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Prepare for Success Ideas are everywhere. Successful entrepreneurs know that not every idea is a good business opportunity. Before you bet the ranch on your idea, take the time to research who will buy your product or service and what competition you will face. • • • • • •
Evaluating Your Business Idea (The Missouri Small Business and Technology Development Centers) 20 Questions to Ask Yourself (Small Business Administration) 14 questions to determine your RAMP Buying a Franchise (Entrepreneur Magazine) SBA FranNet on choosing a franchise Buying an Existing Business (SBA)
Libraries and other business development resources can help you find the data you need to answer key questions about markets, your industry and competition. SCORE counselors offer free, confidential mentoring to those starting business. Sign up for an appointment online. Be as specific as possible about your business and what you want to discuss.
The following Resource Partners provide research and market analysis information: Francis Institute for Child and Youth Development The Francis Institute for Child and Youth Development is a Professional Development Institute creating a high quality adult workforce for the care and education of children and youth from birth to 21 years of age. Go Topeka/Entrepreneurial & Minority Business Development 7
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Francis Institute for Child and Youth Development The Francis Institute for Child and Youth Development is a Professional Development Institute creating a high quality adult workforce for the care and education of children and youth from birth to 21 years of age. GO Topeka promotes and supports business in the Topeka, Kansas area by providing assistance to new and existing business seeking to start or grow, or those companies or corporations seeking to relocate or expand in the Topeka/Shawnee County Community. Grain Valley Partnership The Grain Valley Chamber Partnership is dedicated to being the primary advocate for businesses in the Grain Valley area by promoting economic development, providing educational resources and partnering with our members to improve the business environment and community image. Grandview Chamber & Economic Development Council The Grandview Chamber exists to serve, protect and promote area business. Hispanic Economic Development Corporation The Hispanic Economic Development Corporation (HEDC) is dedicated to improving the lives of Latinos within the greater Kansas City. HEDC achieves this through business development and economic and community wealth creation initiatives. Independence Economic Development Council The Independence Council for Economic Development (ICED) acts as a liaison between businesses and government and provides economic research on the Independence area. Information Experience Lab The Information Experience Lab is a usability laboratory that conducts research and evaluates the usability of technology and websites. Since the IE Lab is used as a teaching and research facility, our pricing is very competitive, and our services are research based. Johnson County Library MakerSpace The Johnson County Central Resource Library MakerSpace provides resources, tools, and programs for hobbyists, entrepreneurs, and small business owners. Kansas City Kansas Public Library The Kansas City Kansas Public Library offers business reference services, including access to information for small business or those contemplating starting a small business. Kansas City Missouri Public Library, H&R Block Business & Career Center The H&R Block Business and Career Center at the Kansas City Public Library provides resource material and online databases used by entrepreneurs and business owners. 8
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Francis Institute for Child and Youth Development The Francis Institute for Child and Youth Development is a Professional Development Institute creating a high quality adult workforce for the care and education of children and youth from birth to 21 years of age. Kauffman Founders School Online education program that enables entrepreneurs to learn anywhere, anytime. Leading experts present rich content that founders can immediately apply to their businesses. Leavenworth County Development Corporation LCDC provides resources and solutions to small businesses and entrepreneurs at no cost, in addition to attracting new business and retaining existing businesses to grow the community. Miami County Economic Development Department The Miami County (Kan.) Economic Development Department assists businesses in their development and expansion while promoting the region's economic growth. Mid-America Trade Adjustment Assistance Center (TAAC) Mid-America TAAC assists domestic manufacturers negatively impacted by import competition by providing cost share grant funding to implement improvement projects to make a business more globally competitive. Mid-Continent Public Library The Mid-Continent Public Library (MCPL) consists of 35 locations serving Clay, Jackson, and Platte Counties in Western Missouri. MCPL provides business reference materials and many MCPL branches have free library programs and events that for people who own small businesses or those contemplating starting a small business. Find a local branch by going to mymcpl.org. Missouri Division of Workforce Development - Kansas City Metro The Missouri Career Centers and our network of Business Contacts offer personalized assistance to help businesses connect with job seekers that meet their specific workforce needs. Small Business & Technology Development Center - Northwest Missouri State University, St. Joseph Satellite The SBTDC offers confidential, one-on-one counseling, coaching and training to existing businesses and emerging business owners. Small Business & Technology Development Center - University of Missouri Kansas City The UMKC Small Business & Technology Development Centers offer one-on-one counseling and training to business owners and emerging business owners. KCSourceLink Resource Partners offer a range of startup classes.
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Starting a business in Kansas Four easy steps to starting a business in Kansas
Register with the Kansas Secretary of State • •
Sole proprietors and partnerships DO NOT need to register Corporations must file Articles of Incorporation, LLCs must file Articles of Organization, and Limited Partnerships must file Certificates of Limited Partnership. Filings are available at Kansas Secretary of State.
Kansas has 12 types of taxes. Find out about Business Taxes (PDF) and then use the Business Tax Application (PDF) to file the appropriate form.
If hiring employees Obtain an Employer Identification Number (EIN) from the U.S. Internal Revenue Service. Apply for an Employer Identification Number (EIN) online. Go to the Department of Labor for information about worker’s compensation, unemployment, etc.
Check for city/county licenses and permits Contact your local city/county to see if licenses and permits are needed. Search for county clerks. Professional Licensure in Kansas
Doing Business in Missouri: Basics Doing Business in Missouri: Basics is designed to provide information to new or existing business owners on the skills needed to operate a small business and some common reasons small businesses fail. Contents:
Why do small businesses fail?
Writing a business plan
Record keeping
Professional services 10
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Checklist for starting a new business
Basics This section reviews the basic skills needed to operate a small business and some common reasons small businesses fail. Owning and operating a small business can be a tremendously fulfilling and rewarding way of life, but it is not always an easy one. No one considering it should make the decision lightly. A great deal of thought and research should go into making a decision that will affect you and your family for a long time to come. Many entrepreneurs have the motivation, desire and talent, but do not take the time to properly investigate and research the business they are interested in starting and adequately prepare to be in business. Similar to the game of chess, success in small business starts with decisive and correct opening moves. And although initial mistakes are survivable, it usually requires skill, discipline and hard work to regain the advantage. Some of the basic skills anyone must have to run any kind of business include: Basic money management skills. While you don’t need to have a lot of money to start a business successfully, you do need the ability to make the most of the money that you have. Being able to focus on the bottom line and pay attention to the numbers is as essential as the ability to price your products and services, manage your cash flow, and make sure you collect payment for the work you do. If you are lacking in these skills you can get training in business courses, books and so forth. A marketing mindset. You aren’t truly in business until you have business. No matter how much your product or service is in demand, or how great a job you do, if people don’t know about you, you won’t have much business. You must be able to make your business visible to the people who need it, and this means understanding marketing. Self-management skills. To make it on your own, you must become a goal-directed and self-motivated individual. You must be able to get yourself started every day, stick to business and close the door on work at the day’s end.
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COAST TO COAST BUSINESS NETWORK Time management skills. In your business, you will need to wear many hats, from chief executive officer to janitor. You’ll have to do the business, get the business and run the business. This means you’ll need to manage your time effectively to make sure the most important and urgent things get done in a timely fashion. Basic office organization. Since one of the roles you’ll probably play is that of your own office administrator, you will need to be able to organize, equip and manage your office space so that you can work effectively in it, having a place for everything and keeping everything in its place so that you can find it easily when you need it. Source: “The Best Home Businesses For The 90’s”, second edition, by Paul and Sarah Edwards, 1994, published by G.P. Putnam’s Sons.
Why do small businesses fail? A study conducted by the U.S. Small Business Administration looked at reasons for small business failure. Here are the major reasons ranked according to frequency:
Inadequate front-end planning. No business plan prepared; no feasibility study done and no cash flow projections done.
Insufficient capital for startup and back up. Even the most dedicated workaholic cannot overcome ongoing capital deficiencies due to startup losses.
Inexperienced management. Insufficient experience in the management and day-to-day operations of the business or of any business.
The wrong location. Low traffic, no expansion area, changing characteristics of the neighborhood. The customers are out there, but the business is not convenient because of driving and parking distance, transportation costs and employee unwillingness to live in the community.
Inventory mismanagement. Too much of the wrong inventory.
Too much capital in fixed assets. The failure to properly anticipate the cost of equipment and real estate needed to start and expand.
Poor credit practices. Failure to properly extend and control credit policy and practices.
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Unplanned expansion. If one location is doing well, a second site doesn’t mean the business will do twice as well unless management is available.
Having the wrong attitude. Not ready to work longer and harder than ever before; too much money in trappings and appearance.
Inadequate records and financial knowledge.
Unwillingness to employ and work with a banker, accountant and a lawyer.
Lack of managerial foresight. Failing to build staff to compensate for the weaknesses of the founder or owner; failing to adequately compensate second-line management. One solution to these problems is education. For a wide range of business training, including individual counseling and programs for groups of business people, contact your local Small Business & Technology Development Center (SBTDC).
Writing a business plan One of the first steps in a new venture is the development of a business plan. The business plan describes the business, its product or service, market, staffing and financing needs. A well-prepared business plan serves several purposes:
For the new business, it helps the owner determine the feasibility and desirability of pursuing the steps necessary to start a business. For the company seeking financing, it is an important sales tool for raising capital from outside investors. For an existing company, the business plan forms the basis of a more detailed operational plan and thus becomes an important management tool for monitoring the growth of the firm and charting future directions. A business plan is the written expression of your business idea. It is obviously important to anyone thinking of starting a business, but is also useful for those already in business. The process of writing down everything involved in bringing the idea to reality requires dealing with all the varied aspects of that business. It forces you to take an objective look at the entire idea and should permit you to see areas that need rethinking. The plan will help you sort through things logically and should result in a sound, usable plan with which to work.
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COAST TO COAST BUSINESS NETWORK Please refer to Business Plan for a more complete discussion of business plans.
Record keeping Every business, no matter what size, must keep written records of the transactions that take place. In addition to avoiding costly errors, good records tell you if you are making a profit or losing money, provide you with accurate tax information, and give you the information needed to see if and where improvements can be made. These records will be required by your financial institutions and local, state and federal government agencies, as well as for your own information. The IRS allows you to choose the method of record keeping that is best suited to your circumstances. If you are already in business and not keeping records, start immediately. After you get your system set up, you might want to work backwards to the first of the year so that you have as complete information as possible for your year-end records. If you are starting a new business, you will need an estimate of income and expenses to secure financing if needed; or, if your own resources are adequate, you will still want to know how you are doing financially. To determine if a profit is being made, you’ll need to figure your startup costs and your operating costs. Startup costs are the one-time expenses necessary to start your business, such as equipment expected to last a long time. Operating costs are those that keep recurring, such as purchasing materials needed for making the product. Once your record keeping system is set up, record all transactions promptly. It is also a good idea to establish a definite time each week or month to pay bills, reconcile the bank statement and do other tasks. “Accounting” does not necessarily mean “keeping books.” What you really need is some organized method to track all of the business activity generated by each of your transactions and will provide you with the reports and information required by taxing and regulatory authorities.
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COAST TO COAST BUSINESS NETWORK Sound accounting practices can mean more profits. The record keeping system need not be elaborate. Too many records can be as ineffective as too few. The system used should: 1. Maintain a record of all business transactions through: a. Daily (or periodic) summary of cash receipts b. Disbursement journal c. Business checkbook d. Employee compensation record (including withholding, Social Security and other taxes) e. General ledger (a summary of all subsidiary ledgers, including cash receipts, disbursements and other transactions); asset register (including depreciation when applicable), which should also include accounts receivable, accounts payable and an inventory system. Reflect periodic operating results and financial condition in a manner understandable by management. 2. Protect the assets of the business from errors, fraud and carelessness. Provide a basis for business planning by showing the results of past decisions and facts needed for future decisions. The system also must be designed to generate information that is periodically required by taxing and other regulatory authorities. There are numerous computer software programs on the market as well as accounting forms and systems. Many trade associations offer standard accounting systems for member businesses. The Missouri Small Business & Technology Development Centers frequently teach classes on record keeping. See class descriptions and calendar listings. If you wish, you can consult an accountant for assistance in setting up an accounting system, or hire one to do your books for you. If you need assistance in locating an accountant, contact the Missouri Society of Accountants.
Checklist for good records
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Open a business checking account. Don’t use your personal checking account for your business. The cost of another account is minimal compared to the confusion of business matters in your personal account.
Pay all bills by check. Note what was purchased with each check. This is your record of having paid bills and enables analysis of expenditures.
Use petty cash sparingly. Only when absolutely necessary should you make payments from petty cash and then be sure you have receipts including the purpose of all expenditures. Then write a check to petty cash to keep the checkbook complete.
Record all sales. Use sales tickets, duplicate receipts, copies of invoices, cash register tape or some other system that itemizes each sale. This enables analysis of sales and provides a record of who has paid or not paid.
Endorse all checks immediately. Endorse checks “for deposit only” to your account in your bank.
Deposit receipts often. Don’t keep cash or checks around your place of business. They invite theft, they can get lost, and the money should be put to work for you immediately.
Label bank deposit slips completely. They provide a good record of sources of income and back up sales records.
Balance bank account monthly. Do it when the statements come from the bank.
Inventory all items regularly. Count all items in inventory and include the purchase cost of each item. Absolutely take inventory once a year. A good business practice is to take inventory twice a year and better practice is quarterly inventory.
Professional services It is always advisable to enlist the services of an accountant and a lawyer when considering a new business operation. Their advice and guidance can help you choose the form of business organization best suited for your particular situation, thus increasing the chances of business success.
Lawyer Your lawyer should be experienced in business matters. Ask your banker to recommend a law firm or individual lawyer. Ask other successful business owners whom they use. Be sure to discuss fees in the initial interview, and ask if he/she represents businesses 16
COAST TO COAST BUSINESS NETWORK similar to yours. A reputable lawyer will welcome an open discussion on both subjects. Do not feel obligated to hire the first lawyer with whom you discuss your business plan. Find one with whom you are comfortable and you feel you can trust. Another way to find a competent attorney is through the Missouri Lawyer Referral Service operated by the Missouri Bar Association. Their attorneys will confer with you for up to 30 minutes for a fee of $25. mobar.org
Accountant Although an accountant is not mandatory for starting a new business, it is highly recommended that one be consulted. Again, seek recommendations from your lawyer, banker and other business associates. Don’t feel obligated to hire the first accountant that you interview. missouri-accountants.com
Checklist for starting a new business As you proceed through the process of starting your business, use the following checklist as a guide to make sure that you have covered all the requirements for starting your business. We recommend that you begin by reading the publication Starting a New Business in Missouri. You may also want to check to see if we have developed an industry specific business guide for your business. Please explore MissouriBusiness.net for information, forms, publications and links to training. For personal assistance, locate a Small Business & Technology Development Center office near you. In addition, the staff at Missouri SourceLink can research and assist with specific questions about business licenses, registrations and other issues.
Critical steps in the planning process
Register the name of your business with the Secretary of State by filing the necessary forms and paperwork. The way to register a name is different for each type of legal structure.
Choices of legal structures are sole proprietorship, partnership, limited partnership, Limited Liability Company (LLC) or corporation. A discussion of the issues involved in the legal formation of your company can be found at Legal formation. Each legal structure has unique registration requirements, outlined below. 17
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Sole Proprietorship and partnerships – File a fictitious name registration. Visit: sos.mo.gov/business/corporations/forms.asp
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Corporations and LLC – File the articles of incorporation or articles of organization (LLC), which can be found at: sos.mo.gov/business/corporations/forms.asp Information on federal requirements on LLCs can be found at: irs.gov/pub/irspdf/p3402.pdf
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S-corporation status – Requires that you form your Missouri corporation or LLC and also file IRS Form 2553 irs.gov/pub/irs-pdf/f2553.pdf
To check on the availability of a business name, search the Secretary of State’s registered business entity online database at bsd.sos.mo.gov/loginwelcome.aspx?lobID=1
Obtain local business licenses through the city or county government (generally this is the city clerk or county clerk). A sales tax number or use tax is needed if you will be selling at retail or wholesale. Collection of sales tax is required by any business making retail sales and retailers should complete Missouri DOR form 2643. Search the forms on the Missouri Department of Revenue website (dor.mo.gov/forms) to get a sales tax number or sales tax exemption.
Those businesses buying wholesale or operating solely as a wholesaler should complete a Missouri DOR form 149 Sales/Use Tax Exemption Certificate (search at dor.mo.gov/forms) and provide it to their supplier.
Federal Identification Number (EIN). Generally required only when you have business partners, hire employees, form a corporation or LLC; however, your bank may require an EIN to open a business account. Go to the IRS website at irs.gov/pub/irs-pdf/fss4.pdf to get form SS-4.
Hiring employees Before you hire that employee Obtain a Federal Employer Identification number (IRS form SS-4) via irs.gov/pub/irs-pdf/fss4.pdf.
Obtain a Missouri Employer withholding number by filing Missouri Department of Revenue form 2643, Missouri Tax Registration Application. State tax is then withheld from the employee’s payroll and remitted to the Missouri Department of Revenue. For more information see dor.mo.gov/tax/business/withhold.
File form 2699 (search at labor.mo.gov/pubs-and-forms) with the Missouri Department of Labor & Industrial Relations to register and contribute to the Missouri unemployment compensation fund. You will need to make appropriate arrangements to pay workers compensation insurance. Learn 18
COAST TO COAST BUSINESS NETWORK more from the Missouri Division of Workers’ Compensation at labor.mo.gov/dwc. Once you have hired the employee Each employee must complete IRS form W-4 (see irs.gov/pub/irs-pdf/fw4.pdf) and Missouri form W-4 (search at dor.mo.gov/forms). A copy of the federal W4 or the Missouri form must be forwarded to the Missouri Department of Revenue within 20 days of the new hire.
The employee must complete an I-9. The employer keeps this form on hand in a separate file. Visit the U.S. Citizen and Immigration Services website at uscis.gov to learn more or to access I-9 details (uscis.gov/i-9).
With the first payroll you will: o Withhold state income tax and federal income tax at a percentage determined by salary and exemption information stated on the form W-4.
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Withhold 6.2 percent of the employee’s salary for Social Security taxes.
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Pay 6.2 percent of the amount of the employee’s salary for Social Security taxes.
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Withhold 1.45 percent of the employee’s salary for Medicare taxes.
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Pay 1.45 percent of the employee’s salary for Medicare taxes.
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Make monthly payment of these taxes to an approved banking institution on the 15th of the month.
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File reports with the government on a quarterly and annual basis and issue W-2 reports to employees at the end of the year.
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For more information, visit the IRS website at irs.gov. Download IRS Publication 15, Employers’ Tax Guide (irs.gov/pub/irs-pdf/p15.pdf) for a good resource. .
Review OSHA guidelines and check workplace safety procedures with all employees. osha.gov
Additional suggestions
Evaluate the feasibility of your business idea. Refer to Evaluating Your Business Idea to evaluate your idea and estimate your startup costs before you spend a lot of time and money.
Prepare a written business plan. For information on writing a business plan, refer to Business Plan
Check on local zoning ordinances, regulations, building permits and fire codes through the city or county government. 19
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Determine whether your business requires a state or federal license or permit to operate. Also check on state or federal regulations that may affect your business. Information on selected types of businesses is available online.
Select a banking institution and open a business account. Contact an insurance agent and consult with him or her regarding fire, accident, liability, theft and other types of commercial insurance. Contact an accountant. Determine if you are required to make quarterly estimated income tax payments to the IRS and self-employment tax payments. Information on taxes for small business or self-employed individuals can be found at irs.gov. o
File annual tax information for state and federal government.
o
Keep a good set of records for all business activities.
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COAST TO COAST BUSINESS NETWORK -------------------------------------------------------------BEY'S STRAIGHT TALK MARKETING JOURNAL Gregory Bey -------------------------------------------------------------So Many Pitches That Promise You Riches Greetings Everyone! With all of the money making opportunities flooding the opportunity market, here are a few words of advice that may keep your from losing your shirt while trying to just make a few extra dollars.
Greed Most of us don't like to admit that greed is a part of our own personal nature. But when money is involved, the greed within all of us will surely manifest itself. Let me explain with this example. One of the so called secrets of selling, when it comes to business opportunities, is to appeal to our greed. Just take a look at any full page ad in any business opportunity publication, or on the Internet. What do most of these ads promise you? They say that if you buy their opportunity you will make tons of money, in a hurry. You see these ads over and over again, month after month. If the ads didn't work do you think they would keep running month after month? They continue to run because THEY WORK... Most of us start our own business because we see it as a way to become financially independent. We want to make more money and better our economic condition. There is certainly nothing wrong with this. The key factor here is how we go about it. I just want you to understand that if you don't control the greed within yourself, the greed will control you. Don't fall for every fast money scheme that comes along. You will only lose the little money you have. And you'll become one of the thousands of people who end up disappointed because they let greed overtake their common sense. To avoid being a victim to the greed within just remember, greed is a part of human nature. Recognize it when it raises its ugly head. We all have the ability to overcome greed. It is of no benefit to you or your business. Making money is the reason we go into business. But building a successful business is not just about making money. Being in business is about being proud of the product or service you offer, and building a secure future for yourself and your family.
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Ignorance One of the biggest problems for people wanting to start a home based or online type business, is having little or no business experience. When I first started looking for ways to make money from home way back in 1991, I had no idea of what I was doing. I came across a business opportunity magazine and started looking at some of the ads. At the time I was having some money problems, and lo and behold, I thought I had found the answer! I had never considered going into a business of my own, and did not have the slightest idea of what it would take to operate my own business. I just knew I needed some money, and here was my chance to make it, and plenty of it! SO I THOUGHT! I didn't do any research. I didn't ask anyone for advice. I didn't even read a single article. I just started sending for the get-rich-quick offers that I read. What was my first (so called) business? I sent out a chain letter! Yes, I hate to admit it, but I fell for the lowly chain letter scheme. I had no idea that this was illegal. I just thought if I sent those 100 letters out as the chain letter instructed, all of my money problems would be solved! Needless to say, I was sadly mistaken! Over the years, it has become clear to me many people start a home based business just as I did. They have no idea what it takes to build a successful home business. I can tell you for sure, it takes more than a few dollars and some wishful thinking! You must have some idea of what you want to do, and how you are going to go about doing it. To operate a real business you must offer a needed product or service to a targeted group of people who will benefit from what you have to offer. While considering what type of business you want to start, think about the experience that you already have. What types of employment have you had? Do you have a hobby that you enjoy? You probably have more skills than you realize! If you can use the knowledge that you already have, it will help you start your business on a positive note... If you are in need of advice on how to start, or how to expand or market your business, consider taking advantage of the experience I've gained since 1991 with all manner of money making opportunities. All you need to do is send me your questions by replying to this journal. It won't cost you a thin dime.
Over the years I have learned from many of the marketing masters, so go ahead and let me hear from you. Until next time, Happy Marketing!
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11 Ways to Develop Daily Discipline Inga Stasiulionyte
Many people wonder how I manage to stay so disciplined. They think my life must be very hard because I’ve always followed a strict schedule, from when I was training to be an Olympic athlete to now, since I’ve co-founded Onbotraining, an online coaching service that helps people achieve their goals. But I don’t see it that way because I love what I do. My journey to the Olympics showed me what it takes to become skilled at something, and I don’t mind replicating that journey in my professional life. I have never minded the struggle because I know it offers me the opportunity to reach my goals. I worked full time while I trained full time for the Beijing Olympics. I am not an exception in the world of elite athletes—many support themselves with dual high-level careers and live their dreams by achieving their Olympic goals. They push their capabilities to their limits and enjoy lives of purpose. These athletes know how discipline works, how it shows you are in control of your life. It’s the path to get anything you want. So how do you maintain a discipline? By combining an automated brain program—doing whatever needs to be done—with an incredible commitment to your goal. It becomes increasingly harder to be disciplined in a society that prizes instant gratification. We are more concerned about feeling good all the time, so we seek immediate pleasures, whether it’s a new car, an exotic trip or a new partner. Our long-term goals are not so important anymore. We get comfortable and wait for a special event to give our lives meaning, happiness and success. Discipline is the difference between being in control of your future and letting your environment dictate your destiny. Discipline means freedom and happiness. It gives you the ability to do what you want because you know you can learn how to achieve any dream you set your mind to. Discipline teaches you how to control your thoughts—and how to be happy in any situation, to visualize positive emotions and trigger an optimistic mood. Discipline builds self-confidence,
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COAST TO COAST BUSINESS NETWORK mental and physical strength, and inspires you to grow as a human being. With growth comes the ability to enjoy life in deeper, more meaningful ways. Anyone can develop discipline. It’s a skill and it’s not complicated—you just have to train yourself for it. Here’s how:
1. Set big goals. When you challenge yourself to achieve bigger goals, you really dedicate yourself to the craft. The more time you spend on it, the harder it becomes to quit. Once you have spent so much sweat, time and effort on it, if you quit, it will be for nothing. The bigger the goal, the more invested you become.
2. Set clear goals. Clearly define what your goal means to you and what you will specifically do to achieve it. If you set a goal to live healthier, for example, will you go running every day? At what time and for how long? Will you eat healthy? If there is no clear goal, there is no opportunity to create the specific steps you’d need to do to accomplish it.
3. Know that every day matters. When you wake up in the morning, do you know what’s most important for you to accomplish that day? Every goal, every priority, you have set for yourself has to be done—it will determine whether your dream lives or dies. Athletes know if they skip even one training session, they are already behind; they know they will lose a competition that is still three months away if they don’t do what they said they would, if they don’t follow through with their plan—if they aren’t disciplined.
4. Don’t argue with the plan. If you want to go to the Olympics, each training session matters; there isn’t one that’s less important than another. It’s the same with everything else in your life. When you start the process, you cannot question it, you cannot hesitate, you cannot back down—you have to work hard every single day to reach your dream, full force.
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5. Build a no-matter-what mindset. Build the mindset that no matter what, you will accomplish things when you said you would. No matter what. You have to create pressure for yourself, otherwise nothing will get done. There is good stress and bad stress, and you have to make sure you are operating under good stress—butterflies in the stomach, a manageable adrenaline that stimulates you.
6. Plan a routine. Create a routine that becomes second nature, automatic, normal. Athletes, for example, know what hours they train, when to break for lunchtime and dinnertime, and when to rest. In training, they know they have to do a warm-up, main training, and cool-down and recovery. By following the same routine, it becomes second nature—the discipline preps them to win. Planning your own routine—and sticking to it until it becomes automatic—can prep you for success, too.
7. Commit. Discipline was instilled in me by my mom. When I would ask her if I could start art, dancing or volleyball classes, she would say, “Be careful in choosing where you will spend your time, because you won’t be able to quit. You will have to follow through with it until the end, and do it well.” So I really considered whether I would be able to commit to something for a long time. And when I knew, when I chose the one thing I wanted to do, it made me want to figure out how to keep getting better at it—it made me want to commit.
8. Understand the transformation process. Your body and brain will do everything it can to resist change and growth. You need to know that it’s natural to feel lazy and undisciplined—but you also need to know that you have all the power to fight it. Start with your thoughts.
9. Go above feelings. The hardest part about discipline is maintaining the actions needed to achieve your dream or state of happiness. It requires constant hard work and fighting against comfort and instant pleasures. To do so, you have to separate yourself from the feelings that stop you, like fatigue, laziness or self-pity. You have to go above them, even if your feelings tell you that you are tired, stressed and alone in this struggle. Discipline is the direct training of a fighter.
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10. Resist the brain. All people are lazy, even the most successful businesspeople, the most accomplished athletes and the most talented actors. But it’s not simply laziness—it’s your brain saving energy for you. Any movement takes energy, and the brain is doing everything to stop you from moving by sending body signals about how hard it is to move and thoughts about how scary it would be if you fail. But you can trick your brain: Imagine your body is a beautiful machine and you are operating it as a higher force from above. Separate yourself from your body. Play it as a computer game. You are the one who commands your body to accomplish tasks.
11. Find pleasure in the hard work. Shift your focus to the process and concentrate on getting the work done faster and better every time. Speed is important; you have to move quickly in order to achieve perfection in a set amount of time. So many people quit too early. Success is all about persistence, and discipline is what gets you to your final destination—the realization of your dream. The more you learn about your craft and your capabilities, when you start seeing yourself improve, the results will make you hungry for more. Self-improvement is an amazing drug. I love discipline because it is a source of power. It is an engine that helps us understand and explore our capabilities and life’s opportunities. Discipline is not boring; it’s the freedom to put all our energy into creating something meaningful and beautiful. It’s up to us to choose the life with discipline or without, with a goal or without, with a dream or without.
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DALLAS ENTREPENEUR CENTER UPDATES I am excited to announce today a partnership between The Dallas Entrepreneur Center (aka The DEC) and The Capital Factory, an Austin based accelerator company. Capital Factory plays a key leadership role in the Austin entrepreneurial tech ecosystem and continues to be listed among the top accelerators in the country. The Dallas Entrepreneur Center, a 501c3 non-profit, has been serving entrepreneurs since 2013 by offering education, training, mentorship, events/programs, access to capital, and promotion to thousands of entrepreneurs across North Texas. Through this partnership, Capital Factory will be launching its accelerator in Dallas. We will also be launching on a new mentor platform called Union that will allow members in Dallas and Austin to leverage the experience, expertise, and mentorship of its respective communities. This partnership is much more than just a win for The DEC and Capital Factory, but rather is a win for two great startup ecosystems (Austin and Dallas), and what I believe to be the first step of a state wide Texas network. We are bringing together the best parts of all of our major cities to make Texas an even better place for entrepreneurs and investors to start, build, grow, and fund companies. We believe that the whole is greater than the sum of its parts, and a collaborative, combined, and cohesive Texas ecosystem for entrepreneurs will make Texas the greatest place for entrepreneurs in the country. To see more details on this amazing partnership, please click here: Austin and Dallas Startup Ecosystems Combine Forces
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How An Ex-Con Turned His Life Around And Built an $80k per Month Ecommerce Business •
by Mark Macdonald
This is a guest post by Robert Nava, owner of National Parks Depot. Being the founder of a successful ecommerce website isn’t something I would have predicted for myself. One year ago, the idea wasn’t even in my peripherals. It wasn’t something that took me a lot of planning and preparation coupled with years of experience to carry out. Creating National Parks Depot and getting it to a recognized level of success basically took one month. During that month, I came up with a product to sell, created a store, and promoted the product to about one million targeted prospects. Sales were so great that I had to pull in an investor to help get inventory. Building National Parks Depot using Shopify is one of the easiest things I’ve ever done. I don’t have tons of experience in sales or marketing, so it’s not as if I was destined to be successful at this. In fact, with my history, success 30
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seemed unlikely. But with all the right pieces in all the right places, what seemed to be most unlikely actually became a reality.
Early Life and Incarceration The early part of my life was spent incarcerated. From the age of 11 to 27 I was in and out of juvenile and adult correctional facilities for various crimes. I was addicted to drugs, lost, and hopeless. At that time, no one would have guessed that decades later I’d be so involved in business, sales, or marketing. Like I said, I wasn’t a likely candidate for success. In September of 2007, I was released from California State Prison and have never looked back. My life was different from that day forward, but how drastically different it would be surprises even me at times. Fast forward seven years. I now have a family, a business, and am working on a college degree. There is something about ex-felons that make us good candidates for being entrepreneurs. There’s a drive that makes us want to be different and to stand out among the crowd. When I decided that I would never go back to crime and prison, my drive didn’t leave. It was just refocused. From then on, my drive and motivation would be success for me and my family. While that sounds all good, it wasn’t all easy. Over the last few years, while also being a full-time engineering student, I attempted to launch many business ventures. Most failed immediately. Some were sustainable for a short period of time. But only one stands out as an immediate success, and that one is National Parks Depot.
When I started this store, I wasn’t in the greatest financial position. My family couldn’t afford our rent and had to work out arrangements with our landlord in order to keep a roof over our heads. We even had to rely on Government assistance. It was a low point, and I was almost ready to give up on my ventures. At the time, I had a small Facebook page that was dedicated to sharing images from National Parks around the world. I sold t-shirts through this page 31
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and began to think that I could sell even more products to this audience. There was one issue – I didn’t have any products of my own to sell. I had heard of something called dropshipping and thought I might try it out. So that is what I did.
Getting Started With Dropshipping Finding drop shippers was frustrating and even scary at times. But once I got the hang of it, it really wasn't that difficult. The key was to have a product in mind first. I simply looked for items that were selling well elsewhere. Once I found a product, I would create my own offer for that item and see if it was something people would buy from my online store. If they did, I'd find a supplier that was willing to dropship that product for me. The mistake that many other people make is that they look for a drop shipper and then try to sell what that supplier has. When you do that, you limit yourself. Once I identify a product, I simply email the retailers that are selling the item already and ask if they are willing to drop ship. I was surprised at how many actually said yes. In just a few days, I had National Parks Depot set up on Shopify and ready to promote. I’m not the best marketer on the block, but through all of my failures over the last few years, I was able to learn a few things that would help me promote this store to success.
Facebook Advertising The Facebook page only had a few thousand fans, so if we wanted to get any sales at scale, there would need to be paid advertising. But as I mentioned earlier, I couldn’t even pay rent so an ad spend was almost out of question. Almost. I figured I would try it with a small budget of $60 and determine from the sales if it was worth going further. That $60 ad spend brought in nearly $1,000 in sales on the first day, giving a great return. I was ecstatic! On day two, I decided to double the budget and see what would happen. Sure enough, the
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sales nearly doubled as well. Over the next few days, I would repeat this process several times – every time the sales would just grow.
Then I came to a roadblock. Since I was dropshipping, I never had control over inventory. After about a week of great sales, my suppliers began to run out of stock and I was stuck with tons of sales and no product. I scrambled to find the products elsewhere, but didn’t have enough capital built up in order to purchase inventory in bulk. That’s when I had to get help from an unlikely source – my landlord Shawn. He knew of my financial situation; it was to him that I couldn’t pay my rent. But 33
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we’ve worked together in the past, so he also knew of my drive for success. I told Shawn about the sales going on in the store and let him know that I needed help if this was to continue. He decided to come on and help out in the areas where I lacked. That would get us past the roadblock and move on to more sales. Over the next several weeks, we spent thousands of dollars on Facebook ads to drive traffic to the store. Just like when I first started, every dollar that went out brought a few more back in. Less than two months after launch, we’ve had nearly $80,000 in sales come in. There have been a few hiccups to overcome, but that comes with learning anything new. In the end, it’s well worth it. Even though I wasn’t a likely candidate for success, I’ve made it. I’ve learned that there are resources out there that will help us do anything we want. We just have to find them. For National Parks Depot, our success is dedicated to the Shopify platform and to Facebook. Without either, it would not exist.
About The Author Robert Nava is a father, electronics engineering student, and entrepreneur who started his life with rough beginnings. After years of struggling to create a successful business, Robert founded National Parks Depot in 2014. Email Pinterest Facebook Facebook LinkedIn
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Gregory Bey Let's Talk Marketing funnel basics.
Sales funnels are often talked about in internet marketing circles, but not always defined. Quite simply put, sales funnels are put in place because the marketer is trying to get the potential customer to take certain actions in every stage of the sales funnel that will eventually lead to a sale or multiple sales. For example, if you imagine the shape of a funnel, then you know its wide open at the top and as you move down into the funnel it gets very narrow. As a marketer you are trying to get as many people as you can into your sales funnels in order to build your list. It's much easier to sell to an existing customer than it is to get a new customer. Once you have a customer in your database, then as a smart marketer you can continually offer products and services to that person, which means more money in your pockets if they should take you up on your offers. A simple sales funnel might be that you have written a report that you want to sell on knitting. If you can get people to your website, then you can show them a sales page that offers your knitting report. Hopefully they purchase the report and the sales funnel ends. But what a smart marketer should do instead of the above example is develop a lasting, long term relationship with their customer. So instead of sending the potential customer straight to a sales page, offer a free mini e-course on how to sell knitting products on eBay. And all they have to do to get the course is submit their email address. That would be the 1st stage of the sales funnel. The mini e-course offers great information that is beneficial to their customer. And the more the customer reads, the more they start to trust you, the marketer. After the mini e-course is over you might offer the customer a low priced product that they can purchase. This would be the 2nd stage of the sales funnel. And depending on what action that person takes will lead them to another part of the sales funnel. Suppose you have a higher priced product that is closely related to your low priced product you offered, but has so much more value. You are not going to offer that product in the earlier stages of your sales funnel because if people don't know you they don't trust you and probably would be reluctant to risk their money. So sales funnels build trust and ultimately sales. However you decide to build your sales
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Always keep in mind that you want to cultivate a long term customer, not just make a quick one time sale. Alright, this is l for now, but before I go, I want you to take a look at my special offers over here:
My Prospecting Magnet Big Money Leverage Until next time, Happy Marketing!
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Bookkeeping Tips From Our Friends at
Are you up to date? See for yourself with this bookkeeper’s quiz. Our goal as your national association is to raise bookkeepers’ professional status. We do this by offering self-study courses (e-books or hard copy) in bookkeeping, accounting and tax—and by keeping you current in our member newsletter, The General Ledger.
The quiz below is based on just one monthly issue of our member General Ledger newsletter. See if you are up to date. Scroll down for answers.
1. If your payroll service is a certified professional employer organization (CPEO) and you remit taxes to the CPEO that are never deposited with the IRS (your firm/the CPEO) is liable for the unpaid taxes.
2. If your payroll service is not a CPEO and remits taxes to the service that are never deposited (your firm/the CPEO) is liable for the unpaid taxes.
Questions 3-4. There are two ways to compute your tax deduction for use of a home office: 3. Under the _____ method, you compute the percentage of the home used for business and deduct Direct business expenses in full and apportion indirect expenses.
4. Under the _____ method, there is a set rate of $____ per square foot for space used for business, to a maximum allowable deduction of _____ square feet.
5. Under both of the methods above, the home office must be used _____ and _____ for business purposes. In most cases, the office must be the _____ _____ of business.
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7. An IRS statement is legally binding on the IRS when it is published in: A) In an IRS publication B) IRS guidance C) IRS FAQs on the IRS website D) The Internal Revenue Bulletin E.) All of the above 8. You can rely on IRS statements that do not fit the answer to Question 7 when the IRS says that the statements are _____ _____.
Questions 9-10. The accuracy-related penalty is for negligence or disregard of the rules or regulations that results in a substantial understatement of tax. The penalty can be avoided if the taxpayer can demonstrate reasonable cause and good faith. 9. Both reasonable cause and good faith are demonstrated by showing reliance on the advice of a tax professional who is _____ and has _____ _____; and
10. That the taxpayer provided _____ and _____ information to the adviser, and that the taxpayer relied in good faith on the adviser’s judgment.
See page 39 to check your answers
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Answer Key 9-10 correct
You’re up to date. To stay that way, join AIPB today.
6-8 correct
You’re missing information affecting your job. Join now to keep current.
5 or less correct Too busy to stay current? Let AIPB keep you up to date. Join now.
1. the CPEO 2. your firm 3. regular 4. simplified 5, 300 5. regularly, exclusively, principal place 6. personally liable 7. d 8. legal authority 9. competent, sufficient expertise 10. necessary, accurate
Remember, this quiz is based on just one recent issue of The General Ledger. If you are interested in getting your Bookkeeping and Tax Knowledge above your competition please contact:
DANIEL L ROWLAND @ 817-705-0686
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