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.