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The Entrepreneur / Business Owner's / Self Employed Lounge - tonysoprano - 08-16-2017

Quote: (08-15-2017 08:10 PM)colblionel Wrote:  

Has anyone read Efficiency by Wall Street Playboys.

Read the book and will probably re-read again for finer details.

Curious to hear what you guys feedback is.

Yeah I picked up a copy the other day and read it.

It was a nice summary of what it takes to succeed, although it didn't really tell me anything I didn't know already. With that said, I've already read most of WSP blog posts about business and have been consuming business/entrepreneurship content for about 3 years now from various sources.

It's definitely nice to have as a handbook to refer back to, and great for people whose eyes are just opening to the world of possibilities in life/business.

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The Entrepreneur / Business Owner's / Self Employed Lounge - BallsDeep - 08-19-2017

Anyone interested in a VA exchange, of say a few hours a week? I give your VA a task and you give my VA a task...

I need a VA to handle instagram/whatsapp/online dating messaging for me, and I don't want my current VA (who's excellent) to become aware of all the chicks I'm hooking up with. At the same time, it's too small a job for upwork, so I figure this is the best way, especially if someone has a similar need.

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The Entrepreneur / Business Owner's / Self Employed Lounge - redbeard - 08-19-2017

How liberal are you guys with "meals and entertainment" write-offs?

I'm thinking there are countless coffee/dinner meets that I can use to save money.

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The Entrepreneur / Business Owner's / Self Employed Lounge - PapayaTapper - 08-20-2017

Quote: (08-19-2017 10:19 AM)redbeard Wrote:  

How liberal are you guys with "meals and entertainment" write-offs?

I'm thinking there are countless coffee/dinner meets that I can use to save money.

I prefer "aggressive" to the term "liberal"

To answer your question...very aggressive

Keep the receipts and just jot "client meeting" for example on it and save it

As long as its legal and you keep records youre giving away money if you dont take the expense deductions available

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The Entrepreneur / Business Owner's / Self Employed Lounge - Mig Picante - 08-22-2017

Starting reading Efficiency by WSP. Really hammers home that I've just been fucking about up until now and there's a gap.
Contains some really good actionable advice. I plan to keep reading and finish it by next week.

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The Entrepreneur / Business Owner's / Self Employed Lounge - H1N1 - 08-22-2017

I would strongly recommend that everyone who runs their own business watches Jordan Belfort's 'Straight Line Persuasion' course. The guy is an absolute killer - the single best sales resource I've come across.

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The Entrepreneur / Business Owner's / Self Employed Lounge - BelyyTigr - 08-22-2017

Belfort seems good, ability wise. But personally, I think he should be rotting in jail and should still be paying back the people he stole from. (Mostly elderly, gullible, far less than wealthy). He's not in jail, and doesn't seem to be remotely sorry for what he did. I watched one of his vids, but had trouble stomaching the guy in truth.

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The Entrepreneur / Business Owner's / Self Employed Lounge - H1N1 - 08-22-2017

Quite possibly, but the actual content is gold. Here's a 'natural' who also understands what it is that makes him crazily successful, and is able to distill it into an extremely articulate and actionable presentation. I've read a fair bit of sales stuff, and this guy is just on another level to anyone I've ever come across.

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The Entrepreneur / Business Owner's / Self Employed Lounge - PapayaTapper - 08-22-2017

Quote: (08-22-2017 11:03 AM)H1N1 Wrote:  

Quite possibly, but the actual content is gold. Here's a 'natural' who also understands what it is that makes him crazily successful, and is able to distill it into an extremely articulate and actionable presentation. I've read a fair bit of sales stuff, and this guy is just on another level to anyone I've ever come across.

Are there an alternatives to shelling out $2000 for the online course? Lot of guys here likely arent in a position to do that

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The Entrepreneur / Business Owner's / Self Employed Lounge - H1N1 - 08-22-2017

Quote: (08-22-2017 11:18 AM)PapayaTapper Wrote:  

Quote: (08-22-2017 11:03 AM)H1N1 Wrote:  

Quite possibly, but the actual content is gold. Here's a 'natural' who also understands what it is that makes him crazily successful, and is able to distill it into an extremely articulate and actionable presentation. I've read a fair bit of sales stuff, and this guy is just on another level to anyone I've ever come across.

Are there an alternatives to shelling out $2000 for the online course? Lot of guys here likely arent in a position to do that

I heard someone say that it can be torrented...

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The Entrepreneur / Business Owner's / Self Employed Lounge - BelyyTigr - 08-22-2017

From one point of view, Belfort is a guy who DESERVES to have his courses nicked via filesharing. : D
Just a guess, but a few people have probably decided on a form of "internet justice" for him!!

On sales, I actually think its often less about how you sell. But more about the overall mechanisms of it all.
For example, I've seen guys with great pitches, great tenacity. BUT they are selling a shit product on shit terms... from their spare bedroom. When whats needed (or would help) is a proper office, a senior partner/"mentor" and the credibility of a proper business. Oh and a product that it makes sense to sell. However, all this is applicable to entrepreneurialism, but less so in "pure sales" careers.

Quote: (08-22-2017 11:18 AM)PapayaTapper Wrote:  

Quote: (08-22-2017 11:03 AM)H1N1 Wrote:  

Quite possibly, but the actual content is gold. Here's a 'natural' who also understands what it is that makes him crazily successful, and is able to distill it into an extremely articulate and actionable presentation. I've read a fair bit of sales stuff, and this guy is just on another level to anyone I've ever come across.

Are there an alternatives to shelling out $2000 for the online course? Lot of guys here likely arent in a position to do that

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The Entrepreneur / Business Owner's / Self Employed Lounge - Plus Oultre - 08-25-2017

Quote: (08-20-2017 08:11 PM)PapayaTapper Wrote:  

Quote: (08-19-2017 10:19 AM)redbeard Wrote:  

How liberal are you guys with "meals and entertainment" write-offs?

I'm thinking there are countless coffee/dinner meets that I can use to save money.

I prefer "aggressive" to the term "liberal"

To answer your question...very aggressive

Keep the receipts and just jot "client meeting" for example on it and save it

As long as its legal and you keep records youre giving away money if you dont take the expense deductions available

Meals and Entertainment is one of those items that people don't understand well, so obviously we make mistakes; and, because so many people misuse this business deduction: it is one of the first things to come up in an audit. The rules are simple:

1) The expense must be necessary and ordinary in carrying your trade.

2) Must pass either one of the following tests: The directly-related test, or The associated test:
Directly related: means that business is actually conducted during the entertainment period.
Associated: means that the entertainment must occur directly before or after a business discussion.

3) Normally, the IRS will deny deductions for any meal or entertainment expense over $45 for which there is no evidence. I always document with at least the receipt, who I met, and purpose, and location.


If you are aggressive with it follow the rules above all the time. Also, you want to decrease your chances of an audit.

How to decrease the chance of an audit?
The chance of a personal tax return audit for a taxpayer in the $25K to $100K income range is 0.48%; however if you are self employed and file C Schedule, the audit risk jumps to 2.5%, in the same income range. If your ratio of meals and entertainment to your profit is higher than normal, the risk of an audit is even higher. To minimize the risk of an audit, you can make an election to treat your LLC as an S Corporation, only 0.3% of 1120S returns got audited in FY 2016. An S corporation can also save you thousands of dollars in FICA taxes.

==================================================

Back to M&E. The deduction is only for 50%; but there are times when you can deduct 100% of Meals ... stay with me .....

By providing food in the workplace or for an event when a business presentation is being made. I use a different category for this expense, an account called Meals 100% (I like to name accounts as descriptive as possible). Keep good records as to who attended, the business purpose for the event and what the presentation consisted of. For example, as part of my marketing, I give a presentations in front of realtors and I always bring food and drinks; the entire bill is 100% deductible.

Also, coffee, croissants and water (as an example) for your office is supplies and fully deductible. It must be a reasonable amount, the meal enables the employee to work overtime, and discretionary and not tied to hours worked or a rate per hour.

You can also have lunch at the office with your employees. It has to be at business premises and for the employer’s convenience.

Be creative, the potential for an allowable deduction while growing your business is there. Just be cautious of not overdoing it.

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The Entrepreneur / Business Owner's / Self Employed Lounge - redbeard - 08-25-2017

Quote: (08-25-2017 11:50 AM)Plus Oultre Wrote:  

Quote: (08-20-2017 08:11 PM)PapayaTapper Wrote:  

Quote: (08-19-2017 10:19 AM)redbeard Wrote:  

How liberal are you guys with "meals and entertainment" write-offs?

I'm thinking there are countless coffee/dinner meets that I can use to save money.

I prefer "aggressive" to the term "liberal"

To answer your question...very aggressive

Keep the receipts and just jot "client meeting" for example on it and save it

As long as its legal and you keep records youre giving away money if you dont take the expense deductions available

Meals and Entertainment is one of those items that people don't understand well, so obviously we make mistakes; and, because so many people misuse this business deduction: it is one of the first things to come up in an audit. The rules are simple:

1) The expense must be necessary and ordinary in carrying your trade.

2) Must pass either one of the following tests: The directly-related test, or The associated test:
Directly related: means that business is actually conducted during the entertainment period.
Associated: means that the entertainment must occur directly before or after a business discussion.

3) Normally, the IRS will deny deductions for any meal or entertainment expense over $45 for which there is no evidence. I always document with at least the receipt, who I met, and purpose, and location.


If you are aggressive with it follow the rules above all the time. Also, you want to decrease your chances of an audit.

How to decrease the chance of an audit?
The chance of a personal tax return audit for a taxpayer in the $25K to $100K income range is 0.48%; however if you are self employed and file C Schedule, the audit risk jumps to 2.5%, in the same income range. If your ratio of meals and entertainment to your profit is higher than normal, the risk of an audit is even higher. To minimize the risk of an audit, you can make an election to treat your LLC as an S Corporation, only 0.3% of 1120S returns got audited in FY 2016. An S corporation can also save you thousands of dollars in FICA taxes.

==================================================

Back to M&E. The deduction is only for 50%; but there are times when you can deduct 100% of Meals ... stay with me .....

By providing food in the workplace or for an event when a business presentation is being made. I use a different category for this expense, an account called Meals 100% (I like to name accounts as descriptive as possible). Keep good records as to who attended, the business purpose for the event and what the presentation consisted of. For example, as part of my marketing, I give a presentations in front of realtors and I always bring food and drinks; the entire bill is 100% deductible.

Also, coffee, croissants and water (as an example) for your office is supplies and fully deductible. It must be a reasonable amount, the meal enables the employee to work overtime, and discretionary and not tied to hours worked or a rate per hour.

You can also have lunch at the office with your employees. It has to be at business premises and for the employer’s convenience.

Be creative, the potential for an allowable deduction while growing your business is there. Just be cautious of not overdoing it.

What if my office is a coffee shop?

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The Entrepreneur / Business Owner's / Self Employed Lounge - PapayaTapper - 08-25-2017

Quote: (08-25-2017 11:50 AM)Plus Oultre Wrote:  

Quote: (08-20-2017 08:11 PM)PapayaTapper Wrote:  

Quote: (08-19-2017 10:19 AM)redbeard Wrote:  

How liberal are you guys with "meals and entertainment" write-offs?

I'm thinking there are countless coffee/dinner meets that I can use to save money.

I prefer "aggressive" to the term "liberal"

To answer your question...very aggressive

Keep the receipts and just jot "client meeting" for example on it and save it

As long as its legal and you keep records youre giving away money if you dont take the expense deductions available

Meals and Entertainment is one of those items that people don't understand well, so obviously we make mistakes; and, because so many people misuse this business deduction: it is one of the first things to come up in an audit. The rules are simple:

1) The expense must be necessary and ordinary in carrying your trade.

2) Must pass either one of the following tests: The directly-related test, or The associated test:
Directly related: means that business is actually conducted during the entertainment period.
Associated: means that the entertainment must occur directly before or after a business discussion.

3) Normally, the IRS will deny deductions for any meal or entertainment expense over $45 for which there is no evidence. I always document with at least the receipt, who I met, and purpose, and location.


If you are aggressive with it follow the rules above all the time. Also, you want to decrease your chances of an audit.

How to decrease the chance of an audit?
The chance of a personal tax return audit for a taxpayer in the $25K to $100K income range is 0.48%; however if you are self employed and file C Schedule, the audit risk jumps to 2.5%, in the same income range. If your ratio of meals and entertainment to your profit is higher than normal, the risk of an audit is even higher. To minimize the risk of an audit, you can make an election to treat your LLC as an S Corporation, only 0.3% of 1120S returns got audited in FY 2016. An S corporation can also save you thousands of dollars in FICA taxes.

==================================================

Back to M&E. The deduction is only for 50%; but there are times when you can deduct 100% of Meals ... stay with me .....

By providing food in the workplace or for an event when a business presentation is being made. I use a different category for this expense, an account called Meals 100% (I like to name accounts as descriptive as possible). Keep good records as to who attended, the business purpose for the event and what the presentation consisted of. For example, as part of my marketing, I give a presentations in front of realtors and I always bring food and drinks; the entire bill is 100% deductible.

Also, coffee, croissants and water (as an example) for your office is supplies and fully deductible. It must be a reasonable amount, the meal enables the employee to work overtime, and discretionary and not tied to hours worked or a rate per hour.

You can also have lunch at the office with your employees. It has to be at business premises and for the employer’s convenience.

Be creative, the potential for an allowable deduction while growing your business is there. Just be cautious of not overdoing it.

^ Excellent post.

Ive previously posted about the advantages of the S Corp structure and saving on taxes by taking "distributions" instead of wages / salary

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The Entrepreneur / Business Owner's / Self Employed Lounge - Plus Oultre - 08-25-2017

Quote: (08-25-2017 12:29 PM)redbeard Wrote:  

Quote: (08-25-2017 11:50 AM)Plus Oultre Wrote:  

Quote: (08-20-2017 08:11 PM)PapayaTapper Wrote:  

Quote: (08-19-2017 10:19 AM)redbeard Wrote:  

How liberal are you guys with "meals and entertainment" write-offs?

I'm thinking there are countless coffee/dinner meets that I can use to save money.

I prefer "aggressive" to the term "liberal"

To answer your question...very aggressive

Keep the receipts and just jot "client meeting" for example on it and save it

As long as its legal and you keep records youre giving away money if you dont take the expense deductions available

Meals and Entertainment is one of those items that people don't understand well, so obviously we make mistakes; and, because so many people misuse this business deduction: it is one of the first things to come up in an audit. The rules are simple:

1) The expense must be necessary and ordinary in carrying your trade.

2) Must pass either one of the following tests: The directly-related test, or The associated test:
Directly related: means that business is actually conducted during the entertainment period.
Associated: means that the entertainment must occur directly before or after a business discussion.

3) Normally, the IRS will deny deductions for any meal or entertainment expense over $45 for which there is no evidence. I always document with at least the receipt, who I met, and purpose, and location.


If you are aggressive with it follow the rules above all the time. Also, you want to decrease your chances of an audit.

How to decrease the chance of an audit?
The chance of a personal tax return audit for a taxpayer in the $25K to $100K income range is 0.48%; however if you are self employed and file C Schedule, the audit risk jumps to 2.5%, in the same income range. If your ratio of meals and entertainment to your profit is higher than normal, the risk of an audit is even higher. To minimize the risk of an audit, you can make an election to treat your LLC as an S Corporation, only 0.3% of 1120S returns got audited in FY 2016. An S corporation can also save you thousands of dollars in FICA taxes.

==================================================

Back to M&E. The deduction is only for 50%; but there are times when you can deduct 100% of Meals ... stay with me .....

By providing food in the workplace or for an event when a business presentation is being made. I use a different category for this expense, an account called Meals 100% (I like to name accounts as descriptive as possible). Keep good records as to who attended, the business purpose for the event and what the presentation consisted of. For example, as part of my marketing, I give a presentations in front of realtors and I always bring food and drinks; the entire bill is 100% deductible.

Also, coffee, croissants and water (as an example) for your office is supplies and fully deductible. It must be a reasonable amount, the meal enables the employee to work overtime, and discretionary and not tied to hours worked or a rate per hour.

You can also have lunch at the office with your employees. It has to be at business premises and for the employer’s convenience.

Be creative, the potential for an allowable deduction while growing your business is there. Just be cautious of not overdoing it.

What if my office is a coffee shop?

Think about it in this way: Can you go to the coffee shop, sit down and work from the table without paying for a consumption? If yes, you are out of luck; if not, I think you can make the case that your consumption is "Rent" and deduct part of it in the rent expense deduction. Never abuse a deduction; but if you are creative and document it might work.

Go one step further. Write a company policy describing that in lieu of renting an office, or a virtual office, you have as company policy to do business from the coffee shop and the consumption is your rent expense. To make it even more credible, take the cost of renting a virtual office in your area (let's say $175/month) and you are setting that up as the maximum amount you will pay for rent at the coffee shop in terms of consumption. Never write off more than this amount monthly. This will make it official company policy. Again, never abuse a deduction. Obviously, if your business grosses $350 monthly and you deduct $175 in coffee as rent, it will not fly; however, if you gross let's say $2,000, this policy might stand in an audit. That is right there $2,100/year in a deduction, saves you approx $280 in employment taxes and another $200 in income taxes (if you are in 10%). Next beer is on you

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The Entrepreneur / Business Owner's / Self Employed Lounge - Corollary - 08-25-2017

I'll be hiring my first employee next week. I've already posted the ad, screened through email and the phone, and have met people in person.

There's a mix of personalities and skills that I'm considering. The one with the most skill is the one I wouldn't want to be around much, and the one with the least skill has the best personality. I'm, of course, leaning toward the one with more skill, because I care more about money than I do the relationship with the employee.

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The Entrepreneur / Business Owner's / Self Employed Lounge - crdr - 08-27-2017

Quote: (08-22-2017 10:58 AM)BelyyTigr Wrote:  

Belfort seems good, ability wise. But personally, I think he should be rotting in jail and should still be paying back the people he stole from. (Mostly elderly, gullible, far less than wealthy). He's not in jail, and doesn't seem to be remotely sorry for what he did. I watched one of his vids, but had trouble stomaching the guy in truth.

Belfort's straight line persuasion is a money machine.
I took the course. Buying his new book, Way of the Wolf.
I don't place ethics on money. Because money isn't ethical.
You make money or you don't.
This shit works.






this Grant Cardone video got me going big too...

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The Entrepreneur / Business Owner's / Self Employed Lounge - Vienna - 08-31-2017

For anyone interested in learning to code in several languages, there's a good deal right now for a bundle of courses.

Engadget link (no affiliate)

It's basically 150 hours worth of courses valued at over 1500$. For the next 3 days you pay "what you want" (right now 21$ to unlock all courses).

Hope it's useful for someone. Also posted in a coding thread but this should be up many entrepreneurs' alley.

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The Entrepreneur / Business Owner's / Self Employed Lounge - BelyyTigr - 09-01-2017

Quote: (08-27-2017 10:04 PM)crdr Wrote:  

Quote: (08-22-2017 10:58 AM)BelyyTigr Wrote:  

Belfort seems good, ability wise. But personally, I think he should be rotting in jail and should still be paying back the people he stole from. (Mostly elderly, gullible, far less than wealthy). He's not in jail, and doesn't seem to be remotely sorry for what he did. I watched one of his vids, but had trouble stomaching the guy in truth.

Belfort's straight line persuasion is a money machine.
I took the course. Buying his new book, Way of the Wolf.
I don't place ethics on money. Because money isn't ethical.
You make money or you don't.
This shit works.

this Grant Cardone video got me going big too...

Wasn't there another Canadian poster who said that on here? Remember Rawmeo...

Well my view is that its not a debate about whether ethics should be considered in business. Its a debate about what ethics should be adopted in a particular business. Coke importers have a type of ethics. Otherwise they wind up dead... sooner or later. Its the same principle in other businesses. Ever wondered why some guy gets his business flooded with negative reviews online? Same thing.

BTW its easy to find to download for free.

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The Entrepreneur / Business Owner's / Self Employed Lounge - Atomic - 09-03-2017

I finished the first version of a mobile app I made. Got plenty of ideas for updates and extra features but I'll wait on those until I get feedback from users. Don't want to commit time to uneccessary development.

The target market is small but I'm thinking It will bring in around $500-$1000 a month within about a year. Not bad for a weekend of work.

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The Entrepreneur / Business Owner's / Self Employed Lounge - Thomas the Rhymer - 09-05-2017

Started a very very niche service business in July. I've finally got paying customers, but I still feel like this:



There is a huge gulf inbetween having actual skills and being able to monetise them. I bridge that gap a little day by day, but man, mistakes are being made.

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The Entrepreneur / Business Owner's / Self Employed Lounge - Australia Sucks - 09-07-2017

Nice work Atomic!!

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The Entrepreneur / Business Owner's / Self Employed Lounge - JonnyOxford88 - 09-12-2017

Hi there all, thought I would share this with you...

Just wanted to say first of all, this thread has been a fantastic read for so many reasons. I read through this thread about three months ago, felt inspired, and it just happened to be at a time where I was getting treated like shit by the people I work with. I'd given it all for my job, sacrificed hours, my social life and for what? To be spoken down to, be unappreciated, and to feel resentment about working in a toxic environment with office politics.

I nearly made a post on here, but held back until I actually took some steps forward in the right direction. That was the hardest part. Biting the bullet, and putting yourself in a situation where there was a little uncertainty. Admittedly, I only reduced my working hours down from 5 days to 4, but I knew it was a step in the right direction that would make me have to take action.

I work in the health industry, and had decided that I was effective at my job, and would like to work with clients outside of work also. My current situation is that I have started a business in my particular field, have 4 regular clients and I am currently making an extra £400-£500 a month from doing so. I've now got a good website, logo designed and have recently had business cards designed which I hope to be distributing around the local area this weekend. I know this is all just a start, but it shows what can be achieved in 3 short months. Only 4 months ago, I never believed any this would ever be possible. I quickly learned that there is no better feeling than receiving money while working for yourself.

I owe you all a thank you. I don't have any friends who own their own business, so being able to heed advice from ambitious people has been extremely helpful. Currently considering creating courses on Udemy as part of a passive income plan, while marketing my business in the local area trying to get new clients.

I guess my question for this thread would be, what other effective ways could I build a client base? I've recently taken on two people for free to get more testimonials. The intention is to be solely working for myself within the next year or two ideally. I know I've got a long way to go, but I've never felt more determined.

Any advice is massively appreciated.

All the best.

J

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The Entrepreneur / Business Owner's / Self Employed Lounge - John Michael Kane - 09-13-2017

Udemy is certainly a way of offering yourself some passive income once complete. It also gives you some authority to visitors of your website. You're now an "expert" in the field. Make sure to do a bang-up job on the Udemy course to get good reviews to further solidify your reputation. As for building a client base, I find that personal relationships made at networking events, reaching out to people on LinkedIn to have coffee/lunch and just plain ol' asking around friends and family to find out who else might be a potential client for you. What type of services are you pitching your clients? You weren't specific enough to make a specific recommendation. Please clarify.

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The Entrepreneur / Business Owner's / Self Employed Lounge - Ranch Hand - 09-13-2017

Quote: (08-19-2017 10:19 AM)redbeard Wrote:  

How liberal are you guys with "meals and entertainment" write-offs?

I'm thinking there are countless coffee/dinner meets that I can use to save money.

My understanding is if "it" (meal, ball game, golf rounds, etc.) is with a customer or vendor, then it is 100% written expense. If it is internal, employees only event (company "lunch and learn", lunch with a sales rep, etc.), then it is 50% expense write-off.

We have employees write customer names on receipts so it can be appropriately categorized.

Still, I remain pretty conservative about this just as a leadership issue at expense reduction. I have 7-10 employees with my credit card and have to reel in expenses from time-to-time. Some guys think "write off" = free and they just are hard-headed about it.

If I was a sole proprietor, one man show, I'd be all over that stuff.

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