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!

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!

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!

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.

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.

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.

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?