Starting a small business – Restaurants – UPDATED

Just don’t.  “When I save some money (or inherit it or win the lottery), I want to start a little Uzbek restaurant where all my friends can come and hang out.  It will be like a party every night.”  How about: “I can cook so I can open a restaurant.” A successful restaurant might be theContinue reading “Starting a small business – Restaurants – UPDATED”

Starting a small business Part 8

What business should I start? Harking back to one of my early posts, does the world really need another __________?  Fill in that blank with the type of business that you are thinking of starting.  I now know that the world really didn’t another CPA firm specializing in individual tax preparation and small business accounting.Continue reading “Starting a small business Part 8”

Starting a small business – Taxes Part 1

I should be finishing a third response to the IRS for a client under audit.  The response has me so angry and frustrated that I decided to start a new thread.  By the way, I’ve had 3 clients get audited in 10 years of having my own firm.  That’s 3 out of about 3500 taxContinue reading “Starting a small business – Taxes Part 1”

Starting a small business Part 7

Do what you love and the money will follow. Excuse me while I wretch.  I love sleeping and drinking beer.  I don’t think following either of those loves will result in any success.  Unless… You should be passionate about your business idea.  Don’t let the passion blind you to the obvious necessities of finding customers,Continue reading “Starting a small business Part 7”

Starting a small business Part 6

Everything that I learned about marketing in college and before starting a business was WRONG.  Marketing is the most important responsibility of a business owner.  Read that again.  You may think that you’re a mechanic, software developer, hairdresser, CPA, etc, but you’re not.  You are a marketer.  I didn’t understand this until I wasted a ton of money.Continue reading “Starting a small business Part 6”

Do a Ton of Homework Before Writing a Business Plan – The Accelerators – WSJ

Do a Ton of Homework Before Writing a Business Plan – The Accelerators – WSJ. The headline is misleading.  The best advice is in the last paragraph so read that first.  The author is from the renowned New York Tisch family.  It appears that most of his article assumes that you have a large potContinue reading “Do a Ton of Homework Before Writing a Business Plan – The Accelerators – WSJ”

Starting a small business Part 5

Should I just buy an existing business instead of starting one? Probably not.  Especially not if you’ve never owned a business before. Intangible assets are the most valuable assets of an existing business and the toughest to value.  Intangible means assets that you can’t touch and include customer lists, patents, trademarks, brands and innovative (though notContinue reading “Starting a small business Part 5”

Starting a small business Part 4

Should I hire employees? NO!  NEVER!  People suck.  Quote me on this.  The majority are fat, stupid and lazy.  Don’t believe me.  Check out the Black Friday videos on the web of people brutalizing each other to save $20 on a flat screen TV that they don’t really need.  This is probably your pool ofContinue reading “Starting a small business Part 4”