024 – Start A Small Business The Smart Way

November 17, 2010 — 4 Comments

024 – Start A Small Business The Smart Way

Businesses are struggling and failing all over the place and yet so many people believe that it is still smart to borrow money to start a business. In this show I explain how I’m pretty much giving my employees my business to take over and yet they still are gravitating towards borrowing money.

I also run down a quick list of items to start your own company and I put to rest some common myths out there about the expenses that go along with a business start up.

I also give an update on my employment hunt as well as explain my new strategy on helping listeners find the show notes on this site. From now on I will be making short cut URLs that you will be able to find easily. For example I mention the free download of my Confident Pricing class workbook.

http://bluecollarliving.com/bcbp4 (bcbp stands for Blue Collar Business Podcast)

From now on you will be able to find all the show notes (fancy word for blog post) this way.

Thank you Starla Sexton for joining me for the live show!

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James Dibben

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4 responses to 024 – Start A Small Business The Smart Way

  1. Loved your rant on borrowing money without doing the math! I completely agree – way too many people justify huge loans for the privilege of driving a fancier vehicle that drops in value. Business owners are the worst, too!

  2. First off, love that you give advice to stay out of debt. That is how I started up my business as a handyman/contractor/mechanic. I have sought out advice from anyone willing to give it, in this being my first shot at a business, and you are the first to speak common sense on debt. In particular, the vehicle. I have been told over and over by bookeepers to lease a truck for my business because it ‘saves’ me money. It is deductible here in Canada, but lease money is still $$$ out of my pocket. I got a Suburban with a blown engine, rebuilt it for $500 in parts, and every month I keep it running is another lease payment in my pocket.
    In my business, I needed another individual involved, so we operate under a joint venture. It is different from a partnership, because we each have our own completely seperate company. We quote and invoice seperately, keep seperate books, own our own tools (borrow from one another occasionally) but work together on projects, depending on what is involved. So far it has worked very well, but disolving the joint venture would really just mean we wouldn’t do anymore projects together. Keeps it simple. Not sure if that’s just in Canada.
    I look forward to this podcast, and listen on my Blackberry while I work. Also, I’d be lost without my Blackberry! Wish they would make a Quickbooks app!

  3. I don’t know what it is but business owners seem to gravitate there faster than anyone!

  4. Tim, I’m addicted to my iPhone so I completely understand the desire to do everything on a smart phone!

    Great point on the joint venture idea. I didn’t even think of that one!

    I have a ’99 suburban with 200k on it and she’s still rolling just fine. Yeah, I’m putting a little money into her each year but you know what? If I don’t have the money to fix her I can wait a month or two. If that happens on a truck with payments it gets repossessed!

    Just because someone is a CPA that doesn’t mean they are a great business person. I’ve seen more bad advice from CPAs than good advice.

    Thanks for joining in the discussion!

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