Day 2

I missed Day 1 of TBIP because I couldn't watch it at work. The anticipation of waiting for the Day 1 recording drove me so crazy that I decided to watch Day 2 at work anyway. I hope I won't regret that decision =P

Anywho.

Topics:
Day 1: Choosing your Niche. Most important rule is to do something you're interested in/or have experience. Understand your customers. Don't pick something just because it made someone else a lot of money. They made a lot of money in it because they were really interested in and/or had experience with it.
Good niches: good selection of merchants and have a clear advantage of buying online

I've been keeping a list of certain areas/niches that I would like to explore in. Everytime I come across an area of interst I write it down. As that list continues to keep growing, my #1 pick hasn't changed yet.

Day 2: Building your Business. Three business entities were introduced. Sole Proprietorship, Limited Liability Corporation, S- Corporation. All have pros and cons. Tax avoidance is a right. Tax evasion is illegal.

I've decided not to focus too much on this yet. I need to get my business up and running before I lose track with this stuff. It's good to get educated in it so the tax proffesional I hire knows he/she can't take advantage of me, but like Jeremy said, I'd rather hire a professional because that's what they do and what I do is make money.