Business Discussions

 Name: Natalie Cofield, CEO Organization: Walker’s Legacy Location: Washington, DC Launched: 2010 Natalie Cofield has always been out in front of the pack. After attending college at 16-years-old, she launched a career as a management consulting services analyst with JPMorganChase. It wasn’t long before she was bitten by the entrepreneurial bug and set out to start her own consulting firm. She sought a mentor as she ventured on her own but couldn’t find one. As a result, she founded Walker’s Legacy, a digital platform for young, multicultural women to find mentors and access the resources needed to help them succeed in business. Hi Natalie! Tell us about Walker’s Legacy and what do you do there. Walker’s Legacy is a digital platform for the professional and entrepreneurial multicultural woman. We exist to inspire, equip and engage through thought-provoking content, educational programming and a global community. At our non-profit arm, Walker’s Legacy Foundation, we provide

  Let’s learn from Scott Santoro, a graphic designer operating his Worksight Design Studio business in New York for more than 30 years. He says that choosing to brand himself as a business right from the get-go (instead of calling himself a “freelancer”) was instrumental in growing a successful venture.   How did you start your business?   I formally studied graphic design at the Pratt Institute. After school, I worked for about five years and then went back to school to get my graduate degree at Cranbrook Academy of Art. The chair of my department asked what I planned to do after graduation and I said, ”I think I’ll freelance.” Luckily, she suggested that I not use the word “freelance,” but instead set up my own small company so that I could literally jump into starting my own design business.   By creating a brand around my own company, rather than just "freelancing," I was able to have more control over the kind of design work I wanted to do. I hired a bookkeepe

It’s nearing the end of another butt-kicking week of self-employment, and I think we could all afford 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!). Welcome to our very first…   Ok, here’s me: I’ve been working on a volunteer project with a Wordpress developer who, after hemming and hawing about our timeline for deliverables, finally told me yesterday that he doesn’t have enough availability to do the work. Hey, that’s cool - but would have been nice to know six weeks ago, dude!   Your turn :smileyhappy:   @Peter_G_Stone, I think you've already told me yours!      

Grace Kraaijvanger started the Hivery, a women’s coworking space in Mill Valley, CA, when she couldn’t find a shared workspace she felt comfortable in. Five years and 400+ members later, the Hivery has won countless accolades and awards – and has earned the support of business and branding powerhouse Marie Forleo. Here, Grace shares five tips for starting (and staying) strong in business.    When you’re starting out in business, there’s just so much to learn -- including all the things you don’t yet know you don’t know! We believe a great way to save time, reduce stress, make smart decisions and avoid costly mistakes is by learning from others who have been there, done that. So here are some valuable insights from an entrepreneur in our QB Community who has already experienced the good, the bad and the ugly of starting a small business -- and who is happy to share what she’s learned.   Today we hear from Grace Kraaijvanger (@The_Hivery), founder of the Hivery, a hu

When you're growing a business, the answer is almost always "yes." Seize any opportunity to attract new customers, clients, or potential partners - and keep your current ones happy and referral-ready. Offer your products or services for free if possible, either as a marketing strategy or as a favor to a well-connect friend. The customer is always right...right?   We've spoken before about having to fire a client. Has there been another time when you've had to say "no" in business? What prompted you to make that decision, and do you still feel that you made the right one?   

Taughnee Golubović had spent years running and growing her online marketing and branding company in the U.S. when, for personal reasons, she decided to move to Croatia. During the transition, she lost a bunch of clients. Taughnee had to come up with a new marketing strategy fast.       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 this new series, The Startup Snag, we’re learning from established business owners who hit a snag early on and cleverly solved the problem.    Entrepreneur: Taughnee Golubović Business: Endeavor Creative  Started: 2002 Location: Čazma, Croatia    The Startup Snag: Taughnee says, “When I moved to Croatia, that caused a lot

  Let’s learn from Rachel Bowes, whose Seattle-based Finch & Thistle Event Design business has been growing steadily ever since she was laid off from her salaried position in 2008.   How did you start your business?   I hired someone to design a website and do some basic branding. Then I started networking and putting the word out that I was looking for events. People started getting referred to me. I’d worked for the Seattle Symphony before, and they hired me on a contract basis to do all the event flowers. I built up my portfolio doing weddings for friends of friends. I look back on those days, and I can’t believe how little I charged! But I had to start somewhere.   When did you know your business was going to work?   I received a lot of publicity in various magazines and on blogs about three years in. Having my business out there in the media gave me a lot more credibility with potential clients. People were coming to me saying, “I saw your weddin

  Consider this your business startup resources library! Here you’ll find links to everything you need to know about starting, funding, marketing and running your own business. Whether you’re still working your day job while dreaming of a new solo endeavor, looking for small business ideas, about to go freelance, or you’re ready to put your business plan into action, the QuickBooks Community is here to help you every step of the way.   If you don’t see what you’re looking for here, tell us in the comments and chances are our super helpful and knowledgeable Community members will point you in the right direction.   Oh, and congrats on doing your self-employment research! You can feel good knowing that you’re already succeeding in your venture by self-education and engaging with others who’ve been there!   HOW TO BE SELF-EMPLOYED 101   These articles will take you through the general thoughts, planning and actions of becoming a new business owner, working fo

    A schoolteacher turned actor, musician, two-time national poetry slam champion, entrepreneur, and award-winning poetic voice, any given day may find Sekou Andrews keynoting at a leadership conference, helping a Fortune 500 company with brand messaging, or even performing pieces for Barack Obama in Oprah’s backyard. Sekou is the creator of Poetic Voice, a new, cutting-edge speaking category that seamlessly fuses inspirational speaking with spoken word poetry to make messages more moving and memorable. Here's Sekou inspiring the attendees at 2014 QB Connect to take their business to the Next Level!

  Name:  Andrew Evans Business: Andrew Evans Magic and The Magic Patio Launched: 2014 Location: San Francisco, CA Andrew Evans officially became an entrepreneur when he was 12 years old. That’s when he performed a magic show at his sister’s best friend’s birthday party. Afterward, the friend’s dad slipped Andrew $20. “I thought, whoa,” recalls Andrew, who went on to perform throughout middle school and high school at parties, picnics and festivals. “Getting paid to do what I love was a really big moment.” In college, Andrew turned an empty bedroom in his apartment into a 25-person theater and wowed audiences with both original and re-interpreted magic tricks. Later, as a grad student and then a design lead at IDEO, Andrew’s passion for magic and illusions never waned. Four years ago, he used his engineering and design skills to create, design and build The Magic Patio, an underground “magic speakeasy” located on the patio of his apartment. Although Andrew has never spent a p

We all love stories about scrappy entrepreneurs who got their start by happy accident - a chance meeting, a burst of inspiration, a technological advance in, ahem, a 1970s garage. But then what? How did these successful innovators set smart goals to take their idea to the next level? Is there a sweet spot somewhere between strategy and seat-of-the-pants? We'd love to hear from you....   Do you have (or think you need) a business plan? If you've created one, are you sticking to it?

When Cheri Drake was launching her home-staging company, she figured it made sense to hire a network of freelancers for everything from her logo to her website to social marketing. Cheri learned the hard way that sometimes, one-stop shopping creates more problems than it solves.     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 this new series, The Startup Snag, we’re learning from established business owners who hit a snag early on and cleverly solved the problem.    Entrepreneur: Cheri Drake Business: Sisters Staging Started: 2016 Location: Atlanta, GA   The Startup Snag: Cheri says, “Oh, I’ve done a few bone-headed things! First, I bought a cute logo from

  Name: Grace Kraaijvanger (@The_Hivery) Business: The Hivery Launched: 2014 Location: Mill Valley, CA Grace Kraaijvanger spent years juggling her passion – performing and choreographing ballet and modern dance – with her work as an independent marketing consultant. After having two kids and “accidentally retiring” as a professional dancer, Grace planned to build up her marketing business. Problem was, she says, “I’d already been part of a passionate, creative arts community. Now I was working at home and feeling very lonely. I missed being part of a supportive, like-minded community.” Grace decided to join a coworking space. Her options, however, were “very male, very tech” – a far cry from the “female fuel” she was craving. So Grace did what entrepreneurs do: After identifying a gap in the shared-workspace market, she turned a problem in a business. The Hivery opened its doors nearly five years ago with 25 members. Today, more than 400 women create, explore and collaborate in t

  We posed this question to our Facebook community and a clear theme emerged -- business owners are an exhausted, dedicated and busy group of individuals!     QB Community Members, how would you finish the sentence: "You know you're a small business owner when _____________."?   Want to weigh in but not yet a QB Community member? Click HERE to sign up in a flash!

  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.   Check out these articles and presentations packed with tips, tricks and strategies to help you build a powerful, compelling social media presence.   QB COMMUNITY ARTICLES   1. 9 Tips for Upping Your Social Media Marketing Game 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!).   2. How 7 Entrepreneurs Use Instagram to Market Their Businesses Seven entrepreneurs from the QuickBooks Community share their strategies making Instagram (and more

Passion is prosperity. Work that passion so that you can become prosperous! -- QB Community member QcFinancial   Do you work *your* passion? How do you define prosperity? Share your thoughts -- we want to know!

@machineshopgirl,   That's great to hear, so the original owner hasn't changed? Or was only her husband the original owner? And it sounds like the son is out of the equation, so we are really talking about how to handle the transfer of Sole Prop to an LLC between husband and wife.    I am not an accountant, but my feeling is the stipulation of marriage may complicate the discussion more in regards to "ownership" in the legal sense.  I am not sure if those classifications are treated differently when the transfer is between husband and wife. You might want to reach out for legal advice on this.    I'm really glad you are able to stay on and help, I know that with the loss, she will appreciate consistency in her life. Plus, that trust you've already established is invaluable.  

  Name: Veronica Champion Business: Balloons by Design Launched: 1987 Location: San Rafael, CA When you spend a few minutes chatting with professional balloon artist Veronica Champion, you quickly realize she’s got a history of a) soul-searching and b) taking action. Example? After working as a school teacher, Veronica realized she really wanted to teach ice skating to kids (she competed on the ice throughout her childhood). Veronica moved to Marin County, CA, knocked on the door of a nearby ice-skating rink and kicked off a decade-long career. Eventually, Veronica sat herself down for another soul-searching session. She remembered the joy she felt, years earlier, when a friend gave her a giant helium balloon attached to a bottle of champagne. “I was so taken with it,” recalls Veronica. “I wanted to make people as happy as I felt when I got that balloon.” So, in typical fashion, Veronica drove to a local balloon company and asked for a job. An employee had just quit, and Veronic

  If you’re a solopreneur or running a small (or very small!) business, you know having a branding/marketing budget is sometimes out of financial reach. That doesn’t mean you can't build a memorable brand identity and broadcast it to all your target customers. We turned to branding strategist Taughnee Golubović at Endeavor Creative* for tips on how to know thyself, get your business seen and attract your dream clients. Thanks, @taughnee!   1. Think of your brand as an emotion, not a generic job description. When first considering your brand, it’s easy to rely on generic descriptions. Don’t do it! Your logo/brand “proposition” should tap into your customers’ emotions and challenges. If you create content, you don’t just write articles, you help readers solve problems through informative writing. Accountant? You don’t just do taxes, you work to understand and better the financial aspect of real lives. Florist? You don’t just sell flowers, you deliver living messages of joy and

Does anyone have great knowledge about 1031 exchanges with a 121 exclusion? 

    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?