Words of wisdom

10 Challenges of Starting Out in Business (Part 2 of 2)

entrepreneur tax tips Feb 28, 2019

 

Last week on the blog, I shared part one of my list of the top ten challenges.

Let’s continue with the rest of the list!

Once again, these are my opinions and certainly not the only challenges new business owners face, and the list is in no particular order.

 

5: No time to get anything done.


Three big ways this can manifest:

You’ve taken on too much because there’s no one else, or you don’t trust anyone else to do it right.

You’re still working for...

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10 Challenges of Starting Out in Business (Part 1 of 2)

entrepreneur tax tips Feb 25, 2019

 

All businesses grow from an idea. Like a seed, they need nurturing, the right conditions, and persistence to blossom.

A lot can happen in the early stages that make us lose sight of the passion that drove us to act on the idea in the first place.

It takes courage to stay the course, and the process can become overwhelming, even exhausting.

Here are my top ten challenges of starting out in business. (Note: this is a 2-part blog with the top five coming next week!)

I’m sure you can...

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Writing off your home based expenses

What are the rules about writing off your home?

 

If you operate a business from your home, then you may be able to write off part of your house. The general rule is that it:

  1. It is your main (principal) place of business
  2. You use the space only to earn your business income, and you use it on a regular and ongoing basis to meet your clients, customers, or patients

The expenses you can write off include:

  • Utilities (heat, power, water)
  • Rent
  • Mortgage interest
  • Home insurance
  • Property...
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How to Get Started in Your Canadian Business

entrepreneur tips Dec 31, 2018

 Do you have a business dream you’ve decided to make a reality?

That’s awesome!

One of my favorite things about teaching business to my University students, is hearing about their ideas.

It's why my business – my passion – is about helping Canadian entrepreneurs succeed, from building the foundation to growing success years into their business.

As a Certified Professional Bookkeeper, I built a successful bookkeeping firm, so I know exactly what it’s like to...

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8 Things To Do in the First Year of Business

entrepreneur taxes tips Oct 15, 2018

 You’re welcome.

I say that because everything on this list I learned the hard way during my first year in business.

Not every lesson came hard, mind you; I ran my own bookkeeping business after all, so I came equipped with a lot of the tax know-how.

Nonetheless, when you’re running a business, you’re hard at work everyday.

Often times, we only learn when we encounter a situation that makes us realize we don’t know the thing we need to know.

 

This list is...

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How Not Paying Taxes Affect the Dream Home Purchase

taxes tips write offs Apr 16, 2018

 

A common dream of many entrepreneurs is one day buying their dream home.

A status symbol for some, it’s the manifestation of years of hard work, determination and success.

Others just want a little corner of the world to call their own.

At last, you feel you’re there.

 

Off you go to your financial institution about that home loan.

 

They ask to see the financial records for the last two years, to ensure you’re making money and that you have ongoing...

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5 Mistakes Business Owners Make That Cost Them More Money on Their Taxes

bookkeeping taxes tips Apr 02, 2018

 

It’s a lesson that every business owner has to learn.

 For some, it comes after the first year in business when the realize they weren’t prepared, or after a few years of struggling to stay afloat.

 For others, it’s something they take time to learn early on, and these entrepreneurs have a much higher shot at success.

 

It's the relationship you have with your books.

 
It’s a little like when your kids go out to play in the yard.

Even though...

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