Fort Lee Accounting Articles

Corporations Protects Assets - At a Price

Choosing the Right Accountante

Small Business is a Big Challenge

Tax Tips for Writers

Computer Backup Plan

Retirement Plan Withdrawals

Starting a Business in a Down Economy

Records Retention

Beginning of the New Year

Tax Gifts in the New Year

How Can a Small Business Survive in These Scary Economic Times?

How Does the Current Economic Situation Affect Main Street?

Small Business Incubator

The Mature Stage of a Small Business

The Adolescent Stage of a Small Business

Are Self Employed Small Business Owners Audited More Often Than Other Individuals?

Independent Contractors or Employees

Self Publishing - Costs Associated with the Production of a Book

Getting Organized - As You Create Order, You Create Space to be Even More Successful

Reader's Questions

Can you help me do a personal budget? Where do I start?

Creating a personal budget can seem like an overwhelming task. The start of a new year is a great time to look at your personal finances and set up a budget. While you are at it, you should also design a plan to achieve your financial goals. Sounds like a lot but here are some steps to help you. Click here to learn the steps to a secure financial future.

You may also find these Personal Budget Worksheets will help you to organize and maintain your budget.

Download Personal Budget Worksheet
Download Personal Assets Worksheet
Download Personal Liabilities Worksheet

I've always wanted to start my own business, but I was laid off from my job, and I'm single. Am I crazy to pursue my dream now?

People start business ventures for many different reasons-losing your job is only one of them. You have to invest time to find another job in your field, so it's not a leap to think you can start your own business with the same effort. The toughest part is paying your bills while you get organized.

In a perfect world, you've thought about this for a long time--your business plan is complete, and you've built enough of a nest egg to cover your regular expenses and fund the business. Losing your job is just the kick in the pants you need to get started.

But reality is that you're drawing unemployment and living off credit cards.

So how do you move forward?

• Ask your unemployment office about programs that are available for pursuing your business. They may have free business classes to assist you in the planning phase, or they can refer you to other agencies that may help. Find out if there are programs that assist you in funding your idea.
• Get your finances into a manageable state. It's okay to ask family and friends for help. Even those who start a business under ideal circumstance pool money from their own sources, so why should you be any different?
• Cut expenses. Find a roommate, stop cable television, give up your daily Starbucks coffee, or move back in with Mom and Dad until you get the business on its feet.
• Find part-time work to keep you going. Check with the unemployment office to learn the rules.
• Get advance orders for your product. With invoices in hand, it will be easier to locate financial assistance.

Did you know that Ben Cohen and Jerry Greenfield started their little ice cream company with a bicycle listed as an asset, and an unemployment check as income? Bert and John Jacobs started Life is Good with a van and some t-shirts. If they can do it, why can't you?

It's no secret the economy is struggling--big companies are closing stores and laying off employees. Food and gas prices are going up and real estate values are going down. How do small businesses stay alive?

Small businesses are the shock absorber of the economy because they can react more quickly to changes in the marketplace. It's easier for a company with only five or ten employees to tighten its belt, and think on it's feet. It's owners can afford to be creative in managing their business.

When big companies decrease staff, the amount and level of talent available increases in the marketplace. A small business may find an employee with a skill set it needs whose price was previously out of reach for it. In economic slowdowns, services may be outsourced, and local businesses can be standing there ready to pick up the slack.

When a small businesses experiences a downturn in its sales or profits, it's easier for management and employees to work together to find solutions, whether it's flex scheduling to minimize hours but get the job done--employees keep their jobs--exploring new markets for products or services or developing new ones to provide to their existing markets. When a business is small and you have conversations around the coffee pot, answers and ideas flow more freely.

Do I really need a business plan?

Absolutely! If only to help organize your thoughts, and to review your ideas for your business, the plan is the best way to do these things.

How often should I review it?

As often as necessary to help you manage your business.