Posts tagged with "enterprise"

Lexus ES, Vaughn Lowery, 360 MAGAZINE, NYC, rooftop

Important Financial Steps Before Starting Your Own Business

If you had a dollar for every time another business failed due to missteps in their business finances, you’d probably be able to fund your entire operation without worrying.

You don’t want to be one of those business owners with a company that slowly (or sometimes quickly) sinks because they lack a firm grip on their finances. And if you intertwine your business and personal finances, even more trouble can arise.

Here are some important financial steps you should consider and map out before starting your own business.

Before you plan your startup business make sure you have a very well set financial planning strategy. Accounting software such as Hosted QuickBooks Cloud can be useful for managing your finance audits and payrolls. Learn more about other useful business tools such as Office 365 and Office 365 migration guidelines with Apps4Rent.

Choose Your Business Entity Type

Choosing your business entity type sets the stage for all of your financial decisions moving forward. This is step number one, and it’s a big deal. You need to decide whether you want to form a Limited Liability Company (LLC), S Corporation (S Corp), C Corporation (C Corp), or Nonprofit.

This will determine the type of financial protection you may have, as well as taxation details and associated filing fees. Keep in mind that you can choose an initial structure and then reevaluate at a later time if the needs of your business change.

Decide How You Want to Manage Your Finances

As an entrepreneur, you may already be a wizard with finances and might want to manage your accounting on your own, which is totally your prerogative. But if you’re not a numbers wizard, then recognize that you should employ a financial expert or hire a financial consultant and/or accountant.

When you decide whether to manage it yourself or hire an expert, you will then decide on an accounting system that works for your business. After that, decide whether your business should use cash or accrual accounting.

Open Business Banking Accounts

You should open both a business checking account and a business savings account; having an entirely separate business banking system is important. You should also consider opening a business credit card. This will help you manage all of your business-related expenses, which you can use as deductions when filing for your taxes.

Don’t Forget to Pay Yourself

Last but not least, you need to establish guidelines on how you pay yourself as a small business owner. You are doing the hard work as the brain and heart of the organization, so you deserve a slice of the pie — and not a small one. You need to pay yourself enough so you’re not eating cereal every night for dinner, but not too much that your business checking account doesn’t have enough to cover that client coffee date. It’s a fine balance.

This article was originally published on the Incfile Blog

Lisa Crocco is a marketer for an international food manufacturer by day and a freelance writer/marketer for startups & small businesses by night. She’s She’s written for outlets like USAToday College, Career Contessa, Cloudpeeps, and Fairygodboss. 

360 MAGAZINE, Vaughn Lowery, bar, spirits

How to Get Financing to Start a New Bar

So you’ve decided to become a bar owner, congratulations! Now, you find yourself in the same dilemma many creative, business-minded entrepreneurs know all too well: You need additional funds to make your dream come true. What to do?

Lucky for you, there are several options you can look into. Let’s examine each one to see which one is the right move for you.

Take out a personal loan

This is a popular option among budding entrepreneurs because it has a higher success rate and offers a greater degree of flexibility. This is your best bet if you are starting a bar from scratch or if you don’t have an established business history yet.

Unlike a business loan, a personal loan will not require you to put down collateral or provide proof of cash flow. After all, it’s difficult to show income if you don’t have it yet. Business loans also have major restrictions on how the loan is used, but a personal loan gives you more freedom.

Your personal financial history and credit score will determine your eligibility and the rates and terms of your loan. A credit score of 600 puts you in an excellent position to qualify. Documents you need to submit include but are not limited to personal identification, bank statements, W-2 or pay stubs, and tax return.

Keep in mind that personal loans are generally smaller compared to a business loan so you may need to look into more options to acquire the rest of the funding you need. We discuss more below.

Look for investors

This is an excellent solution to share the financial burden with someone else. Investors provide startup money and can bring their business management expertise to the table. For this to work, you’ll have to get comfortable with splitting profits and giving up a share of your business.

If you wish to retain control of your bar, silent investors are great because they get out of your hair after providing the funding. They might be involved in big-picture dealings and will offer help if needed, but other than that, they stay in the background and leave the daily management to you.

The catch? They might pressure you to turn a profit sooner rather than later though. They may get restless and force a sale.

Active investors will generally be more involved in the day-to-day operations of your bar in an effort to enhance the return of their investment. They can also be helpful to first-time entrepreneurs looking to make industry connections and learn the tricks of the trade.

While active investors bring their business to the enterprise, you will definitely have to give up a degree of control. Some investors might agree to simply advance capital in exchange for collateral and payback with interest or a percentage of your profits.

Turn to your friends, family, and peers

Use your connections! Do you know someone who has the resources to spare? You can start reaching out to your peers in the industry or even to friends and family. This fast-tracks your funding process by skipping the legal entanglements typically involved in a traditional loan.

If you go the family and friends route, the pitch probably isn’t going to be all that complicated. But keep in mind that money and family sometimes don’t mix. If your bar fails to take off, things might get ugly. Especially with equity involved, put everything in writing and bring in a business lawyer as a safety net.

Reach out to the world through crowdfunding

If you’ve exhausted all your connections to no avail, the internet might be your savior. Yes, you can raise money for your new bar from strangers online through websites like GoFundMe, Patreon, and Kickstarter. How great is that?

Needless to say, you will have to convince these people why they should fund your bar. Tell your story and make sure to let your passion shine through.

Transparency will get you far down this route. Be specific on how you intend to spend the money they give you and provide updates. You would be surprised at how many people would be willing to donate their own money to help you with your venture.

Depending on your campaign, you can give these backers perks or rewards in return. However, if you choose to do it via equity crowdfunding, which will easily attract investors, you are selling off a degree of ownership control over your company.

Know that you will also need to actively market your campaign, so it can be seen and gain traction fast. This will take a lot of patience and hard work.

Use your 401(k)

If you are looking to ditch the 9-to-5 life in favor of being your own boss as a bar owner, this might be something to consider if you have saved up enough from your previous jobs.

You’re staking your retirement savings here, so make sure you are 100% certain of your bar idea. Most people can get overconfident for their own good. Consult a tax attorney, if needed, and look at all angles before you take the leap.

Consider the other options presented in this article first before cracking your 401(k) nest egg.

Get funding for expensive equipment

Equipment is an essential investment for any bar operation that comes that a premium price. A lender or bank can help you purchase the required furnishings to get your business up and running through equipment financing.

Here, you receive the entire amount based on a price quote you provide to the lender. You can’t use the funding for anything other than the equipment you intend to buy.

The collateral here is the equipment itself, which is great because you won’t have to worry about paying off more in the unfortunate event that your bar goes under.

When securing your bar equipment, it is important to anticipate your needs and choose the right configuration for your establishment. For a bar, you’ll need equipment such as keg coolers, undercounter refrigerators, and commercial ice makers.

While it can be tempting to go for second-hand items, buying brand new equipment can benefit your business in the long run. Used equipment can lead to unpleasant surprises that might cost you way more than the savings you initially had. Replacement parts for last-generation models will likely be very hard to find, thus halting your operation longer than it should.

Plus, it can be difficult to find out how well it has been maintained and the service life it has left. With any luck, you might be able to track down the original invoice and check the warranty it comes with.

With brand new equipment, you enjoy more savings and peace of mind that your business runs as it should. Benefits include:

• For the higher price tag, you get equipment that is less likely to break down to avoid disruptions that can cost you precious business, especially during peak hours.

• New units are generally more energy-efficient and environment-friendly than older models

• They go for much higher resale value, especially for well-known brands

• You can count on a more responsive service department for servicing and readily available replacement parts

We are committed to protecting your investment. We have an excellent selection of brand new and highly durable products from Manitowoc ice makers to Beverage Air refrigerators that come with excellent warranties and unrivaled customer support. We make sure your purchases work their best beyond the initial quality control.

Explore the benefits of a business credit card

This is the perfect option for buying ingredients and supplies. You’ll only need your credit score as qualification, and it doesn’t have to be all that impressive either. If you are at 600, you have a good chance of getting approved. Plus, the application process is easy.

You know how you get some perks and rewards every time you swipe your personal credit card? You can enjoy the same for your bar here. You can get excellent cash back and credit for business expenses.

Consider credit card receipt financing

There are some lenders that partially base their loan on receiving part of the credit card receipts from your customers. The process basically involves selling your future credit card sales in exchange for a cash advance. A portion of each credit card sale is taken out as payment. This can be an interesting approach but can also interfere with your finances.

Financing your new bar the right way

As a rule of thumb, you should have at least six months of expenses available in the bank when you start. Most businesses fail because of a lack of financing. So either do it right from the beginning or hold off until you can.

City Girls Music Video

City Girls taps into the same enterprising spirit applauded in male rappers when they wax poetic about selling drugs or pimping to escape bleak financial circumstance. This female version is just as inspiring.

Watch City Girls’s newest music video “Millionaire Dick” HERE.

Blender x Nick Graham

Blender Workspace, a premium shared office community, welcomed fashion iconoclast and Joe Boxer founder, Nick Graham, to their New York flagship on February 20th. The two-hour presentation and roundtable discussion signified the launch of Blender’s new Entrepreneur Salon Series: the latest addition to a robust programming initiative available to all Blender members.

 

Mr. Graham’s presentation focused on themes of audacity and enterprise, informed by his personal experience with innovative brand building. He famously got his start by silk screening dollar bills onto boxer shorts, while his latest collection debuted earlier this month in the shark tank at Mandalay Bay in Las Vegas. Mr. Graham also launched an eponymous men’s fashion line at New York Fashion Week in January.

 

The event was hosted by Larry Dvoskin, a music entrepreneur who has worked with past Grammy winners including David Bowie, The Beach Boys, Robert Plant, and MGMT. In addition to its salon series, Blender boasts a curated arts program, wellness meet-ups, workshops, and live performances on a daily basis.

 

Blender is a leading luxury workspace located at 135 Madison Avenue in the NoMad neighborhood of New York City. The space was custom built for high-caliber professionals who value thoughtful design and an elevated work experience, and has evolved into a hub for creative, lifestyle and wellness brands.

 

 

 

 

Robb Report – Health And Wellness

ROBB REPORT ANNOUNCES 3RD ANNUAL HEALTH + WELLNESS EXPERIENCE World-Renowned Physicians and Health Experts Convene at 1 Hotel South Beach for Transformative Weekend of Wellness.

Robb Report has announced its third annual Health + Wellness experience, taking place March 15–18, 2018, at 1 Hotel South Beach in Miami Beach, Fla. Just in time for the upkeep of wellness-themed New Year’s resolutions, the annual event returns with an enlightening, energetic, and educational program that features exclusive conversations with the leading minds in medicine and cutting-edge health, headlined by Dave Asprey, CEO and founder of Bulletproof. Acclaimed physicians from some of the nation’s top wellness institutions, alongside a collective of fitness experts—including Steve Jordan, trainer to the stars; George Foreman III, former pro boxer and founder of EverybodyFights; and Pilates guru Erika Bloom— round out the weekend’s roster of featured talent.

1 Hotel South Beach will serve as the idyllic setting for the weekend of wellness, situated alongside 600 feet of pristine white-sand beach on the Atlantic Ocean. With a farm stand in the lobby and carefully placed remixes of recycled and repurposed woods, preserved moss, petrified branches, and driftwood, the 18-story landmark on Collins Avenue has been revolutionizing sustainably chic design in Miami since it opened its doors in March 2015.

“We’ve seen a growing awareness nationally that good health remains our greatest individual wealth,” says Robb Report health & wellness editor Janice O’Leary. “This year at our event, we’re excited to introduce new ways for attendees to reach optimal wellness through the latest medical research, lifestyle changes, and cutting-edge technology. This is an opportunity to not just hear the talk about longevity but also walk the walk—literally.”

Robb Report’s Health + Wellness experience will kick off with a welcome dinner and accompanying keynote on Thursday, March 15, in which Dave Asprey will dive deep into the concept of biohacking—techniques to drive self-improvement and transform your own health. Asprey founded Bulletproof after successfully biohacking his way to a 100-pound weight loss. With a mission to share his learnings with the world, Asprey’s presentation will dig into this concept and provide attendees with tips to achieve their personal health and wellness goals.

The following morning, guests will be greeted with a selection of wake-up wellness activities, ranging from morning meditations with expert Kelly Howell to sun salutations and beachfront workouts. A thought-provoking series of health talks will follow focused on hot-button topics presented by Dr. Donald Hensrud, medical director of the Mayo Clinic Healthy Living Program, followed by one-one-one health coaching with Dr. Param Dedhia, director of sleep medicine at Canyon Ranch. Afternoons will be filled with a number of intimate fitness offerings, among them stand-up paddleboard classes, training at Spartan Gym, and Robb Report–exclusive SoulCycle training at SoulCycle South Beach.

Guests will enjoy a holistic approach to health and wellness throughout the entirety of the weekend, with healthy cooking classes from chef Matthew Kenney—the celebrated plant-based- cuisine chef and mastermind behind plnthouse, 1 Hotel South Beach’s plant-based restaurant— along with relaxing spa treatments at Bamford Haybarn Spa and bio-organic wine tastings.

Health + Wellness guests will further enjoy a Luxury Lounge featuring the latest innovations in wellness gear and the finest health-inspired luxury products!

To learn more about Robb Report’s Health + Wellness Summit and to register to attend, visit rr1.com/event/health-wellness, and follow @robbreport on Instagram with #RRHW2018.