by Mary Marshall, CEO Coach
The most successful entrepreneurs figure out early on that they are not alone, that they are not infallible and that they need people better than themselves to do certain things.
However, we often have this vision of the entrepreneur as a superman or woman, slaying all the obstacles on the path to greatness all on their own. I’m here to tell you that image is simply not true. If it were, we would only be building companies of one and the term solopreneur would be all the rage.
Entrepreneurs do have good ideas and often strategies for putting their plans into motion. They often have a unique or different vision that others have not imagined yet but what they cannot do is single-handedly make it happen.
I’m reminded of this as I start the new class of Seattle Emerging Leaders at the SBA. These are businesses who have been operating for at least 3 years but at some point, became stuck and could not get past a certain stage of development. As this year’s class introduced themselves to one another, two very similar narratives emerged.
First, they were greatly relieved to be with other entrepreneurs like themselves who felt more or less alone. Realizing that everyone in the class was having the same experience was an eye opener for all of them. Secondly, they realized that part of their struggle was that while working in the business they rarely, if ever, had time to work on it so accountability for that went out the window with the pressing challenges of each day.
Read more on Mary Marshall’s website…
From the Washington Department of Revenue website…
There is a misconception that services are not subject to sales tax. This article clarifies that some services are indeed subject to retail sales tax. Following is a listing of services that are subject to sales tax when provided to consumers.
Construction services (WAC 458-20-170)
- Constructing and improving new or existing buildings and structures. Installing, repairing, cleaning, improving, constructing and decorating real or personal property for others
- Cleaning, fumigating, razing or moving structures, including painting and papering, cleaning and repairing furnaces and septic tanks, and snow removal
- Clearing land and moving earth Continue reading
Many startup small business owners take pride in pulling themselves up by their bootstraps and not using financing to get their companies off the ground. But that approach can backfire, a new study in the Journal of Corporate Finance suggests.
The study, conducted by Florida Atlantic University faculty, assessed what happened to companies that took on debt during their first year of operation.
The authors discovered businesses that took on debt are more likely to succeed (as long as they use business debt as opposed to taking on personal debt).
What’s more, they’re also more likely to achieve higher revenues. Continue reading
by Kelly Deis of SoundPoint Consulting
A dollar is a dollar. That’s true. And, all revenue is equal. Right? Well no, not in an investor’s or potential buyer’s eye. So what makes some revenue good and other revenue not quite as good?
Recurring revenue is highly desirable because is it known and predictable. The best example of this is an auto-renewal fee or service charge periodically charged directly to a customer’s credit card. Once the initial sale is complete there are no more costs to acquire a customer. The revenue stream is much like an annuity. Continue to provide the goods or services as promised and the revenue keeps coming in.
Great examples of this are insurance premiums and streaming fees. Once customers have decided to purchase the product – and assuming they remain content, they are happy to have their credit card billed automatically.
In contrast, consulting and attorney fees are often one-time in nature. Revenue ceases when the project is complete and the engagement ends. Continue reading
Small business owners heading into 2018 have a lot to be happy about — but they’ve also got some major concerns about the continued success of their businesses.
Capital One polled small business owners about their hopes and fears, and here’s what the latest Small Business Growth Index has to say about their responses.
All told, small business owners feel good about their finances. Nearly half (47 percent) say their businesses’ sales rose in the past six months—the highest percentage recorded by the survey since the second quarter of 2013. Some 37 percent say their financial position has improved from one year ago, too.
But it’s not all sunshine. While small business owners are happy with their finances, they’re also wondering how long the good times will last. In fact, two of the top three concerns cited by entrepreneurs in the survey are financial in nature. Continue reading
by Mary Marshall, CEO Coach
When entrepreneurs start up a business one of the decisions to be made is the name. A large portion of our businesses are named after the owner (yours truly included). While this may be an easy way to get things started, it may not always be the best. As a recent New York Times article pointed out, there is both good and bad about naming a company after yourself.
On the plus side, you can build a powerful personal brand, there is a lot of recognition for you, the founder, and people like businesses that are associated with a person versus a static object or a made-up word. Assuming you have a good reputation, this can help get the word out about your new company and from then on YOU become the company and vice versa. In my consulting practice, it was easy, and it made sense as I could leverage the reputation I had built up over the years as an executive coach and strategic planner. This can also be powerful if you come from a well-known or famous family name, you can leverage the hard work of your parents or grandparents.
Read more on Mary Marshall’s website.