Оглавление
David Trahair. Entrepreneurial Itch
THE ENTREPRENEURIAL ITCH. Don’t Scratch Until You Read This Book!
1. Why Do You Want to Be Self-Employed?
You Hate Your Job
You Hate Aspects of Your Job
The commute
Annoying coworkers
Making money for others
You Lose Your Job
Your Life Changes
Maybe You’ve Just Got the Urge
Why Listen to Me?
The Self-Employment Alternative
Do You Have the Entrepreneurial Itch?
How This Book Will Help Scratch Your Itch
2. What Does It Take to Succeed?
The Key to Success
Attributes of a Successful Entrepreneur
Attributes of a Successful Business
Leg 1: Operations
Leg 2: Selling and marketing
Leg 3: Finance and administration
3. What Do You Want to Do?
“A Restaurant Sounds Good”
Something Old? Something New?
Research, Research, Research
The Business Plan
Research Should Never End
Niche Today, Gone Tomorrow?
What is good about a niche?
Always be thinking about your next niche
4. If You Can Sell, You’ll Do Well
What Doesn’t Work
The mailing list
Expensive one-time advertising
Newsletters
Build a website and they will come
What Works (for Me)
Personal contacts
The story of my dentist
Other Keys to Marketing Your Business
5. Give Yourself a Chance: Start on a Shoestring
The Home Office
Advantages of a home office
Disadvantages of a home office
Start-up Costs
Why Not Get the Bank to Help?
Where Does Cash Come From Besides a Bank Loan?
Your savings and “sweat equity”
Friends and family
Credit cards
The bank again
The Cash-Flow Crunch
Tips for easing the cash-flow crunch
Track your daily cash flow
6. Bookkeeping: Lifeblood of a Business
Basic Accounting Concepts
Accrual accounting
Figure 1: Cash Versus Accrual Method of Accounting
Debits and credits
Financial statements and journal entries
Figure 2: Sample Journal Entry: Income
Figure 3: Sample Journal Entry: Expense
Equity
Figure 4: Balance Sheet
Capital assets, amortization, and depreciation
Bookkeeping for Sole Proprietors
Recording business finances separately makes tax time easier
Recording business finances separately gives a clearer view of your personal finances
Recording business finances separately lets you see how your business is doing
Act Like a Corporation
Bookkeeping Made Easy
Invoicing and accounts receivable
Paying bills
Other bookkeeping entries
A word about using spreadsheets for bookkeeping
Setting Up Your Books
Bookkeepers versus accountants
The chart of accounts
Schedule C — Profit or Loss from Business (US)
Form T2124 — Statement of Business Activities (Canada)
Group your expenses
Focus on the Key Numbers
Improving the Bottom Line
Increasing revenue
Cutting the right expenses
Keeping Current Is Key
7. Aim for the Ideal Business
The Ideal Client
Pick and choose your clients
Make sure your clients are in a solid industry
Get Others to Do the Work
What kind of help do you need?
When can you afford to hire someone?
Competing with You Is Difficult
Your Whole Family Is Not Tied Up in the Business
Could It Be Web-Based?
8. Run Your Business; Don’t Let It Run You
Juggling Three Balls at Once
What’s On Your Dashboard?
My dashboard
Figure 5: My Dashboard
Other useful information
The Early Stage
The Growth Stage
9. It’s Not the Time, It’s the Effort
The Good Old Hourly Rate
Disadvantages of Hourly Billing
It focuses on hours, not results
It limits the amount of money you can make
Billable hours become more important than business growth
It treats customers unequally
It doesn’t reward the “finding” function
It penalizes technological advances
Hourly Billing Versus Set Fees
Setting an hourly rate
Going beyond time
Value points
Time-Tracking Secrets
Keep track during the day
Use increments of less than one hour
Track chargeable and nonchargeable time
Time-Tracking and Reporting Software
What to look for
The quest for five-star time-tracking and reporting software
Why I chose BillQuick
Figure 6 : Billquick Work In Progress Report
Figure 7: Billquick Write Up/Write Down Report
10. Integrate Your Life with Your Business
Life Tip 1 — Do What You Don’t Want To Do First
Life Tip 2 — You Get What You Expect
Life Tip 3 — Balance Is the Key
Life Tip 4 — Plan on a Weekly, Not a Daily, Basis
Life Tip 5 — Be Flexible with Your Time
Life Tip 6 — Don’t Be Afraid to Ask a Stupid Question
Life Tip 7 — Stay Away from Those Who Say You Can’t Do It
Life Tip 8 — Don’t Be Afraid of Your Competition
Life Tip 9 — Leave Lots of Time for Completing Each Task
Life Tip 10 — Don’t Wait for Everything To Be Perfect
11. The Millionaire Dream: I’ll Sell It and Get Rich!
Business Valuation Methods
Business valuation method 1: Profit multiple
Business valuation method 2: Book value
Business valuation method 3: Service business
Figure 8: Sale Price Based on a Percentage of Future Billings
Are You Building It to Sell It?
Make it work without you
Make it big enough
Take time for planning
12. Could a Franchise Be for You?
What Is a Franchise Anyway?
Advantages of a franchise
Disadvantages of a franchise
How Much Is a Franchise Worth?
Questions to Ask Before You Buy
Watch Out for Scams
Examples of franchise fraud
How to spot a scam
The Five Most Frequently Asked Questions about Franchises
Where can I get a company’s presale disclosure document?
How can I find out if there have been complaints against a company?
How can I file a complaint against a company?
How do I know what must be included in a disclosure document or offering circular?
How can I find a lawyer who specializes in franchising?
13. The Self-Employment Pension Plan
Cushy Pension Plans Are Dying Out
Keeping a Job Is Getting Tougher
What Are You Going to Do?
Freedom 55?
I Love What I Do Now — Why Stop?
14. Do You Still Have the Entrepreneurial Itch?
About the Author
Notice to Readers
Self-Counsel Press thanks you for purchasing this ebook
Contents
