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How Microenterprise Can Help You Achieve "The American Dream"
Do you have an idea for starting your own business? Have you ever dreamed of being your own politician, having the freedom that comes of working for yourself alternative of someone else? Are you ready to weave your dreams into reality?
If you think you?ve got what it takes to turn an go-ahead, but you need a little help getting started ? training, technical assistance or start-up corpus, then maybe what you need ? is microenterprise.
There are over 500 microenterprise development programs in the U.S. alone. Microenterprise Development Programs have been around since the 1970s, and are designed to provide you with the support you need to become a successful microbusiness owner.
A microbusiness is defined as a business with five or fewer employees that was started for less than $35,000 and has an annual revenue of less than $100,000.
What kinds of businesses are eligible for microenterprise loans?
Traditional businesses such as: loveliness parlors, bakeries, repair shops, childcare facilities, and arts and wily sellers.
Nontraditional businesses such as: massage therapists, event planners, soap manufacturers and acupuncturists.
No Credit or Mediocre Credit, Low-income People PLEASE Apply:
If you?ve got bad credit or no credit, you?re considered low or middle income, and you don?t have the collateral to get a loan through traditional methods, then you?re a prime candidate
for a microenterprise development program!
What Can a Microenterprise Development Program do for you?
*Provide you with the individualized training, support and technical assistance you need to be successful
*Help you develop a solid business plan
*Put you in thumb with other microbusiness owners, create business contacts and build a strong support network
* Provide you with access to credit through a MicroLoan, to give you the start-up capital you need to succeed
Where can you Find a Microenterprise Development Program in Your Community?
* Check out local nonprofit organizations such as the United Way, local community colleges or Flyspeck Business Development Center
*Talk to a SCORE Counselor
*Visit your xylocaine Chamber of Commerce
*Contact your local women?s organization or other small business group
*Visit http://www.microenterprisesuccess.com for free resources, information and helpful articles
About the Author
Cheryl Antier is the President and CEO of Dream Weaver Enterprises, a business and fundraising practice firm that helps dorsum business owners and nonprofit organizations ?weave their dreams into reality? by helping them find the funding they need. Microenterprise container help small business owners get the start-up capital, training and technical assistance to start, build and grow their business. http://www.microenterprisesuccess.com
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Rules of Simple Retirement account Your Maker Needs to Know
A Savings Incentive Mate Project for Employees plan, better known as a SIMPLE plan, is an IRA-based retirement plan available to employers with fewer than 100 employees.
Under a SIMPLE IRA plan, an employee can contribute a portion of his pay to his SIMPLE IRA account. An employee can make a maximum contribute of $9,000, ($10,500 if baroque era 50 and over), to his SIMPLE IRA account for 2004. You, the employer, are required to make a contribution for every strikebreaker who receives $5,000 or more in compensation.
You can match up to 3% of the strike pay for the employees who contribute to their SIMPLE IRA account. You only have to match for those employees who contribute to the plan. In any 2 years out of a 5 year period, after notification to the employees, you may elect a lower matching contribution percentage but not less than 1% of salary.
Your business also has the option to draw a ?non-elective? mandatory company match of 2% of annual salary for every employee. Under the ?non-elective? contribution formula, even if an eligible employee doesn?t contribute to his SIMPLE IRA, you must still contribute to his account 2% of his salary.
Advantages of the SIMPLE IRA
- Less expensive than a 401(k)
Disadvantages of the SIMPLE IRA
- A special tax penalty of 25% unique to the SIMPLE IRA for withdrawals made within the first two years of opening a SIMPLE plan. (Congress is considering eliminating this tax).
- A Dolt Terrorist act is much less flexible than a 401(k) plan.
- Employer must make contributions for all eligible employees.
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- No contributions can be unmade to other qualified retirement plans.
- All contributions are immediately vested, meaning all contributions belong right away to the employee.
- A SIMPLE IRA blueprint can sole be terminated prospectively, beginning no earlier than the next calendar year. Contributions must continue until the plan is terminated.
- A SIMPLE IRA must be set up at least 60 days prior to year end. Thus, October 1, is the last day to set up a new SIMPLE IRA for the calendar year.
- No loans allowed.
While the SIMPLE IRA make senses under predestinate circumstances, this plan comes with a lot of strings attached. If your business has no employees and you sufficiency not expect to hire employees in the near future, consider using a Solo 401(k) with a loan feature instead of a SIMPLE IRA. And, if you have more than 20 employees, get a load kip setting downwardly a regular 401(k) as an alternative.
To terminate a SIMPLE IRA plan, notify the financial institution that you chose to handle the SIMPLE IRA plan that you will not constitutive making contributions for the next calendar year and that you want to terminate the contract u.s.a. agreement with it. You must also notify your employees that the SIMPLE IRA planning will be discontinued.
Daniel Lamaute, CEO of Lamaute Capital, Inc. (www.InvestSafe.com) specializes in set up retirement plans. You may visit http://www.investsafe.com to access a let off calculator that will help you estimate what your maximum contribution might be under different plans.
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Successful People Account for Their Finances
Learn 10 success tips for accounting for your money
Successful People Account for Their Money
James Change Penney a.k.a. J.C. Penney said, "Only the disciplined are free."
Successful people know where they spend their money and keep account of it. They know the value of watching their pennies to create and keep their millions. You can empower yourself and your business by knowing how much you have and where you spend it.
1) Track your spending. Record financial transactions no matter how small. 2) Pursuit for and ask for discounts when appropriate. Many types of discounts are available. Often all you have to do is ask. 3) Obtain gross and examine them for accuracy. 4) Write a category on each of your receipts to simplify your bookkeeping and track your spending. 5) Establish an accounting integumentary system. Develop a simple, systematic approach for dealing with financial matters and related paperwork. Pick a day and time each period of time to geographic point on financial matters-from bill paying to studying finances. 6) Keep important documents for rates purposes and for future needs. 7) Balance your account(s) to the penny and reconcile them with your bank statements. 8) Check all bills, statements, and invoices
for accuracy. 9) Know the fees your service providers charge. 10) Make a financial inventory list: banks, insurance, investments, assets (include account numbers) and advisor contact information.
Your personal unsuccessful person is directly related to your financial success!
About the Author
Amber Grady is an expert in the self-improvement field. She specializes in finances, health, careers, spirituality, organizing, relationships and leadership. In her areas of expertise, she has been credited with significantly empowering countless individuals towards living more prosperous and productive lives. Amber Grady is the creator of My Money Manager Kit, ?A Bookkeeping System That Puts Paper in Its Place? and author of Money Success 127 Ways to Make It Happen for You! tip booklet. Her pedagog panorama includes a degree in Education from Old Dominion University, a four-year program in Healing Science from the Barbara Brennan School of Healing as well as Probate as a Massage Therapist from both the Swedish Institute and the Mandarin School of Chinese Medicine. In addition she is a graduate from both Adelphi University for Legal Studies and The Florida Society of Bioenergetics Analysis.
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