More Than WE Know

Lately I’ve had several entrepreneurs mention their concerns about crime to me. I’ve talked previously about tips to avoid cyber crime and identity theft.  But I thought it was a good idea to  thought it was a good idea to talk about small business security for the brick and mortar storefront.

I found these tips from the National Crime Prevention Council and I thought they were worth sharing. If you have a separate storefront or office for your business, you might want to consider these tips.

In addition, you might want to consider getting a burglar alarm if you don’t already have one.  This is especially true if nearby businesses have an alarm.

According to the crime prevention counsel  burglary is often a crime of opportunity. If the businesses on either side of you have an alarm system - guess which storefront looks like an easier opportunity to a potential burglar?

Not sure where to start?

ADT security systems is the #1 security company in America. They offer 24/7/365 monitoring.

For over 131 years, ADT has been the most respected name in the security business.

And of course, having a good up-to-date security alarm could help you save money on insurance!

Start with Security

Crime against businesses are usually crimes of opportunity. Failure to take good security precautions invites crime into a business.

Burglary Prevention

• Make sure all outside entrances and inside security doors have deadbolt locks. If you use padlocks, they should be made of steel and kept locked at all times. Remember to remove serial numbers from your locks, to prevent unauthorized keys from being made.
• All outside or security doors should be metal-lined and secured with metal security crossbars. Pin all exposed hinges to prevent removal.
• Windows should have secure locks and burglar-resistant glass. Consider installing metal grates on all your windows except display window. Remove all expensive items from window displays at night and make sure you can see easily into your business after closing.
• Light the inside and outside of your business, especially around doors, windows, skylights, or other entry points. Consider installing covers over exterior lights and power sources to deter tampering.
• Check the parking lot for good lighting and unobstructed views.
• Keep your cash register in plain view from the outside of your business, so it can be monitored by police during the day or at night. Leave it open and empty after closing.
• Be sure your safe is fireproof and securely anchored. It should be kept in plain view. Leave it open when it’s empty, use it to lock up valuables when you close. Remember to change the combination when an employee who has had access to it leaves your business.
• Before you invest in an alarm system, check with several companies and decide what level of security fits your needs. Contact your local law enforcement agency to recommend established companies. Learn how to use your system properly. Check the system daily, and run a test when closing.

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If you watched the final Presidential debate this week then you heard the story of Joe the Plumber.  Joe is a real person in Holland, Ohio who spoke to Barack Obama a week or so ago about his plans for changing the tax structure if he is elected.  He was concerned that under Obama’s plan he would not be able to afford to buy and expand his business.

I’m writing this post in case you too, as an entrepreneur,  are worried about what an Obama presidency would do to your taxes.

So bascially, Joe told Obama that he was planning to buy his business which made $250,000 to $278,000 per year - but since Obama wanted to raise his taxes, he would not be able to afford to buy it and continue to build it.

However, the proposed tax increase applies to people with an adjusted gross income over $250,000 -  which means after all deductions have been applied.  Since Joe is a single parent, and presumably a home owner, and has other deductible expenses his taxable income may not even be over $250,000.

But even assuming that his taxable income is $278,000, his tax would not change on the first $250,000 of his earnings.  No change.  No difference. No increase. Potentially even a decrease.

On the remaning $28,000 he would see an increase of approximately 3% in taxes.   Or $840.

So - what Joe the Plumber is saying is that he can’t afford to buy his business because he will have to pay an additional $840 per year in taxes.

My advice would be that if Joe’s profit margin is so slight that $840/year or  $70 per month is the deciding factor - then maybe he couldn’t afford to buy the business in the first place.

Now if Joe is really thinking of buying the business - his profit margin is probably better than that.   More than likely, Joe is thinking he will have to pay an additional 3% on all of his earnings before deductions, or an additional $8340. 

In all likelihood, Obama’s proposed tax plan won’t adversely affect Joe the Plumber. Less than 2 out of 100 small businesses make more than $250,000 in taxable income. So 98 out of 100 small businesses will see no increase in their taxes under the proposed plan - and may even see a decrease due to reductions in capital gains, reductions in lower income tax brackets and small business tax credits.  

Tell me what you think - are you worried about proposed tax changes to your small business? 

In a recent post about the Nouveau Riche, I wrote about the opportunity inherent in earning more money as an entrepreneur.  I encouraged women to set their goals for financial independence high, and to remember all of the people, including themselves and their family, as well as the world,  that WE can help if WE have financial freedom.

A reader wrote a compelling comment that I thought was worth highlighting here:

I think one reason women don’t quantify their monetary earnings goals is that women (especially work-at-home women) tend to not view compensation solely in terms of money. For example, one of the things I value most about my business is that I can do it while giving my kids first priority. While it would be nice to be rich or have a million dollars to contribute to charity (and believe me, I’ve got plenty of ideas of what I could do with that kind of money), I think it’s much more valuable to society for me to contribute time and effort to my family. And working at home, while it doesn’t bring in large amounts of cash, reduces the opportunity cost in family time and effort that I’d have to pay to work at a more lucrative job.

So when you ask whether a woman wants to be part of the “Nouveau Riche,” I would argue that women like me already are part of the “Nouveau Riche de Maison”– the new home-life rich.

First - I love that phrase - “nouveau riche de maison” - home-life rich. Isn’t that something we all aspire to??

Second - my question is for you, my readers - are  Women Entrepreneurs really choosing between making more money and making a better life for our families? Or are we avoiding setting high monetary goals out of a fear of failure or a feeling that making a lot of money is distasteful or unseemly?

If it’s the first, and WE really are saying there are more important things than making money (even considering the monetary help we could contribute to the world) then I think that is a great statement that aligns to a strong life’s purpose.

But if WE are avoiding making more money out of lack of courage, lack of knowledge or lack of awareness - then I think that is something that needs to change.

Which is it for you - a conscious choice? Or a situation you’d like to change?

This is my sixth post discussing the fascinating book by Keith Cameron Smith, The Top 10 Distinctions Between Millionaires and the Middle Class

Distinction 6:

Millionaires continually learn and grow.

The middle class thinks learning ended with school.

This is one of the most powerful insights for any entrepreneur.  Learning should be a lifelong endeavor if you want to continue to grow your business as well as your self.

While lifelong learning could (and probably should) mean continuing to take formal classes and increase your general knowledge, it can also mean so much more.

Don’t forget to learn from:

• your customers - what they like, don’t like, want, hope, fear, and dream of
• your competitors - what they are doing well, what they are doing poorly and what you could be doing differently
• your parents - what wisdom have they gained? what perspectives do they have? what experience can they share? what has worked in the past?  
• your children - what are their passions? their obsessions? their interests? what will the future hold?  
• your successes - what did you contribute? how did you take advantage of opportunity? what could have increased your success even further?
• your mistakes - what could you have done differently? how could you have been more in tune with your circumstances? what perspective will you take to your next opportunity?

This is the 5th post in my series discussing Keith Cameron Smith’s book The Top 10 Distinctions Between Millionaires and the Middle Class.

Distinction #5

Millionaires work for Profits.

The Middle-class works for Wages.

This is a truism that entrepreneurs have already discovered for themselves.  In fact, while only 1 in 5 people in the US are self-employed, self-employed people account for two-thirds of the millionaires in the US.  

There are no guarantees that working for yourself will make you a millionaire, but it does increase your odds.  And while we hear the most about celebrities, and techno-geniuses who have made their quick riches - the reality is that most millionaires run companies that are far from glamourous: welding contractors, auctioneers, rice farmers, owners of mobile-home parks, pest controllers, coin and stamp dealers,  paving contractors, etc.

So don’t be disheartened if your business is not a sexy, exciting, high-profile one: if it provides a valuable service or product that others will pay for - it could provide you just what it takes to be a millionaire.