Table of Contents
Introduction xiii
Part I Becoming Your Own Boss (Even Part time)
Chapter 1 Knowing What to Call Yourself 3
What Is a W-2? 5
The Lexicon of Self-Employment 6
Tips for Defining Your Business 10
Refine Your Business Vision Exercise 11
Chapter 2 Pros and Cons of Being a Solopreneur 13
The Pros of Being a Solopreneur 14
The Cons of Being a Solopreneur 19
Evaluating a Solo Leap 22
Chapter 3 Keeping or Leaving Your Day Job 25
Tips for Building a Business on the Side 26
What's Your Exit Strategy? Exercise 31
Secrets to Turbocharge Your Productivity 32
Chapter 4 Creating Your Safety Net 37
Build a Cash Reserve 38
Radically Cut Living Expenses 43
Ditch Your Debt 45
Stay Focused on the Positive 46
Gather Your Data Exercise 47
Part II Organizing Your Solo Business
Chapter 5 Understanding Business Entities 51
Sole Proprietorships 53
Partnerships 54
Corporations 58
Limited Liability Companies 61
Quick Business Entity Review 62
Deciding on Your Business Entity Exercise 64
Chapter 6 Naming Your Business 65
Registering a Legal Business Name 66
Do You Need a DBA Name? 68
Trademarking Your Business 72
Purchasing a Business Domain Name 74
Try a Business Name Generator Exercise 76
Chapter 7 Getting Licensed, Banked, and Insured 79
Your Business Documents 80
Opening a Business Bank Account 84
Getting Business Insurance 86
Operating a Homebased Business 88
Face Your Fears Exercise 90
Part III Managing Your Finances for Success
Chapter 8 Setting Rates, Creating Proposals, and Negotiating 95
Setting Great Rates 96
How Much Should You Charge? 102
Creating Winning Proposals 104
Negotiating for Higher Rates 107
Determine Your Operating Costs Exercise 108
Chapter 9 Creating a Money System that Works 111
Finding Your One Money Objective 112
Five Steps to Build Your Money System 115
Using Automation to Your Advantage 120
What's Your One Money Objective? Exercise 121
Chapter 10 Best Financial Tools for Solopreneurs 123
Accounting Tools 124
Project Management Tools 127
Tax Tools 129
File Storage and Sharing Tools 131
Website Tools 133
Chapter 11 15 Money Mistakes Solopreneurs Must Avoid 137
Pitfalls that Every Solopreneur Should Avoid 138
15 Resources for Solopreneurs 146
Part IV Understanding Business Taxes
Chapter 12 Settling up with Uncle Sam the Right Way 151
Paying Income Taxes 152
Which Tax Forms You Must File 156
What to Know About Hiring Employees 158
What to Know About Hiring Independent Contractors 159
Do You Have a Business or a Hobby? Exercise 163
Chapter 13 Don't Miss Out on Valuable Tax Deductions 165
Taking Advantage of Tax Deductions 166
Master Your Record Keeping Exercise 174
Chapter 14 Getting Cozy Savings from a Home Office 177
Pros of Working from a Home Office 178
Cons of Working from a Home Office 179
Who Can Claim a Home Office? 181
Home Office Expenses You Can Deduct 182
Defining Your Home Office Exercise 186
Chapter 15 Record-Keeping Rules to Live By 187
Tips to Manage Records Like a Pro 188
How Long to Keep Business Records 195
Monitoring Your Business Progress 195
Your Best Business Bank Account Exercise 196
Part V Building Your Own Benefits Package
Chapter 16 Protecting Your Health and Life with Insurance 201
Understanding Health Insurance Regulations 202
How to Get Health Insurance 204
Choosing the Best Health Insurance 209
How to Get Life Insurance 211
Insurance Savings Tip 213
Chapter 17 Getting Healthy, Wealthy, and Wise with An HSA 215
Using an HSA to Cut Costs 216
What You Can Purchase with an HSA 220
How Using an HSA Boosts Retirement Savings 222
Summary of HSA Benefits 224
Chapter 18 Planning for Retirement as a Solopreneur 227
Understanding Retirement Accounts 228
Should You Choose a Traditional or Roth Account? 241
How Much to Save for Retirement 243
Tips for Choosing Retirement Investments 245
Creating Your Retirement Vision 250
Chapter 19 Final Thoughts: Ten Action Tips for Solopreneur Success 253
Tip #1 Define Your Vision for Success 254
Tip #2 Create Your Own Income Security 254
Tip #3 Don't Underestimate the Need for a Cash Reserve 254
Tip #4 Choose a Realistic Business Timeline 255
Tip #5 Surround Yourself with Like-Minded People 255
Tip #6 Face Your Fears by Reducing Risk 255
Tip #7 Build Your Skills Deliberately 255
Tip #8 Make More and Spend Less 256
Tip #9 Become Savvy at Inbound Marketing 256
Tip #10 Get Good Advice When You Need It 257
Acknowledgments 259
About the Author 261
