You need to keep accurate records when running a business. This will be your best defense if you ever get audited.

For IRS purposes, you need to make a profit every 3 out of 5 years to have the IRS prove that you are not running a business. Otherwise, it is up to you to prove that you are running a business and not doing a hobby. You can prove that you are running a business by keeping your business accounts and personal accounts separate.

You can write off any legitimate business expense including dinners with clients, car expenses, equipment, etc.

Having a separate checking account and credit card is a good idea. However, it isn’t necessary. You can comingle your business and personal expenses using your personal accounts. But, if you do this, then it will be harder for you to prove that you are running a business.

For your revenues, you don’t need a corporate account to make you deposits. You just need to make the deposits in your separate account that you use for business.

You can read Publication 334 for more information.

Any expense that is directly related to running your business may be written off. If you have a home office, you can write off part of the cost of your mortgage/rent and utilities, IF you meet the requirements of having a separate area ONLY for work. If you choose to try this, I would suggest hiring a professional tax accountant. They can tell you exactly what you need to set up and document to avoid tax problems later. Even with a professional, don’t be surprised if you get a notice for an audit. A good tax accountant will go with you to explain that it is a legitimate deduction.

Gas costs can be written off only if you are doing an errand or meeting a client for the business. You will have to keep a log of mileage for this. Dinners would only be written off if it is a business dinner. Since you have set the business up as an LLC, payments would have to be made to the company, and you would pay yourself like an employee (salary, commission, bonus, etc.) You would need a separate bank account, but a business credit card is not a necessity. You can buy supplies and other items yourself and have the business reimburse you the cost.

Best thing to do is to hire an accountant that knows alot in the subject of opening a business. They have all the info you need to start up your business properly. Another thing is to invest in quickbooks; with very little effort you will be able to handle all of your record keeping tasks.

build your on web site.www.quicksmart.us/pjs

I am in business for myself and it has been great. I make my own hours, make a great income, and most importantly it has given me all the extra time i needed for my family. If you would like some info email me through my profile. I would be happy to help!

you’ve got it back to front. First you look for a niche in the market that needs to be addressed or you note a shortage of demand. If you are not addressing these keep your money in your pocket.
Business opportunities come from hobbies expanded, new technology (e.g. become the Blue Ray expert), niche markets e.g. something a cultural group wants or needs, changes in law create opportunities for experts to emerge, changes in demographics e,g, more children in the area.

Look around. Ask people around you.

How to start will depend on the idea – some businesses start part time until they get enough customers to move on – some start as web based businesses and others just have to bite the bullet and go bigtime. Whatever you do please do a business plan before you start – work out the details on profitability, time needed to make it work etc before you commit any money to the idea.
Need a great business plan format try.

Why not go home based internet? Get started for under $50! Be your own boss. Choose your own hours. Excellent product – pay wholesale sell retail. Free website with business. Excellent training and support.

For a FREE ecourse, go to and I’ll be happy to send you information. Or go to

Are you sure you want retail? How about from home? Check out my profile – If you’re interested, I can help.

1. Which retail business would be best to start and why: a) Specialty retail business or b) Mail order business?

Well b) is the way I’d go, but that doesn’t change your need for a lot of market research. I assume you mean web/mail order combo, right? And, you’re on the right track w/ specialty retail – find a niche where you can compete, don’t be a generalist.

2. Which type of business is more predictable and does not change often: Specialty retail or mail order?

Neither… the world changes constantly. If you’re looking for stability and predictability, maybe a nice 9-5 government job is more your speed?

3. Many people say that PASSION is important when it comes to starting a business because the owner will have to work long hour to make his or her business a success. I agree with that but can you explain to me why there are many people out there who started their successful businesses outside their PASSION?

How many of those people have successfully started and run a business for more than 10 years? The point is, it’s smart to ask for advice, but you also have to evaluate who’s giving it to you (ask the Pope about Catholicism, listen to his answer. Ask him about Mac vs Windows, that’s a different question).

I think it’s a poorly framed question, a better way is to look for a business that you think will hold your attention. I’m passionate about a few things, but my income comes from some very dry and frankly (to most people) boring things.. but it’s good money and to me it’s challenging and interesting.

4. How can I choose products and services to sell that fit my personality and are part of my values?

Just trust your gut, and ask yourself the integrity questions – would you sell it to your mom / spouse / best friend wholeheartedly? If you have any twinges in the gut, examine them closely.

5. I took a Myers-Briggs personality test and the result of the test shows that my personality type is an ISFJ (Introverted, Sensing, Feeling, Judging). Would someone like me who possess this personality type can become successful in operating his or her retail business?

I have no idea. Ask a shrink. In my experience, the keys to success are grit, a bias for immediate action (the famous “ready, fire, aim”) and absolute determination. Oh yeah, it really helps if you are proactive about learning.

Scott

first get many miles away from any walmart store.
then find a good location . lots of foot traffic.
next research what is needed how far do people go to get product x .
what is the manufacturers minimum purchase and price what would your mark up have to be.
if you go franchise really check it out well like say subway.
not good .
you want volume sales not people who come in and look and say oh you have such a nice store and leave.
better to be in a mall.
if not locate near similar stores.
say you were going to sell shoes don’t just sell shoes sell shoes that are made for bad feet like a good feet store.
or if you can open a pharmacy hire a pharmacist .
another is a medical supply store wheelchairs lifts stuff like that not special permits needed and its in demand.
all manner of things. location location location . product product product profit sales start up cost.
there you go .

In order of importance;

5. You’re exactly the wrong type for a retail business. Introverts don’t tend to interact well with other people and you NEED to interact well to succeed in retail.

3. They couldn’t afford to start a business serving their passion, so they started what they could afford to get into. In other words, they sublimated their passion for a particular product and went with their passion for being in business.

4. Sell what you are interested in and know about. To succeed, you need to know more about your products and selling them than anyone else.

2. Ain’t no such thing as a stable business. It grows or it dies.

1. There are no more mail-order businesses to speak of – you mean online businesses.

The choice of which venue is best largely depends on the product. You wouldn’t do well selling used plastic 50-gallon drums in an online venue – the shipping would kill you. Similarily, a specialty retail business might be so specialized that only worldwide sales would generate enough business to make a profit.

You need to decide the other questions and select some products, THEN decide the best venue to sell them through.

I would suggest that you take some business management courses, especially in Marketing. Your questions strongly suggest that you don’t know enough about business to have any chance of success.

You need a job where people will come to you looking for things. A pet shop would be great for you, lizards and snakes and turtles, exotic pets would be good for you then. How can you judge animals? You will be judgmental but in a good way, you will be able to sense if the pet is going to a good home or not. They will bring out your compassionate side also, And you have the feelings not to let them starve and die! A computer shop would be great for you also. You are an introvert so stay away from clothing or hospitality industry.

How about a book store, if you are looking retail?

I cant say if it would work in your town, you need to do marketing research to see what would succeed in your town.
Also in business .. Location, Location, Location is VERY important to success .. not only do you need the right business, you need the right location ..

Passion, YES .. you do have to work long hours but passion because you believe in what you are doing.
I work from home and have the utmost compassion and belief for what I do, I believe that is what brings me success ..

If you don’t like books, don’t like to read .. then a book store probably wont make sense. Did deep .. Only you know what you really want to do.

GL!

1st – whatever the product know your market – find your niche and be the best or find a niche that people really need.
2nd – identify the best way to advertise to your market
3rd – identify your competitors
4th – as for self – only you know if you have what it takes to be successful. Realize you don’t have to go it alone, there are many people like you and you can join minds for something great!

Yes, the courses you speak of will help you to become a Business Analyst.

A BA can be on the client side or the IT side. If on the client side, they are interfacing with work group domains that process the work and review what they need. They generate requirements and then work with the IT side to update or generate processes and applications to fullfil the business needs.

If you’re a BA on the IT side of the house, then you’re taking all the requirements and developing processes and application solutions. Your job is to work with the client to generate a business solutions document (there are many names for it) and get signoff. Then, you need to make sure that solution becomes reality by working with systems analysts, programmers, and testers. You’re generally responsible for the delivery of the solution. Although, if the solution revolves around process changes with other work group domains, you normally work with a PM (Project Manager). Never the less, you have end to end responsibilities for the IT delivery to insure the client gets what they need (and paying for).

With the offshoring of work to cheap labor, to remain associated with software development, the BA role is a good profession.

you can know about the colleges that offer business analysts course from

You’ll also want to have strong accounting skills–businesses are interested in the “bottom line.” Might want an MBA, too.

If all you want in the salary, please don’t enroll at my school!

Yes, you need to major in Information Technology, or Information Systems, or something like that. Any technical degree offered by a business school.

But, if you are just interested in the salary, then you will probably not score a salary above the average – those jobs go to students that are truly PASSIONATE about the subject they study.

I would say do something like Finance and Management Information Systems.

Business Analysts do a study of how the systems of a business function and then propose solutions….not very easy, but very financially rewarding once you get to the big leagues.

they analyze business

The requirements vary according to your state. Call the business license office for your county and just ask them if you need a business license to operate an internet store. I live in Georgia, and in my county, you do.

Ebay has very good guideline on their website.

You might want to check with your local Small Business Association. As far as I remember we didn’t need one. I ran an Internet business several years ago and I was told I didn’t need a license.

Check with your State, Dept, but generally none, as long as you pay your taxes.

tax and resale.