Although popular belief may beg to differ, starting a business is not any of the following:   Impossible, “foolish” in this economy, OR “Only a good idea for seasoned business men.” You also don’t have to break the bank or put yourself in debt forever to get started on your journey. Thinking about the possibility starting a small business? After reading these five quick steps, you may be closer to your dream that you think…

1. Decide what type of entrepreneur you are - Do you get a rush from the mere idea of running your own business, or is there a certain type of work that you’re passionate about? For example, do you love taking care of animals or working with your hands, or do you mainly just want to be your own boss and in control of your own days? If you are passionate about dogs and love exercise, a dog walking/sitting company may be a route to look into. If it’s the freedom you’re in this for, but aren’t overly passionate about one certain type of work, do your research. Assess your skills, and see what types of companies are doing well in your area. Do your research. Don’t forget to consider franchise opportunities!

2. Use your connections - Write a list of all the people you know. Start networking and letting the world know about your upcoming business idea. Discounts and introductory offers can apply to almost every single kind of company you can imagine – so be creative. Start thinking NOW about how you are going to get sales in the door later. Getting these juices flowing in your mind early will save you from a slow start ($$)  later. Also, look into approaching investors for your company – even if this only means having a few simple conversations to test the waters for now.  You don’t have to single handed-ly foot all the money for  your start-up costs alone, in fact few business people do.

3. Win the business plan battle - Once you know exactly what type of business you are going to go after, make sure your plan is clear and that you’re prepared to ask for money. If you don’t seem confident that you’ve done your homework and know what you’re getting yourself into, then the lender will know that. Your financial analysis is very important. How much will you need? Where will you spend it? How much profit can you expect to make in the first year? What are your operating expenses? Be prepared to properly answer all of these questions — along with more! If you’re not very confident in your business plan writing skills, seriously consider consulting a specialist to help you.

4. Develop concrete company mission and other plans- You’re almost ready to roll. Make sure you get some fundamentals down in writing on paper for your new company. Decide what you’re going to do about healthcare for your workers, time off, etc. Write a mission statement for your company, and decide what kind of culture you will foster there. The environment of your organization is a crucial element of your success, so make sure you’re ready to start off strong as soon as you hire your first employee.

5. Open your doors - Once you’re ready (and you never may fully feel “ready” – but once your ducks are all lined up,) then open your doors for business. Don’t cut corners on important things like business tools and supplies, in the end it will only end up hurting your efforts. Hire skilled employees who you feel you can trust and get out there!

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Technology is undoubtedly a double-edged sword. While it can save us time and money, it can also pay us pack for those conveniences in frustration and “do-over” time… and then some! Be smart about the types of things you use technology to simplify, and also identify the shortcuts that you shouldn’t allow it to make for you. Some shortcuts and mistakes can prove unforgiving. Unfortunately, so can some old habits. Read on to find out how to protect yourself from common technical mishaps.

1. Storing everything in your smartphone, and then losing it – A big no-no for most business people. If you’re like most of us, you store everything in your smartphone. Losing your phone most likely means losing sensitive information such as credit card info and maybe even bank account numbers or private development plans for your company. How to reverse a big blip like this?  Well, I can’t get you your phone back, but I can tell you about password-protecting programs such as MobileMe for iPhone. Programs like this allow you to erase contacts, notes and more in your iPhone remotely. Talk to your smartphone provider to explore the security options for your phone, before it’s too late.

2. Working directly off of an attachment – Your boss sends you a document to collaborate on via email, so you open it, roll up your sleeves and begin plugging away. Seems so quick and easy, doesn’t it? You could spend hours revising that document, and then save the file and forward the message along with the revised attachment back to him. You’d probably assume you’re all set. But  don’t be surprised if he emails you back, asking where your edits are. Although you can see your edits on your end, that’s not always the case once you send it to someone else. To be safe instead of sorry, don’t just open the attachment, download it to your own computer and/or server, then make your edits and hit save, attach the new file to an email, and then send it back.

3. We’re just not compatible – Working off an older version of Windows? No problem. Just be sure to install the Office Compatibility Pack too, so everyone you do business with can also continue accessing your files. This will help to keep your files viewable/usable for all involved parties. Also, converting your file to a PDF usually does the trick.

4. Trusting batteries that haven’t been recently used – This one is classic. You flew across the country to give an inspirational speech to Girl Scouts in the middle of the woods at an outing, and you haven’t used your laptop since you left home, so you know it’s fully charged. What you forgot to consider was that sometimes electronic devices have a way of turning themselves on. Make sure you test EVERYTHING that uses a battery hours before you need them, preferably while you still have time to do something about it if need be. When possible, reverse batteries in devices where this is an option when traveling to ensure they don’t get used up accidentally. Simply switch them back the right way when it’s time to use them.

5. “I don’t need to buy Antivirus, I am careful online and know what I’m doing” – In this day and age, EVERYONE needs antivirus. Hackers and phishers are criminals who make ruining your life via the internet their number one priority. You can do everything right, avoid all the “wrong” types of websites, and still be a victim. Pay the small price of keeping a current version of a trusted Antivirus software running on all your machines. Trust me, it’s well worth it. To find if you’re currently doing enough to protect yourself online, please contact your IT provider.

SS

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Most people who we know work a long, hard life in order to save up so that they can enjoy the finer things later on, right?  I recently read an article that got my mind spinning in the other direction.  Many Americans in their 60’s and 70’s  even are postponing retirement … and some claim that they  never want to retire!

You may read something like this and assume that this new trend would be mostly, if not completely,  be due to our country’s current economic state, smaller “401″ k’s, and the depleting social security pool. It was interesting to find that for most, this is not the main case.

Today, many older people claim they’ve become accustomed to working hard their whole lives tend to get bored or feel meaningless without their careers. For many, work has become an integral part of one’s identity. Some find themselves returning to the workforce merely months after hanging up their hats to relax year round in Florida on a fishing boat.

A sense of identity is not the only big perk that can result from prolonging one’s career. It has been proven to keep one’s mind sharper and also keep depression at bay – two things are directly correlated to living longer and healthier lives, especially with age.

If you’re considering packing up your briefcase once and for all, just make sure you’ve thought about it for a while first.  I am not, by any means, saying that working into your 70’s is right for everyone. If you’re nearing retirement age, you just might want to consider all your options. Maybe it’s a better fit for you to go part time or something before cutting work out of your life completely. Some like to transition more smoothly into retirement. By listing out the things that are most important to you and visualizing what you want our of the rest of your life you’ll be better armed to make the right retirement decision for you.

SS

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Looking to make an equipment purchase before year end? Or perhaps hoping to put some of the cash you’ve already spent on company equipment back in your pocket before 2010?

Read on to learn how…

As 2010 quickly approaches, companies are taking in all the money that they can, and sealing up their year-end plans to best prepare for the future. Many companies forget to take tax deductions that they qualify for into account in this planning process; more specifically, Section 179. “Section 179″ refers to Section 179 of the Internal Revenue Service Tax code, and can prove extremely profitable for companies. It allows them to deduct for certain purchases and expenses – in some cases, before they are even paid in full. Many see this as the best feature of the economic stimulus act, as it’s great to have the option of not making the full payment before year end so that you can opt for an equipment lease if cash flow is an issue.

Another benefit of the economic stimulus act is enhancements to Section 179 that allow for higher dollar limitation for equipment purchased before December 31, 2009.  In addition, this deduction is not based on the number of days this equipment has been in service. Another perk that comes with Section 179: it allows a business to take a current year deduction on an equipment purchase instead of depreciating the newly acquired equipment over the course of several years.  The bonus here clearly being that more money is back in your pocket, faster.

If you’re looking to make a big (or even small) equipment purchase, do it sooner than later! To find out more about Section 179, click here.

It’s smart to speak with your tax adviser to figure out what moves will be most financially advantageous to your company, and you may find yourself with a cash flow advantage in 2010.

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Stress is physical, mental, or emotional strain or tension,
or a situation, occurrence, or factor causing this.

Holidays are almost upon us. Businesses are nearing end of year processes. Traveling, school vacations, winter storms, and all of the other causes of stress in our lives are fast approaching!

There are several different kinds of stress; some are positive, and some are negative. Any sort of change in your life can be considered stress; winning the lottery or losing your job are both examples. Chronic negative stress can lead to burnout and deterioration in health by causing chemical changes in your brain and putting your nervous system into overdrive.

So, what can you do to minimize your stress levels?

Learning to recognize when you’re stressed may sometimes be difficult; learning to take a step back and do something about it can be even harder. It’s time for some stress management. A proper diet, a full night’s sleep, getting enough exercise, and setting aside time to relax are all ways to manage your stress. Caffeine may get you going in the day but too much of it can also stress you out! Other more active methods include yoga, meditation, writing in a journal, and time management to prevent the stress in the first place. Spend some time outdoors or grab a good book; just saying “no” sometimes when you’re feeling overwhelmed can do a world of good.

Just remember… “this too shall pass.”

-Kristin Mott

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