sheenwei

我在耶和華的手中要作華冠,在我父神的手中必作為冕旒
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Start a small business- lesson one

(2019-05-20 11:30:31) 下一個

What can I give to my business?

  • What skills do you have?
    • Bookkeeping
    • Financial statements/reporting
    • Canadian & US income tax, sales tax, payroll tax
    • General business management
    • Finan
  • What knowledge do you have in finance, accounting, marketing, sales, and management?
    • Average finance
    • Expertise accounting
    • General knowledge of marketing and management
    • Poor sales
  • What experience have you acquired that could be applied to your own business?
    • Tax return preparation
    • Office admin
    • Bookkeeping
    • Tax consulting
    • Project management
  • What are your three most satisfying accomplishments?
    • CA
    • CPA
    • MBA
  • What are your hobbies and interests?
    • Reading self-help and psychological books
    • Tapping into Higher power
    • Managing negative emotions
    • Tea
    • Garden
    • Health – exercises and nutrition
  • What knowledge expertise have you acquired from schools, seminars, and special training?
    • US & Canada income tax
    • General business
  • What do you like to do with your time?
    • Reading
    • Writing
    • Planting
    • Learning
    • Relaxing (self-care)
  • What do others say you are good at?
    • Teaching
    • Tax
    • Organizing
    • Analysis
  • What hobbies or interests do you have that are marketable?
  • Will you have the support of your family?
    • yes
  • How much time do you have to run a business?
    • 40 hours/week

What I expect from my business?

  • freedom:
    • truthful self-expression: the self-determined pace and projects, work schedule and people I work with, serve people I respect, or have pity with
    • financial independence: support my own living, traveling, retiring, self-investing, environment improving needs
  • security:
    • I'm my own boss- no pink slip any more
    • $120,000 minimum annual income
    • free my family members from any burden that may come from me

Giving value points to my criteria

 

Personal goals

Required actions/time commitment

Business goals

Required actions/time commitment

Stay healthy and feel full of energy (1 hour exercise+8 hour sleep+2 hours self-care)

11 hours/day

  • Exercise 2 times everyday; mini-exercise every hour
  • Body massage
  • Lower salt and sugar
  • More fibre, fresh veggie and fruits
  • Walk outside for sun
  • 11pm-7am sleep time
  • Unconditionally accept and respect and love myself

Bring in at least 60,000 annually

2 hours/day

  • prepare one tax return every day
  • Make phone calls
  • Email contacts
  • Social media
  • Advertisement

Hone people skills by active listening and sincere intention to serve

1 hour/day to learn and practice

  • Answer emails within 24 hours
  • Listen carefully without interruption
  • Be patient and friendly
  • Try to understand their true needs
  • Treat them as the most important person

Learn website development skills and set up my own website to reach potential clients within 90 days

2 hours/day

  • Take courses
  • Start to plan and implement
  • Ask for help

Buildup U.S. income tax and international tax expertise

1 hour/day

  • Read articles or watch videos on US domestic, inbound, outbound topics

Become a national-wide known expert in high-net-worth individual tax compliance and planning by writing 1 tax blog every day

1 hour/day

Invest money wisely for retirement

1 hour/day

  • Read articles, news, audio/video/books on retirement plans, investments, personal finance

Learn social media skills to give youtube videos on tax preparation tips and checklist

1 hour/day

Make friends with business partners and loyal clients

1 hour/day

  • Send birthday/charismas/new year card
  • Social media reach-out for targeted partnership
  • Jing Gao & Michael Freeman, Tony Peng

Grow business -ideally Work 2000 hours annually and serve 200 clients for $500,000

6 hour/day

24 hours per day:

  • health: 14 hours- 8 hours sleep, 1 hour exercise, 30 minutes body massage, 30 minutes mini-ex, 2 hour cooking & eating, 2 hour relax and meditation
  • wealth: 6 hours- 2 hours in tax study and writing; 2 hours working on tax returns; 2 hours in business development
  • growth: 4 hours- 2 hours in website development, 2 hours in investment, personal finance, small business, public speaking, new language

Business opportunities

 

Business opportunities evaluation
Business Ideas Personal Goals Business Goals Total score 
#1 #2 #3 #4 #5 #1 #2 #3 #4 #5
earn at least 60,000/year at least 14 hours for physical and mental health work on my own-self-expression minimum travel positive feedbacks from my own heart and clients limited initial investment & risk Partner with real estate agents, immigrant lawyers and investment banks project based contracts with CPA firms or law firms for skill I want to develop expertise tax boutique firm to serve high net worth individuals multiple streams of continuous revenue via cloud based business
Start a new CPA firm at home                      
Full time job+side business                      
Join an existing CPA firm as a tax partner                      
Join a tax franchise                      
Buy a CPA Practice                      
  • Does the business satisfy most of my wants and desires? (That is, business-selection criteria.)
  • Do I know how to be successful in this type of company?
  • Do I have, or can I develop (or hire), the attributes and capabilities that are required for success in this business?
  • Is the current condition and outlook for this type of business favorable?
  • Are my family and I willing to make sacrifices to achieve business success?
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