Business Discussions

Would you be surprised to learn that a gold-medal winning Olympic swimmer Mark Spitz didn’t like the pool? It’s true! So how then did he put in thousands of hours of practice and beat out all his competitors? I’ll let him tell you: “The pool is terrible, but that doesn't have much to do with my record swims. That's all mental attitude.” Mind over matter, positive thinking, growth mindset, mental attitude -- these are all phrases we hear about as students, athletes and as business owners looking for a leg-up on the competition. What does having the right “mindset” truly mean for entrepreneurs and what does it actually look like in the real world? These 12 entrepreneurs tell us about the mindset that keeps them motivated and helps them muscle through the ups and downs of being self-employed.   Angela Smith of Purl and Loop, a yarn shop says: “Until I ran a business, I never realized how powerful a positive mindset could be. It amazes me that I can say I’m going to do something and

In honor of National Talk in an Elevator Day (yes, it's a thing!), I'd like to reboot a past discussion that never gets old: What's your elevator pitch?   An elevator pitch, as QB Community Manager @ShanaNiederman defines it, "is the way you quickly and concisely describe your business or services in the few seconds it takes to ride an elevator with a prospective client, investor or other interested party." Got it! Now exactly how many seconds are we talking about here?   You might be surprised to hear this (I was), but the "elevator pitch" as originally conceived is based on the average length of an elevator ride in New York City - a whopping 118 seconds. (For all you non-New Yorkers, Wikipedia pegs the typical elevator ride at between 30 seconds and two minutes.) Most people would agree that you do not have anywhere close to two minutes to make your case. You probably don't even have 30 seconds. In fact, research indicates that in this age of shrinking attention

  Award-winning business coach, entrepreneur and mentor Julie Gordon White is founder of The WELL, a coaching and training company that helps women build and then sell their business for big bucks. Julie knows first-hand the kind of strategic thinking and decision-making that helps entrepreneurs grow a business into a successful, appealing, sustainable brand (she’s done it herself, several times over!). Here, Julie shares her insights about the importance of authenticity, why small business owners should pay attention to what millennial consumers want and why she recommends never naming a business after yourself (apologies, Oprah!).   Julie, your personality/persona is very much a part of your brand identity. How do you align who you are with the services you offer?   All companies can benefit from the founder having a visible personal brand in addition to the company. We live in a transparent world, and knowing who is behind the brand and what they stand for is

  Thumbs up if you’d “like” to get more social media engagement! The crew at Bad Rhino, a media marketing agency* that works with small businesses like yours, shares some of their hottest tips for reaching your target market (and beyond!). Try them out and let us know how it goes! 1. Always use images. Posts with images receive more than twice as much engagement than those without. Keep a folder of professional-quality pix ready to post, or use stock photography if you don’t have a visual product (looking at you, accountants). Funny gifs or memes generate lots of looks, and user-generated pix are a great option, too -- just be sure to credit the original poster (see #9 below).   2. Hashtag it up. Using 15-20 relevant hashtags per Instagram/Twitter post is ideal. Stumped for ideas? Let’s say you’re a honey vendor at a farmers market in Seattle. You might use #honey #local #seattle #market #markets #bee #food and so on. Check out RiteTag for popular tag suggestions if you nee

  You have questions about running a small business, and our QB Community members have answers! Everyone here knows the importance of building meaningful member-to-member relationships, and there’s no better way to learn, discover and get inspired as an entrepreneur. Best of all? When members share what they know, everyone benefits. Check out this recent QB Community conversation, and you’ll see what we mean!   @Flyer asked: “Hi all, I recently got laid off for the first time and was offered a 6-month gig that will be paid via 1099. All I have done is open a business bank account after creating a LLC (Sole Proprietor). I need to figure out what type of software to use, and I also would appreciate some general advice. With a dedicated bank account and a LLC, I will keep business income and expenses separate and hopefully take advantage of all the deductions I can get. Thanks for the help and advice!!”   @Peter_G_Stone answered: “I would suggest QBO Essentials. You can in

  Baubles, baubles everywhere! The QuickBooks Community is proud to have many talented jewelry designers among our members. Here, ten of them share how they got their businesses up and running.     Elisha & Andreas Argentinis of Metal Pressions: Andreas says, “My wife was making jewelry and selling a few pieces on Etsy alongside her full-time job. She’d wanted me to get involved with the business early on, but I never had the time. But in 2008 after the economic crash, I started to look at what she was doing and saw massive room for growth.”   “There are thousands of custom jewelry makers on Etsy, so I knew that if we were going to turn this into a really successful business, we’d need to differentiate ourselves. No one else was offering full customization at the time, so it was this point of difference that convinced me it was a good business idea to run with. Everyone said we were crazy — I’d worked in web development and marketing and my wife was in pharmac

  How is summer already coming to an end? Like it or not, this weekend we say goodbye to August and hello to September. Before that happens, let’s revisit our top ten most popular articles this month when we focused on marketing and branding. 10. Why Balloon Artist Veronica Champion Believes In Marketing Basics - Veronica tells us what she loves most about being a balloon artist and what she finds most challenging – besides learning how to tie a balloon. 9. Julie Gordon White: 5 Hot Tips on Turning a Business Into a Brand Worth Big Bucks - Five tips for getting your brand-building off to a great start with smart tactical decisions about everything from what to name your business to how to market it on social media. 8. 5 Common Small Biz Marketing Mistakes & How to Avoid Them - We identify the top five marketing mistakes that brand new businesses commonly make so you can avoid them. 7. Startup Snag: My All-In-One Website/ Marketing Package Wasn’t a D

  Let’s meet seven entrepreneurs who create and sell pottery that is both beautiful and functional for everyday use. They tell us how they took their art form and turned it into a business.     Bridget Dorr of Bridget Dorr Ceramics: “I studied Art Therapy in college and hoped to use it to help heal people in my community. I worked with adults with disabilities for several years, but found that I was missing something from my life: I needed to express myself. Clay and ceramics were always my passion in school, so I began making small pieces here and there for enjoyment. Once day I decided to put them on Etsy, and slowly started selling my work.” “My first customer was from Ireland. I made a very simple set of ceramic cups and the customer managed to find my shop and buy them. At the time, I didn't think anyone would purchase my pieces. They were very underpriced. On that order, the shipping was more than what I made from the items, but the feeling was exhilarating!” &nb

Hi,I did read the discussion here: https://quickbooks.intuit.com/community/Do-more-with-QuickBooks/Starting-a-new-accounting-business/m-p/141381#M1295  The catch with the responses in that thread are that they indicate that the choice of software 'depends on your client base'.  Now here is the thing:  I am a CPA, CMA in Ontario, Canada.  I want to set up my own practice mostly to provide tax services, but I would also offer bookkeeping services - in fact I would prefer to keep the books for business clients so the tax filings are easier.  My target market is sole proprietorships, individuals with rental properties and CCPCs with a small number of employees.  There are many articles about administrative tasks - registering a business name, obtaining liability insurance, registering for HST, filing articles of incorporation, and so on.   What about the actual DOING, when you don't have a client base yet?  What is the chicke

  Handbags, belts, guitar straps and bow ties -- these six entrepreneurs took their small accessories business into the big world of retail. Here, they tell us how they got their businesses started.     Sara Rossi of Beau & Ro, a handbag company: “I don’t have a design background, but I live in the Garment District of New York City, so I have easy access to amazing materials and manufacturers. This really helped me when I was putting pen to paper in the beginning because it showed me what my options were. When I had my first samples made, I hosted a launch party for friends and family. Everyone there bought one of the sample bags. I launched online on the same day, and got my first orders just a few days after.”   “I’m opening a 1,800-square-foot store in Nantucket this year with two other women who run their own companies, Milicent Armstrong of Artemis Design Co and Taylor Ivey from Ellsworth & Ivey, which I never thought I’d be able to do!”   Read

  You’ve launched your business, built a strong customer base and have some rave reviews on social media platforms. You’re bringing in a steady stream of revenue, too. With all your tireless work paying off, it might be time to ask yourself this question: Am I building a business or a brand?   Of course, you can’t answer that question without first understanding the difference. Broadly speaking, when we think of a business, we’re thinking about any company or organization that sells products or services. Maybe it’s your local taqueria, your go-to financial advisor or your favorite shoe store. These businesses survive and thrive because you love their burritos, accounting smarts or comfy flats.   A brand, on the other hand, does more than just meet the functional needs of its customers and clients. It consciously creates a strong emotional association that goes beyond its goods or services. Lego, for example, represents far more than just colorful building blocks. The b

I just launched a Kickstarter campaign for my brand, Just Madras. I am looking for any tips of the trade so that I can reach my goal!

Should Public Relations expenses be an advertising and promotion expense or professional expense?

      What is DSO   Daily sales outstanding or DSO is the number of days it takes a business on an average to get paid after it raises an invoice. To understand this better, consider a business with 100 customers. If all the 100 customers pay the invoices raised by the business in exactly 45 days every time throughout the year the DSO value for that business will be 45 days   How is DSO calculated ?    DSO is calculated by dividing the value of receivables by the average sales per day       What is a good DSO value   Usually companies have DSO values around 30 or less. This value again depends upon the industry you operate in      

It’s nearing the end of another butt-kicking week of self-employment, and I think we all deserve to blow off some steam. Here’s your opportunity to kvell or kvetch - whatever’s on your mind (just remember that this is a public forum, folks!). Ready ... set ... gripe, grumble and groan!     Working for yourself can be lonely. When you have a problem with a customer or a vendor or you're simply overwhelmed by everything piling up on your plate, it's hard not having a co-worker to vent to. In lieu of a water cooler, here's a place for you to rant, rave vent and hopefully get some "I hear you!" comments in return.    So, how was your week?   

  Let’s learn from Felicity Price, owner of Buttercream Babies and a cupcake artist who turned her side-passion into a full-time business.   How did you start your business?   Once I'd decided to turn Buttercream Babies into a business, I created my Facebook page. At first it served as an online portfolio where I could post pictures of all my latest creations. Because cupcakes are as pretty as they are tasty, it made for a good-looking page. Once people started leaving comments, word began to spread and the page became a way for people to contact me about my products.   Another technique I used, which is a little less technical, was to get business cards made. I live near a research park with hundreds of companies on it, and every office has a party or two during the year. I put a business card through every door and offered free samples to the larger companies.   When did you know your business was going to work?   Before I started baking professionally

When Matt Martin was in college, he and his skiing pals had trouble finding retro-style one-piece ski-suits to wear on the slopes. After graduation, Matt decided to fill the gap in this niche market by creating his own brand of retro skiwear. Almost immediately, Matt hit some bumps that were far more challenging than any mogul run he’d ever been on. It was time for him to conquer some startup snags!     Flexibility is not only a crucial key to success, it’s also necessary -- especially when bringing a brand-new business to life. Things don’t always go according to plan, and when that happens entrepreneurs have to think on their feet, come up with new strategies and sometimes even take their venture in a new direction. In The Startup Snag, we’re learning from established business owners who hit a snag early on and cleverly solved the problem. We’ll also find out how they’re doing today.   Name: Matt Martin Business: Retro Mountain Skiwear Started: November 2014   T

Anna Matuszewski has been following her passion for choreography ever since she was an Olympic-bound teenage ice skater. A knee injury led her to pursue a career in dance and choreography off the ice, and she’s spent the past decade  touring the world with Macklemore. Here she shares what she loves about her work -- despite the physical toll of dancing hundreds of shows a year.    Knowing you’ll face both immense challenges and huge rewards as a business owner can help you stay positive, confident and grounded. That’s why we’re sharing some of your favorite and most dreaded aspects of working for yourself in Worst Part/Best Part!   Entrepreneur: Anna Matuszewski Business: Anna Matuszewski Choreography Started: 2000   Worst part: Anna says, “The downside of this job is that it’s so hard physically. If you get injured, it’s game over. On tour, there are a lot of personalities, so I try to bring my mothering skills and be nurturing to the younger, less experience

  Name: Caron White Business: Caron’s Beach House and Lake & Lodge Decor Location : Half Moon Bay, CALaunched: 2002-2007 (brick & mortar), 2010 (web-based only relaunch)   A love of all things coastal -- and a devastating earthquake -- inspired Caron White to launch her decor shop Caron’s Beach House in Washington state as a brick-and-mortar in 2002. Five years later she was again inspired in a new direction -- to close her store, regroup and take her business 100% online. Since she relaunched Caron’s Beach House in 2010 as an e-commerce site, she’s never been happier. She’s worked hard to make her business a well-oiled machine through outsourcing and targeted marketing, which means Caron’s enjoying the freedom to travel the world that comes with not having to run a brick-and-mortar store. We spoke with QB Community member @caronsbeach2 about how she attracts high-end customers, competes with big box stores and why there’s no going back for her after going onli

Dilemma... I have an S-corp. For the majority of 2017, I paid myself outside of payroll ($5K was paid to me thru payroll and $20K were just 'owner withdrawals' - my acc'tant said they must be recorded as "profit distributions"). So, for 2017, I've been left with the following #s:S-Corp profit: $10K(personal) W2: $5K(personal) profit distribution ("earnings"?): $20K Exactly what will I be paying income taxes on?$30K? (S-Corp flow-thru, W2, & profit distribution)or $10K (S-corp flow-thru) and I pay a different kind of tax rate on the $20K of profit distributions?

Does anyone have any suggestions on good sites that are out there where I can find out more about what I need to do before I start a business?

  Seven designer-entrepreneurs who create everything from lingerie to infant onesies to beach kaftans tell us how they got their businesses up and running!     Erica Voges of Caustic Threads, screen-printed knitwear: “I started on Etsy and I also now have a decent wholesale business and sell to boutiques across the country. I have a degree in fashion design and originally intended to sell primarily original hand-sewn designs in Caustic Threads. I had a new baby girl and found that most of those kinds of products were too time-consuming to knock out during nap time and, ultimately, were not very profitable.”   “So, I purchased a screen printing kit several years ago and taught myself how to use it. When I started screen printing I didn't really have any expectations, but I'm thrilled that my business became successful enough to do it full-time.”   Read Erica’s full story: Meet Erica Voges, the T-Shirt Designer Bringing Roller Derby Spirit to the Small Busines

  If you’ve spent time in the QuickBooks Community, you may know me as one of the proud leaders of this amazing gathering place for entrepreneurs. You may not know that a few years back, I was deep in the trenches of self-employment, just like you. In 2005, after hearing my pregnant friends complain about their impossible-to-swallow pre-natal vitamins, I co-founded NutraBella, Inc.. My business partner and I were determined to give women more palatable vitamin options, so we created the Bellybar.   I quickly realized that although I’d gone to business school and earned my MBA, I had a whole lot to learn about building, running and growing a business. My hard-earned degree had only partially prepared me for the complicated, non-stop, often overwhelming challenge of working for myself. Back then, I longed for an “instruction manual,” a curated list of things I needed to know right away to succeed as a small business owner.   Of course, there’s no single, right way to run

I am a caterer. I buy ingredients such as seasonings to prepare food that is either sold or given as samples. I've been recording the purchases of seasonings as supplies rather than COGS due to the small units of measurement, 1/4 TSP - 1 TBS per serving. Is this acceptable or should I be recording under COGS?  Also I've also been recording food purchased and prepared for samples as supplies rather than marketing. In either instance it results in an expense account used but I want to do record keeping that is industry standard accounting. I would love to hear from someone in the catering or restaurant business to please provide GAAP for recording these transactions for SEASONINGS and CUSTOMER SAMPLES.  If you have any other TIPS, I would love to hear them. Thanks/ 

  Former accountant Patricia Tsai has been on a sweet journey since leaving her corporate gig -- from selling her chocolate at the local farmer’s market to retailing her confections at Target stores. Patricia has been a successful shop owner since she opened her ChocoVivo store in 2009.      When did you know working for yourself was going to, well, work? What made you feel legit enough to say, “I own my own business!” Maybe it was your first customer (who wasn’t your mom!) or the first check made out to your business name. Perhaps you’re wondering right now if your endeavor will succeed. In this series we’re asking entrepreneurs, “How did you know when your business was Really for Real?”   Entrepreneur: Patricia Tsai Business: ChocoVivo Launched: 2009 Location: Los Angeles, CA   Knowing nothing about chocolate production didn’t stop former accountant Patricia Tsai from making it her escape route out of a life of corporate boredom. After a decade of resea