Kenneth Boyd's Blog, page 19

Why You Need To Be Organized With Your Insurance Needs

Life can be pretty unpredictable at times, and you never know when you might find yourself in a scenario where it would be best if you have a particular type of insurance.

 

The cost of not having coverage will usually be a lot greater than what you actually spend for the insurance, so the majority of the time it is most likely going to be better to pay to be covered than not have it at all. Here are some insurances that you will want to take out in case of an unexpected event.

 

 

Join Conference Room: An accounting, personal finance, and entrepreneurship community. Video, blog posts, live chats.

 

Finding Home Insurance 

 

Your home is an important and safe space in which you live and possibly work. So you would want to protect it as much as you can. It’s a good idea to take out home insurance when you buy your property, so that you can protect your belongings and the property itself.

 

If a natural disaster or theft were to occur, you would need to spend money on repairs or having to replace certain items. Having home insurance can at least contribute towards some of the cost that you will need to spend, which is a small consolation for a traumatic event.

 

When you do take one out it’s also important to read the small print to know exactly what is going to be covered in your policy and what is not. This will help to prevent any unexpected surprises along the way, should you ever need it.

 

 

 

 

Go to Accounting Accidentally for 540+ blog posts and 450+ You Tube videos on accounting, personal finance, and entrepreneurship.

 

Reviewing Car Insurance 

 

Whether you use your car for business or leisure needs, having a car insurance is very important when driving on the roads. It is a legal requirement in many states and is there to protect you in the eventuality of any damage to your vehicle.

 

If you were to get involved in an accident, you might need to contact a car accident attorney, but car insurance also ensure that your vehicle is protected should you need to get any repairs done after the incident.

 

Selecting Health Insurance 

 

You want to look after your health as best you can, but unfortunately at times there may be unplanned moments where your health takes a turn for the worse and you suddenly require hospital treatment. It can be a costly affair, particularly in the US if you do not have any health insurance when going into hospital and receiving medical treatment.

 

Therefore taking out health insurance can help pay towards the cost of your treatment, which will be important to pay back. It will already be a stressful time dealing with your hospital visit without the stress of worrying about how you are going to pay for your treatment costs.

 

It is far better to take out insurance where you pay a small amount each month than be left with an expensive medical bill that you are not able to pay off.

 

Considering Life Insurance 

 

If you have a family to look after, particularly children, you want to know that when you are no longer around that they will be taken care of financially. Life insurance can provide some financial relief to your family who might already have their own financial worries to think about. If for example you had debts to pay off and you died suddenly, the financial responsibility of these payments would then be passed towards you nearest family relatives. The life insurance that you take out may help cover some of the costs, which would at least provide some relief for your family members.

 

Taking out life insurance can also ensure that your family will inherit any property you may have which would be a comfort financially, and help to keep your assets within the family setting.

 

There are a variety of scenarios in life where you are going to need some form of insurance to help you get by. It helps to be organized in these types of circumstances so that you can relieve the stress and financial burden as much as possible for both yourself and your family. So definitely make sure you have the correct insurance for your specific needs.

 

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

 

 

The post Why You Need To Be Organized With Your Insurance Needs appeared first on Accounting Accidentally.

The Ultimate Guide to Finding a Second Job

Finding a second job can be a daunting task. But there are many benefits to having another job: additional income helps you cover living costs, save for the future, and more. When you’re ready to start your search, this guide will give you the knowledge you need to move forward successfully.

 

The Purpose of a Second Job

 

Understanding why you’re looking for a second job will ensure that you won’t give up even if the search becomes difficult. A second job is a great way to bring in supplemental income, which can be used for a variety of purposes.

 

You might not want to rely on your second job’s income to cover all of your financial needs, but it can help with bills, debt payments, and other expenses, as well as ensure you’ll have extra funds for the future. If you have an extra source of money coming in every month, you’ll feel less stressed about financial obligations

 

Join Conference Room: An accounting, personal finance, and entrepreneurship community. Video, blog posts, live chats.

 

How to Find a Second Job

If you’re interested in finding a second job, there are some things that you should consider before you start. First, consider your hobbies. If you find a second job based around your hobbies, you are much more likely to succeed.

 

For example, if you enjoy watching sports, consider a second job in sports news. Consult resources such as https://sportnews.in/news to find what you’re interested in. Do your research on the area to see what jobs may be available, and look into the pros and cons of each job you are considering before making your final decision.

 

Consider This Before You Start Looking

 

Remember that it may take a while for you to get used to managing your time, but the benefits of a second job will be worth it. Consider what type of work environment you’re comfortable in. Find a job or side hustle that aligns with how you want to spend your time when the day is over.

 

You can start a second job from the comfort of your own home! For example, if you enjoy working independently, then freelance work may be better suited for you than a full-time position within a company.

 

 

Go to Accounting Accidentally for 540+ blog posts and 450+ You Tube videos on accounting, personal finance, and entrepreneurship.

 

Practice Self Care

 

It can be difficult to start a second job, so it’s important to establish a good work-life balance. If you are working more than 40 hours a week, your productivity may decrease and your quality of life will suffer. That’s why it’s important to practice self-care at work.

 

Self-care is an activity that leaves you feeling refreshed, energized, and ready to go back on the job with a renewed sense of purpose. Some ideas for self-care include taking breaks during your day, exercising, getting a full night of sleep every night, eating well, and setting goals for yourself.

 

Once you’re sure that you want a second job, don’t be afraid to start the search! Make sure to be prepared, thoughtful and determined. It’s important to find a second job that will challenge you, excite you, and keep you on your toes. Then, enjoy the benefits that a second job brings.

 

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

The post The Ultimate Guide to Finding a Second Job appeared first on Accounting Accidentally.

The Pros And Cons Of Entrepreneurship

For many people, running your own business is the dream. A challenge that offers up unending rewards, freedom, and flexibility, and in some ways that is true. That said for every advantage being an entrepreneur offers there is a raft of disadvantages that require due consideration.

 

Starting up your own enterprise is very exciting, but it is something you should do when you are in full possession of all of the facts and the reality of being an entrepreneur. To help give you a two-sided view into the pros and cons of entrepreneurship, read on.

 

 

Join Conference Room: An accounting, personal finance, and entrepreneurship community. Video, blog posts, live chats.

 

Advantage; flexibility 

Without a doubt, one of the most treasured advantages of being an entrepreneur is the flexibility it can give you. Unlike an employed member of staff, you do not have a boss telling you that you need to be in a precise location for a set number of hours a day on certain days of the week.

 

Instead, you will have the flexibility to work from home if you choose, an office, virtually, on holiday, in a different country, wherever you choose that works for you and your business. What is more, you can also choose when you work and for how long. You can set your working schedule so that it fits in with your life.

 

Do you need to make a dentist appointment? No problem- you do not have to ask for permission for time off. That said, if you want your business to thrive you will still have to put in a lot of hours and effort, even if it is at a time that best suits you.

Disadvantage; You’re always working

Yes, the aforementioned flexibility is certainly an advantage, but it comes at a cost. The reality of this flexibility and freedom is that you are always working. You will always be contactable and you will always be doing something that is related to your business, even if it is just thinking.

 

While the idea of working on a beach sounds dreamy, is that really what you want to be doing when on vacation? As an entrepreneur, it can be incredibly difficult to switch off and the result is you carry the mental load with you at all times, ultimately feeling as though you are always working.

 

Go to Accounting Accidentally for 540+ blog posts and 450+ You Tube videos on accounting, personal finance, and entrepreneurship.

 

Advantage; it is fulfilling

 

When you start your own passion project, it is done so from a place of great excitement, interest, and even love. When you love what you do it makes the daily grind that much easier. It makes going to work or ‘always working’ enjoyable and importantly fulfilling.

 

Being fulfilled from a career is something to aspire to and something workers of the world over strive for. What is more, the feeling of building something from scratch is exhilarating and there is no better feeling than the sense of pride and achievement than when you make your first dollar from your entrepreneurship.

Disadvantage; all of the responsibility

As an entrepreneur, everything rests with you. Gone are the days when you can hand off the big decisions to management, you are the management. You will be charged with making all of the important determinations, the finances, growing the business, and protecting it. You will be responsible for meeting the legal and regulatory requirements and ensuring compliance at all times.

 

All of these decisions can carry with them huge amounts of stress. What is more, the responsibility extends beyond professional liability but to personal liability also. As an entrepreneur, you are the business and you are expected to uphold and maintain certain standards.

 

To help you manage the stress of these heavy responsibilities, where you can call upon experts to help. Seek business advice if you are out of your depth, tax assistance to ensure compliance, or even contact a criminal defense attorney if you believe your personal actions may jeopardize your business.

Advantage; the pay

When it comes to the money you make it is not limited to an agreed amount each month or year. You do not have to ask for a pay rise or hope the company will pay your yearly bonus. The profits are all yours and the more you put into your business the more you will get out. Where earnings are concerned, why not make the sky the limit?

Disadvantage; the pay 

While you may not face the same limitations as an employee, you will also not benefit from the guaranteed regular paycheck. You may have to go longer periods of time without making any profit and you may well not earn anything for a sustained period of time. There is a lot of financial uncertainty that can be associated with entrepreneurship and this is certainly something to be mindful of.

 

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

 

 

The post The Pros And Cons Of Entrepreneurship appeared first on Accounting Accidentally.

Helping Couples Start a Family Business: The Guide to Ensuring Success

Starting a family business is a great way to bring your loved ones closer together while also providing a stable income. But as with any venture, there are certain steps you need to take to make sure your family business is successful. In this article, we’ll outline those steps and provide some tips for keeping the love alive in your relationship when one of you is working long hours.

 

Discuss your goals and dreams with each other

 

Discussing what you both envision for your future is an excellent first step to take when thinking about starting a business together. You can start this conversation at any point in your relationship, but the earlier you begin talking, the better prepared you’ll be later on.

 

When you and your partner discuss your goals and dreams, you’re creating a foundation of understanding and support that will help you through the challenges of running a family business. By sharing your hopes and fears openly with each other, you’ll be able to build a stronger relationship that can withstand the stress of owning a business. You’ll also have a better idea of what each of you is capable of, which will come in handy when it’s time to make tough decisions.

 

Join Conference Room: More content on accounting, personal finance, and humor/ short story topics. Video, blog posts.

 

Set expectations with your partner

 

Now that you’ve discussed your goals, it’s time to set expectations. What can each of you contribute? How much effort is required? What does success look like and how long will it take to achieve that success?

 

As you map out what your family business will look like, make sure there’s a clear understanding of the roles and responsibilities you both will take on. You want to make sure you’re not stepping on each other’s toes but are working together cohesively in every aspect of the business.

 

To avoid conflicts, couples should work together to meet each other halfway. And one way for couples to strengthen their partnership is by attending a relationship coaching program. A stronger relationship allows the couple to achieve more in life and help their business to expand in the market.

 

Create personal boundaries between business and family life

 

We’ve all heard the phrase, “Keep your business and personal lives separate.” What that means in a family business is that while you’re working with your significant other, you should try to maintain boundaries between work life and home life.

 

For example, avoid using endearing terms of endearment when you’re at work, talking shop with your partner, or discussing your relationship. Decide on certain days of the week when you won’t talk about work at all so you can focus more on family time.

 

Also, it’s important to avoid bringing business insecurities into your personal life and letting them take priority over your loved ones. Working in a family business is often stressful, but there’s no need to let that stress invade your personal life.

 

Working in a family business can bring extreme joy to your loved ones, but it can also cause tension. So make sure you set clear boundaries between work and personal life so neither of them infringes on the other.

Prioritize spending time with one another

 

When there’s a family business in the picture, couples need to prioritize spending time with each other. You and your partner shouldn’t be working in the same place every day and night; at least make sure you take some nights off from work-related activities so you can spend time together as a couple.

 

One way to ensure you’re spending quality time together is to set aside certain nights as date nights. These dates don’t need to be elaborate. They could be as simple as going for a walk around your neighborhood and enjoying each other’s company.

 

It’s also important to take vacations together and enjoy recreational activities, like hiking and biking, at least once every few months. These activities will strengthen your relationship and will help you be more productive at work when it’s time to get back to business.

 

Go to Accounting Accidentally for 540+ blog posts and 450+ You Tube videos on accounting, personal finance, and humor/ short story topics.

 

Be honest about the support you can offer

 

Let your partner know the sacrifices you’re willing to make, but also be open about how much work you have to do for yourself. It’s not selfish to focus on building your career or side business while they are building their family business. If anything, it will help keep them motivated because they’ll know you have their back in the long run.

 

To create a successful family business, you must set expectations and work together as a team. It can be difficult for couples who are working in the same place all day long, so make sure there is time spent away from each other where both of you have your interests. This will allow one person to avoid feeling neglected by their partner when they’re spending too much time at work.

 

In addition, make sure you prioritize quality date nights with each other every few months and take some vacations together on occasion. And finally, don’t forget about how to maintain boundaries between home life and professional life!

 

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

 

The post Helping Couples Start a Family Business: The Guide to Ensuring Success appeared first on Accounting Accidentally.

Why I Refused To Pay For Clown College (And Other Parenting Tips)

I was traveling in the late 1990s, and found out that there was a clown college in Baraboo, WI. I told my 4-year old son Connor about it, and he really wanted to attend.

 

I downplayed the idea: “That’s not a job that people do in real life. You probably won’t be interested in going when you get out of high school.”

 

He was upset, and rightfully so.

 

Connor was (and is) a person with a great imagination, a trait that
fosters cognitive, social development, and develops critical thinking skills in children.

 

How many Apple products did Steve Jobs invent using imagination? Since Job’s death in 2011 from pancreatic cancer, the former Apple CEO has won 141 patents.

 

That’s not a typo: the patents were awarded after his death.

 

So, let that creative kid’s imagination run wild. Connor switched his interest from the clown profession to film, and graduated with a film production degree. Like all normal people, he’s now terrified of clowns.

 

Another parenting tip: wear a hat.

 

You can find humorous short stories here.

Why hats matter

 

If it’s under 50 degrees, I wear a hat. I rotate through 3-4 golf hats, including one I keep nice for going out to dinner, and for other social functions. I do this because I feel warmer. You remember the old saying: you lose 40 percent of your body heat through your head?

 

Turns out to be false. Just ask WebMD– a site I try to avoid, because I can always convince myself that I have a serious illness. I mean, read the symptoms on the site!

 

“The head only represents about 10% of the body’s total surface area. So if the head were to lose even 75% of the body’s heat, it would have to lose about 40 times as much heat per square inch as every other part of your body.”

 

OK, so I’m losing some body heat- just not 40%. Another WebMD quote- this one from an internal medicine doctor:

 

“If you don’t have a hat on, you lose heat through your head, just as you would lose heat through your legs if you were wearing shorts.”

“There’s really no such thing as ‘cold,’ when you’re talking about the body. There’s always heat — it’s just a matter of keeping it in.”

I’m sticking with the hat.

I did most of the teaching when my three kids learned to drive. I have some personal beliefs that may seem a bit… extreme.

Avoiding left turns on busy roads

 

I don’t make left turns onto four-lane roads (two lanes each way), if there’s any traffic. Instead, a make a right, wait for a break in traffic, turn left into a side street or parking lot, and then head in the intended direction.

 

My wife and kids give me endless grief about this policy, making a left turn forces me to watch traffic from both the left and the right, and I think it’s less safe.

 

A recent accident proves my point: I was waiting on a side street to make a right into a four-lane road, and it had just started raining. A driver attempts to make a left across two lanes of traffic, cuts it too close, hits an oncoming car- which then hits my car. No one injured, but you see my point.

 

The irony? I was leaving an auto repair shop after spending $200 on maintenance. It took a few cocktails to get past the anger and frustration.

 

My “avoid left turns” policy is odd, takes more time, but is completely justified.

 

Join Conference Room: More content on accounting, personal finance, and humor/ short story topics. Video, blog posts.

 

Before going anywhere- call first

 

How many times have you driven to a store, restaurant, or business- only to find that they’re closed?

 

My brilliant solution: call them before you head out the door.

 

Now, I know what you’re thinking: when you Google a business, it often displays the business hours, and if they’re open now.

 

But I don’t trust the worldwide internets- so I call.

 

Vigorously washing your hands in restaurants

 

I highly recommend the SmartLess podcast. Will Arnett and Sean Hayes give Jason Bateman trouble about his odd habits. One is leaving the table before food comes at a restaurant to vigorously wash his hands.

 

I do the same thing, which is very frustrating for my wife- particularly when I leave right when the food arrives.

 

All food for thought.

Ken

Image: Scott Fleming, What do clowns think about? (CC By SA-2.0)

 

 

The post Why I Refused To Pay For Clown College (And Other Parenting Tips) appeared first on Accounting Accidentally.

The Sleeping Giants for Money Moves and Business Growth

Whether your business is just a start-up or you’re a slightly bigger corporation, it’s essential to know the existing money moves that lead to success in the new normal. Not only will this help the expansion of your business, but it will also affect other aspects such as your finances, workforce, and overall business practices.

 

Even the simplest money moves can transform your business, so be sure to apply the following tips in your next business move to encourage better finances. No matter how big or small, these can significantly help with your business’ success. This article will tackle the basics you’ll need to know about the money moves for business growth.

Making Smart Investments

There isn’t any assurance from the world of investments that ensures high profits or even returns. You should only risk whatever money you’re willing to lose because otherwise, you might not be ready for high-stakes investments. One of the most important investing psychologies is never to use emotions. The same can be said for investing in growth or expansion.

 

Join Conference Room: More content on accounting, personal finance, and humor/ short story topics. Video, blog posts.

 

 

While it’s relatively easy to be overwhelmed with greed or fear when investing, the minute you see your investment going towards or against your favor, don’t let your emotions affect your investments. Remember that this is a long-term decision, so trust in the long-term picture even if the market is potentially against your investment right now.

 

Also, investments should always have a long-term strategy, because if you’re looking for something more short-term, the returns significantly diminish. Most importantly, even if most people today are investing, you shouldn’t rush yourself if you haven’t learned everything there is to learn about the market you’re interested in just yet. The financial market can be pretty overwhelming, but it becomes more manageable once you get the hang of it.

 

Increase Your Knowledge Base

The best thing for your business is to increase your knowledge base. Whether it’s thorough market research, in-depth competitor analysis, workforce productivity strategies, or skill-building, the first step to growth is maximizing what’s currently at hand and finding ways to enhance it.

 

Business growth takes discipline, proper planning, and proper developmental steps to ensure any development or expansion withstands the test of time. Increasing your knowledge in profitability, the best business practices, and the overall landscape trends can tremendously benefit your growth plans.

 

Go to Accounting Accidentally for 540+ blog posts and 450+ You Tube videos on accounting, personal finance, and humor/ short story topics.

 

 

Skill-building and continued learning can be facilitated through a wide array of avenues. Certificate courses, workshops, and continued learning with a master’s or doctor’s degree in business all help you develop a deeper understanding of what’s currently happening with your business and the steps you need to take moving forward.

 

Outsource Tasks

If you’re really serious about expanding your business, outsourcing your tasks can be extremely helpful. When you outsource, you’re not hiring a regular employee, but you’re hiring external help. This makes it a cheaper alternative to hiring another employee, where you have to spend more on training and regular supervision.

 

The best thing about outsourcing is that not only do you cut costs, but you can also opt to outsource projects to industry professionals without the commitment or heavy price tag. This is especially great for accounting or bookkeeping services, which are often not a daily requirement for businesses to function. The seasonality of these tasks makes them ideal for outsourcing or consulting.

 

Outsourcing your tasks can also help you gain a fresh perspective outside your in-house team. For instance, if you require digital marketing tasks, you can just outsource from an agency or an individual specializing in this field to gain a new perspective and let a fresh pair of eyes in on how you work. This promotes fresh and innovative ideas which can help you find more opportunities for growth and development.

 

Maintain an Emergency Fund

It’s so crucial always to have an emergency fund for your business. You never know what to expect when running a business. For instance, during the global pandemic, how will your business push through and continue operations, despite the economy taking a downward turn? Having an emergency fund for your company gives you something to fall back on and more breathing room in terms of any adjustments you may need to implement. Your emergency fund should cover not just your workforce’s salaries and overhead expenses but also your daily expenses required to continue to produce or serve your consumers.

 

These are just some aspects of financial and business growth you’ll need to know to navigate the landscape successfully. These tips mentioned above are all helpful tips that can help take your business to the next level without taking a massive hit to your bottom line. They may not be the make-or-break factors in expansion, but they’re the sleeping giants that majorly contribute to your profitability, sustained operations, and growth.

 

 

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

 

The post The Sleeping Giants for Money Moves and Business Growth appeared first on Accounting Accidentally.

The Hungover Golf Caddy and Business Ethics

“Kenneth? Rich called.”

 

It’s 6:30am on a June Saturday in 1983, and I’m a college sophomore. I’ve been asleep about four hours after a night of drinking with friends. I’ve worked as a golf caddy since 7th grade, and still work at Exclusive Country Club on the weekends.

 

Rich, the Caddymaster, needs older guys to double bag on Saturday. I didn’t show up, so he’s called the house, where Mom wakes me up.

 

Now, bear in mind that it’s already 75 degrees and humid at 6:30am, and the high is expected to be 90. I drive the four miles up to the Club with a searing headache, hoping that I can get enough water (and some caffeine) in my system before the first tee.

Find more humorous story stories here.

I learned a lot about people during all those hours on a golf course, and I’ve found that knowledge applies to business.

Founders vs. Posers

 

Exclusive (not the real name) is one of the most expensive clubs to join in St. Louis, and people handled themselves in different ways.

 

Company founders were the nicest people, without exception. While these members had wealth and status in the community, they didn’t start out that way. The founders clearly remembered what life was like before wealth, and they respected and engaged with everyone- including the Club staff.

 

The second generation- the founder’s children involved in the business- were generally good people, also. The founders instilled a level of personal responsibility into the next generation, and the need to represent the company brand.

 

Operating a 2nd or 3rd generation business- and having success- is tough. According to this source:

 

“The average life span of a family-owned business is 24 years (familybusinesscenter.com, 2010). About 40% of U.S. family-owned businesses transition into a second-generation businesses, approximately 13% are passed down successfully to a third generation, while 3% survive to a fourth or beyond (Businessweek.com, 2010).”

 

Many businesses in St. Louis are successfully managed by the second and third generation, and these owners were the exception, not the rule.

 

Which brings us to the posers.

 

Posers fall into two camps: the founder’s second or third generation children who didn’t do much of anything, and corporate memberships. It used to be easier for a company to expense a country club membership (or a portion of the membership) as a business expense.

 

If you’re an attorney, CPA, or a VP of sales, you can benefit from spending time with the rich and powerful- it may lead to new business. So, a number of member’s dues were paid by the employer. Many of these members were new to money, and looked down on the staff.

 

I still remember a family that knew me for years through my parent’s church, but pretended not to know me at the club. Seems insincere, right?

 

The lesson: you can’t grow a business without humility, and the ability to acknowledge people from all walks for life. That person carrying your golf bag or clearing your dinner dishes may eventually be a customer- or a great employee.

Why Players Didn’t Cheat

 

“Golf is a game in which you yell ‘fore,’ shoot six and write down five,” the radio broadcaster Paul Harvey said.

 

In my nearly 10 years of caddying (7th grade to senior year of college), I only remember one member cheating at golf. If this member’s ball was behind a tree and other players weren’t nearby, he would move it- in front of me.

 

So, other than the weird outlier, why did everyone else play by the rules?

 

Join Conference Room: More content on accounting, personal finance, and humor/ short story topics. Video, blog posts.

 

Golf has a long reputation of taking the rules seriously. It’s one of the few sports in which the player is expected to keep score, using a scorecard. In PGA events, rules officials are all over the course, to ensure that players follow the rules. Pros have incurred penalties for rules violations that cost them hundreds of thousands of dollars.

 

As you’ll read here, Justin Johnson held a one-shot lead at the 2010 PGA Championship, one of golf’s four most prestigious tournaments. Rules officials watching on TV (that’s right- not even on the course) saw Johnson ground his club before taking a swing in a bunker.

 

He was assessed a two-shot penalty and lost the tournament. Afterwards, he admitted his mistake.

 

The respect for the rules seemed to filter down to players at the club- they took the game seriously. When a player shot a great round, the score was legitimate.

 

That same outlook can be applied to business ethics. US legislation, including the Securities Act of 1933, 1934, and Sarbanes Oxley hold business owners and managers to a higher standard. As a result, executives are less likely to risk an ethical lapse.

 

Bottom line? I guess ethics and good behavior matter.

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

Image: The Culinary Geek (CC By 2.0)

 

The post The Hungover Golf Caddy and Business Ethics appeared first on Accounting Accidentally.

The 5-Step Journey To Become Successful As An Entrepreneur

If you’re reading this, there’s a good chance that you’ve thought about becoming an entrepreneur and starting your own business. The 5-Step Journey as an Entrepreneur outlines how to start your own business, become successful at it, scale it up, and make money. Let’s take a look!

 

Join Conference Room: Great content on accounting, personal finance, and humor/ short stories. Video, blog posts.

 

1. Think

Before becoming an entrepreneur, you need to think about what kind of business you want to start. Although entrepreneurship means taking risks and being very independent, it’s a good idea to look into the pros and cons of starting a particular type of business beforehand. That way, when all the excitement has settled from making that initial decision to go out on your own, you’ll have a plan of action for making it successful.

2. Plan

Once you know what type of business you want to start, the next step is to write down your goals and create a goal sheet detailing how to reach them. This will also help motivate you when things get difficult, which they inevitably do from time to time. As well as setting clear short-term and long-term goals, it’s also important to decide on your objectives for the next three months, six months, and year.

 

Go to Accounting Accidentally for 540+ blog posts and 450+ You Tube videos on accounting, personal finance, and entrepreneurship.

 

3. Act

Once you’ve written out your new business plan, act upon it! The more hands-on you are during this phase, the better results you’ll achieve. Start getting your products or services ready for launch, start marketing them to the right people and ensure that you’re always putting in 100% effort into what you’re doing.

Remember – if there’s something else that’s more important than working on your business during this time, don’t do it.

A smart move would be to get your house in order first. Make sure your base of operations is taken care of. The best way to live a fast-paced entrepreneurial life is by staying in luxury apartments.

Occupants can accomplish things more conveniently here with all the amenities that come along, such as 24-hour cleaning services and secured access at any time, day or night. Search online for ‘apartments near me‘ to find the perfect place to live where everything is taken care of. This would free you up to purely focus on your business.

4. Learn

Successful entrepreneurs are those who learn from their past mistakes and keep going despite them. The best way to do this is to use the knowledge you’ve gained from working on your business thus far as a reference point for what NOT to do next time around.

Neglecting this important part of the process will lead to missed opportunities, wasted time, and money, and you’ll probably fall prey to bad habits that could have been easily avoided if you’d just taken the time to think about what went wrong.

5. Grow

Once you’ve found success in your business venture, it’s important that you figure out how to scale up for even greater gains. This is where many entrepreneurs fall down because they don’t realize that they have to build a solid foundation before adding more bricks.

The first few months of any business are the most crucial because these will determine whether or not it’s viable for scaling up later on. The best way to avoid this is by taking things one step at a time and growing your business gradually as each new stage presents itself.

There You Have It

With these five simple steps, you’ll be well on your way towards becoming an entrepreneur and achieving success with your own home-based business!

 

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

Image: Chalkboard Mufidah Kassalias, Checklist Chalkboard, (CC BY-ND 2.0)

The post The 5-Step Journey To Become Successful As An Entrepreneur appeared first on Accounting Accidentally.

Why Every Business Needs A Business Plan

When you start a new business, one of the first things you need to do is write a business plan. Although it may seem unnecessary, a good business plan can really help you get where you want to go in your business a lot more quickly than if you didn’t have one.

Writing a business plan is not as challenging as it sounds, and there is plenty of advice and even templates online to help you. If you’re still not sure whether you should take the time to do it, here are some reasons why every business needs a business plan

Join Conference Room: Great content on accounting, personal finance, and humor/ short stories. Video, blog posts.

 

Testing Your Idea

A business plan is a great way to test out how feasible your idea actually is. The only other way to do this is to start the business, but this could end up being expensive and disheartening if you find it won’t work after you have gone to the effort and expense of starting up.

Writing a business plan is a much less costly, much easier way to discover whether your idea is going to work out or not; it’s like a safety net and one that you will be glad to have. Through your business plan, you will be able to see how much money you are likely to make and spend, and this can give you a clear indication of how successful you will be.

 

Increasing Your Chances Of Success

When you start a business, you want it to have the best possible chance of success, of course. One way to boost its chances is to have a business plan. Your business plan will ensure that you pay attention to every aspect of your business in advance, and that way, nothing will be forgotten or left to the last minute.

 

You’ll know you need to speak to various experts about your marketing, accounting, taxes, and so on ahead of time, and you’ll know how much money you can spend on marketing, for example. You’ll know who your target market is and how best to reach them. You’ll also know about your competition and what they are doing. You’ll know all of this and more because it needs to be included in your business plan.

 

Go to Accounting Accidentally for 540+ blog posts and 450+ You Tube videos on accounting, personal finance, and entrepreneurship.

 

 

A Plan to Obtain Funding

Most businesses need money so that they can start operating. How much money will depend on a number of different factors, including what you are actually selling and how you intend to market it. If you don’t have the funds available yourself, you will need to borrow them from a bank or contact an investor such as Louis Lehot: Lawyer.

 

In order to persuade them that your business is worth lending to or investing in, they will want to see your business plan because it will show them what kind of return they can expect to see, or they can be sure that you will pay back the money they are lending.

Without this vital piece of evidence, it will be difficult to obtain any legitimate funding. Writing a business plan, therefore, could make the difference between being able to start your business or not.

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

Image: Bullseye Jeff Turner CC by 2.0

 

The post Why Every Business Needs A Business Plan appeared first on Accounting Accidentally.

7 Things You Need To Start A Business From Home

Each year, hundreds of thousands of entrepreneurs start new businesses in the United States. Some of those do so by establishing their brands from commercial or industrial premises, while others start small by building their new businesses from home.

If you’re thinking of launching a new home-based business, you’ll join the many thousands of other people just like you. Before you begin, it’s worth noting there are some things you need from the outset.

The following explains the most common points to remember, whether you’re a young entrepreneur or a senior:

1. Large House

The first thing you’ll need to do is have a house large enough to run your business. It’s a point that might not apply to you if all your work is computer-based, and you don’t need to store any physical stock or raw materials at your abode.

However, if you do need lots of space, it makes sense to consider homes for sale in your area that are larger than your current residence. Otherwise, you could end up stealing every available space in all your rooms – including ones belonging to your family members!

Join Conference Room: Great content on accounting, personal finance, and humor/short story topics. Video, blog posts.

 

2. Dedicated Workspace

Next, you will need to have a dedicated workspace. Some people might say they only require somewhere to sit and can work from their laptops. The thing is, constant distractions from others in your household will guarantee diminished productivity.

If you’ve got a spare bedroom in your home, it’s a good idea to convert that into your office workspace. You can then get an office desk and chair, put your laptop on the desk, and have extra space for storing items like stock or equipment you need to operate your business.

3. Financing

In some cases, you can start a business on a shoestring budget. Examples include digital services where the only tool you need is your existing computer and software. However, that’s not the case for all home-based startups, and yours might be one of those examples.

It makes sense to organize some financing for your startup business. That way, you can take care of all startup expenses and have enough money put aside to pay your personal bills for at least six months. Such an approach gives you financial breathing space.

4. Business Plan

It doesn’t matter whether you start a business from your home or elsewhere. All businesses need a business plan. In a nutshell, it’s a document that details a startup’s ideas, profit forecasts, and what it intends to do for future growth and expansion.

Don’t worry if you’ve never written a business plan before. The Web is full of online tools and templates that will help you create a business plan for your brand. It’s a document you’ll also need to show potential investors or anyone that could lend you the capital you require.

 

Go to Accounting Accidentally for 540+ blog posts and 450+ You Tube videos on accounting, personal finance, and entrepreneurship.

 

5. Work Schedule

When you’re working from home, whether it’s for yourself or an employer, you need to have a work schedule. Without it, you’ll lose the motivation to do anything – especially if you’d rather watch something on TV or go out and socialize with your friends instead.

Having a work schedule is also helpful for others in your household to know. That’s because they know when you’re working and will be less likely to disturb you accidentally when you’re trying to concentrate or if you’re on important phone calls or video meetings.

6. Marketing

Launching a brand is one thing. Marketing it is another. That’s why it’s crucial you come up with a robust marketing plan for your home-based business. It could be that you’ll need to adjust your marketing plan as your startup evolves and add or remove certain aspects of it.

Creating a marketing strategy is something you can easily do for any home-based business. The concepts to consider are the same for any business, irrespective of its physical location.

It’s crucial to have a marketing strategy before you even launch your brand. Marketing will help your business get new customers, increase brand awareness, and ultimately increase your turnover and profit.

Ensure you’ve got online and offline marketing strategies in place, even if you’re launching a digital-only business.

7. Strategy

One final thing you need to have a successful launch for your home-based business is a strategy.

You might think that your business plan is your strategy, and in some respects, that’s what it is. However, a strategy details how you’re going to achieve your objectives, whereas your business plan summarizes what they are.

Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) http://www.accountingaccidentally.com/

 

The post 7 Things You Need To Start A Business From Home appeared first on Accounting Accidentally.