1. FINANCE
My first experience with a retirement account was when I was a first year attorney. Though we were all extremely young at the time, unlike most of my friends I chose to max out my 401(k) contributions. Why? Because I realized that for every $1,000 contribution, my net salary was only reduced by about $600 - $700 (those figures aren't exact, after all it was a LONG time a ago!). So, to me, it was as if I was getting over $300 for free! And I was earning extra money on that $300 in the stock market!
So imagine my surprise when I found out about a similar plan for small business owners called the Simplified Employee Pension. This plan allows you to make pre-tax contributions of up to 25% per employee – even if you are only a sole proprietor. And yes, you still have time to contribute! Mike Branch, CFP will not only explain how to do it, he will also show you how contributing to this plan can decrease your tax liability by up to 25%!!
2. SOCIAL MEDIA
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Come on admit it, when you are just starting out, few things give you more pleasure than seeing the number of your “likes” or “followers” increase on social media. But, ego aside, what is our real purpose for using these platforms? To grow our business right! So, what is your plan for converting those “likes” and “follows” into real customers? Some of you may have this all figured out. But for people like me - i.e. those who don’t know anything about this stuff - there is Drew Hendricks and thankfully, he is willing to share…
3. EMPLOYEES
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A few weeks ago, I highlighted the president’s executive orders to increase workers & expand overtime pay. For those of you in New York, I also talked about the attorney generals crackdown on low-wage worker abuse and New York City’s new paid sick leave law. Regardless of whether or not you agree with these moves morally or politically, as small business owners, we have to be pragmatic and look at how these changes will affect our bottom line. No doubt they will increase our expenses…so what can we do minimize the impact on our overall profitability? Curt Finch outlines some possible solutions.
4. MARKETING
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When I did the SWOT analysis for this venture, I listed my main weakness as networking / marketing. My friend, a small business adviser who was helping me at the time, told me to get out of lawyer mode. He advised me not to think about cocktail parties or sales pitches, but regular events where I could meet small business people in more casual environments. After hearing this, a huge pressure was lifted off my shoulders… because even though I suck at sales, I’m great at dealing with people in situations where I can be of service. Just that simple reframing of the concept of “networking” made this an easier task for me. Well, Rakia Reynolds took this idea a few steps further. She shows you how to turn things like your regular volunteering (or even an article you read in your local newspaper) into networking opportunities.
5. MOTIVATION
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Patience, oh how I wish I had this trait! But, alas it seems I am one of those people who is plagued by the need for instant gratification. So, getting through the startup phase of any venture is not exciting for me; instead, it is an exercise in how to “grin and bear” the experience. However, I recently read a quote by Calvin Coolige (30th President of the U.S.), that states “Nothing in the world can take the place of persistence…[t]alent will not;…[g]enius will not…[e]ducation will not…”. Based on my life experience, I know I am an expert at persistence and perseverance. And, as such, I was happy to read Austin Allison’s piece which shows how these traits are the key to whether or not we entrepreneurs will become the masters of our own destiny or not.
That's it for this week! Check in on Monday for the updated Small Business Legal News. Also, don't forget "Wildcard Wednesdays". Our next "Weekly Small Biz Top 5" will be on 4/11
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