The month of June not only sees the start of winter but its also the time of year that accountants most look forward to, tax planning time! If you’re a small business owner you don’t want to have to pay more tax than you have to. The following tips will ensure you get the most bang for your buck come tax time.
1. Take advantage of the $20,000 immediate asset write off
Unless you have had your head in the sand for the past month, you would know that the Federal Government announced in the budget released on 12 May 2015 that all eligible small businesses would be entitled to an immediate deduction for asset purchases costing less than $20,000. This measure replaces the $1,000 threshold which was in existence up to the announcement and will be in existence until 30 June 2017.
You will need to ensure that the assets are installed and ready for use by 30 June 2015 in order for the deduction to be available for the 2015 financial year. If you do not require any assets or haven’t got the cash flow to afford them before year end, it is really important to remember that you are able to write off the balance of any small business pool with a written down value of less than $20,000 and get an immediate deduction! Read more here
Biz Tipper: What is the greatest lesson you learned as an black entrepreneur?
Carlton: I would say that a lot of black entrepreneurs do realize that they have to market their business, but what most don’t seem to get is that imply passing out business cards is NOT marketing. It is important to find your referral partners and potential clients, but it is more important to nurture those relationships. Many go to networking events and pass out cards and sit back and wait for the phone to ring. If you don’t create and nurture your relationships (ie the people that you pass your cards out to and speak to at these networking events), then you would be just as productive simply sitting at home and watching TV. Why would someone you don’t know want to entrust their livelihood or their relationships with YOU if they don’t know anything about who YOU are. Be proactive, sincere and thoughtful in who and what those relationships should be, nurture them, and sit back and watch your business grow.
It started during his morning commute – a tightness in the chest, shortness of breath, clenched jaws and an overall sense of disorientation. So by the time Charlotte-area restaurant owner Kirk Weaver got to his shop, he knew something bad was happening. Aside from death itself, sudden and debilitating illness is one of the threats that black entrepreneurs generally fear most. Who will do all the necessary work if the owner goes down sick? But not all such stories end in despair. In the case of Weaver, majority owner of Lebowski’s Neighborhood Grill on East Boulevard in Charlotte, when a heart attack clipped his wings in late 2014, his family – especially his two daughters who own a minority stake in the business – rallied to save what they had built collectively. Read more here
It started during his morning commute – a tightness in the chest, shortness of breath, clenched jaws and an overall sense of disorientation. So by the time Charlotte-area restaurant owner Kirk Weaver got to his shop, he knew something bad was happening. Aside from death itself, sudden and debilitating illness is one of the threats that small business owners generally fear most. Who will do all the necessary work if the owner goes down sick? But not all such stories end in despair. In the case of Weaver, majority owner of Lebowski’s Neighborhood Grill on East Boulevard in Charlotte, when a heart attack clipped his wings in late 2014, his family – especially his two daughters who own a minority stake in the business – rallied to save what they had built collectively. Read more here
Unfortunately, Don Lemon was roasted on Twitter once again last night. He opened up a CNN newscast with two large cards in front of him; one with me Confederate flag the other with a sign that spelled “Nigger.” He asked if each one was offensive. He was trying to create shock value, based on a podcast that President Obama had done where he said the word “Nigger’ and the current controversy over the Confederate flag and what it means. Truth be told, the two are not synonymous in this instance. The segment was poorly executed and received. What was his point? A firestorm erupted but not in Don’s favor. The general consensus, was it is too soon after the Charleston shootings to play this game, this was just not the time.
It seems that Don is constantly trying to find himself on the worst possible platform, national TV. I feel bad for him, it makes one curious as to who is behind the curtain at CNN directing him, or worse is he directing himself? He seems to take pride in knowing that he offends people on both sides but one is left to wonder if that is just a response to yet another futile effort instead.
It’s very easy to feel sorry for Don, because underneath it all, it appears he is desperately seeking acceptance and attention. Worst yet, from places he may never get it. Television news is getting more and more dated as millennial’s rely on online methods to get their news and information. Times have drastically changed and you can see how commercial TV news is trying desperately to capture the audience by becoming more and more like Entertainment Tonight, or like Entertainment Tonightwas, which is also dated. More and more people are tired of being depressed and sparked by sensationalism. The audience prefers comedy or opinion based news coming from the people who are actually passionate about it. Passion cannot be faked. I, like Don L Lemon, am a last generation baby boomer and even I hate watching TV for the same reasons.
Desperation is ugly and if once you become desperate it is best to pull out and rethink your strategy instead of humiliating yourself in front of everyone. How does this relate to black entrepreneurs? Because it’s about passion, sales and marketing. There are some very valuable lessons to be learned from Don Lemon starting with…
Know your target
A lot of people may not like Rush Limbaugh, but he certainly does have a large target audience that is dedicated to him in a hard-core way
Knowing your target means that you’re not afraid to speak to them, eat with them, live with them, spend time with them, accept them, love them and get to know more of them. One of the worst things that you can do is tell people how to behave when you rarely have anything to do with them. (Click “NEXT” above or below)
—————————–
Don’t fake the funk
Don is constantly talking about black issues and black people, but when you look at his social networks he is often surrounded by white and Latin men and women. Recently he’s been called “Uncle Tom” a lot. When this happens, it is always when a black person is playing both sides of the coin. It is painfully evident that Don is not connected to the black community but at the same time he’s making a futile effort to act like he is. You don’t make a sale this way because it does not go over well with the customer. It is no different than when an black entrepreneur thinks of money first when starting a business. He or she will almost always fail. Passion wins, Money follows! When you are passionate about something people know it, when you are only trying to make money or fulfill an agenda people also know that.
—————————–
Surround yourself with the right people
Without even being sure, I can almost guarantee you that Don Lemon is not surrounded by black people at CNN. It is evident with his on air delivery and antics. The best candidates win elections when they’re surrounded with the right team and understands the target! If CNN is asking him to go out and represent himself as a spokesperson for the black community, it would behoove him at best to ask for the right team?
—————————–
Plan Strategies
It appears that a lot of Don’s strategies are not well thought out. This can be very costly. As a late Maya Angelou once pointed out, “People may forget what you said but they never forget how you make them feel.” In many instances you will not get a second chance to make a first impression. Don started out as a very straight forward news guy then CNN wanted to turn him into a controversial figure which is working, but not to Don’s advantage. It’s no different than the person who is friendly with all of his coworkers and all of a sudden gets promoted to their boss. If he’s a good boss, he will adapt to his new environment or he plays both sides which will lead to an inevitable overall loss. Once Don got into mainstream news, without question, he had to forego a lot of what he learned or knew as a black man in order to compete. Now he’s being asked to circle back and it’s too late. As black entrepreneurs we should not adapt to a new environment our job is to create it!
—————————–
Don’t try to be who you are not
There is an incredibly high price to pay on a platform like national TV when you are asked to change who you are to be a different person in the same arena. The audience has come to know you one way and now you are trying to become someone else in the same space. In a situation like this, it’s best to start over by creating another platform altogether. As black entrepreneurs it’s okay to add an ancillary product but it’s not okay to completely change the entire business when your audience has come to know you in one way. Either Don Lemon is insecure or he’s very arrogant and it’s evident. In addition there is a thin line between insecurity and arrogance. It’s okay to be afraid, but only when you can the admit it, a sense of humor also helps. When you fake it, it comes off as arrogant. People are more sympathetic to those who admit shortcomings an/or can laugh at themselves.
—————————–
Connect with the audience
When it comes to the black community, it is crucial not to hide in plain sight. People pay very close attention to social networks these days, beware of what you post on your social networks. When it is evident that you are not actually friends with the people you target or claim to be connected to on TV it doesn’t do much to serve your purpose. Contrary to the beliefs of other races, just because you’re black doesn’t mean you’re connected to the culture. When you act like you are, you look like and become a token which can result in being called an “Uncle Tom.” You are basically saying I’m one thing on TV and another thing in my personal life as if people are so stupid they can’t make that connection. As black entrepreneurs, we cannot allow other people to tell us who we are. That is why we are black entrepreneurs, we already know that!
—————————–
Capitalize on your strengths
If you want to be successful in business, you must capitalize on your strengths. Unfortunately Don’s greatest strength has become dated. He is intelligent and an excellent reporter on world news and issues but unfortunately he loses all of that when he tries to connect with the black community. His years of training as a focused professional newsperson make him less personable when connecting with the black community.
—————————–
Admit your shortcomings
If you’re not the right person for the job admit it or stop doing it and give the right person the chance to do it before you are asked to leave. At that point what do you have left but a negative reputation? If Don we’re in business for himself, he callwould be broke at this point and forced to leave the business.
Unfortunately, Don Lemon was roasted on Twitter once again last night. He opened up a CNN newscast with two large cards in front of him; one with me Confederate flag the other with a sign that spelled “Nigger.” He asked if each one was offensive. He was trying to create shock value, based on a podcast that President Obama had done where he said the word “Nigger’ and the current controversy over the Confederate flag and what it means. Truth be told, the two are not synonymous in this instance. The segment was poorly executed and received. What was his point? A firestorm erupted but not in Don’s favor. The general consensus, was it is too soon after the Charleston shootings to play this game, this was just not the time.
It seems that Don is constantly trying to find himself on the worst possible platform, national TV. I feel bad for him, it makes one curious as to who is behind the curtain at CNN directing him, or worse is he directing himself? He seems to take pride in knowing that he offends people on both sides but one is left to wonder if that is just a response to yet another futile effort instead.
It’s very easy to feel sorry for Don, because underneath it all, it appears he is desperately seeking acceptance and attention. Worst yet, from places he may never get it. Television news is getting more and more dated as millennial’s rely on online methods to get their news and information. Times have drastically changed and you can see how commercial TV news is trying desperately to capture the audience by becoming more and more like Entertainment Tonight, or like Entertainment Tonight was, which is also dated. More and more people are tired of being depressed and sparked by sensationalism. The audience prefers comedy or opinion based news coming from the people who are actually passionate about it. Passion cannot be faked. I, like Don L Lemon, am a last generation baby boomer and even I hate watching TV for the same reasons.
Desperation is ugly and if once you become desperate it is best to pull out and rethink your strategy instead of humiliating yourself in front of everyone. How does this relate to entrepreneurs? Because it’s about passion, sales and marketing. There are some very valuable lessons to be learned from Don Lemon starting with…
Know your target
A lot of people may not like Rush Limbaugh, but he certainly does have a large target audience that is dedicated to him in a hard-core way
Knowing your target means that you’re not afraid to speak to them, eat with them, live with them, spend time with them, accept them, love them and get to know more of them. One of the worst things that you can do is tell people how to behave when you rarely have anything to do with them. (Click “NEXT” above or below)
Don’t fake the funk
Don is constantly talking about black issues and black people, but when you look at his social networks he is often surrounded by white and Latin men and women. Recently he’s been called “Uncle Tom” a lot. When this happens, it is always when a black person is playing both sides of the coin. It is painfully evident that Don is not connected to the black community but at the same time he’s making a futile effort to act like he is. You don’t make a sale this way because it does not go over well with the customer. It is no different than when an entrepreneur thinks of money first when starting a business. He or she will almost always fail. Passion wins, Money follows! When you are passionate about something people know it, when you are only trying to make money or fulfill an agenda people also know that.
Surround yourself with the right people
Without even being sure, I can almost guarantee you that Don Lemon is not surrounded by black people at CNN. It is evident with his on air delivery and antics. The best candidates win elections when they’re surrounded with the right team and understands the target! If CNN is asking him to go out and represent himself as a spokesperson for the black community, it would behoove him at best to ask for the right team?
Plan Strategies
It appears that a lot of Don’s strategies are not well thought out. This can be very costly. As a late Maya Angelou once pointed out, “People may forget what you said but they never forget how you make them feel.” In many instances you will not get a second chance to make a first impression. Don started out as a very straight forward news guy then CNN wanted to turn him into a controversial figure which is working, but not to Don’s advantage. It’s no different than the person who is friendly with all of his coworkers and all of a sudden gets promoted to their boss. If he’s a good boss, he will adapt to his new environment or he plays both sides which will lead to an inevitable overall loss. Once Don got into mainstream news, without question, he had to forego a lot of what he learned or knew as a black man in order to compete. Now he’s being asked to circle back and it’s too late. As entrepreneurs we should not adapt to a new environment our job is to create it!
Don’t try to be who you are not
There is an incredibly high price to pay on a platform like national TV when you are asked to change who you are to be a different person in the same arena. The audience has come to know you one way and now you are trying to become someone else in the same space. In a situation like this, it’s best to start over by creating another platform altogether. As entrepreneurs it’s okay to add an ancillary product but it’s not okay to completely change the entire business when your audience has come to know you in one way. Either Don Lemon is insecure or he’s very arrogant and it’s evident. In addition there is a thin line between insecurity and arrogance. It’s okay to be afraid, but only when you can the admit it, a sense of humor also helps. When you fake it, it comes off as arrogant. People are more sympathetic to those who admit shortcomings an/or can laugh at themselves.
Connect with the audience
When it comes to the black community, it is crucial not to hide in plain sight. People pay very close attention to social networks these days, beware of what you post on your social networks. When it is evident that you are not actually friends with the people you target or claim to be connected to on TV it doesn’t do much to serve your purpose. Contrary to the beliefs of other races, just because you’re black doesn’t mean you’re connected to the culture. When you act like you are, you look like and become a token which can result in being called an “Uncle Tom.” You are basically saying I’m one thing on TV and another thing in my personal life as if people are so stupid they can’t make that connection. As entrepreneurs, we cannot allow other people to tell us who we are. That is why we are entrepreneurs, we already know that!
Capitalize on your strengths
If you want to be successful in business, you must capitalize on your strengths. Unfortunately Don’s greatest strength has become dated. He is intelligent and an excellent reporter on world news and issues but unfortunately he loses all of that when he tries to connect with the black community. His years of training as a focused professional newsperson make him less personable when connecting with the black community.
Admit your shortcomings
If you’re not the right person for the job admit it or stop doing it and give the right person the chance to do it before you are asked to leave. At that point what do you have left but a negative reputation? If Don we’re in business for himself, he callwould be broke at this point and forced to leave the business.
Here are biztipper.com we love Damon John. We both have worked in the same music industry so we watched him from his early days in fashion to making some incredibly savvy business decisions that could have taken his business out many years ago long before he became the international Shark Tank star that he is today. Here he give great advice on short term goal setting via Capital One. (see video below)
The news that Detroit was filing for bankruptcy was probably the best thing that could have happened to the city. The news made international headlines and brought investors from all over the world to invest and rebuild the city. If that was the original plan, it was an ingenious effort. The city had previously been plagued by a huge scandal in the mayor’s office where funds had been misappropriated leaving the city in financial ruin.
Zana Smith was a tenant who, like many other business owners, had dominion over landlords who were desperate to rent properties for business owners in a dark economy. As a result, some opted not to sign new leases and go month-to-month in case they decided to move and/or to have a better grip on the relationships with landlords. Spectacles, a shop that’s been at 230 East Grand River for over 30 years owned by Smith has been asked to vacate the premises. New owners have purchased the building and they are looking to remodel and re-rent the spaces. Unfortunately, the Smith’s are taking a double hit because they also live in the lofts above the store which they have also been asked to vacate. In this situation the landlord has full control. As a real estate agent, I would strongly advise that you consider signing a new lease if you don’t plan to move in a year or so. Depending on the market your rent could increase exponentially if the city allows it and a situation like this happens. Why not protect yourself especially if you have been at the same location for a number of years.
Over the years I have been amazed at how some people think minority entrepreneurs live and work. Most people are very comfortable with the stability they have on a job they may hate but get paid every 2 weeks for. They look at the benefits, pay, vacation time etc. The first difference between Entrepreneurs and the 9 to 5 worker is we understand the benefits AND the limits of working for other people. Working in the music industry I always HATED politics, butt kissing and people literally getting screamed at when they don’t do their job. I have seen it time and again and I am not cut out to take that but I liked working in the industry so the ONLY way for me to do it was to own my own business. If you are thinking about making the switch to being a small business owner there are a few things you should know off the bat. Please consider these things BEFORE you make the leap. Click “NEXT” above or below for the next myth
We Make a lot of Money
Ideally, you can but not initially. You are learning how the operation works, hiring and firing, organizing, getting your taxes in order buying supplies, finding clients and getting everything in order. For the first two to five years unless you have a BRILLIANT idea and funding, you will probably struggle for a while but all is not lost. The benefit and the “high” of working for yourself is worth it if you can hang in there. Typically, the rules for minority entrepreneurs are different. We don’t often have a lot of financial resources and if we make the leap to being a small business owner the last thing we want are investors breathing down our necks but there are some ideas where you MUST get investors involved. As the old saying goes when you start-up use OTHER people’s money instead of your own or your family’s.
We Do Nothing all Day
Yeah, nothing all day but WORK. Don’t I wish. Eventually, you do get to a point where you learn the rhythm but I know many entrepreneurs that work 8 to 18 hour days. The wise ones ALWAYS keep an eye on the bottom line even if they are able to work less and have people in place to watch over their businesses but we work and we work a LOT. Once again, the high of knowing the business belongs to you and the fact that you are doing what you really WANT to do makes the time go by VERY fast.
Anyone can be an entrepreneur
Not so. It takes a LOT of discipline, patience, creativity, flexibility, money shifting, savvy, selling, control, relationship building and determination. Few people can do all those things and still find a way to pay the bills when a client is and will alway be a late pay.
You Set your Own Schedule
Yes and no, it all depends on what you do and how you do it. Eventually you can but not initially, the business sets your schedule for you.
You Only do One Job and Hire other People to do the other ones
In a perfect entrepreneur world… absolutely in the real world HELL NO. You do ALL the jobs for the first couple of years and there are certainly some things you are not going to be good at and hate but they have to get done. The first couple of years are the true test for the entrepreneur to see what you are made of. If you can do all the work and still reach your bottom line, you are where you need to be.
Great Entrepreneur Think of Ways to Make Money First
Nope, those are usually the ones who fail miserably. If you are the business of buying selling businesses then yes this will work. If you are in the business of keeping a business for at least 5 to 7 years (the realistic amount of time you should grow, maintain then sell a business to accumulate wealth) then no, thinking of money first won’t work. So what makes for a successful business? The key is PASSION… plain and simple. You can’t make a great cheesecake and run a bakery if you don’t have a passion in baking. The end result will be a disgusting cheesecake. There is the old saying, do what you love and the money will come. Some people say, “Do what you love and find a way to make money with it.” I agree more with the first one. When you do what you love people will see and if they like it offer you money for it. If you are doing something right now and people are willing to pay you for it, you have a potential small business.
You Can Create a logo and you are an Entrepreneur
These kinds of people actually make it hard for legitimate entrepreneurs. It takes a LOT more than that. Getting an email with a gmail.com extention is NOT a foray into being an entrepreneur. A complete presentation is key and if you don’t take the time to get your presentation in order, you are not legitimate. If you are a beginner and you have a great idea and you are making money, every bit of that money, (and you may still have to work for someone else in the process) should go into building your business not new shoes or a new car. Getting a professional site done, registering on all the social networks, having a professional logo etc all add up to you having a successful business.
Some Entrepreneurs Fail
MOST do. They are not prepared for the amount of work that goes into it. They don’t plan, they don’t grow etc. The entrepreneurs who succeed are always in ahead of the 8-ball, learning new skills, technology and maintaining relationships with clients and/or customers. There are also those who “sustain” this is where they are neutral in their success but if they get sick or something happens to them the business could literally fold. They are the ones who never hire anyone to help and they keep every penny to themselves.
You eliminate Stress when you work for yourself
Yes and no. Depends on how you determine what Stress is. I think stress is doing what I don’t want to do for work and even owning my own business there are parts of it I don’t like doing but I realize they have to be done. Others may be stressed out because they can’t pay their rent on time if they work for themselves. Initially, that will happen.
Being an Entrepreneur is Always fun
It can be and it SHOULD BE but many of us take ourselves too seriously and we don’t enjoy the fruits of our labor. Time is very limited and if you are in a relationship or married it’s even more difficult to balance your time and energy but for the most part, yes it is fun because you are repeatedly investing in yourself sans permission, politics and BS. My best in business
The apple doesn’t fall far from the tree (in a perfect world that is) BET Founder Bob Johnson’s son is also running his own business in the form of fashion for men. Taking time to hone in on his side business, (Brett is also a producer who worked as an executive producer on Lee Daniel’s The Butler) the entrepreneur travels to Italy more than seven times a year to make sure that his line is top-notch. Unlike many other designers, Johnson is targeting men of ALL ages with various appealing clothes for everyday wear. We wish him the best.
Last Saturday, fashion designer/entrepreneur Brett Johnson showcased his Pre-Fall 2015 outerwear collection at Neiman Marcus at Mazza Gallerie in Washington, D.C. Throughout the day, various VIPs stopped in to view and purchase the Italian-made jackets, trench coats and bombers. Guests included Renee Brown (Chief of Basketball Operations and Player Relations, WNBA), menswear designer Everett Hall, attorney Mark Lefkowitz, WPGC/CBS Radio morning show producer Poet Taylor, Devon Pina (The Fashion Citizen), Donna Jones (DCW 50); Cheylin Parker (Everything Girls Love), Harley Morgan(ROE: The Agency), Sheila Johnson (Founder/CEO, Salamander Hotels & Resorts) and Bob Johnson (Founder/Chairman, RLJ Companies). The trunk show was a success, garnering double the sales of last year’s event. ATLANTA: Brett Johnson is hosting a trunk show at Neiman Marcus/Lenox Mall on Saturday, June 20 from 10am – 5pm. RSVP at [email protected] (invite below) For more information on the Brett Johnson Collection, visit https://brettjohnson.co/. Follow them at @BrettJohnsonCo. See more images of Brett’s line click “NEXT” above or below.
