Retirement is not in the plans of most small-business owners, according to the newly-released Wells Fargo/Gallup Small Business Index.

Eight of 10 small-business owners surveyed said they are happy running their businesses and have no intention of retiring. Almost 4 out of every 10 said the only thing that would force them to retire is poor health.

Forty-two percent of small-business owners indicated they may cut back on work, but would never completely abandon their business. Only 19 percent plan on traditional retirement.

Even though retirement is many moons away for me, I feel that I will fall into the 42% of business owners who will cut back, but not completely abandon their business.

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This small business forecast is brought to you courtesy of Anita Campbell of SmallBizTreands.com.

This list was subjectively chosen by Anita under 2 requirements:

1) The list is limited to businesses that the mainstream can identify with.
2) The list focuses on opportunities for the average entrepreneur.

That said, here is the Small Business Trends list of Top Ten Promising Business Opportunities for 2006:

1. Outsourced information technology services
2. eBay and Amazon related opportunities
3. Pet-related
4. Food and beverage related niche industries
5. Hobby and avocation-based businesses
6. Anything security related
7. Services for seniors and retired people
8. Information filtering services
9. Hospitality businesses that create an experience
10. Hispanic products and services

[Read More…]

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Looking for a tax write-off to start 2006? Consider replacing or supplementing your desktop PC with a portable computer system.

I am shopping for a system like this myself, and have learned several important things about laptops:

1) There are only a small handful of notebook PC manufacturers in the world. This means that “brand name” notebooks aren’t proprietary technology; only rebadged ODM (Original Design Manufacturer) systems. Notable exceptions are brands such as IBM, Acer, Toshiba, Twinhead and Apple.

2) OEM Companies (Dell, Gateway, Compaq, Sony, Sager, Alienware, HP, etc.) build the ODM system and back it with parts and support. You cannot purchase direct from the ODM.

Here are things to keep in mind when shopping for your system:

Warranty: Compare warranties among different vendors.
Features: Does it do all you need?
Price: Are you paying for a name, or for features and warranty?

I plan to purchase the Sager 9750. Based on reviews, reviews and more reviews… I think this is THE system to purchase if you want high-end that allows for easy upgrading in the future.

This system is a beast weighing in at around 12.5lbs, making it a excellent desktop replacement, but not a mobile workhorse. For a more lightweight solution, consider the Sager 5720 featuring Intel Pentium M with a total weight of 9.4lbs.

Recommended Reading:

NotebookForums.com
NotebookReview.com

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Since this will be the last non-DOTW post before Christmas, I would like to wish all of my readers happy holidays!

I wish all of you good luck and success in 2006!

Holiday card image courtesy of CardsDirect.com

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High-speed Internet connections over powerlines and electrical currents is not entirely new, however, it is little known to the public.

I believe this technology will soon be a viable alternative to Cable and DSL connections. With two-way speeds of up to 25 times that of Cable and DSL, this technology could have a significant impact on all things electronic.

There are, however, some kinks that need to be worked out first… such as interference with certain radio frequencies.

Customers who subscribe to the service simply plug a tiny modem, based on the HomePlug power line standard, into an electrical outlet and connect a cable from their computer for Internet access.

Recommended Reading:

HowStuffWorks: BPL (Broadband o’ Power Lines)
WiredNews: Broadband Over Power Lines?
Why broadband over power lines is a bad idea

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Tired of bent, torn, tattered and otherwise unprofessional business cards? Keep your business cards fresh and clean by investing in a business card case.

These items make great gifts for employees, clients, and even yourself. A stylish business card holder could even help strike conversation in a social setting.

View more business card case designs

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C|net has launched a new web site:
Best Practices: Tips for Your Small Business

“If you’re in business, you’re looking for solutions. What you do with your systems, software, and services is as important as what you buy. Knowing how to get started, where to turn, and what questions to ask helps you streamline your efforts and make more money.”

There are a few useful articles, but for the most part the site looks pretty bare. Since it is new, I assume that more content will be added over time. Bookmark this and check back in a few months as I have a feeling there will be some good articles posted there.

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In the month of December what do you think about… family, food, shopping? At this important time of the year, many business owners don’t give their tax situation a second thought.

What can you do to maximize your tax savings before clock strikes midnight on December 31st?

Barbara Weltman of Inc.com offers these 10 steps:

Step 1: Add to your revenue.
Step 2: Pay off accounts receivable.
Step 3: Make capital investments.
Step 4: Stock up on supplies.
Step 5: Distribute profits.
Step 6: Save for retirement.
Step 7: Make charitable donations.
Step 8: Get slow movers off your books.
Step 9: Adjust your estimated taxes.
Step 10: Get ready for new 2006 tax laws.

Source: 10 Steps to Year-End Tax Planning

Recommended Reading:

• MotleyFool - Year-End Tax Planning Tips, Part I
• MotleyFool - Year-End Tax Planning Tips, Part II
• Google.com Search - “Year End Tax Savings”

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Like most small business owners, I cringe when paying taxes. It’s my duty as an American citizen, however, I question if taking such a large chunk of what I earn is the right way.

Enter the Fair Tax legislation also known as H.R.25.

The Fair Tax repeals the income tax, employment tax, and estate and gift tax. A national sales tax of 23% on the use or consumption in the United States of taxable property or services would be implemented. In other words, only the money you spend would be taxed.

Scott Burns of the Dallas Morning News offers three good reasons for implementing the Fair Tax into our society.

1) Liberation of skilled workers.

Burns argues that income taxes fall hardest on skilled men and women who work hard in, and sometimes own, America’s small businesses. The burden of time and fees is the single largest thing that keeps these workers from accumulating wealth.

These workers are not represented by anyone in Congress, whether Democrat or Republican. Our laws are written by special interests that range from the AARP to the nameless lobbyists who tack on special tax breaks that benefit a single company or industry. That’s the way it is. It is an entirely corrupt system.

2) If you don’t spend your income, everyone benefits from it.

By not spending the money you earn, you are saving it. This extra cash flow will open up new capital for our economy. It would provide new cash for bank deposits, inventory for stores and manufacturers, and capital for equipment. Without the drain of taxation, a larger supply of capital would force down interest rates.

3) Greater equity in taxation.

The only true winners in our current tax system are the lobbyist who represent self-interest groups at the ultimate expense American small business owners like you and I. Both political parties fail to recognize that the worlds of work and entitlements are on a collision course.

Recommended Reading:

• FairTax.org - Americans for Fair Tax
• The FairTax Book by Neal Boortz
• Thumbnail Sketch of the FairTax
• Online Office of Congressman John Linder, Georgia

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“The most productive office is one that is not only comfortable and attractive, but is also functional.”

Last year when I moved my home-based business into a leased office space, I needed to select a new desk setup. I chose a corner desk with a desk extension off the left side. Behind me I have a bookcase/shelf system that holds various decor and books. The ad photo above shows the desk setup that I purchased.

I love this setup not only because it looks great, but also because it’s extremely functional. The setup fulfills every need I had including a comfortable computer position, a desk for writing and stacking and even an attachment to place sticky notes.

Need a comfortable office chair? They are expensive, but I highly suggest a Herman-Miller Aeron chair. It is by far the most comfortable office chair I have ever sat in (and I’ve tried alot of chairs!). Don’t settle for a cheap alternative!

Recommended Reading:

Consider needs first in office furniture
10 Common Home Office Mistakes
How to Use Artwork to Enhance Any Room

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Headhunting is a common practice these days.

An employee informs you that he will be leaving his positions in order to take up a new job offer. Soon you learn that this new job offer came from a direct competitor. Chances are, your employee will try to take customers with them.

How can you protect the employee/company/customer relationships that you’ve worked so hard to gain?

Restrictive Covenants - require employees who interact with customers or work with confidential information to be bound by a non-compete or non-solicitation agreement or both.

Keeping Former Employees Away From Your Customers

Recommended Reading:

Nolo.com - Non-compete Agreements
FindLaw.com - Non-compete Agreements
Business Owner’s Toolkit - Non-compete Agreements

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If you’ve looked at a magazine within the last 25 years, you’ve probably seen at least one Absolut Vodka advertisement.

It’s been named one of the 10 best campaigns of the 20th century by America’s Advertising Age Magazine. To date, it comprises 1,450 original ads, with more added each month.

“Why are ABSOLUT ads so memorable? Why do collectors crave them? Why are famous artists and writers enthusiastic about creating them? The concept is easy and the execution brilliant. First, two simple words – and the first is always the same – second, a single stunning, image that complements the headline. Like a couple in love.

It proves that advertising doesn’t have to be complicated; rather, advertising can and should respect people for their wit and intelligence. The most impressive, impfactful ads are often the simplest. This knowledge is key to the ABSOLUT brand’s success”

–Richard W. Lewis, ABSOLUT Worldwide Account Director

AbsolutAd.com

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