Enterprising Moms Network Inc

By Anne Cabrera, Sowing Seeds Accounting Services -

http://www.sowingseedsaccounting.com

Often times, the last thing a new entrepreneur considers when starting a business is how to take care of the books.  After all, marketing and closing sales is the be-all and end-all, right?  Without cash coming in, what’s the point of even having a business?  While I agree that sales is crucial, a properly set up and maintained bookkeeping system offers a busy mompreneur several key benefits:  reduced stress, boost productivity, easy access, and effective planning.

1. Reduced stress.  The last thing most entrepreneurs want to do when they get home or when weekend comes is to sit down and do their books.  For some, numbers just is not their thing.  For others, the sheer volume and, at times, duplication of their paperwork makes them hunt for any excuse to put it off---all the way until next April when the tax man comes calling.  Poor organization, inadequate filing systems, and lack of proper bookkeeping training are all factors that increase the stress of doing your books.  When you eliminate all three, your bookkeeping, while tedious, will soon take less of your time and your days will be a lot more stress-free.

2.  Boost productivity.  How long does it take you to find one invoice?  Are you current with all of your suppliers?  Have you collected all of your 30-day and 60-day accounts?  If your books are not properly maintained on a monthly basis and your filing system is a bin haphazardly filled with everything but the kitchen sink, you are inevitably less productive than you could be.  In the beginning, it may be easy to know who owes you what and how much, but as time passes, human memory fails and what could have been money in your pocket could easily be lost.  What about when you need to reference a supplier invoice for a late or wrong delivery?  If you can get your hand on that invoice within a half-hour, you are that much more likely to call and resolve the issue on the spot than if you have to dig through months of invoices. 

3.  Easy access.  CRA requires that all business keep records, paper or electronic.  In a pinch, paper often has higher credibility than electronic.  If you are not properly recording your purchases and sales, your HST returns will likely be inaccurate, resulting in either more taxes paid or less refunds received.  If you are not properly filing your documents (actual receipts, invoices, bills of lading, etc., and not just statements), then you are not complying with CRA’s mandatory filing requirements.  Either way, you are not doing yourself a favour by not keeping a proper bookkeeping system.

4.  Effective planning.  All businesses need plans.  Any business without a plan is a business that plans to fail.  If you don’t know how much you spent last month on advertising, how do you know how much to budget to spend next month?  If you don’t know which invoices you still have outstanding, how do you know how much cash you’ll need next month?  By keeping your books up to date on a monthly basis, you can make better plans for the future because your plans will be based on more accurate and more timely information.

A good bookkeeping system has four key elements:  an easy filing system, staff with right technical training, an effective work process, and adequate time.  Sowing Seeds Accounting Systems provides independent small businesses with the tools, staff, process, and time they need to ensure that their company is getting all they can out of their bookkeeping.

Do you dream of owning your own business and working for yourself? Before you make this huge leap of faith and finances, ask yourself this question…could you imagine working for someone else if you were offered your dream job?

If this is the case then you should spend more time looking for the job you truly want and less time dreaming about becoming an entrepreneur. There are certain considerations that can give you great insight and help you decide if you do have what it takes to be an entrepreneur.

1.     1. What is your motivation? Ask yourself if you would want to be an entrepreneur regardless of how much money you might make as you build your business. If your goal is simply to achieve an income your chances of success, and more importantly, personal satisfaction are limited. Your real motivation must come from something inside you, not from external rewards like monetary goals or praise from others.

2.    2.  Who will it benefit? Is your dream based on something you want to give, or is it more about something you want to receive? A true entrepreneurial spirit includes a desire to do something that reaches beyond oneself. This is the reward that spurs the spirit of an entrepreneur.

3.      How hard are you willing to work? One of the biggest misconceptions about becoming an entrepreneur is that life will be easier than working for someone else. Rarely is this the case. Becoming successful requires tremendous commitment and usually the hours reflect the level of dedication to your dream.

4.      Are you prepared? What are you bringing to the table? Even if this is your own company, you need to have the experience and knowledge required to succeed. Ask yourself if you would hire yourself? If the answer is no, then spend some time educating yourself at what you want to really do. If this doesn’t sound compelling then entrepreneurship may not be for you.

5.      Can you handle success? How comfortable are you with personal success? One of the number one reasons independent businesses fail is the fact that many people are their own worst enemy. Some people like the idea of success and independence, but as their new business grows, self-sabotage becomes a factor and dreams become financial nightmares. Know right from the start that you are not someone who gets in his or her own way. Be certain that you know that you will always be your own advocate and that you are willing to go the distance to protect and fight for your dreams. You will encounter obstacles and negativity and doubt somewhere along the path. True entrepreneurs never accept defeat, and they never create it for themselves. Their entrepreneurial spirit pushes them past any difficulties and their greatest joy comes from the pride and sense of satisfaction that comes from living your dreams.

Anne Leedom is the Founder of www.TeenPalz.com, a website providing virtual monitoring and activities for teens. She lives in Northern California.

Are Tornado Warnings Affecting Your Business?

- By Tereza Kumric – Enterprising Moms Network Toronto

Business owners enter the business world with a no fail attitude. We’ve done our homework, calculated our margins, set our goals and are ready for success. But as our guest speaker Sarah Morgenstern of Savvy Mom Media said at the Enterprising Moms meeting in Toronto, business is not a Cinderella story.

Like  every business owner, when we have an important launch, important event or  meeting  we gear up, we plan , we dot our I’s and cross our T’s – like I did for the Enterprising Moms event that was planned for October 26 with Sarah Morgenstern. What I did not plan for however was the extreme weather warning for Toronto that forced me to cancel an event that I was planning for months (and you thought the tornado in the title was just a metaphor!).

So I did what all business owners do – I put out the fire.

I called all the members and guests, tweeted, emailed and rescheduled the event as fast as I could.

Not a big deal – life happens right?

Yes, it does and while your warnings might not come in the form of a tornado, one of the many “truths” that Sarah shared about being a mom entrepreneur was just that – “Bad things will happen… things will go wrong”.  So, all that cumbersome stuff that small business owners think they don’t need, like lawyers and contracts, insurance and a back-up plan… well, think again. Does that mean you need to dump that no fail attitude? 

Absolutely not.  Just know that despite your intentions and motivated spirit, things CAN and WILL go wrong. Have a lawyer, have insurance, make sure your goals are in line with your business partners goals (before you start the business!), be very involved and don’t leave your business on autopilot, and have support, whether  it is in the form of an advisory board, a networking group  or friends and family.

This way, when the tornado hits, you are prepared to react.

Are you someone who loves (or lives) to write?  Do you have expertise or insight into a topic that you would love to share?  We'd love to help you share!

The Enterprising Moms Network is currently looking for guest bloggers to contribute to our blog.  Topics on the blog cover everything from networking and marketing to family vacations and summer fun.  We know that there are alot of women out there who have lots to say and share about life, motherhood and business.  And we'd like to hear from you!

If you are interested in writing for EMN, please check out the EMN Editorial Calendar by clicking here. Every month we have 2 different topics, one "Enterprising" topic and one "Mom" topic, and there is a submission deadline for each month.  If this sounds like something that would interest you, please email us for more info or better yet - send us your post!

Two quick things to remember regarding your submission - please keep your post to about 500 words, and also include any photos/graphics etc to give your post as much "eye-candy" as possible.  Also, be sure to include the link to your website!

Here's to seeing some "enterprising" entries - happy writing everyone!

Have you had that "ONE" bright business idea and let it go because you had no idea what to do with it? Or how about already owning your own business and being scared to take it to the "NEXT LEVEL"?       

Many of us have been there and know what its like. It's scary and exciting all at the same time. The risk of failure, the possibility of it not working - yep, that does exist.

However, what also exits is the possibility of its success and creating the life you always dreamed of.

If entrepreneurship was easy, everyone would be doing it. What separates those who succeed, and those who don't is simple: tenacity.

Have you ever read a bio about someone and thought to yourself "I thought of that!" or "I could have done that".  The only difference between that person and you is that YOU didn't try.

Entrepreneurship has its ups and downs. You will find that every successful business owner will have a story about failure(s) - of when the business really wasn't working very well. But they stuck with it - saw it through, and eventually it succeeded. 

These struggles build character, they define how you will handle business in the future. In essence, they make you a better entrepreneur because you  lived through the hard times - and so did your business.

So if you have always wanted to try your hand at entrepreneurship because you have that ONE great idea - or really want to grow your business and take it to the NEXT LEVEL; make 2010 the year you simply go for it.

Never live your life with regret - you'll never know if it could work, unless you work to make it happen.

Happy 2010!

Whether your business is established, or you are just starting out, you’ve realized at some point that networking is an invaluable tool that will ultimately contribute to the success of your business. Even a hundred years ago, people networked their businesses, only then there was no such thing as social media, computers, etc. Yet somehow, they managed – and they flourished. In 2009, there are multiple avenues of networking, including everything from a simple business card to a full-on company conference, and everything in-between. 

 No matter what your business is, or what the stage of your business is in, there are a few things to think about when you are networking your business. It’s important to take a moment and think about what networking “is” and what it “isn’t” from time to time.

Networking is vital to your business

Believe it or not, there are people who start a business, and think that the business will actually come to them – that they won’t have to go out and look for it.  If anyone tells you that they became successful just sitting at home and letting the customers find them, chances are they are not being 100% truthful. 

Networking is not a popularity contest

With some people, they find it is important to declare the size of their contact lists and referrals.  Especially with social media sites, do not judge the success of your networking simply by the number of names that are on your contact list, people following you on Twitter or belong to your group.  Just as you are intent on collecting names, some people are intent on collecting groups.  Focus on the quality of the people that are on your contact list that are actively involved with your business.    

Networking is not limited to one or two approaches

Chances are that you have a few different methods of networking that you are very good at, and some that you are not so good at.  Don’t under-sell yourself by thinking that just because you are strong in one area, you are weak in another.  If you were in a gym and only worked out your leg muscles and not your arms, you’d be a great runner but totally useless when it came to climbing up a rope.  Work your networking by utilizing your weak and your strong areas, and you’ll have a good overall “networking physique”. 

Networking does not always require technology

Although technology is now playing the biggest role ever in the success of networking a business, don’t be intimidated and shut down networking altogether because you don’t feel you are as technologically advanced as your brother-in-law’s friend’s cousin who knew a guy who met the guy that started Twitter.  You have a phone, you meet people face-to-face, that’s much more powerful sometimes than any computer program or social media network.  

Networking is simple

As simple as putting your hand out to shake it with someone you just met.  As simple as starting a conversation with someone you see in the local grocery store.  You never know where the simplest of starts are going to end up. 

Networking is complex

When you are involved with many different avenues of networking, it can be a complex task.  The key to keeping successful with complex networking is by being organized and on top of things.  

Networking is not a competition

The interesting thing about networking is that the different ways that people are using to network is expanding by the minute.  Websites, written resources, books, in-person groups and national conferences are springing up constantly.  If you try to compete vigorously within a network, all you are going to do is ultimately ostracize yourself.  Expand your knowledge and your networking skills by sharing knowledge with other people who are in the same business you are in.

Networking is about giving and receiving knowledge

The words “giving” and “receiving” could also easily be substituted with “talking” and “listening”.  Like the person who tells you that they have achieved success by sitting at home and letting the business come to them, a person who tells you that they know everything there is to know about what they do is also probably not being 100% honest.  Nobody knows everything.  It’s just not possible.  To be successful with anything, business or personal, you must be open to give and receive knowledge. 

Ask questions, look for answers, change your reasoning, share your knowledge, your success, your ideas and your inspirations. That's it, Networking 1-2-3.

Many first time business owners have a hard time deciding whether or not to go it alone as a sole proprietor, to take on a partner or if they should incorporate.

Below you will find some useful tips to think about when making this important decision.

A Sole Proprietorship is the easiest out of the three to start up. The start up costs are low as a Sole Proprietor, and there are great tax advantages (write offs) to the owner. The only drawback is that there is no name protection as a Sole Proprietor and there is no protection/separation between you and your business (ie if your business is sued or the business loses money, then you are personally liable as well.

A Partnership is when two or more people decide to combine their skills and resources and go in to business together. Both parties involved are responsible for the overall management of a business, and each are personally liable for all debts with the business.

When entering in to a Partnership business, is important to outline the terms and conditions of your partnership in a legal agreement. In the agreement you will need to outline how you want to share the profits.

A Corporation is a legal entity that is separate and distinct from its owner(s). With a corporation, you have limited liability. The owner and the company are separate and distinct. The name of the Company is also protected.

When you are seeking to incorporate a company, it is best to consult with a lawyer to review all the circumstance regarding shareholders, reporting and maintaining proper records. Incorporating a company is the most expensive venture to start out of the three options.