Finish)

Iridescent Pearl Finish Business Card Template

Weekly To Do List Notepad (White)

French Linen Business Card Template (White)

"an Apple a day keeps my sales away Keychain

Metallic Finish Business Cards

Thursday, May 30, 2013

How to Build Your Own Food Cart

Perhaps you always have viewed the street food vendors in your city with envy. They get to spend the entire day outdoors, working for themselves and chatting up strangers, and you would like to give this career a try. On the other hand, maybe you want a food cart of your own for a family reunion or company picnic. Either way, you have decided that you need to own a food cart. If you buy one ready-made, it can be quite expensive. Fortunately, you can get the components for your cart separately and save money assembling them yourself.

Cooking or warming system
Metal cart frame
Set of wheels
Food cart accessories such as condiment dispensers
Sneeze guard
Umbrella

Instructions

Plan your food cart. Decide whether you want to start your own food cart business or just have your own food cart for private use. The intended use of your food cart will dictate what supplies you need. If you plan to sell your food, you need to purchase stainless steel equipment that meets the licensing requirements of your local municipality. If you want to start a commercial venture, visit your local licensing bureau and get a list of the requirements you need to meet before you make any purchases. You will also need to decide what kind of food you want to have in your food cart and whether you want to cook it yourself.
Purchase a cooking or warming system for your food cart from a food-cart manufacturer. Food-cart manufacturers sell all of the pieces you need to build a cart of your own. If you buy all of your components from the same vendor, then they will be easy to assemble. Depending upon what you plan to carry in your food cart, you will need either a broiler, grill, boiler or just a warmer. If you want to do the cooking yourself, you will also need to buy a propane tank, burners or a griddle. If you plan to use your cart for strictly private events, you can just buy a warmer. If you want to sell food, you will need to buy commercial-grade cooking equipment.
Choose a metal frame for your cart. Your frame will depend mostly upon what type of cooking equipment you plan to install. You can get a small frame that just holds your cooker and a few supplies, or you can buy an elaborate frame that includes cabinets for holding your supplies, space for a bun warmer, trash disposal and even running water. You need to pick out a sneeze guard for your cart to protect your food from germs. Make sure that all the components you choose will fit together on your frame.
Pick out a set of wheels for your cart. You can buy sets of two or three wheels. Three wheels are easier to push and can hold more weight. If you plan to use your cart for commercial purposes, you will need to buy thick rubber wheels that can endure street use. If you just want to roll your cart out into your backyard for picnics once in a while, you can buy old-fashioned wooden wheels.
Assemble all the pieces of your food cart as directed by their manufacturer. These kits are designed for people who are not experts in engineering or construction, and the instructions should be easy to follow. Assemble your food cart exactly as the manufacturer directs; do not attempt to save time or trouble by skipping parts or changing them. This could make your food cart unstable or even dangerous if you make a mistake installing the cooking element.
Decorate your cart. Add an umbrella to protect you from the sun. You will need a napkin dispenser, condiment bottles and maybe even a cash register. You can buy a sign and a menu for your food cart or you cam make your cart look more personalized and paint your own.

__________________________

Create Your Own Sign

EZ-C Bold Yellow Temporary/Reusable Sign/ wall decals

$49.00 - EZ-C Bold Yellow Temporary/Reusable Sign/ Wall Graphic

see on 7 products

EZ-C Bright Green Temporary/Reusable Sign/ wall decals

$49.00 - EZ-C Bright Green Temporary/Reusable Sign/ Wall Graphics

see on 7 products

$35.95 - Temporary/Reusable Sign/ Wall Skin

see on 7 products

Temporary/Reusable Sign (Red w/White Text)/ wall decals

$49.00 - Temporary/Reusable Sign (Red w/White Text)/ Room Graphics

see on 7 products

Temporary/Reusable Sign (Red w/Black Text)/ wall decals

$49.00 - Temporary/Reusable Sign (Red w/Black Text)/ Room Decals

see on 7 products

How to Make Money with a Food Cart

Suggestions

Sell cost-effective food items. Hot dogs, ice cream, coffee and snacks are cheap to purchase, sell well and increase your bottom line, according to "Food Truck Business" author Rich Mintzer. You can also sell sought-after items, such as healthy salads and smoothies or popular desserts like cupcakes, profit margin permitting. Pre-cooked food items and ingredients should be purchased daily for freshness at wholesale food warehouses.
Provide a consistent menu based on customer feedback rather than your own culinary tastes. Pay attention to customer reactions to food items. Make room for more customer favorites by discontinuing items that do not sell. Engage your customers in conversations to gauge immediate reactions to new items.
Operate in a high-traffic location. High-traffic locations could include, but are not limited to, college campuses, medical complexes, downtown areas and on the premises of large corporations. The presence of other food carts, however, does not mean that the owners have permission to operate in that area. Contact your local government to find out where you can operate your food cart legally in your city.
Open early and close late. Plan to open your food cart earlier and close later than other food carts operating near you. You can make money by capturing "early bird" and "Johnny-come-lately" business, whether you serve a breakfast, lunch or dinner crowd. You must, however, purchase extra food items on a daily basis so that you don't run out during normal operating hours.
Maintain operating licenses and pass inspections. Your ability to make money hinges on paying business license renewal fees and meeting or exceeding health department standards. To continue to operate legally, you must also attend food handler's continuing education and re-certification courses as required by your local health department.

__________________________

Create Your Own Sign

$49.00 - EZ-C Bold Yellow Temporary/Reusable Sign/ Wall Graphic

see on 7 products

$49.00 - EZ-C Bright Green Temporary/Reusable Sign/ Wall Graphics

see on 7 products

$35.95 - Temporary/Reusable Sign/ Wall Skin

see on 7 products

$49.00 - Temporary/Reusable Sign (Red w/White Text)/ Room Graphics

see on 7 products

$49.00 - Temporary/Reusable Sign (Red w/Black Text)/ Room Decals

see on 7 products

Thursday, May 9, 2013

Deducting Your Home Office Expenses

Working from home has many advantages, one of which being the ability to deduct certain expenses on your tax return. Many people either overlook this deduction or decide not to take it for fear of causing a problem with the IRS. Others are intimidated by the record-keeping. If you think you may be entitled to the home office expense deduction, follow the steps below, answer the questions, and calculate your tax savings! If at any point you are uncertain whether or not a particular expense is allowable, either use the provided reference sources or consult your local tax advisor.

Are you eligible? Determine whether you satisfy the basic IRS requirements for this deduction by answering the following questions:

Is the use of your home for the convenience of your employer, and not simply helpful? Typically, if you have no actual regular office space provided by your employer, you meet this requirement. However, if your employer provides you with regular workspace, and you only work at home nights, weekends, or when the weather is bad, you do not qualify for this deduction.
Is there an area that you use regularly and exclusively for business purposes? In other words, is it your primary place for doing business for any trade, or a place to meet with clients or customers in the normal course of business? Is it an area not used for any other purpose?
Do you file a Schedule C (for reporting income from self-employment) or a Schedule A (itemized deductions)?

If you answered "yes" to these questions, you may take the deduction. In order to do so, you will need to complete IRS form number 8829. Use the following steps to determine the actual allowable amount of expenses.

Indirect Expenses. An indirect expense is one that affects the cost of running your business, even if it is not necessarily incurred as a direct result of running your business. Examples of indirect expenses for a home office include mortgage interest, real estate taxes, homeowners insurance, water, heat, electricity and waste removal. Obviously, you cannot deduct the full amount of your living expenses, but you can deduct the portion related to your home office. In order to figure out how much is allowed, perform the following calculations:

Calculate the percentage of your home used exclusively and regularly for business. There are two ways to make this calculation:
- Take the square footage of the office space (length multiplied by width) and divide it by the total square footage of the house. For example, if your home office is 12' x 15', or 180 square feet, and your home is 1200 square feet, the business use percentage is 180/1200, or 15%.
- If the rooms in your house are roughly the same size, divide the number of rooms used for business by the total number of rooms.
- Now that you know the business use percentage, you will apply it your indirect costs. Take the total dollar amount for each of your indirect expenses and multiply it by your business use percentage. Follow the line-by-line instructions on Form 8829 to be sure you put them in the right place.
- Direct expenses. A direct expense in one that is incurred as a result of running a business in your home. These might include a second phone line, a fax line, office supplies, or repairs and maintenance specifically for the business space. Put these on the 8829 per the instructions. Keep in mind that many of them fall under the heading "other." Keep a breakdown for yourself, and add them together when putting them on the form.
- Records. Keeping good records is an important part of running a business, and clearly written records are very important to the IRS. Thanks to modern technology, this task does not have to be tedious and time-consuming. Even someone with minimal organizational skills can keep accurate records. Any of the following systems will provide you with the kind of paper trail necessary to support your deductions.
  - Traditional ledger style: You can typically find these at office supply stores. Most are broken down by month and provide columns for recording income and expenses. If you have a bill, such as a utility bill, that goes from mid-month to mind-month, don't make yourself crazy trying to allocate. The IRS is only interested in when the bill was paid, so record it in the month in which you paid it.
  - Simple spreadsheet: If you are comfortable with using basic office programs, you can create a simple record-keeping system tailored to your particular kind of business, and then adjust it as needed.
  - Commercial bookkeeping systems: Again, available at office supply stores. If you are purchasing a new computer for use in your business, you may opt to have software of this nature installed before shipping.
  - Regarding backup documentation, canceled checks and receipts are your best bet. Once an expense is recorded, you can put the proof in a file or even a large envelope. If you find you are missing anything, you can usually go online and print out a year-end statement or request one by mail.
  - Remember: you should keep copies of the return and all backup documents for at least three years from the date of filing.

Other considerations. There are special rules and additional deductions for certain types of businesses, noted below.
- Depreciation: For those who have to purchase a lot of equipment for their home office, depreciation can provide a valuable deduction. However, the related laws and formulas are fairly complicated. If you feel depreciation would be helpful, your best bet is to talk to a tax professional.
- Daycare providers: People who provide childcare in their home have some different allowances and deductions. Consult IRS Publication 587 (link below) to see what applies to you.
- Loss carryover: In some situations, you may carry certain business losses from year to year. See IRS Publication 587 for details.