There was a time when applicants to our program had to complete an Entrepreneurial Assessment tool so they would “self-evaluate” their preparedness.
The tool was actually pretty good. It posed about 250 questions that surprised most people who completed the assessment.
In a few cases, people completing the assessment decided NOT to pursue self employment and went on to find a job. Perhaps that wasn’t such a bad thing.
In the end, this assessment only weeded out 5% of the applicants. Approximately 35% of the remainder would start our program but never realized their goal of being self employed.
This article deals with that 35%.
After working with small businesses for over 30 years, I’ve seen quite the transformation in the types of businesses out there. For the most part, technology has driven much of this change.
I mean, 30 years ago in the late ‘80s, the internet as we know it didn’t exist.
Cell phones were a rarity. They were HUGE boxy things...
"Hot Business Ideas For 2018”
“Business Ideas That Guarantee Success”
“The Top 25 Business Ideas Of All Time”
“50 Business Ideas That Have Generated Millions”
“7-Figure Business Ideas”
We’ve all seen these headlines, or ones like them. Juicy, enticing headlines designed to pull you in.
They all essentially offer the same promise, which is to help you find THE perfect business idea by showcasing ones that have worked wonders for others.
The problem with this approach is that what works for one Entrepreneur is unlikely to work for the masses.
In fact, the elements that must line up to make a successful business are staggering! Mindset, education, experience, stamina, finances, market, potential customers, attitude, competition, economy . . . the list is endless!
I once worked with a client who told me that he started his business during the recession of the early ’80's. That was a *bad* time! Record HIGH...
The Entrepreneurial Nightmare . . . . No Sales!
Starting and growing a small business does not need to be complicated. But what do you do when the sales just aren't there?
Join us as we examine the causes & solution for this common problem. The solution is surprisingly simple!
There’s more to a business name than just the words!
Join us as we discuss the top 11 mistakes Entrepreneurs make when naming their business. Learn about business name registration and how to “own” your business name through Trademark.
You can also down our guide, “Business Naming Best-Practices.”
Depreciation is the method we use in accounting to spread the cost of an asset over its useful life. In non-accounting terms . . . depreciation is recognized as the decrease in value of an asset over time, due to normal wear and tear, and is a fundamental part of Accounting.All Assets when purchased, are recorded at historical cost.
If we use an asset throughout the accounting period and over many years, the asset by its very nature gets physically used up in some fashion, generally as a result of normal wear and tear. In accounting, we practice a fundamental accounting principal of “matching” all costs or expenses with the revenues they helped create. This is called the Matching Principle.
The end result is that the financial statements will show the true cost of generating sales against the actual sales revenues that those costs helped to generate. Depreciation is a fundamental part of accounting.
First of all, when the invoice or receipt has been journalized, we suggest you draw a line through the invoice or receipt to signify that it has been “entered.” That way you can avoid duplicate entries.
Once the invoice or receipt has been entered, it should be filed according to the company’s filing system, and believe me, there are MANY variations! We highly suggest using either of following two most basic and simple systems:
For a business with less than 10 financial transactions per month, we recommend filing all source documents by month. If you need to locate the telephone bill for the month of December, you will find it in the “December” file folder.
For a business with more than 10 financial transactions per month, we recommend filing all source document by category. If you need to locate the telephone bill for the month of December, you will find it in the “Telephone Expense” file folder.
For the purposes of the case study however,...
We suggest recording payroll in a 2-part transaction. The first part should document the physical paycheck starting with gross & vacation pay, with the offsetting entries to balance the transactions (you decide which accounts to credit). The second part should document the employer’s cost of the payroll.
Refer to the check register for the dates and check numbers of all payroll-related checks.
As a standard office procedure, bank reconciliations are completed monthly.
Even though the bank statement may arrive 3 (or more) days after the month end, transactions resulting from the bank reconciliation should be posted in the same month covered by the Bank Statement.
Enter your first name and email address to access our
FREE eBook - Effective Business Strategies.
Whether you're thinking about starting a business,
have recently started, or are well established,
implementing these strategies are sure to get you