HopeChest of Small Business Ideas

Fall inspirations

Hope Player — Tue, 04 Oct 2011 19:52:17 GMT

Wow, it's now October! I'm reluctant to see summer leave, but the first crisp days of autumn refresh me. The cool air replenishes my energy to pursue new projects, or pull the old ones off the shelf and breath new life into them. The world looks different in the fall sunlight and I see possibilities at each turn. It gets light later and dark earlier and that instills an urgency to get things done. I'm more productive in the daylight, so my work time is compressing as the days grow shorter. Hurry, hurry! Opportunities await!

My newsletter and blog have been on hiatus this summer, but the fall has inspired me to write again. I'll be seeing you!

Rainbows and CPE

Hope Player — Tue, 04 Oct 2011 19:39:49 GMT

The sky this morning was ominous but pink clouds provided the backdrop for a rainbow that arched over the town. I smiled at God's work as I drove to a CPA educational meeting for the morning. A morning of mixed blessings?

Creativity

Hope Player — Tue, 19 Apr 2011 13:10:00 GMT

Unknown- Quotes on Creativity from The Thatcher Hoffman website

When you can see what everybody else has seen but be thinking what nobody else has thought, you will have discovered your creativity.

In creativity there is as much, if not more, to be gained from the journey as there is from reaching the destination.

Things are there to be tried, and unless we try them how will we ever get to know whether or not they work?

We carry with us at any time the most sophisticated piece of technology that exists - the human mind. It is this that dreamed up and made possible everything from the safety pin to interplanetary travel.

Every failure contains hidden assets. If one can face up to it and study it imaginatively, it will provide the raw information for new creativity.

With each new creative departure, one should leave with two pieces of luggage - the desire to have fun, and the desire to discover as much as possible along the way.

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Product Description The economy is tough, so isn’t this the best time to be in charge of your destiny? Find the Numbers For Your Business Plan (Full Court Press, 2010) helps you understand your own personal financial situation and allows you to start your business knowing you can make a living while you build your dream! Use this book if you: a) want to start a service business; b) will operate from your home or a small office; and c) estimate that start-up costs are modest.

Follow the case study of the Workman family as they make decisions about starting a small graphics design company. Use the colorful worksheets and straight talk in the book’s 96 pages to help you make good decisions right from the beginning.

Find the Numbers For Your Business Plan is available now in paperback online at Amazon.com and other channels. You can find the book sold in print and eBook format with its companion electronic worksheets at: www.thearcadiangroupcpa.com.

Joe Enters the Kitchen...

Hope Player — Tue, 12 Apr 2011 14:20:00 GMT

An excerpt from Find The Numbers For Your Business Plan ...

JOE ENTERS THE KITCHEN and hangs his keys on the hook by the back door. “The boss called everyone into the conference room today. He’s merging the company with MegaAdvertising. I was Mac’s first employee, and now after fifteen years, he’s selling out. Just like that. It’s effective in ninety days.”

Kathy glances at him from behind stacks of boxes of Girl Scout Cookies® that she and nine-year-old Susan are sorting to deliver to the neighbors.

“The new company will offer us all jobs, but the closest office is the next town over. I know Jack and Anne who work there, and they put in a lot of hours. I don’t like the sound of that, plus adding twenty minutes to my drive each way. They haven’t talked to us yet about money either—I don’t know.”

Kathy pulls the sleeve of cookies from a box of Thin Mints, and offers it to Joe. “What else did he say? Do you think your clients will be happy with this news?”

“That’s the other thing. MegaAdvertising works only with big companies. I guess we’ll finish the projects we have and then they’ll cut my clients loose.”

Joe savored the minty chocolate cookie—a once-a-year reward for having an entrepreneurial daughter. Again this year, Susan sold more cookies than any other girl in her troop, and won a trip for the family to a local theme park.

“Daddy, that doesn’t sound fair. Why aren’t your clients important to that big company?” Susan frowned. “I know they are important to you because you get so excited when they like the things you draw for them. Remember the poster you did for the animal hospital when it opened? You know…the one with dog and cat noses? They looked like they were sniffing the camera! That was cool!”

“She’s right, Joe. You do care. You’re proud of the work you do for them.”

“I know, Daddy. Why don’t you just keep making them happy? Let’s start our own business! If I can sell 300 boxes of Girl Scout Cookies®, I can help you sell, too!”

“And, Dad, I can help with the websites! I bet I know as much about that as you do,” yells Sam from the mudroom, where he’s been listening as he took off his cleats from seventh-grade soccer practice.
Kathy and Joe look at their children and then at each other. Joe shrugs his shoulders, raises his left eyebrow, then cocks his head. “You know ... you might have a good idea here.”

Kathy takes a cookie, too. “Let’s all agree to do our homework and see if we can make enough money to keep the two of you in knee pads and scout uniforms.”

“Ugh. . .homework,” the children whine in chorus.

Product Description The economy is tough, so isn’t this the best time to be in charge of your destiny? Find the Numbers For Your Business Plan (Full Court Press, 2010) helps you understand your own personal financial situation and allows you to start your business knowing you can make a living while you build your dream!

Use this book if you:
a) want to start a service business;
b) will operate from your home or a small office;
c) estimate that start-up costs are modest

Follow the case study of the Workman family as they make decisions about starting a small graphics design company. Use the colorful worksheets and straight talk in the book’s 96 pages to help you make good decisions right from the beginning.

Find the Numbers For Your Business Plan is available now in paperback online at Amazon.com and other channels. You can find the book sold in print and eBook format with its companion electronic worksheets at: www.thearcadiangroupcpa.com.

Self-Publishing - Costs Associated with the Production of a Book

Hope Player — Tue, 05 Apr 2011 13:32:00 GMT

Printing costs have become more reasonable, but you understand that they are probably your largest expense item. Other costs associated with the production of the book include:

Book design - Your cover entices readers to take the book from the shelf, and the interior layout keeps their interest.

Editing - Make sure your facts and your English are correct. Friends and business associates can help, but hire a professional to do the final review.

Permissions - If you use information or pictures not prepared specifically for your book, get written permission from the owner of the copyright for the work. There may be a fee.

Author photo - Your picture goes on the back of the book, so look your best!

An International Standard Book Number (ISBN) and a Bookland EAN bar code are required to identify your book and get it into bookstores and Internet booksellers.

When you self-publish a book, you establish a business, as well. Contact a CPA with small business and publishing experience to guide you through the start-up. The simplest and least expensive form of doing business is a sole proprietorship. Just select a name for your publishing company, check to see if anyone else is using it, and then register it with your local government. Consult your CPA to decide whether a corporation or limited liability company is a better choice.

If you'll work from home, consider a post office box with a regular street address from those companies that provide mailbox and shipping services. It provides an image of a business location, and may save time and money to have everything under one roof.

What about shipping the book? If you'll handle this yourself, buy an initial stock of shipping supplies.

Marketing and publicity costs are another major expense. Buy a domain name for your book and develop a web site. Make it attractive and easy to navigate so browsers will buy, and give them an easy way to pay, for example, an online service like PayPal.

Print business cards, postcards, bookmarks, posters, refrigerator magnets, or other tchotchkes. Be creative to make your book stand out.

Will you travel to sell your book at festivals, bookstores, or special events? Estimate the costs of hotel, food, gas, airfare, etc. A national book tour sounds like fun, but when you estimate the costs, how many books at $12.95 will you have to sell?

Associate with an Internet book retailer advantage program for small publishers, but some require an upfront fee.

Add up the expenses to get your book published (production costs), the initial marketing and publicity expenses, and the business formation costs. Say the total is $8,000 to produce 2,000 books; the per-book cost is $4.00. If you sell the book for $12.95, then $8.95 per book goes to recoup the initial costs. You'll have to sell 894 books to earn back the initial $8,000 you spent - to reach your breakeven point. How long it takes depends on your marketing plan.

Want to change the numbers to see other options? This would be a great place to use a spreadsheet. Set up a workbook with details for all your costs and options. The formulas are very straightforward. It will allow you look at various options such as changing the press run or increasing your marketing budget, and see how that affects your breakeven point.

Finally, remember to pay taxes on your profits. As a sole proprietor, you file and pay taxes as part of your personal tax return. Keep good records of your income and expenses-the information helps you run your business and file your taxes. You're self-publishing your book to maintain creative control. Don't lose the financial control.

Last-Minute Tax Preparation Tips

Hope Player — Tue, 29 Mar 2011 16:04:00 GMT

In the last frantic hours before filing your 2010 taxes, don't get so frazzled that you forget about the deductions most frequently missed by taxpayers. It could mean more money in your pocket.

It's easy to get wrapped up in the last minute rush to file, say tax experts at the new Jersey Society of Certified Public Accountants (NJSCPA). http://www.moneymattersnj.com/story.cfm?sid=15336

Click here to use the information from the New Jersey Society of Certified Public Accounts as a checklist to jog your memory and maximize your tax savings this year.

Follow the case study of the Workman family as they make decisions about starting a small graphics design company. Use the colorful worksheets and straight talk in the book’s 96 pages to help you make good decisions right from the beginning.

Find the Numbers For Your Business Plan is available now in paperback online at Amazon.com and other channels. You can find the book sold in print and eBook format with its companion electronic worksheets at: www.thearcadiangroupcpa.com.

How the Tax Laws Can Help Lower Your Education Costs

Hope Player — Tue, 22 Mar 2011 17:05:00 GMT

How the Tax Laws Can Help Lower Your Education Costs

It’s no secret that sticker shock sets in quickly when you’re looking at education expenses. According to the College Board, the price for yearly tuition alone can range from nearly $8,000 for in-state students at public four-year colleges to an eye-popping $35,000 or more at private four-year institutions. And those amounts don’t include the cost of room and board as well as other expenses. The good news is that the tax laws offer a number of opportunities to minimize your out-of-pocket education costs, if you know how to make the most of them. (http://www.moneymattersnj.com/story.cfm?SID=15333)

Click here to see the valuable tips provided by The New Jersey Society of Certified Public Accountants (NJSCPA).

Corporation Protects Assets at a Price

Hope Player — Tue, 15 Mar 2011 14:22:00 GMT

I've heard that I can save on taxes and write off personal expenses by incorporating myself. How should I go about doing this?

This sounds like a question I'd get on a Monday morning from a client who attended a weekend cocktail party. Personal expenses are generally not deductible against business income.

A corporation is a legal entity designed to exist separately from its owners, the shareholders. The corporation, under authorities granted by the state where it's formed, can enter into contracts, pay taxes, sue and be sued. The goal in forming a corporation is to keep the personal activities from commingling with business transactions.

Many businesses incorporate so they can raise capital to expand the business or easily transfer ownership units. For single-owner businesses, the reasons generally involve protecting personal assets and saving taxes, but these advantages come with a price.

Record keeping requirements are more complicated for a corporation. You must maintain a separate bank account, file annual corporate income tax returns, and pay taxes on corporate profits. Even though you're the sole owner of the corporation, you receive salary just like an employee, subject to the same payroll withholding taxes and periodic tax filing requirements.

A regular corporation, known as a C Corporation, usually has the worst tax bite, with top rates at 39%. You pay taxes on the company profits, and then when you take the money out for yourself, you may pay tax on it again, generally as a dividend. If you're counting, that's paying taxes twice. And if you're a professional who incorporated your practice, you're considered a professional service corporation and your first dollar of profit could be taxed at 35%. On the plus side, a C corporation allows for deductions for medical expenses for shareholders under a medical reimbursement plan that isn't available under other types of entities.

You may be able to minimize taxes through electing a status as an S Corporation. Talk to your CPA to see if this option is right for you, and to file documents in a timely fashion to protect the tax advantages.

The S election allows you to report the corporation's profit on your personal tax return. Depending on your personal tax bracket and the company's profits (or losses), good planning could make a difference in your total tax bill. As a shareholder in an S Corporation, you draw a reasonable salary for which you pay Social Security and Medicare taxes. You're entitled to also take a stockholder distribution, which is not subject to the payroll taxes. If done correctly, you can save up to 15.3% (combined rate for Social Security and Medicare taxes) on the amount of the distribution. Be aware that there are limitations on the amount of distribution allowed before triggering other tax implications. This is why you need the help of a tax professional.

A primary reason to incorporate is to remove the risk of loss due to financial obligations or lawsuit from the personal assets of the shareholders. To accomplish that goal, though, you must walk, talk, look, and smell like a corporation. That means you must file all corporate paperwork in a timely fashion, conduct formal meetings of your stockholders and board of directors, and keep minutes of actions taken. Follow these guidelines, and then if a problem arises, you've taken the steps to prove a true corporate existence.

It's not difficult to form a corporation yourself these days. Go online to your state's website to look for the name you want, check to see if it's available, complete the application, pay the fee, and you'll have a corporation within minutes. But what you do next determines the benefits to you. Talk to your CPA and get all the information you need before you set up the corporation. Planning the tax benefits is unique to each individual, so don't make decisions based on what you learn at a cocktail party.

The economy is tough, so isn’t this the best time to be in charge of your destiny? Find the Numbers For Your Business Plan (Full Court Press, 2010) helps you understand your own personal financial situation and allows you to start your business knowing you can make a living while you build your dream! Use this book if you: a) want to start a service business; b) will operate from your home or a small office; and c) estimate that start-up costs are modest.

Follow the case study of the Workman family as they make decisions about starting a small graphics design company. Use the colorful worksheets and straight talk in the book’s 96 pages to help you make good decisions right from the beginning.

Find the Numbers For Your Business Plan is available now in paperback online at Amazon.com and other channels. You can find the book sold in print and eBook format with its companion electronic worksheets at: www.thearcadiangroupcpa.com.

Top Five Things Trevor Bayne Did Right

Hope Player — Mon, 07 Mar 2011 15:20:00 GMT

Twenty-year old Trevor Bayne is a household name since he became the youngest guy ever to win the Daytona 500, The Great American Race. His victory was a feel-good story that created lots of buzz for the new NASCAR season. I couldn’t help but notice similarities between his burst on the scene and entrepreneurs as we start our businesses.

Top Five Things Trevor Bayne Did Right

He was prepared to do what he needed to do complete the race – which was his only goal! He had the skills to take the opportunities that came his way that moved him across that finish line. Entrepreneurs must also be prepared for their journey to success.

He sought advice from veteran drivers and listened to them. How often do we shy from asking others for help because we think it shows weakness? Mentors are vital to our success, and it’s okay that they are also a competitor.

Trevor showed confidence, not arrogance. If you believe in yourself, exuberance often makes up for a lack of experience.

He kept his sense of humor. After he won the race, he didn’t know what to do or where to go next! Sometimes we have to laugh at ourselves because even in times of victory, we can screw things up!

Trevor was gracious and humbled by his victory. Saying thank you is always the right thing to do.

Competition on the race track is tough, but there are folks who will help you. The term “coopetition” was coined during the Daytona 500 to explain the drivers helping each other in the two-by-two drafting to improve the cars’ speeds. It explains how working with your competitors can get you both to the front of the pack. Isn’t business the same way?

My Will Shall Shape My Future...

Hope Player — Tue, 22 Feb 2011 13:43:00 GMT

“My will shall shape my future. Whether I fail or succeed shall be no man’s doing but my own. I am the force; I can clear any obstacle before me or I can be lost in the maze. My choice, my responsibility; win or lose, only I hold the key to my destiny.”

Elaine Maxwell (The Smart Women’s Book of Powerful Quotations by Sheri McConnell)

Are you ready to unlock your destiny?

The Mature Stage of a Small Business

Hope Player — Tue, 15 Feb 2011 14:16:00 GMT

If you're still in business after five years of sweat, tears, triumphs, and mistakes, consider yourself a success. The Small Business Administration reports that only forty-four percent of businesses started five years ago are still operating.

Each year, during Small Business Week, communities recognize outstanding small business owners. The public should understand what it takes to reach that level of success, and entrepreneurs need to understand what it means to them as business owners. Whether you have applied for your first business license, or are ready to pass your company on to the next generation, you can always learn from others.

A mature business has finally achieved a stable financial condition. As its owner, you're finally making more money than you did at your old job. You've discovered ways to delegate more tasks to your employees, and learned to give them the authority to handle those tasks.

At this stage of the business life cycle, you begin to realize that your personal life needs a boost. Family, friends, and outside pursuits become very important again in order to sustain your entrepreneurial spirit and drive. Your creative talent, hard work, and adrenalin have kept you going for a long time, but they won't work forever.

Maturing into the role of a manager, you're learning to train the staff to handle some of the things you do. This transition presents real but necessary challenges for the continued success of the company. To many business owners, delegation of responsibilities and empowerment of personnel translate as loss of control. In reality, it frees you from day-to-day tasks and gives time back to you so you can direct the path of the company, and plan your personal life separated from your role as owner of the business.

A five-year-old business should be bursting with pride for having gotten this far. Its owner, meanwhile, begins to deal with personal and company quality of life issues. As your employees grow, mature, and take on more responsibility in the company, they help you maintain the high level of customer service you provide, monitor the competition, figure out ways to get the best information in the faster manner, and keep the office supply cabinet properly stocked.

Running a business in this world's changing economic environment, to paraphrase Bette Davis, 'isn't for sissies'. Have you hugged an entrepreneur today?

Are you ready to run your own business? Take the first step and find the numbers in YOUR business plan. Find the Numbers for Your Business Plan helps you understand your own personal financial situation and allows you to start your business knowing you can make a living while you build your dream! You need this book if you want to start a service business, plan to operate from your home or a small office, and estimate that start-up costs are less than $35,000. The economy is tough, so isn't this the best time to be in charge of your destiny?

Find the Numbers for Your Business Plan

“Well, Joe, you’ve made it through your first year!"

Hope Player — Thu, 10 Feb 2011 16:23:00 GMT

An excerpt from Find The Numbers For Your Business Plan ...

“Well, Joe, you’ve made it through your first year. Congratulations! Are you glad you started your own firm?”

“Ken, it’s been a wild ride, but Kathy and I believe it was the right thing to do. Thanks for your help with accounting and taxes and keeping our focus on the finances. That kept us in line.”

“I held my breath those first few months,” Kathy said. “Once we signed up family and friends as clients, I worried where we’d find the next batch.”

“Yes, the first two quarters were tougher than I anticipated, too. Your suggestion to use the computer store’s ninety-day financing promotion gave us a little extra breathing room. Luckily we had the certificate of deposit from Aunt Ethel as our backup. We tapped it to get through a few months while I built a base to cover the regular expenses.”

Kathy was proud, “By the end of the year, we put that $10,000 back in the bank. This time next year, we hope to recoup the initial $20,000 we spent, too.”

“That’s great, most people aren’t so lucky. Because you planned before you started the business, you could see the potential shortfalls and find the funds to cover them . . . before you needed them.

You were conservative in the costs to set up your office. You chose a location that’s convenient to your clients, and you saved money using pictures and other items from home.”

“Yes, we need to talk about spending more time at home,” Kathy interrupted.

“I waited longer than I should have to get some help, but I’m glad I hired a virtual assistant. Jennifer has experience in billing and contacts maintenance, so she completed the projects in a short time. She designed a standard process so she’s really efficient. I wish I were half as organized as she is.”

“So what are your goals for the next few years? Have you started working on your business plan?” Ken waited for Joe to pull out his ever-present memo pad.

“We sure have! Our revenues for the first year were nearly $100,000, and we want them to grow by at least 35% this year and next year. I’m handling about as much work as I can, and still have some time for my family. I’ll ask freelance designers to help me and maybe find the right person to hire.”

“So, Kathy, when will you join the company?”

“Ken, I’d rather quit my job, and stay home with Susan and Sam. As they get older, it takes so much more time with their activities. We figure I can do this by the time Sam goes into high school.”

“And we wouldn’t be able to do this if we hadn’t started the business. Thanks for your help, Ken.”

There has never been a better time to find the numbers in YOUR business plan!

Find the Numbers for Your Business Plan

Product Description Find the Numbers for Your Business Plan helps you understand your own personal financial situation and allows you to start your business knowing you can make a living while you build your dream! You need this book if you want to start a service business, plan to operate from your home or a small office, and estimate that start-up costs are less than $35,000. The economy is tough, so isn't this the best time to be in charge of your destiny?

The Adolescent Stage of a Small Business

Hope Player — Tue, 08 Feb 2011 16:43:00 GMT

A small business blossoms and grows just like a teenager. It will search for its identity, try to buck the system, and grow out of its existing policies and practices. If you're lucky, it will develop into a solid, mature contributing entity that will give you much pleasure in the years to come.

Small businesses mature on different timetables. Your micro business sees the first signs when hiring your first employee or moving from your home into a real office. A larger business may notice them when you install a computer network, expand your product line, or adopt an employee benefit plan. Actual events will differ from company to company, but they all represent "growing pains."

At this stage, you've stretched your financial resources so far that you feel like you're back at the beginning. You can't pack any more activities into your day and you're having trouble getting things done on time, or at all. You're the owner of the business; don't think of "delegation" as a four-letter word! It's an absolute necessity if you hope to grow.

When was the last time you reviewed your business plan? If you haven't looked at your plan since you started, dust it off now. For others, you've probably used your initial plan as a guide, modifying it periodically. Your company's financial picture has changed since the beginning, and you need to consider how those changes impact your plans for the future of the business.

This is the time to study your financial statements to see how you're doing. If you don't understand how to read them, ask your accountant NOW to help you. You need real information to make solid decisions about the future of your business. Pay close attention to your profit and loss statements and balance sheets, and you'll see how much you've grown; the smart decisions you made; and the ones that didn't work. They also give you a stronger basis to plan where the business goes, rather than the guesses you made when you started.

Also, use this information when you review and update your marketing plan. Do you know where you're getting your customers, or are revenues lower than you hoped? Review where you're spending your advertising dollars, and revise your plan to spend your money where it's most effective. Are you making as much money as you projected? Pinpoint what's working and what expenses are different than you expected. If you don't understand or like what you see, get help. Remember the organizations you used when you were getting started? Service Corps of Retired Executives or Small Business Development Centers aren't just for startup companies. They welcome your questions.

In any business, the least enjoyed responsibility is employee management. It's tough to hire, train, supervise, and fairly compensate your staff. This area breeds lawsuits, so don't fool yourself into thinking you can handle it alone. Consult professionals to assist you, or you may pay for a very expensive lesson.

As your company grows, it acquires value based on your hard work, reputation, and potential in the marketplace. That value is more than the tangible assets, so it's time to plan for the future of your investment and protect it in the event of your retirement, death, or disability. Discuss your options with your accounting and legal advisors and design a strategy right for you.

A successful business requires a lot of hard work-and like with a teenager, you do your best. Be proud of what you've accomplished and let it grow. Stop wearing all the hats and realize that others can wear some of them as well as you. As a matter of fact-some even better. Find those folks, hire them, pay them well, and then take a vacation-you deserve it.

Are you ready to find the numbers in your business plan?

Find the Numbers for Your Business Plan

The Arcadian Group Launches New Website

Hope Player — Tue, 01 Feb 2011 19:41:00 GMT

The Arcadian Group has a NEW website! Find this newsletter, helpful articles, useful links and more at www.thearcadiangroupcpa.com

Do I really need a business plan?

Hope Player — Wed, 26 Jan 2011 15:22:00 GMT

Do I really need a business plan?

Absolutely! If only to help organize your thoughts, and to review your ideas for your business, the plan is the best way to do these things.

How often should I review it?

As often as necessary to help you manage your business.

Are you ready to find the numbers for your business plan?

Find the Numbers for Your Business Plan helps you understand your own personal financial situation and allows you to start your business knowing you can make a living while you build your dream! You need this book if you want to start a service business, plan to operate from your home or a small office, and estimate that start-up costs are less than $35,000. The economy is tough, so isn't this the best time to be in charge of your destiny?

Find the Numbers for Your Business Plan

The best executive is the one who...

Hope Player — Tue, 18 Jan 2011 14:57:00 GMT

The best executive is the one who has sense enough to pick good men to do what he wants done, and self-restraint to keep from meddling with them while they do it.
Theodore Roosevelt

Beginning of a New Year

Hope Player — Fri, 14 Jan 2011 14:34:00 GMT

It's no secret that most of us are glad to see the past couple of years behind us, but there are some lessons we should learn from the events of the year:

• Don't live beyond our means;
• Keep six to twelve months of living expenses in savings;
• Use credit cards efficiently; and
• Financial deals that are too good to be true, are.

Here's an idea. Make a new year's resolution to set up a personal budget and design a plan to achieve your financial goals. You're saying to yourself, "My finances are simple; I know where the money goes!" If you've never used a budget before, you probably don't know where you spend it at least a big part of it. Test yourself. Write down the first five items and the amounts that you can name. Here are some suggestions:

• Mortgage/rent payment
• Credit card payment(s)
• Utilities
• Contribution to retirement
• School expenses
• Car payment
• Cell phone/cable/internet
• Commuting expenses
• Groceries
• Travel

That wasn't so difficult, was it? The expense amounts that are the same every month stick in our heads. It's the other ones we don't remember that can provide us with chances to fatten our pocketbooks. But how do we figure all of it out?

Before you file last year's papers in the attic, why not use your checkbook and credit card statements to help you? Review where you spent your money in 2010, and compare that to what you want to do in 2011. Hopefully, those boxes contain records of the normal expenses like haircuts, dry cleaning, school fees, gifts, vacations, clothes, pet supplies, and hobbies. You'll soon be going through your financial records to gather data to use to prepare your taxes; why not get more benefit out of the exercise? It can give you a good starting point for your 2011 budget. When you're done, add these expenses to your first list of recurring monthly bills, and total them.

Compare this total to your monthly amount of income. I'll bet you still have 20 to 30 percent of your income to account for. There are two basic ways to tie it down. Use a debit card rather instead of cash. It will track your spending and show you how much you really spend a week on lunches, bus fare, coffee, cigarettes, newspaper, and all of the other little things that you buy.

If you don't want to use your debit card, keep a journal of your spending. Write down everything you spend, including the seventy-cent toll and quarters in the parking meter. You're doing this to watch the pennies, and those pennies add up to dollars. Once you've learned where you're spending your money, you'll be able to make choices to secure your financial future.

How can you change your spending habits? Do you really need that cup of gourmet coffee on the way to work every morning? Why not make it at home? Bring your lunch from home rather than eating out every day. Lower the interest on your credit cards, so you can pay them off faster. Sometimes all it takes is a phone call. Or can you get a home equity line of credit to pay them off. You'll have a lower interest rate on the balance, and it would probably be tax-deductible. Watch your clothing budget, buy a few accessories rather than entire new outfits to make the dollars go further. These are just a few suggestions, but you get the idea.

Let's say you find ways to save $200 a month in your spending. What will you do with it? Increase your monthly payment on your credit cards; contribute to a retirement plan at work or to an IRA; set up a savings plan; or increase your monthly mortgage payment. Call a financial advisor to help you make decisions to give you the best shot at financial security.

The new year is here! There has never been a better time to understand your financial situation and begin your dream of owning your own business. Are you ready to find the numbers in YOUR business plan?

Find the Numbers for Your Business Plan

Getting Organized for the New Year

Hope Player — Tue, 11 Jan 2011 13:51:00 GMT

January has started, and I'm getting organized for the new year. I'm moving old files out and setting up fresh folders for 2011, but I feel I should be doing more. What am I overlooking?

Look around and you'll see tips for getting your home and your life organized for the new year. One that I like the best was - create order, and you create space. Imagine that! Putting things where they belong frees up space for other things.

A small business works the same way, and here is a spin on some of those ideas to create more space to be successful.

Go Through Everything and Decide What to Keep or Discard

1. Clients - Review your customer list and determine who your best and worst customers are, and why. If you get rid of those that are not profitable or are difficult to handle, you'll have more time to recruit and service the ones that make you money.

2. Products or services - Analyze your current products or services, and determine what is profitable and what is not. Eliminate a product or service, and you free up space and manpower to generate more sales of the better-selling items.

3. Employees - There are good ones, and there are others who are challenges. The beginning of the new year is a good time to perform the dreaded annual employee evaluations. Reward and challenge the good ones; and train, supervise, or fire the others.

4. Vendors - Assure that you’re getting the best prices from your vendors. If not, find those that provide the best combination of pricing and service.

Be superfunctional. You're a small business owner, so streamline your operations and be flexible in your service - Agility is important in the marketplace. You can be more responsive than larger companies in providing service to your customers.

Everything in Its Place

Be organized with your work process and your finances. If your workday is overscheduled, you can't provide the highest level of service, supervise your employees, or find that next customer. If your workload is chaotic, your finances probably are, too. Decide which responsibilities you are willing to delegate, and put them in the hands of the right person. Get the current financial information which is crucial to managing and growing a small business.

Rethink the Future

What is your plan for the new year? What will you do differently? What works well that you'll continue or expand? Each year is a new opportunity to get it right - or better. Maximize your planning efforts to maximize your profits.

Show Off

Tell people about major accomplishments. If you won an award, display it in the reception area. If you landed a big contract, tell everyone in a marketing blast. If you sponsored your first little league team, make sure there are pictures of the team in uniform in the conference room. People really do care, so let them know. Be consistent. Always provide the best product or service, and make sure it's done the same way every time. Consistency spawns efficiencies because you don't have to think so much. Like in a small home, the same color throughout creates the illusion of space. A small business looks a lot bigger when it presents a coordinated customer service effort.

Get Rid of Last Year's Ideas

Open your thoughts to new ones, and showcase them in your marketing efforts, community service, and better yet, customer service. Set goals for your company, and achieve them in energetic ways. As the new year begins, review your past activities, renew commitments and set goals. And as you create order, you will create space to be even more successful.

Not a business owner? There has never been a better time to find the numbers for YOUR business plan!

Find the Numbers for Your Business Plan

Joe turns to a fresh page in his memo pad...

Hope Player — Mon, 10 Jan 2011 15:59:00 GMT

An excerpt from Find The Numbers For Your Business Plan ...

JOE TURNS TO A FRESH PAGE IN HIS MEMO PAD. “I’ll write down my salary first, because I can’t start this business unless I can cover that. Then there’s the rent, telephone and Internet service, and website hosting—the fixed amounts. Ken will help me with the monthly accounting and his fee is $200 a month.

”Kathy added, “It’s nice that he gave us a discount, since we’re already a customer. Too bad the insurance company couldn’t do the same thing,” she laughed.

“Some of these other categories are going to be guesses. How do I know what I’ll spend on office supplies a month, or postage, or repairs? I’ll put down something, the numbers shouldn't be that big.”

“What about the costs of the seminars? Will you have to pay for the space?”

“Good question. I think I can get the conference room at the chamber for pretty cheap, or even the library to get started. If I send out 50 invitations, there will be postage costs, envelopes, and materials to hand out at the seminar. I can do most of the printing for these events to keep costs down.”

Susan walks into the family room, “Since I have pretty handwriting, I can help address envelopes . . . I’ll even do it for free!”

Sam joins the conversation, too: “Don’t forget to feed those people. Dad, you always say, ’You can’t do business on an empty stomach!’ Hey, when is supper?”

He makes a list of project types and begins to set prices. “Wow, I’ve done this for years, but it sure feels different when my name is at the top of the paper. I always thought Mac’s prices were high, but now I see that he really wasn’t making much money on the smaller clients.”

“Ken’s pretty smart. Did he tell you how to get these clients who’ll pay your rates? Maybe he’ll be one of your first clients? That way you can pay his bill!”

Joe reviews his list of contacts and decides to speak with several he knows who would be discreet and give him honest answers. Armed with questions, he meets with three people on his list. They tell him that the seminars may be a good idea because no one else is marketing that way; he should get actively involved in the community where he makes face-to-face contacts; and he can leverage his efforts by calling on larger competitors who can refer work to him because they don’t handle the small business niche that he does.

Sitting at the desk with his memo pad and calculator, Joe starts projecting his revenues. “If I can get five projects a month for average $1,500 each, I can cover the basic expenses. I’ll plan two the first month, three the second month, and up to four by the third month. I can do up to six by myself, but after that, I’ll need part-time office help. In the beginning I’ll have to dip into the money market account where Kathy and I agreed to set aside $20,000. By the end of the year I should see the money coming back in.

I’ll do two seminars a month for the first six months to get clients. I’d like to get at least one client from each seminar. If I send out fifty invitations each time, I’d be happy with ten people attending. I should be able to land one as a client, right?”

The new year is here! Are you ready to the find the numbers for YOUR business plan?

Find the Numbers for Your Business Plan

Close the Door on Expectations....

Hope Player — Fri, 07 Jan 2011 14:25:00 GMT

“Close the door on expectations; open the gift of permission. Gaze into silence’s mirror; honor the muse waiting there.” Alaine Bernard. The Smart Women’s Book of Powerful Quotations by Sheri McConnell