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  • Successful Entrepreneurship – Cracking the Code

    Successful Entrepreneurship – Cracking the Code

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    We've heard stories of penniless immigrants who came to Canada with nothing but a dream, but within a single generation accumulate a lot of wealth. How do they do it?

    This is a mystery to the typical person who graduates with a post-secondary education and goes on to work in the labor force as an employee (ie, most people!). This is because our educational system specifically trains its students to become employees rather than entrepreneurs.

    So when we hear about these rags to riches stories, we ask ourselves – "how did they do it?" As someone who grew up in an entrepreneurial household, here is my take on Cracking the Code to Successful Entrepreneurship:

    1. In most cases, one will never become truly financially independent working as an employee. Whether you are an entry-level bookkeeper or the CEO of a large organization, you can be unexpectedly fired at a whim by whoever you report to. You are therefore susceptible to financial catastrophe.

    2. Therefore, the only way to achieve financial independence is to build and maintain a successful business.

    3. There is a "magic formula" that will allow to evaluate a businesses' odds of success:

    [( Sale price of product – Variable cost of product) x Units sold] – Fixed Overhead Costs = Profit

    This formula will be very familiar to accountants – it's called the Contribution Margin Ratio.

    Let's demonstrate this formula using a Bubble Tea business. Wonder why there are so many Bubble Tea shops in Toronto? Because they make a heck of a lot of money with little risk:

    Price per bubble tea drink – $ 4.00

    Cost to make per drink (water, powder, sugar) – $ 0.50

    Drink sales per month assuming 100 sold per day – 3,000

    Monthly rent for shop – $ 3,000

    · Assume no labor costs – in the early years, the owners will work the shop themselves

    · [($ 4.00 – $ 0.50) x 3,000] = $ 10,500 in sales

    · Profit after paying rent: $ 10,500 – $ 3,000 = $ 7,500

    Once you apply this formula to the multinational soft drink companies to analyze their beverage businesses, you can begin to understand why soft-drinks companies have grown from humble beginnings to global companies they are today.

    You can also use this formula to evaluate almost any small business you might be thinking of getting into: restaurant, nail salon, hair salon. You should quickly realize that it's best to choose businesses with a high profit margin (ie, high selling price for produce / service and low cost of supplying the product / service) and high customer traffic (ie, units sold, people serviced).

    Seeing the Future – Cash Flow Projection

    You want to know if you'll be making a profit before going any further. If you skip this step, your chances of failing increase significantly.

    Investigate your costs to start up and run your business. The most common are:

    · Rent – how much will it cost to rent at the location where you want to set up?

    · Wages and payroll tax – will you need employees or can your run the business yourself? How much do you need to pay yourself to meet your personal living costs?

    · Advertising costs – what types of advertising will you use – TV, radio, internet – and what is their cost versus their potential return on investment?

    · Cost of inventory or raw materials – will these be imported? If yes, you'll need to factor in the impact of exchange rates on your profitability.

    · Purchase of equipment – general office equipment like a phone system, computers and IT network, and furniture, as well as specialized equipment for your specific line of business like restaurant equipment (if you're opening up a restaurant).

    · Business liability insurance – to protect yourself from liability if someone is inadvertently harmed by your product or service, or if someone is injured on your premises.

    · Pricing – how much will you be able to sell your product or service so that's it's competitive with others in your line of business

    Once you've figured out your monthly costs (ie, your overhead) and pricing, you're now in the position to determine how many unit sales you need to make to breakeven – remember the Contribution Margin Ratio that we looked at. Use a spreadsheet to build a cash-flow projection model.

    Protecting Yourself – Creditor Proofing

    If things don't work out for your business you could be financially ruined. Therefore, consider the following techniques to protect your personal assets from your business creditors.

    1. Incorporate the business. This will provide you with a level of creditor protection – most of a corporation's obligations are limited to its assets so this structure can provide protection for personal assets. This structure also has income tax benefits, which will not be discussed here.

    2. Always pay statutory debt on time, specifically:

    · Payroll source deductions;

    · Federal and provincial sales tax collected; and

    · Employee wages and vacation payable.

    Corporate directors can be personally responsible for these debts, notwithstanding that the business is incorporated. In many incorporated small businesses, the shareholder (ie, the business owner) and director are the same person.

    3. If you can, avoid giving personal guarantees of your corporation's business obligations (eg, landlord, suppliers) unless it is absolutely necessary.

    You will need a financial expert on your team to deal with the issues raised in this article. Therefore, I would strongly advise that you contact a CPA who can help you further.

    For all you aspiring entrepreneurs out there, I hope that I've helped take out some of the "mystery" behind successful entrepreneurship. Use this tool wisely and never stop dreaming!

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    Source by Victor Fong

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  • Does Tiger Balm Cure Nail Fungus?

    Does Tiger Balm Cure Nail Fungus?

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    The fungus “Candida” is present in all our bodies.

    Under certain circumstances, it can become rooted in different locations or organs, spreading as if it were an “infection”. This infection is made visible through the presence of “white” discharge or some other infected material (in the case of the toes, a yellowing of the nail).

    Candidiasis is the “infection” state of the fungus – affecting everything from dandruff to having vaginal candida discharge.

    Whilst nothing wrong from a purely health perspective, the underlying condition is often unsightly, and can lead to further complications if not treated.

    Most pertinently, the infection will likely not go on its own. This means if you have Athlete’s foot (another form of Candidiasis), or some other Candida-based infection, you’ll typically have to work hard yourself on cleaning it up.

    Solutions are actually quite bountiful… “Tiger Balm” (a more powerful Vicks Vapour Rub) being one of them.

    Firstly, the important thing to note is that there are two types of Candidal infection. You can either get a growth on the surface of the skin, or it can be embedded inside the skin. The type you have determines the remedy.

    Secondly, ALL Candida responds in the same way to the various remedies. The only difference lies in accessing the root cause of the problem. If you have an embedded infection, it will typically require direct access through the surface layer of skin (hence why the likes of laser treatment is used for Toenail fungus).

    The point is that if you’re able to access the infection (it’s either on the surface of the skin or close), you can apply active ingredient straight to it. In the case of the “cottage cheese” type substance for most fungal infections, this means you can apply the likes of anti-dandruff shampoo, yoghurt or “Vicks Vapour Rub” to essentially kill off the fungal spores. This will be quick and painless.

    If you have an embedded infection (heels / toenails / vagina), you need to be careful with what you end up doing. Specifically, if the infection is under the surface of the skin, you have to remove the top layer in order to hit the fungus directly. This is where the likes of Tiger Balm comes in.

    Tiger Balm is nothing special. It’s just a more powerful Vicks Vapour Rub without the Eucalyptus. The most important thing is that it’s potent. Really potent. And it hurts.

    The cream basically tricks the brain into “numbing” the pain receptors on your body. It creates an “ice heat” – GREAT for muscle injuries, but basically means that you should expect some discomfort from using it (look up Tiger Balm on YouTube for more info).

    To this end, if you want to get rid of a Toe nail infection with it, you first need to be able to get rid of the surface layer of the nail. This is best done by filing, or can be done by applying a cream to soften the nail before trying to pick off all the infected layers on the top.

    Once you’ve removed the “crusty” layer of the nail, you should then be using the likes of Tiger Balm to kill off the infection directly. Again, this may hurt but you need to be absolutely stoic in its application – put it all over the nail so it will get rid of it entirely. If it works, the new nail that forms should be entirely “fungus free”.

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    Source by Richard Peck

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  • The Cash Register and Their Uses

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    We have all at least seen a cash register if not used one.  Cash registers are an integral part of retail businesses and most cannot operate without one.  Invented by James Ritty after the Civil War out of necessity for the running of his saloon.  His main goal was to stop employees from skimming money and he got the idea after seeing a tool that counted the revolutions of propellers for steamships.  Patented in 1883, the cash register soon took on a life of its own and after being sold a few times, finally settled into what it is today.

    Today the cash register does not require you to break a nail while pushing down huge buttons that were known for sticking down and causing all sorts of problems.  There are no longer number tabs that pop up to show you the amount being rung up, but rather most registers are computerized.  Computer cash registers are available in many forms today and may consist of just a simple program that you run on your desktop computer that uses an interface just like a regular cash register to entire pos systems that come complete with bar code scanners, a till drawer and receipt printer.  Pos cash registers are what most of us are familiar with today as all the large retailers use them.

    Computer cash registers or pos cash registers are highly advanced and will do everything from ringing up the customer’s purchases to doing your taxes.  Many of the systems will come with a program that keeps track of your inventory which will save you time and money by streamlining the process and not having to do physical inventory.  Don’t forget the options like bar code scanners and laser receipt printers that will help keep your business running smoothly.

    Touch screen cash registers are the first choice among restaurants and grocery stores.  These registers will display menu choices and options that will make ordering quicker by just pressing the screen.  Restaurant cash registers are designed so that the kitchen will receive the order when the wait staff enters it into the computer so they can begin preparing immediately.  This makes for a much more efficient restaurant.  Many of these pos systems also come with age verification software which is handy for those in the bar business.  These registers also allow for unique user id’s that keep track of each person who uses the register, their orders and their sales.  Most are able to download your business for that day or week into tax programs such as Quick-books.

    The importance of cash register tape might seem little, but this is an important addition to any system and should be allowed some consideration before purchase.  Today, most register systems and credit card machines use thermal paper for receipts.  This paper requires special thermal printers that burn the image into the paper.  Laser printers are also used and they have their own special type of receipt paper as well.  These types of printers do not require ink, which is one less expense because in the long run ink will cost you a fortune, but they are much pricier up front than your regular paper receipt printers.

    Below is a list of registers and prices that you can expect to pay:

    • 8 Department Standard Electronic Cash Register (recommended for small businesses) starting at around $100 – These registers are very basic, but for the small retailer they are perfect – They use standard paper for their receipt printing
    • 40 to 99 Department Standard Electronic Cash Register (recommended for small to midsized businesses) from $200-$350 – Same considerations as register above
    • Touch Screen Cash Register (varies depending on size and bundles/options, recommended for restaurants and bars) $500-$2500 – These registers will almost always be used with thermal or laser receipt printers
    • POS Systems (varies depending on size and options) $1500-$3200 – Used almost always with laser or thermal printers.

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    Source by Gerald Hill

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  • The Risk/ Reward Approach, To Better Health: 4 Scenarios

    The Risk/ Reward Approach, To Better Health: 4 Scenarios

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    Doesn’t it, make sense, to be more willing to use, more extreme approaches, possibilities, and approaches, if there is a serious, and/ or, life – threatening, treatment, than, when, this doesn’t exist? Several years ago, I remember watching a television advertisement, for a prescription drug, for treating, foot – nail fungus. This product, perhaps, effectively treated its desired ailment, yet, when the contra – indications, etc, were listed, which included causing cancer, liver ailments, etc, I wondered, why, anyone, would use this, for a seemingly, less – than, life – threatening ailment. With that, and similar issues, considered, this article will attempt to, briefly, consider, examine, review, and discuss, 4 possible scenarios, and, whether, they are warranted, using the risk/ reward approach, and mindset.

    1. Chronic ailments: Many of us, suffer, from one, or more, chronic ailments, especially, as we age. Some people learn to live, with the discomfort, and/ or, address it, by using some safe alternative remedy, and/ or approach. Others, either, are so uncomfortable, have such a low pain/ discomfort threshold, etc, they seek more aggressive treatments, and modalities. A chronic ailment, is one, which lingers, on an ongoing basis, either, consistently, or on a sporadic time – frame.

    2. Acute ailments: Acute ailments are those, which come on, rather suddenly, and may, come from known, or unknown causes. Known causes may include injuries, due to falls, strains, etc, while, unknown ones, often, come from something, we may not even recall happening. The smart approach is to, first, recognize, and consider, the reasons, and causes for the discomfort/ ailment/ pains/ aches, etc, and, then, evaluate the possible remedies. It is always wise, to contact, and consult, a trusted, health professional, as soon as possible, in order to ensure, nothing is overlooked! Once, more serious ailments, and/ or, causes, have been ruled out, it is often wise, to consider alternatives, which may be safe, effective approaches.

    3. Life – threatening illnesses: Obviously, if you are diagnosed with a life – threatening disease, such as cancer, etc, it makes sense to consider using a more aggressive treatment, with potential severe side – effects, than it is, for lesser ailments. If, without the treatment, your chances are somewhat poor, your risk is limited, and reward enhanced!

    4. Options/ alternatives: If you don’t pay keen attention to taking care of yourself, no one else will! Examine your true needs, medical causes of your discomfort, and your options and alternatives. The lesser, the danger of the ailment, it is wise, to take fewer risks/ chances, and vice versa!

    Take care of your health needs, by using the risk/ reward approach, and consideration! Doesn’t that make sense?

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    Source by Richard Brody

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