Does Your Business have B.A.M? Monday, Nov 17 2014 

BAMMany people have dreams of owning a business. Some want the freedom to direct their own future. Ultimately, live a care free life filled with exotic vacations. Others want an untapped income stream. No matter the motivation, you need three elements to be successful.

Belief

A successful entrepreneur has to believe in their own ability to bring home the bacon. Let’s be honest, you can have the nicest business cards ever created and never make a dime. A fancy business card does not make a business. You have to know the value you bring in the market place. This means knowing what makes your product or offering unique. Then having the confidence and skill to share that value with the customer.

Activate

Planning your business activities is necessary, if you are going to be organized and focused. An entrepreneur needs a target to aim his shot. However, plans without action are just wishes. Regardless of the formal title, you are in the business of selling. Mary Kay Ash said it best, “Nothing happens until somebody sells something.” Yes, this business may be your deep down passion. However, money is what allows you to share your passion. Coaching women in their businesses and lives is what I was born to do. I would do it for free, and have. That said, the electric company hasn’t started taking passion as payment. So you have to always be selling, or as I like to say, “exchanging value” if you are going to continue to share your gifts with the world.

Maximize

Now here comes a biggie in the entrepreneurial space, maximizing. Acquiring new customers can be a lot of work, cost, and time. The worst part, the more time we spend working on seducing the potential new customer or client. The less time and resources we have to better serve the old and faithful. The ones that already know your value, and are willing to compensate you for it. Spend time maximizing your offerings to these customers. Look at AT&T, cable, phones and now security systems. Now of course new customers are necessary to keep a business growing. Just make sure it isn’t at the expense of the old.

Monique Moliere Piper

Certified Professional Coach and Author

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Employees versus Independent Contractors Thursday, May 1 2014 

Employees versus Independent Contractors

When you hire someone, should they be an employee or an independent contractor? Maybe they would be both, but at different times. An employee is one that is paid a salary or hourly wages for working for your business. He/she works an assigned time, at a specific location and you provide the necessary material/supplies/equipment for them to complete their work. Employees are paid an agreed upon amount and set pay day. The business is responsible for paying the employee on time as well as withholding taxes from the employee’s paycheck and submitting all withholding taxes by their designated deadline (federal and state). . Lastly, the business is responsible for paying its share of employee taxes (the business’s portion) of employee with-holdings plus any workmen’s compensation on employees. Yes, it cost more than the hourly wage you pay your employee(s) to have an employee(s). An employee receives a W-2 form at the end of the year, mailed by January 31. The deadline for each business is dependent on your structure aEmployees vs Contractornd/or number of employees, etc. The exact timeline and reporting requirements can be found at www.irs.gov.

 

An independent contractor is an individual or business that provides its own material/supplies/equipment to complete a job for you. In other words, you do not tell them how to accomplish a job/work, you simply contract with them to perform a service. They supply the knowledge and resources to get the task accomplished. Independent contractors are paid an agreed upon amount at an agreed upon pay date. You should have agreements identifying tasks to be delivered with completion dates. An independent contractor receives a 1099 form for work completed in a fiscal year mailed by January 31. No taxes are withheld from their checks. They are responsible for their own taxes.

So, now that you know the difference between employees versus independent contractors, which one is applicable to you and your business?