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Entrepreneur Series – Lesson 5 – You Must Hire Professional Consultants

Since many new entrepreneurial ventures are often started on a shoestring budget, where you spend your financial resources can be a prickly situation. Far too often, I see new business owners who in some sense are really penny wise but pound foolish as the old adage goes. When is the right time to get yourself legal help? Do you really need an outside person to do your books or can you do it yourself? Does it merit having a financial person talk to about entity planning and business structure? Can’t you just figure this stuff out yourself? Even with many years of corporate experience, I faced these same questions when I opened my business. The costs for some of these professional feels like a waste of money when you need those precious resources for things like marketing, staffing, and technology. However, I will tell you that a big mistake in any of the areas below can be a brutal blow ...

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Entrepreneur Series – Lesson 4 – Avoid Rookie Mistakes

I am not a professional athlete.  However, I would imagine that the rookie year on any of the professional sports circuits has to be daunting in nature.   Not only are you in front of some type of large crowd, it takes some time getting used  to all of the decisions you have to make to be the best of the best in what you do for a living.   Far too often, new entrepreneurs can make first year decisions which can put a major dent in the first year of your new entrepreneurial venture.  Even someone who has a lot of corporate experience cannot understand the firefight of being a business owner until you have to meet your first payroll.One great idea my business partner and I have put into place in our business is the 48 hour rule.   We’ve set criteria around what a ‘key’ decision is for our business and once we have made a decision on the direction ...

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Doing A Wedding On A Budget

Will you marry me?    That magical phrase is shared between two people in love every day whether it be on a baseball scoreboard or with the entire family watching on in the living room.    Today student debt for Generation Y graduates is approaching an all-time high.  About two-thirds of college grads in the Class of 2013 will graduate with some student loan debt. The average debt for these students is about $28,000. (source: www.usatoday.com).  The real question couples should be asking when they tie the knot is “Am I marrying you or your debt?”   It’s important to have these discussions as financial items including your credit score can have an impact on loan status and job employment as you grow your future together.    If you both agree that money is tight, what are the best ideas on how to do your wedding right but still have fun within a reasonable budget?   Here are five smart money moves tips for you ...

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Entrepreneur Series – Lesson 3 – Know Your Role As The Owner

As an entrepreneur starting a new business, you often have to wear the hat of cook, dishwasher, accountant, and general manager.   However, one of the biggest mistakes a young owner will make is not quickly clarify their role within the organization.   Far too often, new entrepreneurs will try to control every aspect of a new business which inevitably slows the growth of the organization.  In some cases, it can make hiring and training new people so difficult it can be destructive to the success of a company. One of things I recommend to new business owners is to draw a T chart with one axis being things you like to do and one access being tasks that you are good at.    What you should quickly try to figure out in the early stage of a new company is to list all of the items that you are good at and those tasks that you like to do.    After figuring out ...

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Why Your Kid Needs To Be On Social Media

I knew as soon as I wrote this title that it seems to defy Jenkin logic. Why in the world Ted does my kid need to be on Social Media? With all the Instagramming, Facebooking, and Twittering, do I really need my child exposed to more technology and creepazoids who are trolling the Internet? My general thought around this has historically been no, but it is becoming increasingly hard to avoid the allure of freebies that can come by simply being plugged into social media. For those that thought this was a fad, you are quickly seeing a transformation around the future of how our children will do much of their communication. How is it possible that having your kids connected to social media can make them more smart money moves in their life? Here are three examples of how this change occurs: Example 1: BurgerFi (In Restaurant Giveaways)– For the past few weekends, my family and I have tried ...

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Entrepreneur Series | Lesson 2: Incorrectly Pricing Your Product Or Service

In the first year of a start up operation, there is a great focus of energy from the new business owner on client acquisition. Gaining new customers opens the floodgates for the generations of revenue to pay the bills of the business. However, one of the tough lessons learned by young owners is not thinking clearly though pricing out the services of your business correctly. Most new business owners tend to undervalue what they charge for their work and services in order to compensate for not being as established as their competitors. As long as you have a top notch customer service experience and offer a product or service that’s similar or better than a competitor, you shouldn’t devalue yourself. If you set this pattern up early with clients, it can be very difficult down the road to raise your prices with your initial customers. Here a few tips to determining if the price is right on your new product or ...

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The Devil Went Down To Georgia

Charlie Daniels won the Grammy Award for Best Country Vocal Performance in 1979 for “The Devil Went Down to Georgia“, which reached No. 3 on the Hot 100 in September 1979. Almost everybody can name that tune the moment they hear it on the radio. Even if the Devil does come down to Georgia, here is one thing they won’t want to do in this state if they are making a smart money move . . . drink beer. But does it pay to be a ‘sin tax’ consumer in Georgia? ‘Sin Taxes’ as we often hear them called are a form of sumptuary taxes. Sumptuary taxes are ostensibly used for reducing transactions involving something that society considers undesirable, and is thus a kind of sumptuary law. Sin tax is used for taxes on activities that are considered socially undesirable. Common targets of sumptuary taxes are alcohol, tobacco, gambling, and vehicles emitting excessive pollutants. Sumptuary tax on sugar and soft drinks ...

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Can You Pay 0% Capital Gains Tax?

Most of us have heard through the major media outlets how tax law changes will adversely affect our overall income taxes here in 2013. It doesn’t take a rocket scientist to realize that when your expenses consistently exceed your revenue, cost cutting alone won’t improve your bottom line. This means that raising various types of taxes will definitely be one strategy to increase revenue in order to pay off the massive U.S. debt. The American Taxpayer Relief Act (ATRA) of 2012 was passed by Congress on January 1st, 2013 and was only a partial resolution to the fiscal cliff; just wait until fiscal cliff part II which will look more like ‘Hangover Part II’, Mike Tyson tattoo and all. While the ATRA did impose more taxes on the upper end of the scale and raised capital gains taxes on the very upper end of the income brackets, there is a unique opportunity for many Americans to look at their overall ...

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