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Cutting startup costs

When big initial costs make it hard to start your business, look further into the figures—they may not be as scary as they seem

As a startup wedding and event photographer, I made a list of all everything I need to purchase for my business, and it literally scared me. Between investing in equipment, software, Web site design, and advertising, my projected income is much less than my necessary expenses for this company. Photography has been my life’s passion, and I really want to succeed. Is there any advice you can offer me? —M.M., Chicago

Fear often stems from lack of understanding. Delving into the financial details of your venture should clear up your confusion and give you confidence to proceed—or perhaps persuade you that your business model is flawed and needs to be overhauled or scrapped.

You’ll need to consider both your startup expenditures and your operating costs, since the latter will help determine how quickly you can pay back the former. There are many ways to save on startup costs …Cutting Startup Costs – BusinessWeek, published 10 February 2009.

Flickr photo credit: tk yeoh

By ArcherTC|2012-01-05T06:45:31+01:00Februar 23, 2009|Administration & Finance, Blog|0 Comments

It’s not who your customers are, it’s how they behave

Wow. I’m humbled by the commentary from my first post. I hope I can maintain such passionate interest!

Businesses cannot exist without customers, so it’s sadly ironic that many, if not most, businesses, actually understand so little about them. As a company grows, a smaller and smaller percentage of the staff interacts with the customers. In fact, those folks on the “front line” (think call centers, service counters, retail stores) are typically among the lowest-paid and have the least authority.

Meanwhile, back at headquarters fundamental decisions are made with extremely limited information about customers. There, understanding the customer is often considered someone else’s responsibility, because, “we have a department for that.” No department has a complete view of the customer, however, and so in place of true understanding are models and frameworks that attempt to describe the customer. Many companies don’t go beyond demographics and market segmentation. While it’s helpful to know how they break down by age, sex, income, region, and other easily measurable characteristics, there’s actually very little you can actually do with that information. In order to become customer experience-driven, you need to go beyond who your customers are, and understand what they do. …more at It’s Not Who Your Customers Are, It’s How They Behave – Peter Merholz – HarvardBusiness.org, published on 11 February 2009

Flickr photo credit: Roger B.

By ArcherTC|2012-01-05T06:47:36+01:00Februar 23, 2009|Blog, Small Business|0 Comments

Hidden tax tips for entrepreneurs

Are you missing tax deductions you’re entitled to? Small business owners, self-employed workers, and independent contractors can write off many legitimate business expenses immediately, reducing the amount of income on which they pay taxes. But if you overlook applicable deductions or fail to keep adequate records that will back up your write-offs during an audit, you give up opportunities to cut your tax bill.

The Schedule C tax form used by sole proprietors to report business profit or loss has 21 line items for business expenses—including such catch-all categories as “office expense,” “supplies,” and “other expenses.” The tax forms for partnerships, LLCs, and S-corps are similarly broad. “It doesn’t even begin to hint at all the things that a business can legitimately deduct,” says Bernard Kamoroff, a certified public accountant and author of 422 Tax Deductions for Businesses & Self Employed Individuals. Don’t expect your accountant to find all the deductions you qualify for—your accountant doesn’t know your spending as intimately as you do. …more at Hidden Tax Tips for Entrepreneurs – Business Week, published 17 February 2009.

Flickr photo credit: ANATOLI AXELROD

By ArcherTC|2012-01-05T06:45:31+01:00Februar 23, 2009|Administration & Finance, Blog|0 Comments