Business Discussions

    Some of today’s biggest household names were founded at least a century ago by upstart entrepreneurs with an innovative idea. We’re talking about the businesses that produce things like our favorite cars, chocolate and cereal. Why do some companies thrive and grow while others fizzle out? Chalk it up to good timing, recession-proof products or genius business acumen, but perhaps the key to longevity might simply be keeping up with -- or, better yet, ahead of -- the ever-changing times. The rest, as they say, is entrepreneurial history. 1. General Motors was founded in Detroit, Michigan in 1908 by William C. Durant as a holding company. He immediately bought the Buick company, and, in the last century, the corporation has acquired many other automotive, construction and appliance brands, too. Durant originally began his career by starting Durant-Dort Carriage Company in 1886. Later, he founded Frigidaire and co-founded Chevrolet.   Fun fact! GM introduced two elect

Name: Jeremy Malman Business: Worth Motorcycle Company Founded: 2013 When Jeremy Malman was accepted to a highly competitive Ph.D. program in Southern California, he was elated. But nearly three years into his clinical psychology coursework with at-risk adolescents, he was disillusioned. Not by the kids – Jeremy loved helping teens who were struggling at home, in school and in life. In fact, his frustration stemmed from a deep desire to support this underserved population in real, meaningful ways. Academia wasn’t cutting it, so Jeremy took a year off from school to figure out what was next. When it was time to go back, Jeremy balked. “Maybe I’ll just open a motorcycle shop,” he told his wife. Years earlier, he’d spent seven satisfying and rewarding months learning how to fix bikes. “You’ll get bored,” his wife, Skye, told him. His response? “Then maybe I’ll help kids by teaching them to work on bikes.” Her response? “That’s the best idea you’ve ever had.” That was all it took. Jeremy

So, I have a client who recently started a single-member llc. He's been in the starting phase of business for the past month or so, and now, his brother is coming on as a second 50% member (making it a multi-member llc). While it was still a single-member llc, the company received a signing bonus of $25K.  I need to value the business for the incoming member. The income and market value methods won't work since the business is new and closely-held. I could use an asset-based approach, but the first member is looking to take out the majority of the $25K signing bonus in the coming weeks.  They are independent contractors for a larger company and are paid commissions weekly based on the customers they service. Each member will be the source of the business profits through their services to the larger company, and thus, 50% of the incoming profits would be attributable to him and his own service. Any thoughts on how to value this business?

Did you know that the number of African-American businesses is growing by leaps and bounds? Women are seriously leading the charge, with a whopping 605% increase over the last two decades in businesses owned by black women. Wow! That amazing effort is of the reasons we are celebrating Black Business Month this August. Let’s meet some of the African-American entrepreneurs who are rocking it in our community -- and in the small business world!  Meet Kari Browne, an entrepreneur who started -- and sold -- two, kid-friendly Brooklyn cafes. She shares some great insights on how she valued her businesses for sale.  Now, she's moved to Australia where she’s enjoying not running two businesses and is digging the beach life with her family instead. @Karibrowne  Read Kari’s full story: Kari Browne Sold Her Two Beloved Cafes by Trusting Her Gut, and Her Heart Meet Monique Greenwood, owner and operator of Akwaaba Inns, gorgeously remodeled old mansions thr

Being in the planning stages of establishing my own business, and how I would like to focus my knowledge & skills to generate revenue, I am reading up on EVERYTHING! I recently read an interesting article on AccountingWeb regarding cyber insurance. I attached the article here for those interested in reading it.   I had never even considered such an insurance. However, it is blatantly obvious why this type of insurance could be a lifesaver for a small accounting practice in today's digital business environment. So I ask those who are experienced owners of a virtual accounting practice: Do you have cyber insurance and is it worth the premiums to you? 

  Name: Maxie McCoy Business: Maxie McCoy Launched: 2015 Location: San Francisco, CA When you hear the name “Maxie McCoy,” words like “courageous,” “bold,” “motivating” and “inspiring” may come to mind. If they do, then Maxie is succeeding in her goal of turning her namesake business into a widely recognized brand. Three years ago, this award-winning author, speaker and coach set a lofty goal for herself: to help billions (with a b!) of women boost their productivity, turn their dreams into a reality and believe more deeply in themselves. “I want you to make your big beautiful mark on this world, whatever that mark might be,” Maxie explains on her website. She’s certainly making her big, beautiful mark building a rock-solid reputation as a woman, and a brand, to be reckoned with. In this profile, which is based on a conversation between Maxie and QB Community Leader Leslie Barber during QB Connect 2017, Maxie takes us back to the beginning of her entrepreneurial journey. Back the

  Names: Marty McDonald (at left, above) & Rich DeMatteo Business: Bad Rhino   Location: West Chester, PA Launched: 2011 Co-founders Marty McDonald and Rich DeMatteo of Bad Rhino, a social media marketing agency, saw the power of peer-to-peer connection long before Facebook and Instagram were household staples. In 2008, Rich leveraged social media to launch and grow an online career blog, Corn on the Job. Marty began dabbling in online marketing in 2002 as a side gig while working in staffing and talent acquisition. The two brought their skills and passion for online marketing together in 2011 to form Bad Rhino, a small business helping other small businesses put their best marketing foot forward with savvy social media strategies. We spoke with Marty about the link between a killer social media presence and increased sales. Don’t miss Bad Rhino Shares 9 Tips for Upping Your Social-Media Marketing Game Hi Marty! Tell us about Bad Rhino and what your business is all a

It can be hard determining the right value on what you sell, especially when you’re in the business of producing handmade goods or offering custom services. Is there a secret formula? No. But there are small business owners who’ve figured out a pricing strategy that works for them through trial and error, market analysis and by calculating wholesale versus retail margins. We asked ten entrepreneurs, “How do you determine your pricing?” Here are their insightful answers!   Wholesale pricing helped determine retail pricing     Tasha Chapman, creator of Chapman at Sea, surfboard and carryall bags: “In the beginning, I didn’t know anything about the differences between retail and wholesale pricing. When I first started the website, our retail prices were pretty close to wholesale prices, so when stores started asking for a 50% discount on top, I quickly learned that wasn’t going to work.I had to make some price adjustments just so I could have my bags in shops.”   Read

A few nights ago, I drove 20 minutes north to San Rafael, CA. I was wearing my strongest deodorant, chewing on peppermint Tums and seriously regretting the three cloves of garlic I’d added to my stir-fry an hour earlier. My gut was churning but not because of excess garlic. I was heading to my first Speaking Circle, a small-group workshop designed to help people shake their anxiety about public speaking. As I’ve mentioned in a previous post, I don’t suffer from extreme “glossaphobia,” but speaking in front of a group is something I rarely do. Since I work for myself, and since I work from my home, hours can pass on any given day without talking to anyone besides my dog and my cat.  No wonder my oratory muscle is soft and flabby. As the owner of my own editorial services business, I know I need to be able to share my expertise with existing or prospective clients without my voice quavering or my heart pounding. I decided a Speaking Circle was just the “workout” my public-speaking

Right now, my freelance income looks like about $7K this year, possibly more. My personal TurboTax account was created long before my QB Self-employed account and the two aren't connected. I have the article that explains how to combine them into one...the question is "should I?" And if I do, which one should I keep? The years old personal, or the shiny new QBSE? Thanks!

It's February, which means love is in the air -- and I’ve got Japan on the brain. Why? Because each Valentine’s Day accounts for a whopping $400 million in Japanese chocolate sales -- and most of the sweet stuff is given out at the office.   Unlike Valentine’s Day in the U.S., in Japan it’s women who do the bulk of the gifting. While chocolate can be given to a romantic partner as honmei choco (“favorite chocolate”) it’s typically offered as giri choco ("obligation chocolate"). Here’s how it works: On February 14, Japanese women give chocolates to their male colleagues. Exactly one month later, on March 14, their coworkers are expected to reciprocate with a small gift item. In recent years, however, many Japanese women have begun keeping the sweets for themselves as jibun choco, or “me chocolate.”     The  idea of dedicating a major holiday to workplace gift-giving is pretty intriguing. In the U.S., office gifting is typically reserved for year-end bonuses tied to

  The next time you feel inspired to do something nice for someone, consider directing that impulse toward your employees - it will make them better workers, according to a recent study.    Employees at a Spanish company were randomly assigned the roles of Giver, Receiver, or Control. Givers were provided with a personalized list of Receivers and a mission: practice five random acts of kindness over the next month.    The benefits were striking. In the short-term both Givers and Receivers actually became more effective at their jobs, rating higher on weekly measures of competence and autonomy. Over the long-term Givers said they felt more satisfied with their lives and jobs, and Receivers reported feeling happier overall. Even better? Receivers were nearly three times more likely to "pay it forward" by performing acts of kindness toward others both at work and at home.    I've written about this before, but given the sheer amount time

  While many businesses send digital invoices via email, some customers still prefer carbon copies. If records are stored digitally, they're easy to access and organize. Creating, sending, and managing paper records in QuickBooks requires a bit more planning and forethought. Do what makes sense for your operation, but always consider your customers' preferences.    Why should I send a paper Invoice?     Let’s reframe the question: if customers request a carbon copy, can you encourage them to go digital?   The advantage of digital Invoices is you can never really lose them. A deleted Invoice can always be recovered from an email trashcan, and in extreme cases, you can instantly send them another copy. There’s also virtually no wait time and thus no additional delays in payments. This a huge plus for busy buyers and sellers. If customers absolutely need a carbon copy for their records or simply prefers sticking to their routine, they can always p

Araya launched her homegoods and design company after losing her interior design job during the housing crisis. Today, her online shop is pro, but there was a time when she didn’t know how to maintain, let alone build, a website. Araya figured it out, put her store online and went for it! Then the international vendors came calling ...     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: Araya Jensen Business: Willful Goods (formerly Wind and Willow Home) Launched: 2012 Location: Minneapolis   Since launching her new biz in 2012, Araya has been featured in Domino, InStyle, dwell and beyond for her chi

Hi all, I recently got laid off for the first time and was recently 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. Let's say I get paid $10,000 per month for six months via 1099.  So $10,000 will be my monthly revenue.  Which version of the software should I get?  I am the only employe and besides the usual expenses, I will probably have to track mileage too.  My wife is W2 salaried.  Could I still file taxes jointly?  I still probably don't know what questions to ask but this is a good start for me.  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!!

Desiree Wood is one tough mother-trucker, driving her own rig all over the U.S. working and advocating for women drivers. To do her job, she bravely faces the sexism and the lack of decent bathroom facilities on the road, but you won’t find Desiree hitting the brakes on a career she loves. Here, she shares the struggles that motivate her and her favorite things about being a trucker.     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: Desiree Wood Business: Trucker (owner/operator) and founder of Real Women in Trucking   Started: 2007   Worst part: Desiree says,  “When I first started driving, I thought other female drivers would say, ‘Right on, sister!’ Instead, I was attacked for asking questions and sharing my concerns. I was stalked

Name: Julie Goldman Business: Original Runner Company Launched: 2003 Location: Bridal shop in Livingston, NJ A couple decades ago, when Julie Goldman was planning her wedding, she wanted to walk down the aisle on a beautiful runner. She needed something that suited a Victorian mansion and complemented the autumnal colors she loved. Julie quickly discovered her only options were plastic tablecloths made for kids’ birthday parties or flimsy paper that could easily rip or wrinkle. So Julie made her own runner, painstakingly designing, painting, tea-staining and decorating every inch of it by hand. After the event, photos of the stunning runner were posted online – and then Julie’s phone started ringing. Within a month, she had a website, clients and – wait for it – the opportunity to make the runner for the nationally televised Bachelorette wedding. Since that auspicious beginning, business has continued to boom for Julie and her Original Runner Company. She tells us about her unexpected

Name: Lee Glickstein Business: Speaking Circles International Located: San Rafael, CA Launched: 1989 Lee Glickstein has spent most of his life afflicted by extreme public speaking anxiety. He tried every strategy in the book to bolster his confidence, including joining Toastmasters – which, he says, he flunked out of. But Lee didn’t give up, and perseverance led to epiphany. He traced his own anxiety back to childhood when he felt judged, mocked or simply ignored by his family during their nightly dinner conversations. That insight helped Lee realize his public speaking “block” wasn’t about his ability to power through a speech or presentation. Rather, it was based on his inability to “receive” supportive, active listening from his audience. Lee knew he wasn’t alone in his public speaking anxiety (research shows the majority of us feel nervous or uncomfortable at best when it’s time to present). His desire to help others overcome stage fright and live a richer, more rewarding life as

Hi,I have a full time job with a W-2. I also have a side hustle. For the revenue i earn from my side hustle, i compute estimated taxes and pay them as per the schedule.Now, i am going to add a mortgage and college tuition payments to the mix.I know both are tax deductible. The question is - can i subtract them when i am computing my estimated taxes? I don't want to put additional deductions on my W-2. Instead every quarter, when i compute estimated taxes for my side hustle, i want to deduct for mortgage interest, taxes and tuition. Is that acceptable? Thanks for the help !

Please share pros and cons of setting up a COA that matches Schedule C - line for line? One potential drawback I can think of is if a client changes to a Corp, then historical Sched C accounts might not make sense. What do you think?

I need help with books, is there someone that can work on some bookkeeping for me in the Dallas area? I want to outsource the bookkeeping.

When small businesses get their products and services in front of the huge numbers of social media users, there’s a good chance their sales will soar. In fact, 94% of small businesses use social media to market and promote their brand. For good reason, too: Younger users (16-34) report researching products on social media before buying and 23% say that seeing a “like” is a purchase driver.   Seven entrepreneurs from the QuickBooks Community share their strategies making Instagram (and more!) work for them. Check out their links to see them in action!   Benjamin Steele of Sir Wylde, men’s accessories Instagram followers: almost 10K   “I post content on Instagram and Twitter. Some of our posts have gone viral and that’s been a big help. We usually receive five times more people to our website after we’ve posted content out on our social media channels. PR works as well. For every news station that covers us, it means at least $500 in sales and $2,000 to $3,000 if it’s a

    This entry focuses primarily on the Chart of Accounts and associated reporting tools that pull information from those accounts. Most of the time, you create accounts as you work, such as when you first create a new product or service, log an expense or connect a bank account. If you need to modify an existing account or create new ones from scratch, you’d do so from the Chart of Accounts. This is essentially a list of your accounts that determines how transactions are categorized and interpreted (i.e. whether a transaction adds or deducts from an account).     We generally recommend not making too many changes to the Chart of Accounts (referred to as CoA from here on) – it's complicated territory that should be explored once you’re completely confident using QuickBooks. However, we also believe every user should have a basic understanding of what the CoA is, how it organizes your finances and when to go in and make adjustments. &nbsp

Maybe it was to stay close to an industry or activity you love. Maybe circumstances required that you work from home. Maybe it was, "How the heck is there NOT an app for that??"   What first gave you the idea for your business, and where are you in the process of taking that concept to market? 

"Wanted: Energetic, self-directed multitasker to manage high-paced work environment. Required skills include group mediation, crisis management,  and speed shopping under pressure. High tolerance for loud, repetitive noises a huge plus!"   That's not my job description as QB Community Business Host (thankfully!), but it is a pretty good reflection of my other job - mom of two. If you had to write a wildly accurate, no-holds-barred job description for your own role as a small-business owner, what would it say? And tell us -- would you ever apply for your own job?