Blair Stover

on Business

Why Buy an Existing Business?

Jul 12

Posted by Blair Stover in Business

Entrepreneurship can be risky. After all, it’s no joke starting your own business. To reduce your risk, why not buy an existing business? You’ll have fewer problems if you get one that already operational and has existing customers. However, be prepared to spend more for this purpose.

Buying an established business has its own perks. For one, you can easily acquire capital from lenders who may be reluctant to give you money if you start from scratch. That’s understandable since 60 percent of start-up businesses fail within the first three years and it generally takes two years for start-ups to make money.

With an existing business, you reduce the financial risk you and your partners face since the company already has proven track record. All the unknown details have been ironed out by the previous owner and are ready for you to use. What’s more, an established business has a good customer base and an experienced management team at your command. Even if the company didn’t make a lot of money previously, your expertise and marketing skills may turn it into a profitable venture.

You can easily discover what the company did in the past and correct any mistakes. You can consult employees who know the business and get suggestions to improve it. Best of all, you’ll have peace of mind knowing that the business you purchased has a bigger chance of success.

However, the biggest obstacle in purchasing a business is the cost. This is because you’re buying the business concept, customer base, brands, and other components that have already been worked out. That’s why it’s normal for an existing business to cost more than a new one. To avoid trouble, take time to know what you’re getting. Research the company you are considering. Know if the business has any hidden problems. Check if receivables are collectable. This will prevent you from buying something that will give you problems later.

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Your Quick Guide to Property Investment Buying

May 19

Posted by Blair Stover in Uncategorized

Property investment buying can be a good way to jump start your career.  But like any undertaking, it has its own share of risks and rewards. To minimize the risks and reap the rewards of this exciting field, heres what you should do:

Invest on the right property. You cant go wrong with your investment if you have something good to offer customers.  There are hundreds of properties to choose from but not all of them will make a good investment. Normally, your choices for property investing buying include vacant lots, condominiums, apartments, and commercial and industrial properties. For starters, stick to a rental home or a small apartment building. Once you get the feel of property investment buying, you can experiment with bigger properties which naturally promise bigger profits.

Select a good area. If you want people to live in the properties you own, its only wise that you choose an area that is accessible to everyone. Choose areas with enough employment opportunities so your tenants wont find it hard to pay the rent and you wont have any headaches later. People will stay there if your property has easy access to schools, hospitals, malls and transportation. Its also a good idea to choose a property thats near your residence. That way, you can easily keep an eye on your investment.

Get an agent. Im not referring to James Bond, but a real estate agent. With his or her help, you can easily asses the properties youre considering and get much-needed referrals to ensure that your properties are never vacant. A good real estate agent can also help you with other details related to property investment buying.

Know what youre buying. Nothing is more frustrating that investing on something that turns out to be a dud or wasting money on properties that you dont need or wont give you any income. Before buying any property, learn all there is to know about it  the sellers motivations, expenses youre likely to incur and how much money you can make from your investment. Make your decision based on facts not on hearsay or rumours.

With these pointers in mind, property investment buying becomes less complicated and more lucrative for you. No one wants to see money go down the drain. Armed with the right knowledge, you can make a killing in the market and emerge a winner. 

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Famous People with Back Taxes

May 3

Posted by Blair Stover in Uncategorized

We idolize them, listen to their music, watch their movies and wish we could be like them. Indeed, many people think that celebrities have it all and their loyal fans and followers worship them. 
But when it comes to paying taxes, some celebrities miss the mark and need preferred tax relief. Whether they forgot to pay or refused to pay taxes is beside the point. What we do know is that these celebrities owe the government large sums of money and they should consider getting preferred tax help before its too late. 
Todays younger generation of music lovers probably dont remember pop singer Dionne Warwick whose sophisticated songs dominated the airwaves in the 60s. With her distinctive alto voice, Warwick (born Marie Dionne Warrick) built a career interpreting the complicated songs of Burt Bacharach and Hal David. Not only did she top the pop, easy listening and RB charts with hits like Dont Make Me Over , Walk On By , Theme from Valley of the Dolls , I Say A Little Prayer and Do You Know the Way to San Jose? , Warwick also won numerous awards for her unique performances.

Unfortunately, paying taxes doesnt seem to be one of Warwicks talents. In 2007, Warwick made it to the California Franchise Tax Boards list of delinquent taxpayers. She reportedly owes the California government over $2.6 million in back taxes and has been hiding from tax collectors for over 10 years. For a talented singer who has won lots of Grammys and who has received money from the sales of her gold and platinum albums, its a shame to see Warwicks career end on a sour note.

Also on that list is Sinbad, a hardworking comedian whos known for his clean image and family-friendly antics. Sinbad (born David Adkins) endeared audiences with his standup routine that paved the way for his television and film career. His TV credits include The Cosby Show spin-off A Different World (1987) and his very own Sinbad and Friends All the Way Live…Almost. 

On the silver screen, one of his memorable roles was opposite Arnold Schwarzenegger in 1996s Jingle All the Way. The funnyman continues to tour America to bring laughter to the masses and supports worthwhile causes like the Children’s Defense Fund, the Omega Boys Club and AIDS awareness.

However, Sinbads inclusion in the list of delinquent taxpayers isnt funny nor does it speak highly of one known for his clean image. As of 2007, he owed the government $2.1 million dollars and his outstanding tax debt dates back to December 1993. Clearly, he needs preferred tax advice as well.      

Whats the lesson to be learned from this article? It simply shows that celebrities are human and theyre not exempted from taxes. As American author, satirist, politician, inventor and diplomat Benjamin Franklin said “But in the world nothing can be said to be certain except death and taxes.” Whether we like it not, taxes are here to stay and we should pay them. 

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Four Tax Tips for 2010

Apr 7

Posted by Blair Stover in Business

When it comes to filing taxes, doing them earlier is always better. This is beneficial for both you and the Internal Revenue Service. By filing taxes early, you avoid the last-minute rush and the tendency to commit a lot of filing mistakes. The sooner you file your taxes, the sooner you get your refund. To make this possible, here are four tips for your consideration:

1) Get your records straight. The moment your W-2s, investment statements and other related documents appear, put them in a safe place that you’ll remember later. You can use a folder or an envelope for this purpose. Nothing is more frustrating that discovering that your records are incomplete when its time to file your taxes.  

2) Plan how you want to prepare your taxes. If you have the correct tax forms, decide how to complete your return. Which is more convenient and less stressful for you – doing the whole thing yourself or getting a pro to do the job? Whats more comfortable to you – using a pen and paper or a computer? By answering these questions, you can decide early and will have lots of time to do the paperwork yourself, select a good tax preparer or use the right tax preparation software.

3) You can minimize the amount of taxes you pay by joining a professional business group. Remember that business association dues are tax deductible so if you’re a member of a local, statewide or national professional organization, you’re in good hands. You’ll be able to deduct the expenses you incurred for joining such a group. 

4) Use electronic filing. If you use your computer to calculate your taxes, you might as well file the forms electronically. E-filed returns are processed faster, quickly correct math problems and tell you instantly whether your return has been received.

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Time Management for Small Business Owners

Mar 26

Posted by Blair Stover in Business

It’s no secret that time and money are important in business. Ironically, many small business owners do notat know how to spend their time wisely. This results in poor performance and eventually poor sales. To make time work for you, here is a tip to consider:

Prioritize your time. As a business owner, you obviously have many things to do but sticking your nose in every aspect of your business could eat up a lot of your time and leave you with no time at all for other important things. To avoid this, learn to distinguish whats important and whats not. The not so important jobs can always be delegated to other people. That way, you can do the things you’re supposed to do.

Create a general work schedule and stick to it. That work schedule should include time for yourself and time to effectively run your business. After you’ve defined the major components of your workload, prioritize them by taking note of crucial deadlines, routine jobs, and relaxation time. Know what has to be done now and what can wait. Your priorities depend on deadlines, how many people you have to see to do the job, and whether you can assign that job to someone else.

For example, start by identifying the best way you can increase profits by using your time; the second best way, and so on. This will help you come up with a list of workable priorities. Once you know your priorities, examine the ways to achieve them. Evaluate and do the things that are the most useful for you. The only time to consider changing what to do is when you realize that change will save time.

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Health Insurance for Small Business Owners

Mar 19

Posted by Blair Stover in Business

Its a sad fact that many small businesses in the United States dont have health insurance coverage for both their owners and employees. This is due in part to the large cost of insurance policies. Since small businesses dont buy policies in bulk, they lack the buying power of big corporations. In effect, they have to pay more for the same coverage.

How important is health insurance? It really depends on how healthy you are. If youre healthy and covered, health insurance provides peace of mind. For those with serious medical conditions, however, health insurance is essential. In many cases, its better to have some insurance than none at all.

There are two options when considering health insurance for your small business. If you only need coverage for you and your family, its best to get an individual or family health care plan. If you require medical insurance for workers who arent related to you, go for a group health insurance policy.

Admittedly, locating the best health insurance provider can eat up a lot of your time and can sometimes be frustrating. Luckily, you can lessen your ordeal by working online. The Internet is a good place to search for reliable providers. It allows you to get small business group health insurance quotes from several providers to see which plan is the best for your situation.

Keep in mind that group health insurance can be reasonable or costly. The cost depends on the number of employees, their age and health. Many employees consider this an important benefit in such a way that they will stick to a job with health coverage even if it has a lower salary and less job satisfaction. Its definitely better than a high paying dream job without health benefits.

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Is Your Accountant Qualified? Top 10 Accounting Schools

Mar 12

Posted by Blair Stover in Business

At present, accounting is one of the hottest professions in the world especially since it is vital to the survival of any business. It should be no wonder than that many students nowadays want to pursue a career in accounting. If you hold an accounting degree, it is likely there will always be work and that means you will always enjoy a bright future.

However, to do this, you will have to be accepted and enrolled in a good school since many companies prefer knowledgeable accountants with an accredited degree. The right university is your doorway to a fulfilling career. A bachelor’s or master’s degree in accounting can do a lot of things for you. But if you want to expand your opportunities, it is recommended that you seek more advanced learning.

Accounting graduates usually pursue careers in public accounting, government industry, private industry or accounting education. Whatever path you choose, remember that the road to success begins with a good education.

To help you in this important endeavor, here is a list of the Top 10 accounting schools taken from US News & World Report:

  1. University of Texas
  2. University of Pennsylvania
  3. University of Illinois
  4. University of Chicago
  5. University of Michigan
  6. University of Southern California
  7. Stanford University
  8. Brigham Young University
  9. New York University
  10. Northwestern University

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Take Advantage of Government Small Business Loans

Mar 5

Posted by Blair Stover in Business

Entrepreneurs seeking capital for a new business or to expand an existing business realize that this is one of the most difficult tasks. Not only does it consume a lot of time but it can be very stressful and frustrating as well.
As in any other undertaking, however, these obstacles can be hurdled with a little planning and preparation.

Getting small business loans is similar to any other business partnership. This means that your partners want to be assured that you have researched your options carefully and you know exactly what you need before approaching them for a loan.

There are several government loans available for small businesses. Each loan program has specific application and eligibility requirements but most lenders often ask for the same information from you. Before you apply for one, put together some basic documentation that you can use for any loan package.

Government agencies dont normally give loans directly to business owners. It merely provides a guaranty to banks and lenders for money lent to small businesses. This guaranty is a promise to pay a portion of the loan back to the bank in case a business owner fails to do so. A guaranty lowers the lender’s risk and allows that person to make loans to business owners who dont qualify for conventional loans.

So where do you go? The first step to get a loan is to visit your local commercial bank or lending institution. Get all the forms you need and fill them up correctly. To qualify for a loan, you should have a good credit history and a complete business plan. Borrowers also have to contribute anywhere between 25 percent and 33 percent of the overall costs.

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Small Business Online Resources

Feb 26

Posted by Blair Stover in Business

There are a number of good reasons why you should become an entrepreneur but money isn’t one of them. Experts say that entrepreneurship is not a sure way to fame and riches. Starting a business can be hard, stressful and often ends in failure. But you can succeed with the help of these free online resource for small businesses. They will tell you everything you need to know to get your business off the ground.

Start with Score (http://www.score.org/index.html) that offers free and confidential advice to small businesses, face-to-face counseling, online counseling and a whole lot more. Score’s goal is to help you succeed with its team of volunteers – mainly successful entrepreneurs who are willing to share their knowledge with you. This non-profit group currently has over 12,000 volunteers across the country so take advantage of their expertise today.

To access Score’s services. simply visit the site and input keywords to locate a counselor that suits your business needs. The good part is that there’s no limit to the number of you can consult Score. Thus, you get all the help you need to start a great business.

My Own Business Inc. (http://www.myownbusiness.org/) is another non-profit organization that helps people succeed in business. It has a 16-session Internet course presided by successful business owners who tell you of common, avoidable mistakes. The site has over 15 million visitors have made use of this vital information. The World Bank said that the high-quality interactive content from My Own Business Inc. has been instrumental to the success of the SME Toolkit across five continents.”

The course covers vital topics for anyone starting or operating a business. This will benefit the entrepreneur who wants to start his or her own business and the person who wishes to expand an established business.

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Small Business Tips and Tricks

Feb 4

Posted by Blair Stover in Business

Deciding to start your own small business isn’t easy. You need patience to deal with customers and clients who call you at any hour of the day, You have to come up with great products that people will love and you have to maintain a competent staff to help you all the way. Running a business certainly isn’t for everyone. So before you begin anything, think twice whether you have the talent and discipline to be in business. There are several things to consider. This short article will tell you the key issues to help you succeed.

Make yourself different. You probably got into your own business since you discovered that you could do something better than anyone else. Capitalize on your abilities and make a name for yourself. Maybe you can build a Web site faster than other people or you can type so fast that data entry becomes an easy task for you. This becomes your unique selling point (USP) that makes you different from other individuals and businesses with the same product or service.

Develop your own brand. Personal branding is essential for any entrepreneur whether you are operating alone or you with a large staff. Branding is the image you project to the world about your business. Donald Trump is one of the well-known brands who is known worldwide because he successfully marketed himself. Many other industry leaders are also recognized and have become a part of their products. Develop your personal brand and sell yourself to make your business big.

Have business cards printed and carry them wherever you go. These are effective client magnets. At the very least, they give you something on which to write the contact details of potential clients. If you bump into anyone who might need your goods or services, let that person know what you do and give him a card. Some people won’t take you seriously unless you have a business card.

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