Spring Webinar lineup announced -

All webinars are scheduled on alternate Thursdays at 12:00 PM (noon). You can join any of the webinars through the MyEntrenet web site at http://www.myentre.net/

Optimizing Your Website on the Cheap- Live from EntreFest!
http://www.myentre.net/
Thursday, February 25, 2010 at Noon (CT)
Presented by Doug Mitchell, Founder & Chief Brand Amplifier, createWOWmedia

So you have a website, but is anyone using it? Can anyone find it? Now that you’ve put the time and money into developing it and filling it with content, is it “find-able”? Mitchell has helped small and medium sized companies become findable and engaging on the web while dispelling common myths about search engine optimization and social media. Doug will share his thoughts and experiences on enhancing your website so that your clients will actually use it.

Doug Mitchell, founder and Chief Brand Amplifier of createWOWmedia has spent the last 11 years in tech startups until he finally fired his own boss in 2007. Doug's firm helps small and medium sized companies become findable and engaging on the web while dispelling common myths about search engine optimization and social media.

Financing your business ideas beyond your friends, family and fools
http://www.myentre.net/
11-Mar at Noon (CT) David James Owner, DJ's Rib Shack
You’ve got a great idea for starting a business, but finding the cash to do it looks impossible. Learn about some new funding sources out there that you may not have thought about previously. David James, owner of DJ’s Rib Shack will share his experiences using the Targeted Small Business, TSB, Program to start his restaurant.

Networking 101: Before Facebook and Twitter
http://www.myentre.net/
25-Mar at Noon (CT) Rob Jensen - Organizer, Highlight Midwest 2009 and Kent Sovern President of the New Iowa Group, Ltd.
In that long forgotten land before Facebook and Twitter, networking was primarily done in an environment where people actually met each other face to face. Learn about this ancient culture and find out why it is still a thriving place to be part of. We’ll learn from two networking gurus on how to weave web 2.0 techniques in with good old fashioned in-person marketing.

Building a Website on the Cheap for the Non-Techie
http://www.myentre.net/
8-Apr at Noon (CT) Dan Beenken Innovation Incubator Manager, University of Northern Iowa
Need a web presence but don’t have the budget or skills to get it done? Are you still waiting for your “techie buddy” to update the site you paid him $500 to build back in 2003? Wait no longer! Learn from our own Dan Beenken as he walks you through the process of building your own site and, possibly more importantly, maintaining it to give your customers a continuous fresh look. The best part is, it’ll all be on the cheap! Dan has pretty much zippo technology skills, so even if you can barely turn your computer on, you won’t be far behind him on the learning curve of the web.

From Rags to T-Shirts: The Raygun Story
22-Apr at Noon (CT) Mike Draper Owner, Raygun
http://www.myentre.net/
Mike Draper, creator and owner of Raygun in Des Moines, will share his experiences of moving back to Iowa and starting his apparel and design stores – Raygun and 8/7 Central. Draper will tell his story of thriving in an economy that hasn’t exactly been friendly to expansion. He’ll share his insights on using guerilla marketing tactics to build a presence that has now been featured in all sorts of national media and publication outlets.

Blogging Bootcamp: How and Why to start Blogging
6-May at Noon (CT) Josh Flemming Interactive Marketing Director, Lessing-Flynn
http://www.myentre.net/
Perhaps you’ve read about the need to blog, but haven’t started yet. Or maybe you do a little blogging, but are pretty sure you may be the only one reading it. Josh Fleming will put you through his Boot Camp on the importance of social media, why to blog, how to blog, and why he is such a fan of “Top Gun”. Josh will share tactics on how to grow your readership to ensure it isn’t just you and your parents reading what you have to say. He’ll also share insights on how to keep your blog looking lively and fresh.

Making Facebook fit for your small business
20-May at Noon (CT) Nathan Wright Founder, Lava Row
http://www.myentre.net/
With well over400 million users world-wide, the Facebook phenomena isn’t going to anywhere any time soon. As you look to start or expand a presence on Facebook, its critical to remember that simply slapping up a fan page and calling it good, simply isn’t good enough. Learn from Nathan T. Wright, founder of Lava Row, how to capitalize on Facebook’s power to grow your own business.

Ten Tips to Ignore When Starting a Business

Ten Tips to Ignore When Starting a Business
by Cathy Goodwin

Summary: Everyone has advice for you when you're starting a business, but it's not all good advice! Here are ten tips you'd be better off ignoring.

1. "Career freedom means starting a business."
Clients often assume they can reach career freedom only by starting a business. I know dozens of people who feel very free in a corporate setting. They swim easily in the corporate stream and learn to balance their lives. Some even return after successful entrepreneurial ventures.

2. "Don't worry, be happy."
Some advisors tell you, "You'll be great," even if they secretly believe you're following a harebrained path that is doomed to fail. Do your own research and get second and third opinions.

3. "Visualize success."
While I support visualizing and attracting, I do not believe you can attract business from a non-existent target market. Better to attract prosperity and fulfillment. You might also try to attract knowledge and discernment so you can evaluate your various advisors.

4. "If you can dream it, you can do it."
You can dream of meeting the Queen of England at your local Wal-Mart but you may have to wait awhile. The reverse is often true -- you must have a dream before you experience the reality -- but some people manage to skip the journey and enjoy the arrival.

5. "If other people can have a successful business, you can too."
Unless you strongly resemble those "other people," they're irrelevant.

6. "You will probably fail."
Your advisor may be using fear to motivate you to work harder or sign up for his success course. Do your own research.

7." If you feel energized about your goal, you will be successful."
Feeling energized just means you enjoy some aspect of what you are doing. Figure out what you enjoy and design a life to include more of it.

8. "You can always go back to what you were doing before."
After months or years of trying to start a business, you and your former career will be different and your former colleagues will view you differently. Better to begin with a job that you can leave if you become successful. Stay in a position of power.

9." You have had a successful career so far and you'll figure out how to be successful now."
Basketball players do not always thrive on football teams and baseball is a different game altogether. Enough said.

10. "You will be fine; you just need more confidence."
If you lack self-confidence in several areas of your life, see a clinician. Otherwise your lack of confidence in your entrepreneurial skills is probably reality-based and should be viewed as a signal to find another advisor.

Cathy Goodwin, PhD, is an author, career consultant and speaker, who combines solid expertise with humor, common sense and intuition. Visit her at http://www.makewritingpay.com or for more info, e-mail Cathy at cathy@makewritingpay.com.

Improve Your Website’s Usability in 30 Minutes or Less

Written by: Tom Now

You can eat lunch in 30 minutes. You can watch a primetime TV show in 30 minutes. You can even organize your sock drawer in 30 minutes.

Given that an easy-to-use website is one that is much more likely to generate sales for your business, it would behoove you to take 30 minutes out of your day (in addition to organizing your sock drawer…) to implement fixes to your site that will improve usability and deliver better results.

Five Simple Steps to Improve Website Usability in 30 Minutes or Less

#1 Eliminate the Technospeak
Don’t assume that all of your website visitors are going to understand your industry lingo and acronyms. Strive to use easy-to-understand language.

#2 Focus on the Site Visitor’s Goals
Think of the major objectives of your website visitors. Why are these people on your site? Make it clear right on your home page what they should do next in order to accomplish what they set out to do.

#3 Get Right to the Point
State the most important information at or near the top of each page. Remember that many people do not scroll down web pages.

#4 Include Contextual Links & Make Sure All Links Work Properly
Add links to the copy within your website to guide your readers to more detailed information and answers on specific topics found on other pages in your site. Internal, contextual links is a great way to add usability without cluttering the page. There are a variety of tools on the market to automatically check the links on your site.

#5 Give the Site Visitor Options to Contact You
Make sure that you are offering your prospective customers at least three options (e.g., telephone number, email address, online form, chat functionality, Twitter, etc.) to contact you with questions.

These are just a few suggestions to help you quickly crank out a number of usability improvements to your website. If you need additional help, let me know below or at http://www.websitemarketingnow.com/.

Top Seven Tips for Taxpayers Who Have Started or Are Starting a New Business

John Berger
Communications Analyst at US Government

Anyone starting a new business should be aware of their federal tax responsibilities.

Here are the top seven things the IRS wants you to know if you plan on opening a new business this year.

1. First, you must decide what type of business entity you are going to establish. The type your business takes will determine which tax form you have to file. The most common types of business are the sole proprietorship, partnership, corporation and S corporation.

2. The type of business you operate determines what taxes you must pay and how you pay them. The four general types of business taxes are income tax, self-employment tax, employment tax and excise tax.

3. An Employer Identification Number is used to identify a business entity. Generally, businesses need an EIN. Visit IRS.gov for more information about whether you will need an EIN. You can also apply for an EIN online at IRS.gov.

4. Good records will help you ensure successful operation of your new business. You may choose any recordkeeping system suited to your business that clearly shows your income and expenses. Except in a few cases, the law does not require any special kind of records. However, the business you are in affects the type of records you need to keep for federal tax purposes.

5. Every business taxpayer must figure taxable income on an annual accounting period called a tax year. The calendar year and the fiscal year are the most common tax years used.

6. Each taxpayer must also use a consistent accounting method, which is a set of rules for determining when to report income and expenses. The most commonly used accounting methods are the cash method and an accrual method. Under the cash method, you generally report income in the tax year you receive it and deduct expenses in the tax year you pay them. Under an accrual method, you generally report income in the tax year you earn it and deduct expenses in the tax year you incur them.

7. Visit the Business section of IRS.gov for resources to assist entrepreneurs with starting and operating a new business.

To keep up with IRS new, announcements and products and services, subscribe to e-News on IRS.gov at http://www.irs.gov/businesses/small/article/0,,id=154825,00.html , click “Subscribe Now” at the bottom of the page and enter your e-mail address.

IRS Link for New Businesses: • Small Business and Self-Employed Tax Center http://www.irs.gov/businesses/small/index.html

How To Turn An Idea Into A Business in 1 Day

Have an Idea For a New Product, Service or Business?

FREE INFORMATIVE SEMINAR – June 30 (5 – 7 pm)
WHERE: Impromptu Studio, 300 SW 5th St #220, Des Moines, IA 50309

Join Us & Preview the Weekend Startup Business Boot Camp Where:
· You Bring the Idea, We Help You Launch It
· Save Thousands of Dollars and Tons of Time
· Test Your Ideas Quickly & Cheaply
· Identify and Head Off Potential Points of Failure
· This Event is Hands ON! Don’t Just Learn It, DO It!
· Do In-Room Market Research & Enjoy the Synergy of Fellow Entrepreneurs
· Meet 1 on 1 With the Experts (attorneys, CPAs, etc.) at no Additional Charge
· Learn Effective Ways to Market Your New Business or Service For Next to Nothing
· Little Known but Simple Ways to Get Capital for Your Idea
· The Information and Our Process Will Last You a Lifetime

Call 641-204-9476 For More Info and To Register For This FREE Event
http://www.blogger.com/www.StartupBusinessBootCamp.com/desmoines
1-877-Biz-Nation (877-249-6284)

WHO BENEFITS MOST FROM ATTENDING:
People Currently Employed – Looking to start a side business to supplement their income.
Job Seekers – Who are tired of the humiliating job hunting process and want to take control.
Stay At Home Parents – Who are looking to supplement their household’s income.
Business Owners – Who want to learn how to rapidly launch most any idea in under 24 hrs.

New Small-Business Loans: Financial Help for a Few Lucky Shops

By Diana Ransom SmartMoney

According to the Small Business Administration, thousands of needy small-business owners are about to receive some debt relief — just in the nick of time. Beginning on June 15, the agency will begin doling out 10,000 deferred-payment loans of up to $35,000 to small businesses that are struggling to stay afloat.

Under the American Recovery Capital (ARC) program, small businesses (private, for-profit enterprises with up to 500 employees) that are at least two years old and can demonstrate an immediate financial hardship including a 20% decline in sales, revenues or working capital, may apply for loans directly with participating SBA-approved small-business lenders. Businesses must use the loans to pay off certain types of outstanding small-business debt, including credit-card debt, capital leases and notes payable to vendors.

While this quick injection of cash could help some small businesses stay afloat, it will only help a small fraction of the struggling businesses that are out there, says Mark Deo, chief executive of the SBA Network, a small-business consultancy in Torrance, Calif. In addition, it will be difficult for businesses to find lenders willing to dole out the loans (and take on the risk).

Here's a breakdown of the pros and cons of the SBA's new lending program:
Pros
Lack of fees: Unlike previous SBA loans, borrowers won't have to pay any fees. Lenders aren't allowed to charge ARC Loan recipients any fees or costs. (Though, they may charge for direct costs associated with securing and liquidating collateral if the borrower defaults.)

No interest: The SBA pays the loan's interest (Prime plus 2%) for the life of the loan and fully guarantees it.

Deferred payments: The disbursement period, which lasts up to six months, is followed by a 12-month deferral period in which borrowers aren't required to repay the ARC Loan principal. After the deferral period, the borrower makes payments on only the principal and can take up to five years to repay the loan.

Extra cash flow: By using the loan to pay off company debts, it frees up other funds that can be put toward business expenses, such as buying inventory or making payroll, says SBA Network's Deo. "They can pay off their credit-card debt and even free up some assets for reinvestment," he says.

If Bill and Lorraine Flegenheimer, co-owners of Flegenheimer International, an El Segundo, Calif., customs broker, are able to lasso an ARC Loan, they're planning on using the proceeds to pay down a $40,000 secured business loan and add a staff member. "Hiring an additional person would be a tremendous help," says Bill. "We can expand our service, which can help boost business."

Cons
Limited number of loans: There are, according to the SBA, roughly 30 million small businesses in the U.S. However, there are only 10,000 loans available under the ARC program — meaning that the program will only help a small fraction of small businesses get back on their feet, says Deo.

Lenders may refuse to participate: Even though the ARC loans are 100% guaranteed by the SBA, participating lenders will still be required to issue funds without receiving any of a loan's principal for a full year, says Deo. And since lenders aren't allowed to charge fees for these loans, they'll also take on the administrative costs, he says.

Another problem: Many lenders may not have the financial muscle to finance the loans, the demand for which is expected to be high. "We're having meetings all week to see if we have the capacity to participate in the program," says Marylee Gotch, a spokeswoman for KeyBank.

Strict eligibility requirements: Businesses are required to show that they were either profitable or maintained a positive cash flow in at least one of the past two years. A business also needs to demonstrate — via quarterly cash flow projections — its ability to meet current and future debt obligations, including future repayment of the ARC Loan.

Lou Hoffman, chief executive of the Hoffman Agency, a San Jose, Calif., public relations firm, would welcome the opportunity to reduce his business's debt burden. However, he doesn't believe his business will pass muster. "Banks won't make loans unless there's a recent track record of profitability." That, he adds, "rules out most small businesses (including us)."

Diana Ransom writes the "Starting Up" column and joined smSmallBiz in August 2007. Previously, she spent two years at The Wall Street Journal Sunday, where she wrote personal-finance articles and a column about young people starting out. Ransom has held internships in the New York bureau of the Christian Science Monitor, where she covered banking and politics, and the New York Daily News, where she tracked everything from marketing and personal-finance topics to the New York Stock Exchange and various corporate criminal proceedings. Before that, she spent a year at Fast Company magazine covering entrepreneurs, technology and marketing. Ransom has a master's degree in journalism and a certificate in business and economic reporting from New York University. She also holds a bachelor's degree in marketing from George Mason University.

Copyright 2009 Dow Jones & Company, Inc.

Update on the American Recovery and Reinvestment Act: Help for Small Businesses

On Monday, Sen. Tom Harkin and Gov. Chet Culver hosted a community event at the Dallas Center - Grimes High School that offered participants insights into the details (as they are known) of the American Recovery and Reinvestment Act of 2009 (Recovery Act).

A panel for small businesses and workforce issues presented some very useful information and a few members of the The New Iowa Entrepreneurs’ Coalition were there to take notes. We were told that videocast of the event would be available but I have not found it yet.

Click on the title of the next section for a podcast from the SBA.

Here's a summary of the American Recovery and Reinvestment Act's programs specifically targeted to small businesses (as defined by the SBA) and the banks that lend to them.

We've all read about the bail outs for big banks and big businesses over the last several months. Now, the current administration has launched a series of programs specifically targeted to small businesses (as defined by the SBA) and the banks that lend to them.

The goal of the program, part of the American Recovery and Reinvestment Act, is to provide entrepreneurs and lenders some financial relief from the current economic crisis that will help encourage borrowing and lending to all small business, including start-ups. It also provides a new program to help businesses that are struggling to make payments on an existing loan.

This loan program, called the America's Recovery Capital (ARC) will soon offer deferred-payment loans of up to $35,000 backed 100 percent by SBA to viable small businesses that need help making payments on an existing, qualifying loan for up to six months. (Note: the existing loan does not have to be a SBA loan to qualify.) Repayment does not begin until 12 months after the loan is fully disbursed and will be for the principal amount only. (ARC loans cannot be made to cover payments on an existing loan that was guaranteed by SBA before February 17, 2009, the day the bill was signed into law.)

As of this writing, the final details on the ARC were still being worked out and the loans were not yet available. Check with your local bank or SBA Website to find out when these loans will be available.

The other part of the program involves up to $15 billion from the Treasury Department to unlock the secondary markets for small business loans. The secondary markets for 7(a) and first lien 504 securities has ground to a virtual halt over the last year. That, in turn, has made banks less willing to make the loans as they depend on these secondary markets to buy up their existing loans, thereby gaining liquidity for future lending. The government has now announced that the government will stand ready to purchase 7(a) and 504 first-lien securities. The goal is to encourage banks to make loans as they now have a ready buyer in the form of the Treasury Department committed to buy those loans from the bank once they are made.

In addition, to the above programs, the Act also includes temporary elimination of 7(a) and 504 loan fees. Fees for a 7(a) loan are based only on the guaranteed portion of the loan and depend on the size of the loan. Fees range from 2% to 3.75%. Fees for 504 loans generally run about 1.5% for the application fee. This, along with the fee to the mortgage lender, will be waived.

Also under "discussion" is the allowance for allowing some use of 504 funds restructuring of existing debt that was previously used to acquire fixed assets. Further guidance regarding this provision is expected to be released soon.

The SBA formally guaranteed participating banks 75-85% of their portion of 7a loan funds. They have now raised this guarantee to 90%, again in an attempt to decrease the risk to a participating bank and encourage lending to small businesses. This increased guarantee and loan fee waivers are good through the end of 2009 or until the designated funds for them are exhausted.

The Recovery Act includes other initiatives to help business owners with under $15 million in gross receipts, including targeted tax relief. If you experienced a loss in 2008, you can "carryback" this loss for up to the previous five years to receive a tax refund for taxes previously paid on your profits. Previous carrybacks were limited to two years. If, after applying this carryback to previous years you still have a net operating loss (nol), you can carry it forward for up to 20 years. This new extension applies only to businesses that have gross receipts of $15 million or less.

New extensions on depreciation rules allow you to accelerate depreciation taken on new assets purchased in 08 and 09.

Last year, lawmakers allowed businesses to recover the costs of capital expenditures made in 2008 faster than the ordinary depreciation schedule would allow by permitting these businesses to immediately write-off 50 percent of the cost of depreciable property, such as equipment, tractors, wind turbines, solar panels and computers acquired in 2008. Increase deductions mean less taxable profits to your business.

The new rules extend this 50 percent bonus depreciation allowed for property with a recovery period of 20 years or less for 2009. In addition, Code Section 179 which allows for accelerated depreciation for used or new assets, has been increased from $125K to $250K. Unlike Code Section 179, depreciation expensing that is available for new or used property, bonus depreciation is available only for new property or equipment.

Just remember, the more you increase depreciation for 09, the less you'll have available for future years. Contact your CPA or tax accountant about how these new provisions might allow you to decrease your taxable income for 09.

To find out more about these programs, visit the SBA website or the Des Moines Area SBA District Office to obtain a list of SBA-participating lenders in our area.

Our Small Business Development Centers (SBDC) are partially funded through the SBA. These offices offer free counseling and research to small businesses. They also are knowledgeable about other resources in your area and can connect you to other service provides and possible financing sources.

Finally, you will find a collection of other useful links by visiting the New Iowa Group web site and clicking on the 'Business Resources' hotlink.

In Good Times and Bad, Innovation Can’t Wait

Jonathan Ortmans, President, Public Forum Institute

Every day—while building roads, giving inoculations, sitting at computer screens—individuals are quietly thinking: “I know a better way to do this.” Or: “I could create something new that would make this easier for everyone.”
And then they go back to work, never transforming their thoughts into action. Why does this happen, and how can we unleash these hidden ideas?
Especially in times of crisis and uncertainty, innovation can be stifled by hesitancy to risk. People are tempted to hunker down in their cubicles until the storm passes. Yet that could be the most dangerous course.

As entrepreneurs know, timing matters in launching a new business, or improving an existing one. If you wait too long, your great idea may become irrelevant.

Yet many workers wait until a worst-case scenario—such as a layoff or corporate bankruptcy—leaves little choice but to finally take a risk. Anecdotes abound of people who say losing their jobs was “the best thing that ever happened to me” because they finally had the impetus to follow their dreams.

But that’s an impetus no one should wait for. Innovation is the engine that powers cultural development and economic growth—and when an idea sits stagnant, that engine stalls.
To get it moving again means fixing a number of paralyzing misperceptions. The Kauffman Foundation’s 2008 Economic Crisis Survey reports that seventy-one percent of Americans believe the economic crisis has made it more difficult to become an entrepreneur. While half of respondents saw a market for their ideas, only a quarter would consider starting a business within the next five years; even taking into account the economic crisis, this may be an excess of caution.

“The study shows a gulf between opportunities and those willing to seize them,” the survey reports. Ironically, in this same survey, the majority said they trusted entrepreneurial leadership to be the force for economic revitalization and survival.

To transform economic crisis into success requires more ordinary citizens seeing the world the way entrepreneurs do: perceiving the opportunity in the risk. In a World Bank study in China, for instance, entrepreneurs saw economic instability as far less of a problem than did non-entrepreneurs; the former were more worried about tax law.

Of course, great opportunity does not necessarily require huge risk. “American entrepreneurs work progressively; Russian entrepreneurs look for a breakthrough,” observed Sergey Borisov, president of a Russian public organization of entrepreneurs, during a Russian-American entrepreneurial forum. Regardless of nationality, countless entrepreneurs have found that relatively small risks and incremental progress can yield large results. Many successful entrepreneurs got where they are today by doing so; they innovated based on processes and science they are familiar with. I encourage you too read some of the profiles on our website of entrepreneurs who started during economic downturns.

Now more than ever, it is vital to support entrepreneurial innovators who are willing to take risks with the resources and connections to make it happen. Striking out on your own does not have to mean going it alone. Despite the stereotype of long hours spent working solo, entrepreneurs often find they network more, not less, as they create new businesses. Many form international alliances in which they can share strategies, get inspiration and learn smart ways to manage risk.

One of these new communities, http://www.unleashingideas.org/, connects entrepreneurs at all levels from around the world. It is being launched as part of Global Entrepreneurship Week, held annually the third week of November in more than 75 countries. A visit here or with other like-minded innovators is a way of making that first move out of the cubicle to turn a great idea into a reality.

And there is no better time than now – especially if you’re already employed. In its research study, “The Entrepreneur Next Door,” the Kauffman Foundation reported that people in the United States who already hold full- or part-time jobs are actually more likely to venture into entrepreneurship. Many find opportunities to work within their current position to make their ideas happen, transforming and strengthening their places of employment, as the Japanese corporate model has taught.

In uncertain times like these, we need to redefine notions of risk and opportunity, and we must embrace insecurity as a necessary pathway to a brighter future. After all, in today’s economic climate, a secure position is a relative term. Our global economy needs massive infusions of new ideas and entrepreneurs with the discipline to develop them. Innovators who are already employed and are willing to dare will be the ones who lead the way out of economic danger and toward greater prosperity for all of us.

In the words of Goethe, “The dangers of life are infinite; among them is safety.”

Untangling Your Comingling: How to Separate Personal from Business Finances

All business owners know that before their business opens they have expenses. You may have incurred expenses in researching your business, preparing your business plan, advanced rent, remodeling or decorating, furniture and equipment, inventory, advertising or marketing, etc. Since your business wasn't "officially" open many business owners just use their personal checking account and/or personal credit card to pay for these expenses. This seems natural and easy and the last thing a new business owner wants or needs is something more complicated.


As time goes by the business owner may have established a business checking account and perhaps even a business credit card, but the habit of using their personal checking account and credit card has already been established. The business owners don't think twice about depositing business income into their personal account or picking up some personal items when paying with a business credit card. This bad habit has its own name – it's called commingling.

The main problems with commingling are:

• Unless you are very well versed in accounting you undoubtedly have a much bigger mess than you think you do. It's not uncommon for me to see people who have expensed their personal car payments as "auto expense" even though the business doesn't own their car. Even more common is multi-level marketers who purchase and expenses their inventory on their company books, but use it personally.
• Your financial statements (income statement and balance sheet) are pretty much useless. If you're commingling then it's impossible to determine what your actual net profit or loss from your business is.
• If the IRS suspects that you've been commingling you become an ideal audit candidate. This is because the IRS knows how difficult it is to clean up the mess you've created; thus they know you most likely have not properly reported your income and expenses on your tax return. In addition, the IRS is also aware that the most common items which are commingled include personal use of autos, computers, phones, meals, etc.
• If you live in a state that has sales tax, you may end up on their audit list. Since you are allowed to buy products which you intend to resell without paying sales tax these states want to make sure that you sell every product that you didn't pay sales tax on. If you instead took the product home for personal use, you are required to pay the sales tax or you're in violation the law.
  

Obviously the best course of action is to never get into this mess in the first place. However, if it's too late for that, try these steps to help straighten things out:

• First, stop the commingling. Always have a business debit card and credit card with you. If you are at a store where you intend on purchasing both personal items and business items, separate them before you get to the check stand and have them ring up two separate invoices.
• Second, review all your business and personal receipts. Highlight all your business expenses on each receipt and total them.
• Third, review your accounting program against your highlighted receipts and correct any errors you may have made. If you've recorded a personal expense on your company books remove it. If you've forgotten to record a business expense on your company's books add it. If you're not sure if an expense is a business or personal expense ask yourself these questions:
  1) Is this expense necessary to generate income in my business?
  2) Is this an expense that other businesses in my industry would also have?
  

If your answers to the two questions above are "yes", then chances are it's a legitimate business expense.

• Fourth, review all your sales and trace them to your deposit slips. Make sure that any deposits which you entered into your personal account have been accounted for in your business. If you've deposited any personal money into your business make sure it has not been recorded as income, but rather a loan or capital, etc.

After sorting out this mess once you won't want to do it again, which is usually good enough incentive to start doing things right.

Co-Working Townhall Meeting at Impromptu Studios

Impromptu Studio is hosting a "Townhall" meeting Wednesday March 25th at 7pm.

The Townhall meeting is aimed at three types of people and part of the meeting will address each:

• Those who want to learn more about coworking and Impromptu Studio.


• Those who interested in finding out what big announcements, including upcoming events, and changes Impromptu Studio has in store for it’s community.


• Those who are interested in lending a helping hand to make Impromptu Studio better than they found it.

The Townhall is a meeting where you can bring your questions and suggestions about coworking or Impromptu Studio. This is an open invitation to shape the way Des Moines works!

For those that are curious about who you might see at the Townhall…. some of the speakers that will be either talking about coworking, Impromptu Studio, or making an announcement include:
Brian Anderson of CoLab in Ames
Member, Andy Brudtkuhl of 48Web
Scott Kubie of Market Street Media Foundry
Member, Doug Mitchell of CreateWowMedia
Nathan T. Wright of Lava Row

We hope to see you there! During the Townhall meeting we will also be collecting video testimonials in our green screen room.

For more information contact Abbie Shipton aeshipton@gmail.com
(515) 868 - 0060 - Located at 300 Southwest Fifth StreetSuite 220 - Des Moines, Iowa 50309

The Elevator Speech Is Just An Introduction: What To Do Next!

Have you ever given your elevator speech and gotten an excited and enthusiastic response of "I need that!"? Most of us misinterpret this reaction and mis-play our response. We take this as a buying signal and move forward in full selling mode. We don't take the time to discover what they mean, or what they need, or what exactly they are reacting to.

We believe we have a real prospect in front of us, and take that statement as authentic and true. In a sea of lukewarm or non-responsive reactions, this seems a definite "yes" to our offerings. Realize that the elevator speech is no more than an introduction, and that an animated reaction may or may not indicate genuine interest. Here are some ideas for reacting to such a response:

1) Don't go into automatic sales mode, describing features and benefits. That is as welcome at this point as trying to French kiss a stranger you've just met. Interest shown is simply that--interest--and an invitation for further dialog. It is a mistake to jump on this type of casual comment and confuse it with a desire to buy.

2) Appropriate response on your part would be curious inquiry as to their meaning, listening, and dialog with great care to focus on the other person. Your purpose in this conversation might be things like learning about the needs BEHIND their statement of need, getting to know them better, or understanding their business. Don't make the mistake of taking your focus off the business aspect of the business conversation. It's not about befriending at this point, though that can likely come later.

3) The critical thing to be aware of is that you need to listen more than you talk. If you are blabbering and blathering about yourself or what you will do for them, your monolog will soon cause the other person to start to squirm and edge away. You cannot learn anything about them or their needs or their business by talking. You cannot build rapport or connection by talking. If you are talking, talking, talking--you are losing a chance for business.

4) Develop the art of questioning from genuine curiosity. This is not nosiness, manipulativeness, salesmanship, or "needs analysis". This comes from a true interest in and genuine curiosity about your fellow humans. This is a result of an ego-less and arrogance-free acceptance of all beings as valuable and worthwhile. The more that you genuinely feel this, and authentically come from and behave as if this is your truth--the more magnetically attractive you become. We are all attracted to those who are sincerely interested in us. It cannot be faked!

5) In the course of this conversation, what might you aim to discover? Of course, you want to learn what their true need is and why they reacted so positively to your elevator speech. Were they expressing a real need or simply a momentary reaction to your statements? You may want to learn a few essentials about their business and perhaps its current condition.

Typically though, these sorts of inquiries are premature and should be handled in a gingerly fashion. Often, you can glean information through observation--"reading between the lines", body language, inferences, and reactions.

6) There is plenty of time to discover what you need to know. There is no rush and no hurry. Take it easy and gently discover what you need to know. Never pry or inquire prematurely. Observe the reactions to your questions and don't "cross the line". Conversely, keep your business purpose in mind as you dialog. Use your business purpose to guide you in the conversation.

7) Always, always, always aim to develop relationships. Take the time to care. Get to know the true person. Be a caring presence. Develop trust. Be thoughtful. Think of others. Be present to the interactions.

8) Pay attention to how you can be of service to those you meet. Can you send them referrals? Can you provide them information? Can you connect them with a provider? Do you know someone who could help them? Do you know someone they could help? Could you increase their business, social or spiritual connections?

It's important to understand and realize that the elevator speech is simply an introduction. Don't mistake it for a definite desire to buy. It is simply an expression of interest in response to your concise description of your business. React realistically to these responses and you will move your marketing game further along every time you get such a response to your elevator speech.

Suzi Elton is a success coach working with highly creative types to create income that matches their talent. She has coached hundreds of clients to approach their goals strategically through tiny steps to bring about quantum leaps.

Learn more about the author, Suzi Elton.

Laid Off? Do This to Run Your Own Business

Written by: Rich Sloan

You just got fired for the last time. Now you’re in charge of the hiring / firing policy. Why? Because you are starting your own business… FINALLY.

To hang the “BOSS” sign on your door, here are 5 quick tips:

1) Play to Your Passion: Figure out what turns you on – if you’re passionate about a business idea, your chances of success go way up. That passion will help you get through the tough times. See Life Planning at StartupNation, the first of 10 Steps to open a business.

2) Take Stock: No, not shares of the company. We mean take stock of what your skills are, the resources you have available, the track record you might be able to leverage from a marketing perspective.

3) Commit to Your Concept: create a short but clear statement about what your business idea is. It’s OK if this morphs into something else, but you need to force yourself to distill the idea into a brief statement that’s clear to any third party (money people, customers, partners, employees, web designers, etc.)

4) Google Like Mad: To collect some quick research, immediately start Googling for anything and everything associated with your idea. The faster you become an authority, the faster you’ll be able to come up with your business strategy, including pricing, target markets, milestone timing, operations and more.

5) Test Drive: Find someone—maybe a few people—who’ll be your sounding board for your ideas and strategies. It’s easy to buy into your own hype when working up a business opportunity. Use insiders for this, but don’t be afraid to ask people who have no relationship with you. One smart thing to do is find someone in non-competitive geographic market who runs a similar business and ask them to be a mentor.

If you take these quick steps, you’ll quickly replace confusion, fear, desperation or any of those kinds of negative thoughts with information, action items and the beginning of a path forward to get your own business off the ground.

Check out this video http://usat.gannett.a.mms.mavenapps.net/mms/rt/1/site/gannett-usatoday-206-pub01-live/current/launch.html?maven_playerId=immersiveproduction&maven_referralObject=954278504

2009 Elevator Pitch Contest

The Elevator Pitch, Your Big Shot

In the StartupNation Elevator Pitch Contest, you submit a video or audio file up to two minutes in length in which you pitch your business and your need for investment dollars.
An illustrious panel of early stage investors will choose five winners from among the 100 most voted-for recipients.

Each of the five winners will be given an opportunity to present their business to the investors in a live, private, online presentation using GoToMeeting, the industry standard online presentation service.

Each of the five winners will also receive a Toshiba Satellite Pro S300 laptop computer, the latest laptop designed to fit the on-the-go needs of entrepreneurs, plus they will receive a GoToMeeting Annual Plan with unlimited usage, free of charge.

http://www.startupnation.com/elevator-pitch-2009

Views on the 2009 Economic Stimulus Plans

As Congress continues to move forward with the 2009 economic stimulus package, a number of think tanks and lobbying groups are offering their views on what makes sense both for economic stimulus, but also for building a more competitive American economy over the long term.

The Information Technology and Innovation Foundation makes the case for “stim-novation,” by investing an additional $20 billion in the nation’s research infrastructure. Their new study suggests that these Federal dollars should be invested in both research and equipment.

Meanwhile, the National Business Incubation Association suggests that Federal support for incubators should be in the mix, as these facilities help business create jobs at a fast pace.

The Urban Institute has asked its in-house roster of experts to comment on key parts of the current stimulus plans. They offer a host of insights. For example, the Institute’s Brett Theodos argues that the US Small Business Administration (SBA) needs to consider new approaches to its 7(a) loan program. As currently managed, the loan program has a very limited impact on generating new jobs. He contends that SBA should identify new ways to ensure that these loans are targeting businesses with high growth potential.

A few small business lobbying groups have already voiced their opinions. “More can and should be done,” National Small Business Association President Todd McCracken said in an email. “If Congress and President Obama are concerned about unemployment, they ought to look no further than the small-business community’s ability to create jobs and seriously consider more targeted proposals such as ending the self-employment tax on health insurance that only small businesses are forced to pay.”

The National Federation of Independent Business says the legislation “provides limited relief or incentives for small businesses and instead spends massive amounts of taxpayer dollars on programs that have little to no connection to economic growth or job creation.” They’d like to see a six-month payroll tax holiday included in the bill. That, they say, would “immediately put money back into the hands of consumers while simultaneously decreasing the cost of labor paid by employers. This is a sensible provision that will provide real help to small business owners.”

The Small Business and Entrepreneurship Council says the bill just doesn’t offer enough for small business. “The ‘economic stimulus’ measure that passed the House includes too much spending that has little to do with helping the economy, and not enough for small business owners and entrepreneurs to help them survive, create jobs and grow their firms. We fear this will do little to help the economy,” the organization says in a statement. “Small business owners are looking for tax certainty, relief and incentives,” the SBE Council adds.

Friends, do you believe the stimulus package is helpful to your business?

What kinds of tax breaks and incentives would help your business through these tough times?

15 Entrepreneur Blogs Worth Reading

Posted by Wendy Bounds
The best entrepreneur blogs – and often the most successful ones — do more than just promote the entrepreneurs or their projects. Star power can draw attention, but it won’t sustain it if the blog doesn’t “give.”

Give is a broad term. You can give tangible tools and information to help build a business. Or a motivational story that inspires someone to try an idea. You can give a laugh. You can give food for thought. You can give debate. You can give of yourself, and if you’re interesting enough, people will come back for more. Below, some examples of entrepreneurs who do this:

Dominate a Niche:Tom Szaky writes The Eco-Capitalist, a blog about driving profits by being environmentally and socially responsible. Mr. Szaky is chief executive officer of Terracycle, a company that finds creative ways to reuse waste in products like plant food, cleaners and tote bags. Recent posts include: “Will Your Customers Pay to Go Green?”

Ecommerce blog Get Elastic is another example. The blog shares general strategies for selling on the Internet. Recent posts include: “9 Privacy Policy Usability Tips,” “Cart Abandonment,” and “Dads and Grads: Missed Merchandising Opportunities.”

Motivate/Inspire/Teach: Two well-known bloggers in this category are Seth Godin and Guy Kawasaki. Mr. Godin was founder of Yoyodyne, an interactive direct-marketing company, which Yahoo Inc. acquired in late 1998. He is an author, blogger and public speaker, and his marketing blog often inspires by giving broader direction in business and life. (Recent posts talk about serial numbers and financial advice for grads.)

Mr. Kawasaki is a managing director of Garage Technology Ventures, an early-stage venture-capital firm. He’s an author and public speaker and his blog, How to Change the World, also includes a link to a job board, which is a motivator. Like Godin, he often provides usable lists to readers. One example: “The Top Ten Stupid Ways to Hinder Market Adoption.”
Mike Licht, NotionsCapital.com @ flickr.com

Kevin Kelly’s Lifestream is in this vein. Mr. Kelly, who helped launch Wired magazine in 1993, recently posted about the “Power of Failure” and how to Bribe Your New Employees to Quit. (The ones that aren’t committed.) Malcolm Gladwell, author of the Tipping Point, is another such go-to blogger for entrepreneurs.

Offer Tools:Most entrepreneur blogs do some of this, though several specialize in it. WorkHappy.net by Carson McComas writes about “killer resources for entrepreneurs,” often calling out new online tools. Anita Campbell pens Smallbiztrends.com with tips and strategies on issues such as business plans, picking domain names and going mobile. So does John Jantsch’s Duct Tape Marketing and Drew McLellan’s Drew’s Marketing Minute.

Entertain and Promote:The best route to self-promotion is through entertainment. Holly Dunlap fuels marketing of her fashion company with a juicy, photo-laden online diary chronicling her dinners, parties and, sometimes, hangovers. Justine Ezarik, a graphic/Web designer and video editor, began transmitting her life via Internet video last year and has transformed that success into multiple avenues, including her blog, tastyblogsnack, where she dissects technology and entertains us.

“If You’re Interested in My Company……maybe you’re interested in me – or more about my company.” These blogs feed loyal customers’ desire to connect with a brand. The founders of Honest Tea, Seth Goldman and Barry Nalebuff keep such a blog. Craig Newmark of craigslist blogs regularly on anything he finds of interest (finches, politics and “Sex and The City”).
One of the most successful examples is billionaire entrepreneur and investor Mark Cuban, owner of the Dallas Mavericks. His Blog Maverick waxes on everything from cutting-edge technology to the NFL and salary caps and gets tremendous response from readers.

A warning: Readers have typically already bought your product, so don’t just flog it; give them something new to enjoy.

This list is just a start. We want to know what entrepreneur bloggers you think are doing a great job in a particular arena. What else should people be reading—and why?

What Does President-Elect Obama’s SBA pick mean to you?

If you know me personally - you know that I am a bit of a political junkie and pretty well known for my policy "wonkishness". As we all approach this inaugural week with its history, ceremony and pomp - I am thinking, "What now? What (if anything) will an Obama administration mean for small business?"

I think we received a pretty good signal that the importance of the US Department of Commerce would be elevated in an Obama administration with the selection of Governor Richardson as its new Secretary. But now that Gov. Richardson has withdrawn, we must look to the new appointment for Commerce Secretary and to some others that Obama tapped for business leadership positions.


In late December the President-elect nominated a venture capitalist to head-up the Small Business Administration. Obama tapped Karen Gordon Mills, president of MMP Group, a private equity investment firm in Brunswick, Maine, to lead the SBA.

Several business media sites have asked small business experts and advocates for their thoughts on the Mills appointment:
"Hopefully, as a Harvard Business School graduate, Ms. Mills will demand more accountability from SBA programs.
"This department has been more fluff than action and according to our surveys has not served small businesses well. By this we mean that 47 percent of respondents said they had not been successful in obtaining help or viable options from the SBA in the past.
"For the average, successful small business, the SBA offers little in the way of viable information or support. The hoped-for emphasis of the Obama administration on the middle class, in which most small business managers fit, may change this lack of focus and follow-through." -- Donald Mazzella, publisher of Small Business Digest.


“We look forward to working together with Administrator Mills. In these difficult economic times, it is more important than ever for the SBA to refine, restructure and implement programs that will help America’s small business owners do what they do best – grow their businesses and create jobs, and thus help guide America out of this economic downturn.

"We hope that the administrator will begin to focus the agency’s efforts toward our established businesses, helping them with the technical assistance they need to grow, rather than focusing on starting businesses. Since 2001, the SBA has undergone a 27 percent budget cut, hampering it from providing the very programs that will help our economy the most.
"Her challenges are our challenges, and working together we can make a difference.”-- Barbara Kasoff, President and Co-Founder of Women Impacting Public Policy



“President-elect Obama's decision to name an SBA administrator so early in the transition is a good sign for small businesses. This appointment shows that his economic team recognizes the key role that small firms play in job creation and the need to take quick steps to revitalize the agency's role in spurring growth."
“Through budgets cuts and mismanagement during the last eight years, the SBA has become nothing more than a shell of the agency it used to be. Reversing this course is essential, and I look forward to working with the new administrator to accomplish this during the next four years."-- Nydia M. Velázquez, D-N.Y. House Small Business Committee Chairwoman

“Advantages: In general venture capitalists help small companies grow, and that bodes well for her.
"She is not a career politician. By nature the Small Business Administration exists to assist small businesses, and not all politicians can relate to the small business owner.
"Obama likes ‘green energy,’ and by picking Mills she may have a good understanding of the nuances of this field.
"Venture capitalists by very nature are risk takers, and it is an extremely competitive business. This administration may need to take some risks to help this very important component of the economy.
"Disadvantage: Most small businesses are ‘mom and pop’ and will never get venture capital nor want it. She may have a hard time relating to these truly ‘small’ businesses.”-- Scott Testa, a consultant who teaches marketing at St. Joseph’s University in Philadelphia

So, What do you think of the SBA and Obama's choice?

New Iowa Entrepreneurs' Coalition = Business Networking

There are so many great Web tools and sites to help market yourself and your business that it can make your head spin. These tools seem as if they are multiplying exponentially.

Now - with your kind understanding that I am in the 'Senior Set' and not as web savvy as the 'thirty somethings' - I believe the best sites for me are those that are easy to navigate, understand and use. That is why I use Meetup.com as the template for New Iowa Entrepreneurs' Coalition.

If you are looking for a simple, inexpensive way to reach out to other small business owners and perhaps your target customers; New Iowa Entrepreneurs' Coalition could be just the thing for you.

Our group uses the Meetup template as a social and business networking platform (meetup is one of the originals in fact) that makes it really easy to create group discussions around a particular business interest or challenge. We use the site to attract members who share our interests and we schedule events to meet group members offline. We also keep the calendar filled with other opportunities for our members to network and market their businesses throughout the community.

I use the meetup platform for two other groups as well - one is my small neighborhood association where the membership is limited to only those who are neighbors, former residents and their children.

Of course you might be interested in starting a meetup group that is more closely linked to your particular interest. If you have a passion for roller derby then start one about that. You may find that a lot of fellow derby enthusiasts might be interested in your services once they get to know you.

I can attest that starting, organizing and maintaining the group is a time consuming process but I think it is one that could really pay off for smart Entrepreneurs and other who market their businesses and services.

Why not join us? Right now, the price is right!

Interested in other web based resources? Check out the video -

Entrepreneurial Predictions for 2009

The Wall Street Journal’s entrepreneurship blog, The Independent Street, has made its predictions for what might happen in the world of entrepreneurship in 2009.

As with all economic sectors, the world of entrepreneurs will be dominated by how they respond to the economic downturn. As such, blogger Kelly Spors predicts a major uptick in entrepreneurial activity as downsized workers seek to start their own companies.

Some other trends to watch for include: a renewed focus on bootstrapping (as opposed to accessing outside finance), a rising wave of foreclosures buffeting entrepreneurs, and a growing small business interest in government contracting. “Predictions for Entrepreneurship in 2009,” was posted on December 30, 2008 at The Wall Street Journal’s entrepreneurship blog, The Independent Street.

2009 Predictions - MSNBC 'Your Business' Video

New Year's Resolutions for Small Business Owners in 2008

As 2008 comes to a close, looming resolutions from last year are still hanging over my head. New exercise routine? Sort of... Healthier diet? Check (except for RAGBRAI and the State Fair) A new small business operation that's geared to maximize impact on the community? Well... I did finally get New Iowa Group, Ltd. properly organized as an Iowa Corporation and I've landed an anchor client (more on that in the next posting).

I know I was supposed to change a few things up with the New Iowa Entrepreneurs’ Coalition ...but...

"Those 'shoulda, coulda, woulda' business goals are attainable for every small business owner in 2008," says Ridgely Evers, CEO and founder of NetBooks (http://netbooks.com). "By doing these five things, you can ensure success and avoid disaster."

As a financial software expert, small business owner and CEO of several technology start-ups, Evers' has refined a tried-and-true game plan for revolutionizing a small business:
1. Define your success. It's different for everyone. What's your measure of success? Define realistic and measurable goals, and communicate them to your employees. Put goals up where you and everyone in your business will see them on a daily basis, and track progress against them. Give out rewards when they're met and exceeded.

2. Understand and fix the sources of error. Pinpoint the errors that seem to keep happening, requiring everyone to run around and fix them. Cleaning up messes prevents employees from focusing on their jobs. Figure out what is causing the error, and fix it. Address one at a time, and when you're finished with the most common one, move on to the next one. Your profit margins will thank you.

3. Make your data safe, and have a back-up plan.
"Everyone knows they should do something about this, but assumes they'll get away with it. Bottom line: your luck will run out sooner or later," says Evers. "And catastrophic data loss is a leading cause of failure for small businesses - no need to risk it."

Right now, your data is probably on a hard drive that will crash or get overwritten accidentally, and there isn't a current back-up in place. Keeping all pertinent data in a web-based system gives small business owners a reliable system for storing data securely...and is accessible from any computer. No more worrying about the life expectancy of your PC.

4. Create a marketing program and use it consistently.
Marketing is crucial to growth and success. A marketing plan doesn't need to be complicated, but it needs to be executed consistently. The first step is to make sure you know who your customers are...and then figure out where they get their information and how to reach them. A great resource is "Duct Tape Marketing - The World's Most Practical Small Business Marketing Guide," by John Jantsch. Execute your plan.

5. Increase sales - and start by raising prices.
Most successful business owners focus their energies on growing revenues to the point where the business can stand up comfortably, and keeping them there. Cutting expenses never hurt, but success come from growth.

"Growing sales should be a focus for you all year long, but the first part of the year is the best time to raise prices," says Evers. "And you can reinvest added revenue into making sure this coming year is the most successful your business has ever had."

Share your best ideas with other business owners by using this forum and the New Iowa Entrepreneurs’ Coalition message boards. Ridgely will publish the most helpful in his blog (blog.netbooks.com), which is also a great resource for tips and ideas on improving your business. Go to http://netbooks.com and click on "Share your Best Ideas" to enter your top resolution for 2008. One winner will be selected to win a free year of NetBooks (approximate value of $2,400).