Blog Entrepreneur: Get Rich Slowly

This Entrepreneur is profiling Blog Entrepreneurs in a five part series in November. People who have found a niche online by providing information, education, and building a community of readers and followers to create a new kind of business model.

After accumulating $35,000 in consumer debt J.D. decided to do something about it; and he wanted to share his experience through a blog. J.D. Roth started Get Rich Slowly in April 2006 as an outlet and discussion as he tackled debt. The idea for the blog was born out of a post J.D. made on his personal site that attracted significant traffic.

J.D. grew up with a father who was a “Serial Entrepreneur”, and whose last venture employed J.D. after college. Not satisfied with his sales/marketing position he delved into hobbies, one of them being blogs and online communities. He had other blogs and has been involved and working on the Internet since the early 90’s. He had personal blogs and only thought of them as an interest and hobby. Since he launched Get Rich Slowly from a post on his personal blog he was able to start with a small built in audience.

So how does someone who likes to blog as a hobby and for fun become a business owner? Much like every other business owner, hard work, innovation, and some luck. J.D. started with a small audience, but fostered relationships online to build a larger community. He would not push the blog, but would bring it up naturally in conversation. He also wrote about topics he was passionate about. He found that when his content was the most sincere he would receive the most interest.

Get Rich Slowly was not started with a business plan or a marketing plan, but as an outlet and forum. It was not until a year into posting he realized there was business potential. J.D. has been able to leave his sales/marketing job and start a new one as a business owner.
Get Rich Slowly has allowed J.D. to tackle debt and help others find solutions to their financial questions. It took years of blogs and musings to find the right combination for success. It shows that if you are passionate about something that it can become a business. Make sure to look at for J.D.’s first book next year!

Take Away –
1. Content Is King – Readers will follow good content.
2. Become involved with an Online Community – Promote your business through an existing network.

Problems With A Home Office

I have an office that is 15 minutes away from my home. I have been debating keeping it because I am on the road and not in the office but several times a month. So I have taken a month to test out being at home. Most of the time it is great and convenient. There are drawbacks to the home office. Today as I rolled out of bed at 9:15 am I couldn't help but feel plagued by guilt. I realize that even when I worked in a cubicle I would usually not start working until then anyway. I just feel like I should always be working when I am home. I just wanted to start a pro's and con's list for having a home office.

Con's:

1. Less motivation in the morning to get started.
2. Unending guilt to always be working.
3. Less professional dress. I do not have to get dressed up so why should I is my argument?
4. Errands always get in the way. It is easy to make cleaning up a must do chore instead of the phone calls I need to make.
5. Personal and Business life have no boundaries. I was digging through personal tax documents this morning when I should have been working.
6. No sunlight. This is just my office, but I am in the basement and there is no sunlight, this is a long way from the corner office!

Pro's will be posted next!

Local Business

Finding a local business is often the first step for businesses. It appears to be easy and simple. Most often it is the hardest market. You know your local market better than anyone else, but you now have to think about it with fresh eyes. Where do people currently find your products or services? Where is your target market looking? How do you manage costs and find the right marketing and advertising vehicles?

1. Define your market - know who you are selling too.
2. Talk to friends - find out what they use to find and look up information
3. Take inventory of local advertising tools - pick up the neighborhood newspaper, scout out the local blogs.
3. Set a budget - Define how much you are willing to spend and fit into that space.
4. Track returns - put in tracking codes or qualifiers so you know where someone heard about your business.

I have found the best and most effective tools were the most reasonably priced. I have not seen a strong response from radio and television advertising for local and new startups. Be resourceful, talk to friends, and find your customers!

How To Build Cash Flow

Cash Flow has been keeping me awake the last three nights. I am worried I will not be able to make it out of the next three months. There is potential growth at the end, but making it there is what is worrying me. I am limiting my spending and tracking every penny. At this point I need to earn more. That is the hard part.
I have gone back to several prospects to determine a timeline and proposed payments. I know that this will get some money in the door, but it might not be enough. How do you increase revenue? What are the cash cows? I am trying to answer those questions and I juggle everything else.

The Right Lawyer For Entrepreneurs

I am currently in the process of closing out my year for the business and am trying to find a couple key documents. I do not seem to have records of them. I contacted my lawyers office yesterday in the early afternoon. At the end of the day I received a phone call from the head lawyer inquiring what my call was about. It was an eight minute conversation that left me feeling like lawyers might be the worst people on earth.
I understand that some lawyers can help people. I listened for eight minutes as this lawyer tried to tell this entrepreneur about our faults and why this was our problem, all of which I knew before I made the phone call. The funniest part of the conversation was when the lawyer told me my lack of detail. I understand and under other conditions would not think of it, but I happened to be looking at a corporate tax return, which they filed under a S Corp. This would not be a problem but, we happen to be a C Corp. It is hard to take criticism for detail when your own firm is not capable of the same detail.
This process just made me think more about Entrepreneurs and how no one is going to help your process. No one has admitted any mistakes sense I have started my business. It also made me realize in order to run a business you have to look at the details as much as the big picture. The big picture is easy for me to see and more fun for me to deal with, but the details will bring the company down. I left the conversations asking, what makes a good lawyer?

Google Test

How to rise in the Google Ranks?
1. Links.
Entrepreneur
Entrepreneur
Entrepreneur
Entrepreneur
Entrepreneur
Entrepreneur
And
Entreprenuer
This Entrepreneur

Can I get higher? I'll let you know!

Entrepreneur Tax Lessons

I am completing year end taxes for my business. I have a bookkeeper and an accountant. My bookkeeper has been helpful, and my accountant I have had minimal contact with. I learned earlier this year that my accountant sent in the wrong federal tax id number this year (2009), so my state taxes were filed incorrectly.

I was trying to complete year 2009, when in the middle of finding two expenses I was sidetracked by the IRS. I was told about missing filings between the years 2002-2005. There has been no filed completed and shows no record of one every being made. After an hour I hung up the phone.
At the end of the day I was contacted by the State Revenue office notifying me of fines due.

I believed that paying bookkeepers and accountants kept them doing the right thing. I was wrong. They are not liable for any fines. Make sure to double check any work and take control of your business.

Entrepreneur Motivation

"The mind is not a vessel to be filled, but a fire to be lighted." - Plutarch

Taxes and Entrepreneur Love Story

For some reason my company has been set up as a C Corp, which will be discussed later. Additionally, it has been set up on a different calendar than the January-December calendar. This means that July 31st, is the end of my year. Which means that I am scrambling to complete my year end taxes.
This is obviously not my favorite time. I am going through every expense and trying not to kill Quickbooks. I have figure out that Quickbooks is not to be used by a new user. It is meant to be used by and Accountant or Bookkeeper.
I just quickly wanted to talk about how much taxes can weight me down. I thought I would not have to worry about taxes, but they are a real downer. I have had to classify all of my expenses and in the middle of this try to figure out how I am going to to pay and when I am going to pay my expenses. Putting me knee deep in a cash flow problem. Here are some things that I have learned.
1. At the end of each month reconcile your accounts, it makes it easier at the end of the year end.
2. Go to your local library and check out some tax and accounting books so that you know what is going on.
3. Ask as many questions as you can from your bookkeeper and accountant. They should have to explain everything.
4. Seek counsel. References are not enough, how do you know your accountant is doing the right thing?
5. Take a deep breathe. It will be okay and you will be able to cover your liabilities just take a deep breathe and it will all be under control.

Good Luck!

Entreprenuer 101

This Entrepreneur has started the business. Now what? Someone asks for identification of insurance. A Google search provides a list of some insurance providers will lead you to some options. Once you get the Insurance company on the phone they will ask for your Tax ID. If you are like my sister you have a look of shock on your face. Tax ID, who me? Every company, even yours needs to be registered with the government. They just love you that much they want to make sure they can help, I mean, take some money. Don't call a lawyer, unless you have a friend who likes to give out free advice. Again log on to your computer and do some digging.
For New York State a quick google search provided me with the state link New York Registration.

It does take some work to get through all of the information, but for $150, you can have a registered LLC! Now you just have to get that pesky Insurance company back on the phone and proudly announce your Tax ID number.

Do It All Entrepreneur

I am less than halfway through a book that advises the way to success is to outsource everything. Push back and make sure someone takes care of every aspect of your life. I have a real life example this week why this book is full of crap. I currently have a bookkeeper. Said bookkeeper has been very helpful and useful. This week I had requested the tax Id number while I was away from my desk. I was provided the wrong number. I then sent that number off and was told it was the wrong number. I thought this can't be. I then pushed back and realized that the number was wrong.
Not only had she provided me the wrong number she had also provided the state and federal taxes with wrong numbers. My taxes have been filed incorrectly all year. I about had a break down on the highway on a Friday afternoon. How can my taxes not have been filed? What are the fees going to be? How much interest are they going to charge me?
I had to take a deep breathe and realized that I needed to take more control. I need to be in control of the books and accounting. I need to make sure the correct information is filed. I cannot take the advice of my current book. I cannot allow other people to run my business because no one cares about This Entrepreneur like me.

Cash Flow Mangement

One of the most difficult processes for a start up like myself has been cash flow management. At times it seems like management is an overstatement because there not much there. At other times I don't know how I ever worked in an office. Managing the differences and influxes of money has become a frequent discussion. I have recently taken some steps to help control and curb some of the ups and downs. I first went through all of my expenses and tracked them. I have done this personally and decided to do it with my business expenses. I tracked every penny and then figured out where I was spending my money. I was able to see what I could trim out as well as plan for the next several months. Having the ability to plan gave me a little more control. The process I do not have control over is when my clients pay their invoices. I have thought about implementing an early payment plan, but for now just think I will have to learn to be patient. My bottom line is that I have to make more, and control my costs as I try too. I just need to make sure as I get there I don't run up my cards on the way to the board room.

Family Business

I have worked independently and with family on new ventures. I have had mixed results. I still talk to my family and did not let business come in between us, but I have seen it build a wedge and also mend relationships. Working with family can be very difficult because you can get away with more than in a typical relationship. As long as both sides work to create a stronger business it usually works well. When the two work against each other or do not separate their work enough problems start to pop up. I have bulleted some quick pieces of advice for the Entrepreneur working with family.

• Set Boundaries - make sure you know when you are working and when you are not and stick to those times.
• Separate Responsibilities - Do not hover over each other and create tension. Instead separate the work and make sure each other brings their unique skills to the projects.
• Communicate - Talk about being frustrated, or upset, and happy. Make sure everyone knows how you feel and what can be done to affect that.
• Put Family First - Making money feels great, but loosing family is not worth it. No matter what make sure your family takes precedent over the invoice.

Family businesses can be the most successful businesses because who else can you trust like your family? Make sure to talk about it early and often. Don't let lines of communication close, and always look for new ways to show appreciation and grow the business.

Blogger or Wordpress?

First no matter what site you use for a blog first think about why you are posting. Are you trying to draw people to your website, sell something, or just inform? After knowing what the focus of your blog is now you need to find the best host. There are several blog hosts, but Blogger and Wordpress are the two largest.

• I have found that Wordpress has more custom features and can look and feel more like a webpage.

• Blogger seems to be more user friendly however. Blogger takes less time to start up.

• Blogger does have more restrictions.

• Wordpress has more templates.

No matter what blog site you use find your voice and find the best template for your purpose. I have used Blogger because has a faster set up process, and I am not a designer so I do not have the capabilities for extreme customization.

Linking Up

My Venture Pad, a new and exciting venture for Entrepreneurs. What I like about the site is that is is an open forum. Anyone can post once they have created a post. I support anything that is open, and this does a good job of highlighting new posts and some of the best posts. There are some notable authors. It is a site to be added to any blog roll for tips and hits for getting a business started and growing.

What Can the SBA do for This Entrepreneur?

The SBA is the Small Business Administration. It is an organization set up and run by the United States Government. The mission is to help build and grow businesses. The SBA can provide valuable resources for an Entrepreneur, but is not the right fit for everyone. Below are a few opportunities from the SBA.

Free Online Training - There are several online presentations and training opportunities by visiting the SBA online. There are also local SBA offices that provide training.

Small Business Loan - Perhaps the most used is the SBA's loan system. The SBA provides business loans. There is an application and process to follow. These loans may work for you, but look closely, and avoid any loans if they can be avoided.

Free Start Up Kit - The SBA can provide you with a free start up kit. Be careful because as a government run organization these forms are not set up to be read quickly, but can provide valuable information.

The SBA is a powerful organization, and it is good to see the government supporting small business. There are local offices all across the United States. I would just suggest tread lightly and really evaluate the process before taking on a loan from the SBA.

Entrepreneur Mentorship

Entrepreneurs have to learn to use all of the resources available to them. Mentors can provided much needed support and ideas to drive a new business. An Entrepreneur can find a local Mentorship program, or often times will reach out to a friend or family member. Here are a few things to remember when you are looking for a mentor and what to do to successfully build the relationship.

1. Give them all the details of your business - make sure they understand your objectives and ideas.

2. Be open to suggestions - As an Entrepreneur it is often hard to take advice from someone on the outside, but listening is often the key to success.

3. Set up a weekly meeting or conference - I have walked away from several meetings thinking, "I wish I had more time with them," make the time and get it scheduled.

4. Show them appreciation - Their time is as valuable as yours make sure to respect it and treat them accordingly.

If you do not know a mentor or would like to find one contact us and we will you in touch with an organization or person. Make the first step, look for help, and build your company.

Managing Entreprenuer Risk

Risk is inherent when the monthly paycheck is no longer direct deposited. Starting your own business you are accepting a certain level of risk. Managing those risks is the Entrepreneur's goal. An Entrepreneur is the eternal optimist, but at some point in time, usually when the bills come in there is a level of reality that needs to be addressed. The best source is an Entrepreneurs network of friends and family. Take the time to sit down and discuss where you business is. Think about what other alternatives there are, what you might be missing, or what you are doing well. Make sure before you max out your credit cards you have a thought out plan and goal and steps to get there. Do not just think about making 100,000 per year, but think about what needs to happen to get you there. Manage risk and build a better business.

Not A Straight Line To Success

I have found that being an entrepreneur is not a straight line to success. I have read a lot of articles and studied Entrepreneurship in college, and now that I am on my own I have realized how many misses there will be before the success. I thought that with an education and some experience I would be on my way. I was wrong. I have found that there is not one path to Entrepreneurship. Some people work three days a week, work after noon. I was so used to working in an office and 9-5 that I have had to get used to working when I am most efficient and also when it is most needed. I still conform to the 9-5 mold and make sure to get all the work done for the day before I go to bed, but I am learning more and more that I am not a morning person, and that the afternoons are the most effective time for me. Entrepreneurship is about matching your personal skills with the business. I think I just thought that meant I could do whatever I wanted. In a sense I can do whatever I want, but that does not mean that I will get paid or have any money. Entrepreneurship for me is about finding a balance.

How To Create A Network

Networks are often the grounds to start a business. Before an Entrepreneur sinks his savings into a venture it is often talked about at the dinner table. These people serve as your Board of Advisers. They can provide fulfilling information and feedback. These may even be your first customers. I have never been great about hounding my close friends and family. I do however let them know what I am doing or thinking about doing. I think their support is necessary. They are not going to be there the late nights, but they can help you through difficult situations. Here is what I have done to create a Board of Advisers:

1. Made a list of trusted Friends and Family

2. Made a list of business associates

3. Made a list of area business resources

I took a week to compile the list and make sure I did not miss anyone. Often you are in contact with friends and family every day but you may not know what resources are available in your area. I searched Junior Colleges, and and Small Business Organizations. After I compiled my list I made an email chain. I put them in the bcc box so they could not all see each other. I then stated what I was planning or have already started. I sent them a link to my website and asked for their feedback or if they knew anyone who might be interested in my service to pass it along.
I will say it takes courage to send this out. You are putting yourself on the line. Take a deep breathe and just start talking about what you are doing. People are excited to hear about new developments, and after the first one it will become a lot easier.

Podcasting Help

I have heard of Podcasting and have had friends who have made Podcasts for fun. It was until recently that I thought about using a Podcast for business. It is a clear and direct way to community your companies mission and goals. Since I am not an expert on Podcasting I looked towards an expert to help guide how to make a podcast effective. Dave Jackson from School of Podcasting was kind enough to give guidance.

Who should record a Podcast?

"Anyone who wants to reach a world wide audience. Anyone who has information that will move their audience (laugh, cry, think, anger). Anyone who wants to be seen as an expert in their field. Anyone who wants to build a relationship with like minded people.”
Should I broadcast over radio or Podcast?

“Radio may reach more listeners (in some cases), but as Clear Channel owns most of the stations, you are not getting on the radio any time soon. If you did, you also have to make sure not to say anything that might upset sponsors, and be sure to squeeze it into the allotted time frame (between traffic and the weather). Podcasting reaches a niche market with no restrictions on time or language and it can be replayed over and over. Podcasting is able to be listened to over and over (the buzz phrase is “time shifted” material). Radio, if you miss it when it is broadcast there is no way to hear it again. While Radio has quantity, Podcasting has quality.”

What can a Podcast do for my business?

“Podcasting can keep your name in front of the customer. It can update them about new products. Podcasting positions you as a trusted friend. For example Maytag (the washing machine people) do not do a podcast about washing machines. They do a podcast with tips for their market like “How to get your kids to brush their teeth longer.”

“Podcasting can also develop a steady stream of feedback (positive and negative) about your company as well as ideas for the future. Authors are getting instant feedback on their books and getting ideas for future books through feedback from their podcast.”

What are five simple keys to starting to Podcast?

1. Pick a topic that you are passionate about and that will move your audience. Content is KING.
2. Listen to other podcasts that are similar to the one you are creating, and take notes.
3. Buy your microphone ($67-$99).
4. Record a test show, and get someone besides Mom to critique it.
5. Secure hosting for your website and media, and publish (ok I know that’s a couple steps).


I have one week to put a Pod-cast together and fit in between everything else what do I do?

“Some people are actually using portable recorders to record while they drive. One podcast (Marketing Over Coffee) is recorded at 6 in the morning between two friends in a Dunkin Doughnuts (complete with background noise) So you record intro and outro segments with music. Then later you take the audio you recorded in the car and sandwich it between your intro and outro and publish. People will sit through “so-so” production for phenomenal content. Nobody will sit through great production for awful content.”
Where do I broadcast my Podcast?
“If we go back to radio, you talk into a microphone that is transmitted on a specific frequency over the airwaves that is then “translated” into sound by your radio. With podcasting you talk into a microphone and upload your media that is syndicated via an RSS Feed (Really Simple Syndication) and is “translated” by an RSS reader such as iTunes or Google reader. To see this in action go to www.learntosubscribe.com In the same way that you can tune in to a specific station based on their radio frequency, you can subscribe to a podcast using the unique RSS feed on their website (which is typically generated by their blog). In a nutshell, a podcast is audio, video, or a pdf that is tied to your blog. You “broadcast” from your website.”

Is it better to have an interview or just an information session?

“Interviews help build your audience (as the interviewee should have some followers). Interviews allow the listener to listen in on a conversation. If this is useful information, than the listener appreciates the interviewer (host) who brought them the information. If the host(s) just provide information than they are seen as the trusted party (and expert). Either is fine. The key is great content.”

Where can I go for help with my Podcast?

“Well I’m biased on this one, but I’m a big fan of the School of Podcasting (probably because I run it) at schoolofpodcasting.com. It has step by step tutorials that will help explain all the “geek speak” like condenser microphones, RSS feeds, sampling rates, and bitrates. It also has resources like music for your intros and outros, links to software, and tools to help promote and/or sell your podcast. The last thing is I hold live webinars to answer any questions members might have (which sets me apart from a podcasting book). “

What services do you provide?

“Well I have the School of Podcasting at www.schoolofpodcasting.com which is for the “Do it yourself” podcaster. I also have www.podcastmechanic.com for people looking for one on one consulting, podcast reviews, and custom website design. I have www.podcastclicks.com which is a podcast promotion tool, and I am working on a website that will help podcasters find guests for their shows. I also have a podcast with podcasting tips at http://shownotes.schoolofpodcasting.com”

What Podcasts do you follow?

“I’m all over the place. For music I like The Scene Zine (www.thescenezine.com), Cross Driven Radio (www.crossdrivenradios.com) and A1 Blues (www.a1blues.com) , for marketing I like Marketing Over Cofee (www.marketingovercofee.com) , for Fitness I like Fit Life Today (http://www.fcapodcasting.com/fitlife/) for quick financial tips I like “My money Life” (http://crown.org/Media/default.aspx). For politics I like No Agenda at www.noagendashow.com For story telling I love the Bitterest Pill (www.thebitterestpill.com ) and Digital Flotsam (www.digitalflotsam.org)”

Take-Aways: Content is the most important aspect to a Podcast. Make sure to target your audience, and make sure you have a delivery system. Podcasting is a way to brand and market your business providing direct communication with your audience. Thank you to Dave Jackson from School of Podcasting.

Young Entreprenuer

As an Entrepreneur I am always looking for resources (especially free ones)! I have started too look around online for blogs and links for Entrepreneur help. I have found Young Entrepreneur, a resourceful and helpful tool for every Entrepreneur. I like the youthful spirit of the posts, and the new topics. They break free from the typical postings and provide direct and helpful information for any Entrepreneur. Mixing Interviews with posts helps to mix motivation and help for anyone starting out. It even provides information for mature businesses. This Post is one of my favorites. I think so many times people have a global view when they put their business on the Internet, and many times their key clients can be in their neighborhood. I think this post really gives a good snapshot of the concept of Young Entrepreneur and its mission. Finding your niche as a business owner is the key to success. Finding that niche in your area starts to build momentum and can be the building blocks for success. Young Entrepreneur is a clean and simple tool for business owners or budding entrepreneurs to use to get connected in a community and learn new tools. I have not even delved into their forums, but those seem like a great way to connect with Entrepreneurs and start ups. It is something I check everyday and recommend you add to your list of daily blogs.

Poor Entrepreneurs

I sat in class and daydreamed about the nice cars and travel that I was going to do once I had my own company. George Soros has done well, why can't I. I thought it would be a matter of months and then I would be able to attain that lifestyle. I have quickly learned Entrepreneurship is not a get rich scheme. A year into Entrepreneurship I still am chasing after a steady monthly income. It is not the fastest race towards the finish line. There are hundreds of wrong directions before something works. Some Entrepreneurs find the right step the first time, and some find it on the tenth step. Factors such as timing, marketing conditions, and stamina make the difference. I wish someone had told me that being an Entrepreneur is not just about your business and growing, but also about the process. About trying to balance credit card payments with prospecting. How to never give up and proceed with caution. There is not a blueprint to Entrepreneurship and This Entrepreneur is set out to show the face of business ownership. I might not be George Soros but I can be This Entrepreneur and find my own success. Now the question is just when?

Finding Motivation

Motivation might be the only component to make a business successful. There are marketing plans, sales goals, and online tools. Driving all of those parts of your business is your motivation. An Entrepreneur always has work that can be done. That will either create motivation or extreme procrastination. I know I could spend all day cleaning to procrastinate what I really need to be getting done. I am working more and more from my home so I have had to create a space and time when I will actually be productive. I have tried to come up with a few helpful tools to help spur ideas and motivation.

1. Create a List - I make a list first thing in the morning of the crucial tasks that need to get completed that day.

2. Talk to Someone - Take a few minutes and compare notes. Talk to someone who is on top of their work and who can help you think about your business.

3. Read An Article - Read about an Entrepreneur who has found success and translate their story to your business.

4. Make An Important Phone Call Now - Don't wait until after your favorite show is on, or when your lunch is over. Make the phone call now. You can always follow up later.

5. Don't Bargain - I can lay in bed all morning telling myself just five more minutes or I will get up when it is fifteen after. I really need to just get up and get started.

6. Don't Guilt Trip - Spending time feeling guilty does not help you get motivated. It will just drive you deeper. Take a breathe and get moving.

Motivation is needed everyday to get through tasks and the more motivation and discipline you can have the more success and opportunity you will create for yourself.

Small Business Accounting

I once sat in a class and declared that I would not need to understand Accounting because I would hire someone to take care of it for me. I now sit at my desk with Quick books open next to me. I have uploaded the 2009 Software onto my Mac. The program cost $200.00, which is one hundred more than the P.C. version which seems crazy. I have opened the program and uploaded the file from my bookkeeper. Past this I am completely clueless. I have contacted a couple of tutorial sites and not been able to give in yet. Quick books seems to be the standard for Small Business and Entrepreneur's Accounting Software. I am trying to take it step by step to understand the process and create something that works for me. So far here is what I have figured out.

1. Create your Chart of Accounts - Take the time to lay out all of your Vendors and Sales and create a succinct chart of Accounts.

2. Check out a help book from your local Library - Take the time to pick up a help book from the library to help guide you through the process.

3. Contact a Local Bookkeeper to help with any problems - I have a bookkeeper I have used for two years who has helped smooth out the process and is helping in the transition.

4. Spend hours on the program - Spend a Sunday afternoon just playing around with the program getting familiar with the reports and inputting data.

Quick books is not Quick nor has it been Easy for me. It has taken a lot of time to figure out what to do. Maybe others have a different experience. I have had to put in as much time with the software as I do with other areas in my business. I hope it will give me a better snapshot of the business, but I am still a lot of hours away from fully grasping it!

Forced Entrepreneurship

When Entrepreneurship become essential. I often times envision the budding Entrepreneur as the hard headed office worker who has enough and takes his box of stuff and walks out. That is not always the case. Working last night I talked with a new Entrepreneur who was forced into it. He was laid off. With the option to go into another dead end job he decided to take his chance and start his own franchise. He bought into the business and saw the potential to have more control over his career. He is six months into the venture and trying to put all of the pieces together. It just got me thinking. What can you do to succeed when it is your only option?
Entrepreneurship is not a magazine or a movie. It is not six months of unexpected success. It is a lot of early morning and late nights with self doubt and confusion. Times when it would be easy to give up. So when someone is suddenly starting their own business when they just walked out of a cubicle it may be a daunting task. Here are some simple things if you find yourself looking to start a business.
1. Consult friends and family. With the current economic environment everyone understands what you are going through. Talk to them about what you are thinking about. Let them talk to you about what they think, and listen to them.
2. Manage expectations. There is a billboard on the side of the road that says Microsoft was started in a recession. Know you might not have Microsoft, but you should understand what opportunities you do have, and never stop dreaming.
3. Start with a low cost trial. Try to boot-strap as much as you can. Work from home, solicit friends. Do whatever you need to do to save some of your cash for a later date.
4. Do not give up.
Entrepreneurship can be the most rewarding career you can have. For some it is the best decision of their lives. For others it is not the perfect fit. Find your mix. Take deep breathes.

Flash of Genuis Movie Review

It is Labor Day Weekend and I really thought I would just relax and take it easy this weekend. I was able to spend time reading and boating. It rained here so I had Sunday inside. I decided to get a jump on my sales and work for the week. I sat down and nothing was on T.V. so I put on a free On Demand movie, Flash of Genius. I had heard of the movie, but no one ever talked about it, and I never thought about it again. A quick synopsis: Inventor (Greg Kinnear) is driving at night and his windshield wipers do not have any controls. They automatically run, and are disrupting his impaired vision. He envisions a wiper that runs more like the human eye, and would be less distracting to the driver. After a few prototypes he creates his wiper. I will let you watch the movie, which at times was hard to watch, but inspiring. It shows a many dedicated to what he invented. He has spent his life working on inventions, and knows this is the opportunity for him. He does not give up! He works after work, late into the night to get information completed. He does not allow anyone to tell him he is on the wrong path. He makes sacrifices, and is forced to make hard decisions. I sat there watching and realized this is sales. This is what a salesperson goes through every day. You have the exciting chase, the Yes, and then the work. It does not stop when someone says yes to your product or service. Sales is about Never Giving Up. Creating the best sales presentation and experience for your buyer. Find a product for their needs, not your wallet. I thought the movie gave a real look into the hardships and difficulty sales and business can be. It showed his years of determination and not giving in. Starting a business is not easy, and not glamorous for a long time. It usually does not mean millions within the first year. It is about sink or swim, pushing yourself. In this economy, which feels like a depression. It is easy to quit, but this shows that hard work and dedication pay off.

Entrepreneurship on the Rise

http://www.chicagotribune.com/business/columnists/chi-mon-minding-students-0831aug31,0,2833303.column

I read an interesting article today talking about the development of entrepreneurship in our county. With high paying jobs slim many people, and especially highly educated individuals are taking their destiny into their own hands. Entrepreneurship provides an opportunity for unlimited growth personally and professionally. Two interesting topics that were brought up in the article that should not be breezed over. "It's to the point where 80 to 90 percent of all students say they want to be entrepreneurs at some point in their lives," This is phenomenal growth over a short period of time. Entrepreneurship has certainly become a buzz word. It is more than a buzz word for the men and women staying up all night to finish a proposal or prototype. Entrepreneurship is not about fancy classes and papers it is about filling a market need and working as hard as you can to provide the product or service.
The second point I thought was interesting, "We didn't expect the venture capital market was going down as much as it has," McCoy said. I have a few friends who worked in venture capital who can tell you just how difficult the marketplace is right now. This environment is about bootstrapping and shoestring budgets. No Hummers or fancy cars until you can provide a steady stream of income. Go out start your business, tread lightly, and work until you get what you are after!

Bookkeeping

I currently outsource my bookkeeping and accounting. I am satisfied with my process, but lately I have wanted to learn Quickbooks myself. This story I heard over lunch yesterday just further stimulated my query. I want to have more oversight and understanding at least with the Quickbooks and Bookkeeping process. This Entreprenuer wants to avoid bankrupty like my lunch partner.
I have a great lunch yesterday with a colleague named "Steve" who is also an Entreprenuer and has had a business for over 25 years. We were having a casual lunch when I said I was just on the phone with someone who hopefully was going to teach me about Quickbooks. I explained that I had tried to take a free class at a community college, reading about it from books at the library. I have done every bootstrapping technique I knew. I am giving in and trying to find someone who can personally instruct me.
Steve: I think that will be a good use of your money. I wish I had tried to control and oversee my finances more in the beginning. My business was near bankrupty because of my accountant.
Me: How did that happen? Aren't they accountable?
Steve: No, they are able to be released from any liability or penalties.
Me: I had no idea. I thought if something went wrong they were responsible.
Steve: I now receive waivers from bookkeepers and accountantants stating they are not liable. I had an accountant for 10 years who I trusted and believed was keeping everything on track. Everything was going great. The business was seeing healthy returns. Then one day I opened my mailbox and had a notice that I had not filed with the IRS.
Me: No way.
Steve: It stated I had not paid for 4 years. They had not received anything. At this point I was employing 3 people, and my balance was well into the six figures. I then contacted my Accountant. I was told she was not responsible and that I would need to find another accountant. Her name is June and she works in Kansas. She hopefully is not practicing anymore. She told me a story about how she had multiple personalities and that she was assaulted so she is technically not at fault. I have spent five years and doubled my bill, and I still receive IRS Statements. I would not trust anyone else with your finances.
Me: I guess I will try to get this figured out as soon as I can.
Steve: You can make mistakes but at least they are your own. I nearly lost my business because of poor accounting.

4 Hour Work Week Review

It may have taken me a few years but I finally just read The 4-Hour Workweek. I will tell you that I have seen this book in airport bookstores and been annoyed. I think it is ridiculous to claim something that is not attainable or helpful. I have had some downtime and thought it was worth a quick read through. My scepticism was not completely changed, but I will say there are some points of interest.
Efficiency-
Timothy Ferriss claims he limits his email time to two hours a week. He does so by engaging an automatic response and having clients handle their own problems. He lets them know he will not be responding for an extending time and that if they have an emergency to reach him.
I think this is an excellent point. There are ways to make people more efficient. At times He felt like the Minute Manager trying to be the most concise and to the point as possible. There is no way that people will not talk or become distracted. Limiting time on email or the Internet is a good way to clearly define time.
Energy-
I will give the book credit for having an abundance of ideas and goals. It is good at showing how someone could take one or two thoughts and apply them to their lives. My criticism is that the book does not highlight what it took to reach the 4-Hour Workweek, which by the way in no way do I believe he works only for 4 hours. He works all the time. When did he write this book? He does a very poor job of explaining what he did to build his company to allow him to outsource. I would also like to know how his company is doing with the current economy. Okay, before I get on a roll about what made me mad. It is a good book. I would not buy it, but rent it from the library and give it a glance over a weekend. See if you can't free up some time on Monday.

What Do I Know About Radio?

What do I know about Radio? Nothing. I know that I have a product and service that I am interesting in promoting. I have contacted a local radio station to discuss opportunities to promote my business. It is 500.00 for an hour of afternoon programming. I do not know what to talk about, or what questions to ask to get the best deal. Total Number of Listeners? What are your demographics? How do you make sure radio promotion is a good deal? I will let you know as it unfolds. My first step is going to be to create a podcast.
How to Start A Podcast:
http://computer.howstuffworks.com/how-to-podcast.htm

What is Marketing Anyway?

I have a marketing degree. They may have been the most worthless classes I had in college. I can say I still don't understand what Marketing is. Is it Advertising, P.R.? I have found it doesn't matter what you title the process there just must be a defined process. I have spent a lot of time working with no plan. I have begun to develop a marketing plan and process to implement. I did not think it was necessary because I worked in Marketing and thought it was inherent. It apparently is not. I am now defining my target market, and competitive advantages. None of these things will make me money today, but they will ensure stability for growth in the future. I came across this website yesterday, www.ducttapemarketing.com, I am interested to learn more about their process. They are local in Kansas City so I hope I am able to get an interview. The first step in my marketing process is to define my target market.

Tax Invasion!

Every Entrepreneur has to someone settle how they are going to pay taxes. I currently use a bookkeeper and CPA. I am trying to learn Quick books enough so that I don't need the bookkeeper and can file my own takes. I just paid taxes for the month and barely made enough money to pay myself. I saw this coming and was able to store a little bit away. I would have been better if I did not have to pay the Bookkeeper which is why I am now enrolling in a local class about taxes. It is my responsibility to pay them and make sure they are done correctly. I just find it interesting because I had a vision of myself as an entrepreneur where I outsourced and paid someone to do everything. The more that I go along the more I realize I need to take more control and pay people less. Maybe there is a better more economical solution, and I will try to find it but until then I will be forced to figure it out on my own.

Taking Control

I have picked up The 4-Hour Work Week. I have read reviews, and have chosen not to read the book for several years due to speculation. I think the author is delusional and is a snake oil salesman. However, there are some tactics to be learned such as outsourcing problems. Creating a streamlined system, and creating a system that runs without you. As every Entrepreneur I have encountered the goal is to walk away from a running business. Entrepreneurship however is not a trip through South America it is about working hard. At least that is what I like about it. I enjoy the work, the struggle to make it work. Finding solutions to make the struggle easier is certainly appreciated, but so far The 4-Hour Work Week has not defeated my speculation.

Self Discipline

http://finance.yahoo.com/expert/article/moneyhappy/183910

The hardest part of being your own boss is self discipline. There are no hard deadlines, no one that is holding you accountable. This is a very interesting article that quickly shows that having some self control helps in the long run. I think everyone struggles with it. I decided to read last night rather than come into the office. I probably should have come into the office.

Being Romantic

http://www.nytimes.com/2009/08/23/business/smallbusiness/23venture.html?em

I read an interesting article this morning. I find it fascinating to read about small businesses and how they fill a need in the marketplace. It most certainly will happen as more people lose their jobs or are not hired. The need for income is real. I think there is a romanticism with entrepreneurship in this country. Not that it is entirely a bad thing, but there are realities that need to be pointed out. The woman in this article has a husband who makes an income. She has the ability at least in this article to not bring in her income and work on a hobby business. I fully support businesses like this, but also see the real need for a solid business plan with growth and revenue.

Foot In the Door

I am working on getting in front of a potential client. He has responded by email but I have not heard anything else. I have left information at the office and have left voice mails. I am trying to find the best opportunity to present new products. I just need to get past his initial objections, but maybe that is all of the work. How do you make inroads?

Liablity

My sister has started a new company. It is www.fourcornerscreative.com. I am so happy for her and excited as she starts this business. She has actually been running the business for two years and just started to gain some great traction. She has overcome a lot of obstacles. The latest that I find interesting is her need for a liability waiver. I have never had to have a liability waiver in anything I have done, but maybe I should have. She had to go to legal zoom to find the waiver and properly format it for her business. I am so proud of her starting and will talk about her challenges more here, but for now if you live in New York City check out www.fourcornerscreative.com for dancing opportunities.

Product Product Product!

As essentially a middle man I live in a constant flux of product marketing and prospecting. I have spent three hours on the phone this morning discussing potential product opportunities. I have probably talked to twenty five product providers. Some have been very helpful and some have been a waste of time any money. I am trying to learn the process to better determine the products that will help my clients. I have tried to really balance my time to ensure this product will create revenue and help clients. But at the end of the day the truth is I just hate conference calls. They are second to being copied on an email.

BootStrapping

I recently sat down to go through expenses. I have eliminated mostly everything trying to get down to bare bones expenses. Bootstrapping is one of the most important aspects to starting a business. It is crucial for long term success. Controlling expenses is not easy. The office as an expense right now is the biggest question. The majority of my work I am out of the office, but when I am in town it is nice to have a location to work from. It creates a good separation from home. I wish there were a calculator to plug in expenses and it would spit out what could be cut. I guess I will just have to keep weighing it in my head.

Accounting

Accounting is one of the most challenging aspects to owning a business for me. I understand the large concept of debits and credits. I understand how to balance and make sure everything gets paid. I have problems when it gets more complicated. I do not know how to file taxes to receive the maximum benefits. I do not know what system best classifies everything. For instance how do you classify an expense on a desk. Does it just go into business expenses? I have toyed around with Quicken but have not been able to get very far. I have sat for hours with books open and just glaring at the screen not getting anywhere. I am going to take another look at Quicken, but I so far have not found an alternative to our accountant.

Non-Profits Seen opportunity

http://www.chicagotribune.com/business/columnists/chi-mon-minding-l3c-aug10,0,5321379.column

L3C facts

--An L3C must have a socially beneficial purpose.

--It's designed to let foundations make program-related investments more easily.

--Investors can earn a return and hold equity in the company.

--L3Cs are not tax-exempt, and contributions to L3Cs are not tax-deductible.

--Other states that have passed L3C laws: Vermont, Michigan, Wyoming, Utah, North Dakota.

The article explains a new law that would allow non-profits to attract more capital and become more competitive in the private marketplace. I agree that non-profits should have the opportunity to compete. My problem with laws and opportunities such as this it gives an unfair advantage. The non-profit has advantages as does the private sector. They should both have to capitalize on their strengths. I would bet that this non-profit profiled is not competitive not only because of the federal filing status but because of other indicators as well. It is important to allow organizations to compete with each other, and that means not creating laws that make them more or less advantageous.

Perseverance

This weekend I took some time away from work and relaxed. It is the first time I really tried to step away and take a break. I did not bring my laptop or my phone. I went to the lake and just enjoyed the time alone. I went for a hike on Sunday through a State Park. There was a natural spring, and a walking trail through the hills. It was a great experience to be outdoors and take some time to be quiet. While I was hiking they had some history packets along the way that talked about the making of the park and who originally purchased the land. I read a short synopsis of the park and how it has come to be protected. The land was bought by a wealthy Kansas City businessman. He bought it to build his recreational home on. He built the home and then died in a car crash. They had interesting quotes about how he amassed his fortune and what kind of a man he was. The most inspirational portion of the text was a quote from his son. He said that his dad would push through whatever problems to find a solution. He went past where many men would have quit. That was his secret. He pushed where others would have turned back.
I think as a business owner that is always happening. There is always a struggle and there is the easy road to stop and turn back, or to keep pushing through. As I looked up at the huge castle this man was able to build in the 1990's I realized not much has changed. It takes hard work and perseverance. I hope one day I can say I pushed through walls when other may have turned around.

http://www.mostateparks.com/hahatonka.htm

Keeping Yourself Legal

My sister is starting a dance studio in New York.  She has identified her audience, and has actually started with a great foundation.   She currently teaches out of apartment homes and markets to dancers interested in dance but also other pursuits.  She is not planning on creating a conservatory.  She has recently been offered a position which requires her to hold a Tax ID number as well as create a legal entity.  She has done some research on Legal Zoom.  Every state has different prices, and New York is expensive.  She is now having to weigh her options of talking to a Lawyer versus doing something herself.  She is right now setting up meetings with a couple of lawyers.  Setting this up correctly will allow her growth in the future, but getting there is the hard part.

http://entrepreneurs.about.com/od/businessstructure/ht/llcsetup.htm

http://www.legalzoom.com/limited-liability-company/limited-liability-company-overview.html

How to Create a Newsletter

Every Business has the opportunity to expand business and build customer base with a newsletter. You need to take the time to plan out what your newsletter is going to talk about and how it is going to drive your company business. It takes time and a good design, but most important is content.
1. Think about who your audience is - Who are you trying to write too? It is important to maintain a focus on your core audience.
2. Design - What is going to be the design? Who will design your newsletter? There are several companies that will design a newsletter for you.
3. Tracking - How will you track the newsletter and response?
4. Content - What are you going to say? How will it help your audience? How will it help drive people to your business?
5. Intervals - How often are you going to send out this newsletter?

There are just some of the considerations when undertaking a newsletter. You can use www.constantcontact.com or www.myemma.com for the design and tracking. A successfull newsletter will help build a brand and customer interaction.

To Franchise or Not To Franchise

I have had several discussions with family members discussing the advantages to a Franchise, and mostly about what can go wrong. I have worked for a franchiser and saw the great advantages as well as the failures. The primary concern when looking for a franchise is to look at the inherent business principles. The Franchiser should be able to show a solid financial performance and growth projections. You should not become involved with just a good idea, with the possibility for growth. The Franchiser is providing you with an idea, they should not be selling an idea. They should be able to prove their model works. As a Franchisee you have the opportunity to expand upon a solid idea and reduce your risk. There will always be a risk of failure, but by ensuring that the Franchiser is selling an intrisictly important business will help reduce risk.

Grouper Discounts

http://www.chicagotribune.com/business/columnists/chi-mon-minding-crowdsourcing-jul27,0,4860442.column

While reading about a new discount email campaign. I really liked the last sentence of the article. "It's giving people a reason to come in," I think that every business can apply these ideas to their own business. They can find new ways to bring people in the door. Even if you do not send out mass emails every day. You might think of a new way to give them a reason. Not a reason to see you or say high, but a reason to find a solution and market their product or purchase their product with you.

Book Recommendations

I have started to read a couple of books about management and business planning.  I just picked up Steve Forbes new book, and just started.  I am planning to complete book reviews to help inspire and guide entrepreneur's.  No complete review yet, but one to come!

Closing the deal

Yesterday was a great day.  My first big prospect said yes.  I was excited, and left beaming.  I then got to my car and received an email from another prospect.  They are going through some more regulations and need some more time.  Suddenly I realized everything is not as easy as I thought.  I got a Yes and it felt great, but I realized the time between the Yes and money is a long time, and how can I shorten it.  I know now that I can have contracts ready the next day.  I can have them to back up as soon as the proposal is complete.  I can email them the contract to review it before I come in for a final signing.  I am still looking for ways to speed those deals up.  I know now that the hardest part is waiting.  I am trying to learn how to be patient and accept the things that I cannot change, but work hard at those that I can.  Somedays that success story seems really far away.

Writing your own success story

I was reading a story about a business that has taken a turn and grown to have significant revenues.  It is interesting and always inspiring to read those stories.  It makes me think about myself and what I can do to one day have that success.  It provides significant inspiration, but again it does not show any path or roadmap.  It is great to hear about success but I need to hear about people working hard to get to the success.  What they do to accomplish what they are looking for, and how they get there.  I hope to explore those challenges on this blog.  The challenge for my week has been patience.  We have a contract waiting to be finalized.  It is hard to just sit and wait for it to be completed.  

Finding Your Work Hours

Today I just could not wake up.  I got up at seven thirty but went back to bed.  I finally pushed myself out of bed at eight fifty.  I beat myself up when I wake up so late.  I think I fell victim to not properly planning out my day.  I have tried to map out the next few weeks, but sometimes I am left with an odd day out.  Today was one of those days.  It is a great day to catch up and get things done and set up, but it is easy to slack off.  I am trying to find what works for me and what time I like getting up and when I will be the most productive.  I guess it is just balance.  

Drupal City

I was tipped off about a new CMS open source website builder called Drupal.  I had never heard or seen of Drupal before.  I thought that it would be pretty simple and was ready to get it done in a weekend.  A week and a half later I finally have some semblance of a website.  www.meek-associates.com is up!  It feels good to have something up.  Some simple lessons I learned was that I do not have or do not know how to work with photoshop.  I had to use some friends who has the software to change colors.  Uploading the template was easy when I found that I could find tutorials on youtube.com.  I have a lot of updates to complete on the website, but it feels good just to have something started.  

Office

We currently have an office space.  We have been on the road, and are scheduled to be on the road for the next two months.  It is hard to justify the office space.  It is nice to have a place to separate just for work.  I wish there was a formula to plug in and know if it makes sense to keep the space.

Training

Today was spent in an office receiving training for a potential deal.  It felt great to hear from experts and also think about the business from a larger view.  To think about overall goals and activities.  It is hard to see things from thirty thousand feet when I am trying to get things moving on a daily basis.   I know it is important to have goals and a focus, which I think I have, but you cannot turn down business at the beginning if it does not fit exactly inside your business.  At least I hope not.  

Open Source Website

I am looking at CMS and open source websites so that I will be able to edit the content.  Now I just have to figure out how to actually put the thing together.  I have the banners all separated.  I thought I would download it and I would just have to edit the text, which apparently is not correct.  It is hard to weigh the opportunities that the site will actually provide, but a site that I can change is definitely the right choice.

Balancing Act

I had family in town this week and had a few meetings on Thursday and Friday.  I am back in the office and trying to get caught up.  Realizing that when I am out of the office nothing happens,  so trying to stay focused and get through the work.  Excited about opportunities but just trying to keep my head above water at the moment.  It is hard to learn to balance work with everything else going on when I make up my own schedule.  

How to Build a Website

I remember putting a personal website together in high school for a project.  It was fast and easy, and now I have no way of finding it.  I have taking e-commerce and other courses to teach me how to best assemble a website.  Now that I need to make one for business.  I cannot figure out how to put one together.  I have hosted my site with g0-daddy, which may have been a good choice, but lately I think it has been bad.  I have had slow service with my email address so I am not too sure about the website.  I have looked up templates, but cannot find one that I like, and they seem like they are generic.  I have now gone to craigslist and creativehotlist.com to find a designer.  I am awaiting their responses and trying to get the material together this week.  I will keep you posted.

Who's Running this Thing?

So here it is...the start, the start of climbing out of the gap.  I fell into the gap about six years ago.  It started when I decided to attend school for entrepreneurship.  I thought school and professors would fill my head with ideas and leave me with a business to start.  It didn't.  I have learned that no school or educational program will create an entrepreneur.  I left school and found myself in a cubicle.  About as far away from a business owner as I could imagine at the time.  I have since started a company and have learned about the gap between business and education.  It is a gap between resources and ideas.  Business owners need solutions that work today, and provide security for the changing landscape.  I guess my education left me with a big picture, but I am stuck on the small things with my business.  I hope my small things become the big picture.  I wanted to create a space for business owner's to talk about ideas and find solutions.  For one, I thought creating a managing a website would come as easily as playing Oregon Trail.  I have since found out it is hard to distinguish a good web host from bad, and that is just the beginning.  I hope to create a space that allows open communication and real solutions for business owners.