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Small Business Ownership For Geeks

Small Business Ownership For Geeks. Cameron Childress. Native of Atlanta Georgia ColdFusion developer since 1942* Also Flex, AIR, iPhone, Development Founded Sumo Consulting Inc, 2003 If you can beat me at foosball and I will buy you a tasty beverage of your choice. * by 1942, I mean 1996.

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Small Business Ownership For Geeks

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  1. Small Business Ownership For Geeks

  2. Cameron Childress • Native of Atlanta Georgia • ColdFusion developer since 1942* • Also Flex, AIR, iPhone, Development • Founded Sumo Consulting Inc, 2003 • If you can beat me at foosball and I will buy you a tasty beverage of your choice *by 1942, I mean 1996

  3. How Do You ____? • How do you handle accounting? • How do you write contracts? • How do you pay people? • How do you manage time? • How do you get organized? • How do you find time to write code?

  4. I’m Not A Lawyer (find your own lawyer)

  5. I’m Not An Accountant (find your own accountant)

  6. Ask Questions

  7. The Setup • Employee vs Business Owner • Technical Details • Lessons From the Field

  8. Are You An Employee? (from: richdad.com)

  9. What Kind of Worker? • 1099 - Contrator • W2 - Employee (mostly)

  10. What Kind of Business? • Sole Proprietorship - Limited protection • S Corp - Distributions aren’t taxed • C Corp - Double taxation, lots of paperwork • LLC - Less paperwork, flexible More: http://www.themoneyalert.com/Corp-Entity-Table.html

  11. Legal • Contractors • Contractor Agreement • NDA • Statement Of Work • W9 • Clients • Master Service Agreement • NDA • Statement Of Work

  12. F*ck You Pay Me!Client Relationship and Contact Commentary by Mike Monteiro • Contracts protect both parties • Don’t start work without a contract • Don’t blindly accept their terms Full video: http://vimeo.com/22053820

  13. F*ck You Pay Me!Client Relationship and Contact Commentary by Mike Monteiro • Anticipate negotiation, but don’t back down on • IP Transfer on Full Payment • Termination (kill fee) • Liability • Lawyers talk to Lawyers • Be specific and confident about money Full video: http://vimeo.com/22053820

  14. Accounting • Cash Basis vs Accrual Basis • Pre-billing and Unearned Income

  15. Accountants Can Help • Cash Flow Projections • Payroll • Tax Filings • Bookkeeping

  16. Accounting Tools

  17. Business Expenses Employee Business Owner

  18. Keep ‘em Separated • Get business specific reward card(s) • Get business checking account • etc...

  19. Business Expenses • Computer Equipment • Auto Expenses / Miles • Mobile Phone / Internet • Conferences / Training • Home Office

  20. Lessons From The Field

  21. Unexpected Costs? • Office Space • Signage • Business Insurance (Liability + E&O) • Accountant • Attorney

  22. Working On or In Your Company?

  23. Project Overhead! • You will often spend the same amount of administrative time on a $1,000 job as a $100,000 job.

  24. Live In The Cloud!

  25. Be Careful Working With Friends

  26. Be Extra Careful Working With Spouses

  27. The Math of Consulting • You can’t stay billable all the time • Holidays mean you aren’t making money • Training costs you twice • Employment Taxes The Unfortunate Math Behind Consulting Companies: (blog.asmartbear.com/consulting-company-accounting.html)

  28. Resources • Rework (37signals.com/rework) • Rich Dad Poor Dad (richdad.com) • F*ck You Pay Me (vimeo.com/22053820) • The Unfortunate Math Behind Consulting Companies (blog.asmartbear.com/consulting-company-accounting.html)

  29. Questions? Cameron Childress cameronc@sumoc.com www.sumoc.com

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