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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?
Name: Maxie McCoy Business: Maxie McCoy Launched: 2015 Location: San Francisco, CA When you hear the name “Maxie McCoy,” words like “courageous,” “bold,” “motivating” and “inspiring” may come to mind. If they do, then Maxie is succeeding in her goal of turning her namesake business into a widely recognized brand. Three years ago, this award-winning author, speaker and coach set a lofty goal for herself: to help billions (with a b!) of women boost their productivity, turn their dreams into a reality and believe more deeply in themselves. “I want you to make your big beautiful mark on this world, whatever that mark might be,” Maxie explains on her website. She’s certainly making her big, beautiful mark building a rock-solid reputation as a woman, and a brand, to be reckoned with. In this profile, which is based on a conversation between Maxie and QB Community Leader Leslie Barber during QB Connect 2017, Maxie takes us back to the beginning of her entrepreneurial journey. Back the
Names: Marty McDonald (at left, above) & Rich DeMatteo Business: Bad Rhino Location: West Chester, PA Launched: 2011 Co-founders Marty McDonald and Rich DeMatteo of Bad Rhino, a social media marketing agency, saw the power of peer-to-peer connection long before Facebook and Instagram were household staples. In 2008, Rich leveraged social media to launch and grow an online career blog, Corn on the Job. Marty began dabbling in online marketing in 2002 as a side gig while working in staffing and talent acquisition. The two brought their skills and passion for online marketing together in 2011 to form Bad Rhino, a small business helping other small businesses put their best marketing foot forward with savvy social media strategies. We spoke with Marty about the link between a killer social media presence and increased sales. Don’t miss Bad Rhino Shares 9 Tips for Upping Your Social-Media Marketing Game Hi Marty! Tell us about Bad Rhino and what your business is all a
It can be hard determining the right value on what you sell, especially when you’re in the business of producing handmade goods or offering custom services. Is there a secret formula? No. But there are small business owners who’ve figured out a pricing strategy that works for them through trial and error, market analysis and by calculating wholesale versus retail margins. We asked ten entrepreneurs, “How do you determine your pricing?” Here are their insightful answers! Wholesale pricing helped determine retail pricing Tasha Chapman, creator of Chapman at Sea, surfboard and carryall bags: “In the beginning, I didn’t know anything about the differences between retail and wholesale pricing. When I first started the website, our retail prices were pretty close to wholesale prices, so when stores started asking for a 50% discount on top, I quickly learned that wasn’t going to work.I had to make some price adjustments just so I could have my bags in shops.” Read
A few nights ago, I drove 20 minutes north to San Rafael, CA. I was wearing my strongest deodorant, chewing on peppermint Tums and seriously regretting the three cloves of garlic I’d added to my stir-fry an hour earlier. My gut was churning but not because of excess garlic. I was heading to my first Speaking Circle, a small-group workshop designed to help people shake their anxiety about public speaking. As I’ve mentioned in a previous post, I don’t suffer from extreme “glossaphobia,” but speaking in front of a group is something I rarely do. Since I work for myself, and since I work from my home, hours can pass on any given day without talking to anyone besides my dog and my cat. No wonder my oratory muscle is soft and flabby. As the owner of my own editorial services business, I know I need to be able to share my expertise with existing or prospective clients without my voice quavering or my heart pounding. I decided a Speaking Circle was just the “workout” my public-speaking
Right now, my freelance income looks like about $7K this year, possibly more. My personal TurboTax account was created long before my QB Self-employed account and the two aren't connected. I have the article that explains how to combine them into one...the question is "should I?" And if I do, which one should I keep? The years old personal, or the shiny new QBSE? Thanks!
It's February, which means love is in the air -- and I’ve got Japan on the brain. Why? Because each Valentine’s Day accounts for a whopping $400 million in Japanese chocolate sales -- and most of the sweet stuff is given out at the office. Unlike Valentine’s Day in the U.S., in Japan it’s women who do the bulk of the gifting. While chocolate can be given to a romantic partner as honmei choco (“favorite chocolate”) it’s typically offered as giri choco ("obligation chocolate"). Here’s how it works: On February 14, Japanese women give chocolates to their male colleagues. Exactly one month later, on March 14, their coworkers are expected to reciprocate with a small gift item. In recent years, however, many Japanese women have begun keeping the sweets for themselves as jibun choco, or “me chocolate.” The idea of dedicating a major holiday to workplace gift-giving is pretty intriguing. In the U.S., office gifting is typically reserved for year-end bonuses tied to
The next time you feel inspired to do something nice for someone, consider directing that impulse toward your employees - it will make them better workers, according to a recent study. Employees at a Spanish company were randomly assigned the roles of Giver, Receiver, or Control. Givers were provided with a personalized list of Receivers and a mission: practice five random acts of kindness over the next month. The benefits were striking. In the short-term both Givers and Receivers actually became more effective at their jobs, rating higher on weekly measures of competence and autonomy. Over the long-term Givers said they felt more satisfied with their lives and jobs, and Receivers reported feeling happier overall. Even better? Receivers were nearly three times more likely to "pay it forward" by performing acts of kindness toward others both at work and at home. I've written about this before, but given the sheer amount time
While many businesses send digital invoices via email, some customers still prefer carbon copies. If records are stored digitally, they're easy to access and organize. Creating, sending, and managing paper records in QuickBooks requires a bit more planning and forethought. Do what makes sense for your operation, but always consider your customers' preferences. Why should I send a paper Invoice? Let’s reframe the question: if customers request a carbon copy, can you encourage them to go digital? The advantage of digital Invoices is you can never really lose them. A deleted Invoice can always be recovered from an email trashcan, and in extreme cases, you can instantly send them another copy. There’s also virtually no wait time and thus no additional delays in payments. This a huge plus for busy buyers and sellers. If customers absolutely need a carbon copy for their records or simply prefers sticking to their routine, they can always p
Araya launched her homegoods and design company after losing her interior design job during the housing crisis. Today, her online shop is pro, but there was a time when she didn’t know how to maintain, let alone build, a website. Araya figured it out, put her store online and went for it! Then the international vendors came calling ... When did you know working for yourself was going to, well, work? What made you feel legit enough to say, “I own my own business!” Maybe it was your first customer (who wasn’t your mom!) or the first check made out to your business name. Perhaps you’re wondering right now if your endeavor will succeed. In this series we’re asking entrepreneurs, “How did you know when your business was Really for Real?” Entrepreneur: Araya Jensen Business: Willful Goods (formerly Wind and Willow Home) Launched: 2012 Location: Minneapolis Since launching her new biz in 2012, Araya has been featured in Domino, InStyle, dwell and beyond for her chi
