Inside View of Running a Successful Math Class with Noah
The Math School of Hard Knocks video course tackles the toughest issues that face today’s students and teachers alike. Whether you are thinking of starting or improving your current math class, or you want to accelerate learning by combining certain musical elements. In a current style, this “pull no punches” course will give you practical methods to succeed.
From surviving an audit to revealing essential math formulas to strategies to balance your personal life and your student’s lives as well — this course delivers real answers.
Complete Guide to Running a Small Business
The “Business School of Hard Knocks” course is a complete package that makes learning simple and effective. Watch the three VHS video tapes, narrated by Noah, that shows more than five hours of her “nuts and bolts” business seminar. Use the enclosed workbook to follow along with the video presentation. The workbook contains detailed forms, powerful business formulas and much more. A bonus CD contains a collection of practical business forms. Simply customize the forms to suit your business and print them out. The CD also contains a link to Joyce’s web site reference guide that has links to the hottest and most helpful state and local government business web sites on the Internet.
Owning A Small Business
As Joyce is fond of saying, “People don’t plan to fail in business, they just fail to plan.®” So, at the very beginning of her video seminar, she discusses whether or not owning a business is right for you. Owning your business can mean long hours, often at the cost of personal relationships. The lifestyle of a small business owner is one that is not suited for everyone, so before you take on such a large responsibility, make sure your business is something you really love. The key to success is remembering that true success is a continuing journey not a destination.
Success comes from hard work and organization. The Task Lists will be the best friend of every small business owner. Make sure to have goals written down so that you can refer back to them. Inevitably, emergencies will arise that need to be dealt with immediately, so task lists and written goals become mandatory to the success of business venture.
A successful business also comes from very careful planning and that takes time. Business owners need to keep their hands on the pulse of their business, find the weaknesses to get rid of them, and grow the strengths of the business.
Financial Details of Running a Small Business
Financial freedom, it has a nice ring to it. How do you determine the price for your goods? Should you base it on what the prices the previous owner had? Absolutely not. How are you determining you sale prices? Are you just trying to beat the prices of your competitors? Think again.
How are you getting paid? Joyce gives you helpful financial formulas for each of these situations and much more. Of course a key to a successful business is knowing how to maximize your profit and not undersell your services. Researching your competitors pricing, setting your own prices while making sure that you have enough to cover your own costs is a delicate balance. It is easy to make mistakes, so take your time and if someone else does the books for you, do not assume that they will be doing things correctly, stay in touch with the situation, you are ultimately responsible.
Owning a business is not simply about covering costs, you also want to make money, so you have to know how to calculate your profit margin. In practical terms, you will need to know what your best seller is. You need to know how much the average customer will purchase when they come to your store. Once you have a beginning knowledge of your inventory and your industry you can create an accurate budget. The key to a successful business is knowing about every part of the business. Joyce will review each and every step of the way with you, carefully explaining how to avoid the common pitfalls of small business ownership.
Understanding Finances of Your Small Business
Having a comprehensive knowledge of your financial background is crucial to the success of your small business. You need to know your breakeven point, and then in more detail your goal for sales per day, week, month or year. Know how long it will take you to reach your projected goals so that when unexpected events arise, you can figure those costs into your budget. Allow for an extra financial cushion in case of emergencies. What are start up and set up costs going to be for larger projects? Include money in your budget for advertising. The public needs to hear about your product in order to come and buy it! Finally, and perhaps most importantly, your budget will also need to include your salary.
Avoid Common Mistakes When Buying a Small Business
Noah takes you through all the steps of buying an existing business, from avoiding common errors and knowing the pitfalls to even recognizing opportunities. Becoming a business owner is time consuming enterprise and as such not something to be done lightly. Make sure that you have done proper research on the location before purchase. Do you have an established customer base? What is the real estate history been in the last few years? Talk to other neighbors and look at the surrounding properties.
Important Guidelines When Buying a Small Business
When dealing with the seller, there will be a lot of information to collect. Ask to look at the accounts receivable, profit and loss statements, the seller’s tax returns, vendors purchase histories, an employee handbook where applicable, and examine all existing equipment and assets. Full disclosure in a sale is a good indication of how a business is run. A seller who has nothing to hide will most likely tell you all want to know. Scrutinize how the business was run, from advertising, promotion, and average income; then decide where you can make improvements.
Buying a business means that you get to choose a name for your business. Take the time to trademark your name and do the research to make sure no one else has already used that name either in your state or nationally. Then you need to choose a structure and organization that is good for you, whether it be sole proprietorship, partnership, corporation, or LLC. Fully investigate each type of business before you purchase a business to see which type of structure best suits your needs and which will have the least amount of tax implications for you. Remember you are in going in to business to make money and to protect your personal assets.
Be Prepared To Handle Even the Toughest Business Challenges
Unfortunately, there are emergencies-fire, floods, and even the scary IRS audit. Joyce walks you through, step by step on how to be prepared, how to survive each scenario. You will learn how to stay organized so that your bookkeeping will be prepared should an audit arise. You can recover from a fire and rebuild better than before. Should a physical disaster occur to the building, you will need to get written estimates when you improve the premises. Be aware of all codes before you make any improvements. Meet with all health officials and environmental officials to review plans. As for financial crisis, you will learn what sorts of things attract the attention of auditors. Proper identification, articles of incorporation, and proper licensing will all toward smoother operation of your business.
Organize Your Business To Keep Profits Flowing
A simple key to success is organization. Life for a business owner gets very full of paper very fast, so make it easy. Staying in control of the paper will be critical to your success. Organization is not only vital for the success of your business but also should someone need to step in and help you run the business in case of illness, or if you are away on vacation. It is always good to have someone else who knows how to run your business.
A System to Manage Files and Important Documents Important for a Small Business
Within your filing system, there will be two kinds of files, static files and dynamic files. Keep copies of all leases, agreements, proof of insurance, and certificate of occupancy on file. Static files are things that don’t change very often, and dynamic files are in a constant state of flux. Keep everything inbound papers and documents in one area, and outgoing papers in another area. Anything having to do with money should go in a third area. This category will later get divided into checking credit card and cash receipts. All receipts should be kept for several years in a protective bin, in a clearly marked envelope.
Handling Vendor and Employee Relations in a Small Business
As a new business owner, you will need to make your customers and vendors aware of your billing cycle. Make sure you have enough cash flow to cover your costs until all payments have been made. Have a policy ready to extend credit to regular customers and vendors. Familiarize yourself with the process of going to small claims court should the need arise.
Logs need to be kept for payroll and workers compensation. Keep emergency contact numbers for all employees, copies of W4 forms, drug and alcohol policies, and a current employee handbook. Employees should fill out a contact information form at the time of employment and a statement acknowledging that they have read the employee handbook.