Start a small business- lesson one

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?