EmpressofBiz, Biz Tip What do you want? Job? Career? Business?

What do want?

 What is it that you want in life? A job? A career? A profession? Or a business? Only you know the answer. Each one requires a set of skills, attitude, preparation,  and dedication with its own set of rewards, risks, trade offs  and challenges.

To me...a job is something you do to bring in money.  It is something you tolerate so you can pay the bills and get on with your life.  Done that...hated it.

  A career is where you have found something that you are invested in and are goal oriented.  Usually it is doing it for someone else and being tied into their goals and expectations ...done that...and did not like it.  

A profession usually means you have spent a lot of time and dollars  being educated to do something hopefully will bring you money, respect and prestige i.e  Doctor, Lawyer, Dentist, Engineer or Indian Chief.  That was not a track I chose to follow.  

For me... I chose to be in business.  It is  the most challenging, rewarding and risky.  Yet I love it and would not do anything different.  When I was growing up "girls did not plan to go into business".  They got a secretary job with a big corporation which would provide safety and security.   

So when I went into business it was totally unacceptable.  It took my family 15 years to even acknowledge that I had a business.  There were of challenges to overcome...which I did.  And yes, there were times when  it was  quite daunting, harrowing and lonely....but thirtyfive years later I am still here..and still loving it.  

If you decide to jump into the entrepreneurial pool  there is  a number of thing you need to succeed besides a great idea.  You need a vision,  money, a business plan, a buying public, a willingness to work harder than you ever had, technical and people skills and plenty of courage, patience and dedication.  

And one other important thing...is Friends to support you and listen to you.  You cannot accomplish this without a support system.  Sometimes your family will be...sometimes they will not.  Make sure in your "business plan" you build your support team...it will be one of your most valuable assets.

And a special thank you to all of you  who have been my friends along the way.

EmpessofBiz, Biz Tips: Sunday Morning Reflection . All Started Small

Sunday Morning Reflection  

I believe in small business and you.   I know when we walk with vision,  a plan, courage,  dedication and confidence we can accomplish great things. All the big businesses that you see today....Google., IBM, Ford, Facebook, Apple & Microsoft  etc.....ALL started small propelled by someone's dream. My posting each day says I believe and support you.

My 30 plus years experience of owning business has taught me a great deal.  Some of the knowledge comes from successes I have had.  I have won numerous awards for my accomplishments,  achievements and advocacy of small business.    My clients have been recognized locally, regionally and nationally for their success.  Yet success alone does not build wisdom.  Many of my lessons have been learned painfully...mistakes made, shifts in market place, wrong advisors and my own shortcomings.

 I hope you will use these posts to stimulate your thinking and creativity. Please share your tips and experiences so we all can accomplish our dreams and continue to build our nation. Let us all dream big, support one another and make this our best year.

My best wishes for a prosperous and productive 2014.  May you be blessed with the energy, enthusiasm, courage and insight needed to make your dreams come true.
 JoAnn R. Forrester
SBA PA Women Business Champion 
PA Best 50 Women in Business
YWCA Tribute to Women, Entrepreneur Category
Co-Founder of the Women of Achievement Awards

EmpressofBiz, Biz Tips: Saturday Biz TiP. Make your dollars work in your neighborhood

Saturday Biz Tip  Just a reminder end the year right...shop small business. The majority of dollars you spend at your local florist, hardware store, restaurant, bakery, shoe store, auto mechanic, independent book store, yogurt and ice cream store and etc and stays in the neighborhood. Small business owners pay more their fair share of taxes...versus the big guys. 

Support one another...it is a good business decision.

EmpessofBiz, Biz tips Pricing with confidence...not fear

Join me in a special  webinar presentation of Pricing with Confidence ....not Fear on Tuesday November 26, 2013 on  the Suzy Brandtastic show.
https://www.facebook.com/photo.php?fbid=448561418582090&set=oa.240673406092122&type=1&theater

One hour webinar on Pricing...how to avoid the the 4 F Trap , FEAR, FICTION, FANTASY &  FEELINGS  that lead to FAILURE.

EmpressofBiz, Biz tips. How much should you PAY..

Just answered the question to a group  that I belong to..
How much should I pay myself?
Should I pay myself if I am the owner of the business. 

Paying yourself most definitley YES! 
HOW MUCH?  ...Depends...some things to think about BEFORE you give yourself a salary!

My clients and students often do one of two things:

1. They do not figure their salary needs at all in the business.They will take their salary from the "profits" .  Yet rarely is their enough profit to take a salary and quickly put their personal credit and home life in jeopardy.

2. Or they pay themselves a ridiculous amount and take all the money out of the business and put the business in jeopardy

A REASONABLE SALARY is a MUST! What is reasonable?

My answer to students and clients is:

1. How much is your personal budget? What do you need to take out of this business to make sure your personal commitments are taken care of? It makes no difference whether you have a partner or spouse who is "willing" to pick up the budget...while you are starting the business...you must have your salary amount in as part of your costs.

2. What would have to pay someone to do your job? It usually isn't any small amount.

3. Paying yourself is part of establishing your costs so you can give price your product or service accurately.

4. BTW...supporting you and the business usually does not last long and resentment quickly rears its head. Plan to contribute from day one...it eliminates a good deal of family problems. You can start low...but start and raise it as you go..
I hope this people thinking of what salary they need to take out of the business. Check out my blog www.empressofbiz.blogspot.com for more comments on small business.

ELIMINATING the CONFUSION

COST ACCOUNTING vs TAX ACCOUNTING

Accounting, a word that conjures up the image of Ebeneezer  Scrooge sitting at his desk with quill in hand entering numbers in a ledger.  Not a favorable image is it?  Yet keeping records is essential for business success.  Few companies make it a priority to keep their records up to date.  Nor do they take the time to understand the difference between tax accounting and cost accounting.  Both are necessary and yet each one has a different goal. 

Tax accounting, is what you do to make various government entities happy and report to them.   It aims at taking advantage of all the opportunities the government offers to reduce tax obligations. It doesn’t care about all the details of cost.  Instead it deals in gross figures.  It accounts for insurance premiums paid rather than rates of insurance, for example.  It allows plans of depreciation for investments rather than expected time of replacement.  The lower the profit calculated, the lower the tax obligation.  It is difficult, if not impossible, to develop proper pricing from tax accounting.

Cost Accounting,  is aimed at calculating all of the costs incurred in producing a product, service or project so the business owner or manager knows how much the company must charge for the item.

Management priorities are to stay in business, recover the owners’ investments in the business itself, earn a reasonable return on the investment in the business for the owners, pay off company debt, build a reserve to reduce the need for debt and produce a reasonable profit, after taxes, for the company’s growth.

In order to accomplish these objectives, cost accounting must allocate costs where they belong. Deductible  taxes and employee benefits must be attached to the proper categories:  materials that become an integral part of the project, labor with varying rates for different categories, such as, social security, medicare, unemployment insurance and retirement benefits.

Other project costs must be added, like the transportation of materials and workers, the cost per hour or mile for each vehicle or piece of heavy equipment (original cost, years of life, maintenance costs, repair costs, insurance costs and the expected annual hours of use) and subcontractors fees.

Administrative costs, finance costs, plus commissions and royalties must then be added.

Neglecting the tasks and details of cost accounting for pricing products and services properly is one of the reason ninety percent of businesses fail within the first ten years of their beginning.

                     - JoAnn Forrester & James W. Martin, SI Business Associates, 412-440-6969

Hate to do this...give us a call...with our Price it Perfect Cost Management,(TM)

 CFO in a Box System it is a snap for us...412-440-6969.

P.S.  Watch for our upcoming E-book on Pricing...coming soon!