WEBVTT
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The topics and opinions express in the following show are
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solely those of the hosts and their guests and not
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those of W FOURCY Radio. It's employees are affiliates. We
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make no recommendations or endorsements for radio show programs, services,
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or products mentioned on air or on our web. No
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liability explicitor implies shall be extended to W FOURCY Radio
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or its employees are affiliates. Any questions or comments should
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be directed to those show hosts. Thank you for choosing
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W FOURCY Radio.
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Barry G.
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Fowler EA brings you tax talk for you right here
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on W four CY Radio and talk for TV. As
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an enrolled agent and a national leader in tax resolution
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as well as Trucker bookkeeping and tax planning. With over
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thirty years of experience, Barry will break down taxes, bookkeeping,
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tax planning, and tax relief for individuals and businesses just
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like you. So let's have some tax talk for you
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with your host, Barry G.
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Fowler. Hey, welcome, welcome, welcome. I glad to be here
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and talking about things that people want to hear and
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have asked us to talk about or address. And you
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know we do tax relief all across the nation, saving
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people money and fighting the I R S. But a
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lot of times we're getting questions what can we do
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to be successful in business? Or what can we do
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to save money in business? And how do we need
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to run our business? So, you know, we talk to
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people about starting at the ground floor. You know, what
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is the basics? Where do we where do we begin
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when we want to run a business for ourselves? And
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you know that's a daunting task starting your own own business,
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and it's easy to feel stuck in the mud, and
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you know, trying to figure out where you go and
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and what are the next steps for you to make
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it in business? And how can we you know, how
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can you make it a little bit more simpler being
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in business and how can you make sure or give
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yourself the ability to be maybe a little bit more
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successful than if you just started out and didn't know
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what you were doing or where you were going. I mean,
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you know, when you start your business, you're looking to
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register your company, maybe you build a team, or maybe
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figure out advertising, where your supplies are. You know, you
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got the business idea, Now you've got to put some
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foundation behind it. And that can be really intimidating, and
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business plans are basically the antacdote to a new business
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that you're struggling to figure out how to get it
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off the ground. And you know, a lot of people
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shy away from business plans because I think it's such
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a daunting task or lengthy document that require you know
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a significant amount of intention or care or planning to
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go through this to make sure my cell phone's off here,
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otherwise we start getting phone calls, you know. But one
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of the reasons that you want to do a business
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plan is it increases your chance of being successful. You're
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you're more likely to be successful if you write your
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own business plan then if you don't. You know, your
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business plan is considered to be that roadmap to success us.
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It's a blueprint to follow that helps you outline, understand,
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and achieve your goals. Writing a business plan is going
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to define critical aspects of your business like your brand, messaging, conducting,
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market research, conducting, pricing, strategy plans, all before you really
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start your company. Now you may say, hey, I don't
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need all of this, Well, what business plan can be
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adapted to what you need? But if you're like you're
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going into the trucking business. You know, you know you
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need to trug. You may not have the advertising aspect
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of it, but you do need to do some market research.
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What are you going to be able to make or earn?
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You know, maybe you're simply going and deciding you're just
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going to be leased on to somebody, or maybe you're
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going to go it alone and you're going to get
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your authority and go down that path. You know, putting
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the business plan together helps you start defining those goals
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and what it's going to take to be successful. So
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why not take the time to create a blootprint that's
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going to make your job, your life easier. And there
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are you know, we can look at six probably more
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reasons to do a business plan, but let's let's talk
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about six. And you know I do right for the
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Landline magazine. And one of the nice things about writing
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for Landline Magazine, I get to write, you know, articles
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on what I wanted to do based on the information
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and people asking questions of me, and so you know,
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in the next month you're going to see a great
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article on on business plans. And so one of the
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reasons that we talk about creating a business plan is
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to plan for success. That's right. You can plan to
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be successful. And you know, planning to be successful means
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you're setting goals. You're setting your figures of where you
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expect to be and then what does the success look like.
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It's going to give you that starting point of striving
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to achieve and when you're going to achieve those goals
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or what you expect to achieve. How much money are
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you going to make? How much money do you need
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to support your family? That's important, isn't it. You know
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ninety percent of small businesses fail purely due to the
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lack of planning, and you shouldn't be one of them. Hey,
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we'd a lot of questions and Texas texts that come
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in and everything. We got a message here from Keith.
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Can businesses do a new business plan after years in business?
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And should they? Well, Keith, it's like this. If you
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had a business plan when you started, you should be
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updating business plans as you go. See, when you achieve
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your goals, it's not time to stop. It's time to
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set new goals, new ambitions to maybe become bigger, better,
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stronger in business. So yes, if you haven't done a
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business plan and you've been in business, it's a good
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time take the time to sit down and do planning.
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Where you want your business to be, you know, maybe
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the next five years or the next ten years. What
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are your goals, what are your ambitions, and so, yes,
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you should either rewrite, expand always go back and look
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at what you're doing compared to the business plan that
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you set forth. Now you know business plans, you know,
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they could be kind of simple, they can be more
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in depth. They can be you know, if you're going
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out for funding and stuff like that may have to
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be significant. So reason number two that you want to
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have a business plan is funding. Hey, I don't care
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whether you're in the trucking business or any other small business.
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You have a need for funds, whether it's buying a
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truck or a trailer, buying supplies, buying a building. And
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you know you can go through all these things, but
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you need money. Most businesses need funding, and you're most
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likely going to need to borrow money for your tractor
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or your trailer and maybe even all the starting of operations.
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A business plan makes you do your homework and set
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goals on how you're going to make that money, how
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you're going to pay your luanback, or maybe you got
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to lease, how you're going to pay your lease, the
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tractor trailer building you may be leasing, or that maybe
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the building you're going to buy. That is all funding
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that requires you to take the time to do a
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little bit of planning and giving your business that foundation
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for success. Not only that, but you know, legitimizes your
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business idea, legitimizes what you're planning to do in business.
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It's one of the first things that you're going to
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do in this business plan is research you're not just
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your target market, but industry trends and what your competitors
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have done, who you're going to compete with, and how
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you're going to be successful, and then modify as you
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go from there. So you know, there's a lot of
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things that you need to do as you're starting to
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get into doing this business plan that's going to help
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you build that absolute foundation of your business and help
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you to be successful. I've got a question from Heather,
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should you write your own business plan or have a
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company do it for you. Well, here's the thing. It
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really depends on what you're planning on doing. If you're
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going out for outside investors to come in and be
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a part of your business. You may want to look
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for a outside business to help you or assist you
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in writing your business plan. Now, the thing about whether
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you use an outside business or you do it yourself.
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One of the things is it's all going to come
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back to you to help you put together your ideas,
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what it means to you to be a success, where
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your goals and ambitions are. These are all things that
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they're going to do it. What they're maying to be
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able to do is put it in better words or
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professional words that may bring you in a good outside
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investor for your bank, for other funding ideas. A lot
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of times doing it yourself is the way to go.
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Maybe that you need an outside company to do some
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of your market research. Depending on the type of business
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that you are going into, you know what are your
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competitors doing and finding the way to go through and
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do that, and we can come back. We're going to
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continue talking about some of the six reasons you should
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have a business plan and answer a few other questions
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that are coming in as we're going through business plans.
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Will be right back after this.
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We have only scratched the surface of today's show. Please
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stand by as Barry G. Fowler will be right back
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with tax talk for you. If you own the IRS
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or are going through an IRS audit, don't go at
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it alone. Called Taxation Solutions Tax Relief at eight eight
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eight nine three zero one zero one six. We are
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your solution for IRS debts, audits, back taxes, garnishments, leaned
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and levees. Whether you're an individual or business, you need
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a solution and a strong, aggressive tax resolution. Don't let
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the IRS walk all over you.
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Stop the IRS now.
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We'll call eight eight eight nine three zero one zero
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one six, or go to Taxation Solutions dot net now
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for a free no obligation consultation. Let's get back to
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tax stock for you with more tax stock once again.
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Here's your host, Barry G. Faller.
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Business plans, business plans, business plans. You know, should you
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be doing business plans? You know, as we talked about
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the first segment, absolutely, you know, set those goals, uh
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figure out what it means to be a success in
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the business you're going into, whether it's the trucking business
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or any other small business out there, or or if
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you're planning to be a large business. Set the goals
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for what success means to you. And how are you
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going to get there? He question in from two does
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your company only work with the trucking industry or does
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it cover all types of businesses? A Taxation Solutions tax
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relief works with everybody, individuals, businesses across the board, saving
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people money when the IRS is coming after you. Trucker
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Tax Tools is a business we have out here that
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it works with truckers and we do this nationwide. So
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if you've got tax problems, check out Taxation Solutions dot
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net and we can help you with your IRS problems.
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And if that means we got to do bookkeeping to
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help you too, it definitely can can set you up
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to do that. Trucker Tax Tools works with truckers. If
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you go to Trucker tax tools dot com you can
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see everything that we do for truckers out there in nationwide.
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Heather had another question here where would you suggest learning
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how to write a business plan? And who sees this plan? Well,
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what I suggest is there's a really good website out there. SBA,
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the Small Businesses Administration has some good business plan formats
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for you out there that you can jump into and
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take a look at and then give you a lot
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of great information as well on how to write your
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business plan and what you're looking for. And you can
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kind of search the web more as well of how
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to write your plans. But you know SBA is a
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good resource, you know for that. And then here they
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also asked who sees this plan? Well, if you're not
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going for funding, you're not going for investors, it's you
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you see this plan. Remember, this is your guide, This
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is your business plan. This is what success means to
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you in your business. Now, if you have partners, it
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means success for you and your partners. You know, it's
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something to go back and measure what you've done. So
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you know. The third reason you're going to do a
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business plan, it's your GPS to get your business going
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and keep your business going in the right direction. You know,
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if you're out on the road, no matter where you're going.
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Every day now people go to ways or Google Maps
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or you know the other map apps that are on
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your phone for GPS or even the GPS in your
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car to tell you where you're going. You may not
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need it, but people do it because it will tell
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them if there's traffic or a better way. Your GPS
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is your business plan guide to every step and every
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stage of starting your business, managing your business, growing your
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business at using this business plan like you use your
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GPS while you're driving, to provide directions and or structure