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How to Have Belief in Business

Business

There are three facets to belief. If you are a Christian business owner, you must take these three things seriously in order to truly be successful in business and in life. These are foundational to who we are as Christians and as entrepreneurs.

Belief comes from an old German word that means “to hold dear, esteem and trust.” There is a lot of power in belief if we understand the belief pyramid. The three kinds of belief for Christian business owners are: belief in God, believe in self and belief in business.

Belief in God

I was talking to a multi-millionaire this weekend. We started talking about faith and he shared a great concept with me. He said, “I don’t know how people do it without faith. They have nothing above them to keep them from being dishonest.” He went on to explain that when people don’t have some sort of faith, they can do whatever they want. In business, that could mean taking advantage of others and running a business with little or no ethics. (It happens!)

Starting with a foundation that there is a God and He is bigger than us helps us get perspective about our place in the universe. We are part of something God is doing here on earth, and because of that, we want to help people and honor God with all of our decisions.

Belief in self

After we have a strong foundation in God, we must have a strong belief in ourselves. This one may be harder for some of us depending on what kind of family we come from. See, if we have been told we are worthless or that we will never amount to anything, those seeds of doubt can still grow even when our business is successful.

We must look at the belief in God first and build who we are based on what He says about our lives. Think about it for a moment. You may have had someone in your life tell you that you are not good enough, but our value does not come from people. Our value comes from God.

God calls us His children. He sent Jesus to earth for us. He loves us even when we were stuck in stupidity and sin. That means the God of the universe, who created us and everything in it, says we are good enough. We should revel in the fact that we are more than good enough for this world.

Belief in business

I know a lot of articles that would start with the belief in business, but I have found that other two must be foundational to what we do as Christian entrepreneurs. We must have a strong belief in God, which tells us who we are in this world, which informs what we do for our business.

In business, we are here to help others. We find a product or service that can benefit another person and offer it to them at a valuable price. Business is that simple. Yet, at the core of what we do in business, we must think about how God wants to impact the world and how our lives touches others.

Putting our beliefs together

I have talked to many people who want to start a certain business ‘because it will make good money.’ They jump on the bandwagon only to find it is a lot harder than they think and since they are focused on the money, they are never fulfilled in their business. They jump from business to business never really finding their place in the world.

I don’t want that to happen to you. I want you to have a strong core belief that God wants you to be in business. I want you to see that God created you with a strong purpose in this world to touch lives. And, God, the creator of everything, gave you the blessings and opportunities to be in business for Him.

Taking action

Do a quick evaluation for your life.

Start with God. What is your core belief in God? Is it based on a strong knowledge of scripture? If so, keep it up. If not, jump into some biblical studies and dig into God’s word.

Check on self. What is your purpose? Do you really believe that God put you on earth for a purpose? He did! If you are having trouble with your identity find a good friend, pastor or counselor. Really dig into who you are and find the truth of who God created you to be.

Evaluate your business. Why did God put you in your business? How does God want you to impact the world and share His love through your business? If you are not sure, dig into scriptures, join a Christian entrepreneur group, or just talk to a solid Christian mentor in your life.

Conclusion

I could write thousands of words, but none of it means anything if we don’t take action on our beliefs. We must take action on our belief in God, self and business if we truly want to be successful. God has placed His hand on your life, I know because you are reading these words and I am praying for you. You are called to be in business and you did not find this article by accident.

I’m Lyle H. and I want to invite you to dig a little deeper with your faith and how it fits into business. If you need a confidence boost, check out: http://www.christianbusinessrevolution.com/faith-fit-business/

I also shared about how business is your mission, just look at what this famous missionary did with business in the Bible: http://www.christianbusinessrevolution.com/god-want-us-business/

Go and be blessed and be a blessing!

 

Your Revenue And Expenses

Revenue Expenses

Revenue

Revenue is the price of goods sold and services rendered during a giver accounting period. Earning revenue causes owner’s equity to increase. When a business renders services or sells merchandise to its customers, it usually receives cash or acquires ar account receivable from the customer. The inflow of cash or receivable from customers increases the total assets of the company. On the other side of the accounting equation, the liabilities do not change, but owner’s equity increases to match the increase in total assets. Thus revenue is the gross increases in owner’s equity resulting from operation of the business.

Various terms are used to describe different types of revenue; for example, the revenue earned by a real estate might be called Sales Commissions Earned, or alternatively, Commissions Revenue. In the professional practice of lawyers, physicians, dentists, and CPAs, the revenue is called Fees Earned. A business which sells merchandise rather than services (General Motors, for example) will use the term Sales to describe the revenue earned. Another type of revenue is Interest Earned, which means the amount received as interest on notes receivable, bank deposits, government bonds, or other securities.
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When to Record Revenue: The Realization Principle When is revenue recorded in the accounting records? For example, assume that on May 24, a real estate company signs a contract to represent a client in selling the client’s personal residence. The contract entitles the real estate company to a commission equal to 5% of the selling price, due 30 days after the date of sale. On June 10, the real estate company sells the house at a price of $120, 000, thereby earning a $6, 000 commission ($120, 000 x 5% ), to be received on July 10. When should the company record this $6, 000 commission revenue  in May, June, or July?

The company should record this revenue on June 10  the day it rendered the service of selling the client’s house. As the company will not collect this commission until July, it must also record an account receivable on June 10. In July, when this receivable is collected, the company must not record revenue a second time. Collecting an account receivable increases one asset, Cash, and decreases another assets, Accounts Receivable. Thus, collecting an account receivable does not increase owner’s equity and does not represent revenue.

Our answer illustrates a generally accepted accounting principle called the realization principle. The realization principle states that a business should record revenue at the time services are rendered to customers or goods sold are delivered to customers. In short, revenue is recorded when it is earned, without regard as to when the cash is received.

Expenses

Expenses are costs of the goods and services used up in the process of earning revenue. Examples include the cost of employee’s salaries, advertising, rent, utilities, and the gradual wearing-out (depreciation) of such assets as buildings, automobiles, and office equipment. All these costs are necessary to attract and serve customers and thereby earn revenue. Expenses are called the “costs of doing business”, that is, the cost of the various activities necessary to carry on a business.

An expense always causes a decrease in owner’s equity. The related changes in the accounting equation can either (1) a decrease in assets or (2) increase in liabilities. An expense reduces assets if payment occurs at the time that the expense is incurred (or if payment has been made in advance). If the expense will not be paid until later, as, for example, the purchase of advertising services on account, the recording of the expense will be accompanied by an increase in liabilities.

When to Record Expenses: The Matching Principle. A significant relationship exists between revenue and expenses. Expenses are incurred for the purpose of producing revenue. In measuring net income for a period, revenue should be offset by all the expenses incurred in producing that revenue. This concept of offsetting expenses against revenue on a basis of “cause and effect” is called the matching principle.

Timing is an important factor in matching (offsetting) revenue with the related expenses. For example, in preparing monthly income statements, it is important to offset this month’s expenses against this month’s revenue. We should not offset this month’s expenses against last month’s revenue, because there is no cause and effect relationship between the two.

How To Start A Home Business

Home Business

Taking the leap of faith and starting a home based business can be an exciting and daunting experience at the same time. While there are numerous reasons why people are drawn to the concept of a home based business the challenge is getting it off the ground. Unlike several decades ago, having a respectable home business was unheard off.

In fact if you didn’t have a shop front or office then you were considered to have a questionable business operation that lacked credibility. Times have certainly changed and so have our lifestyles. These days with the modern advances in technology you can comfortably setup a home business and compete successfully with much more established and larger businesses without any noticeable decrease in credibility.

In fact many of the multinational technology companies we know today as household names started out in dorm rooms, in the garage or a spare bedroom. Below are a few handy steps to help you get your home business off the ground.

1. Decide on your business structure. While you may be working from home you will still need to register the business and deciding on the business structure can be a critical decision. You hardly want to settle on a structure just because it is the easiest to setup or most cost effective only to have to restructure the whole business when it gets larger. If you don’t want to invest in an accountant to help you with this step there are some useful resources available at any local library about the different business structures and the benefits each structure can provide.

2. Decide on a name and register it. You will need to register your business name with the appropriate business authority in your area so that you can commence business operations. Rules and regulations differ from state to state and from country to country so consult your local government business department and they will be able to assist you on the forms you will need to fill out.

3. Decide on where your business is going to operate from. If you are lucky enough to have a spare room then you are pretty much set with getting your business going. You can probably get by with a table, chair, a filing cabinet, phone and computer in the early days. If you need other things relevant to your business you can get them later on when you are starting to create some turnover. Don’t worry about not have the perfect business setup from day one as your success won’t be determined by how beautiful your office looks. If you don’t have the luxury of a spare room then you might need to make do with a temporary office table that you need to setup and pack away at the end of each day.

4. Invest in business stationary. Probably the most important aspect of getting a business off the ground is making sure people know about it. Tell your friends and family that your open for business. A useful and cost effective way to promote your business is to get business cards designed and printed. While your at it you might as well print letterheads as well. With the abundance of cheap online printing companies out there this can be quite inexpensive and certainly well worth the small investment. Either use the available templates provided by your printer or engage the services of a cheap graphic designer from your local university to get them designed for you.

5. Start marketing. Its all well and good to have your business open but in order for it to stay open you need to have customers. Unlike having a shop front or office people aren’t going to just stumble across your business and wonder in your doors. You are going to need to do some leg work. Whether it be a telemarketing campaign or a direct mail campaign you are going to be the one that needs to do that if you want your business to grow. There are many wonderful small business associations that you can join that can give you useful advice and resources on how best to maximize your small marketing budget most effectively.

Starting a small business can be such a rewarding experience and once of the ground the fun is just beginning.

Preschool Franchising – A Profitable Business Enterprise

Preschools are becoming popular in India, thanks to the high awareness and high income of families these days. These schools are mushrooming in metro cities and small towns alike and are providing various advantages to both the children and the parents. However, the preschool market is still huge and requires to be tapped and for better penetration, a lot many good quality preschools are looking for franchising options.

So, if you are someone who would like to work with kids and create a profitable business venture out of it, then you can contact a preschool that offers franchising options. While contacting the preschool, it is better to get in touch with brands that have made a name for themselves in providing good quality education. You can also approach some international preschool brands that are leveraging their business in India.

Moreover, franchising a preschool is an easy business option as capital investment and other requirements are much lesser. You would require a property of 2500 to 4000 sq. ft. and an investment of about 10 to 20 lakhs for renovating the property, buying furniture and other equipment required for children along with salary for teachers.

While some preschool brands provide staff recruitment and training, some do not. Also, some of them take care of the advertisements and provide you with school bags, books and the like. However, if you are recruiting the staff, then do not compromise on the quality of teachers, as their performance is essential for your business to meet with success. Also, depending on your budget, you can provide additional recreational facilities to children in your school.

So, if you are planning to start this business, then you can browse the internet and find out about the best preschools in India who are providing franchising options. You can get in touch with them and discuss the matter and to find out about their terms and conditions. In this manner, you can choose the preschool brand that you think suits your requirements the best.

Being the franchisee, you will get to know about international best practices, various teaching techniques and the like. You can also get the satisfaction of working with kids and help them learn.

Even if you do not have adequate finances to start a franchisee, you need not worry as you can avail a bank loan for your enterprise. With the rising popularity of preschools, this is considered a good business option for entrepreneurs and you can invest in this to make a profitable venture.

Are you interested to franchise a preschool? Share your views with us.

Gaurav Sharma is the author of this article who loves to write blogs and columns on his favorite topics like preschool education, preschools in India and day care school. In this article he has shared information about preschool franchise.

Discover wonderful dry cleaning machines

Are you in New York City and have been searching for a company that offers exceptional Dry cleaning machine? Have you been let down lately by companies that promise to offer quality Dry cleaner machine but end up offering the opposite? It is the high time that you discovered this famous and amazing Dry cleaning equipment company that offers top most quality dry cleaning machines. We do not just sell dry cleaning and shirt pressing machine; we also offer Dry cleaning construction, new dry cleaner set up services as well. We are one of the biggest commercial laundry and Dry cleaner equipment distributors in New York City. We have a network of distributors located all over USA, including Georgia, Massachusetts, Illinois, North Carolina, Missouri, California, Philadelphia, Delaware, New Jersey, Virginia, and Texas. We offer you the finest quality dry cleaning machines at a rate that is not charged any other shop based in New York. We offer new dry cleaner set up services with the assistance of experts who are trained and experienced in setting up dry cleaning machine.

We ensure that your Dry cleaning equipment is up and running before our technicians leave your premises. Do not worry that your machine will not work properly; we guarantee you a service that is satisfactory all the time. We have invested in the latest technology in order to offer you Dry cleaning construction services that are hard to find anywhere else in the marketplace today. Our Dry cleaner machine assists you in ensuring that you offer your customers who are based all over New York and beyond, the finest dry cleaning services that they require. We always ensure that the Dry cleaning machine that we offer for sale is safe to the environment at all times. Our firm is trusted all over New York since the machines and services that we offer them are world-class. Whether your fabrics are made of wool, cotton or silk, or whether they are oriental rugs, trust our Dry cleaner machine to take good care of them.

A number of satisfied Dry cleaning machine customers have previously benefitted from the kind of machines that we sell, and are all praises for the kind of services that we offer them. We have always taken good care of them in terms of service delivery and quality, and this has made them stick with us for a long time. We offer new dry cleaner set up services as per your schedule; ensuring that we come over to your premises when you are ready for the set up. We offer the lowest Dry cleaner machine prices, which are pocket-friendly, and we believe this is what has made customers stick with us since inception.

4 Questions To Ask Yourself When Selling Your Business

Are you planning of selling your business? You need to ensure that everything is in place for you to sell the business at the right price. To help you out here are some of the questions that you should ask yourself as a business seller:

What Are The Things That A Buyer Will Look For In My Business?

There are many things that a buyer will look for when buying your business. Some of these things include: product lines, management structure, compatibility of operations, and customer and market base.

The buyer will also review your financial condition which includes: tax returns, payroll records, financial statements and depreciation schedules. If there are any employees in the business the buyer will like to know about their employment contracts.

How Do I Determine The Value Of My Business?

It’s easy to determine the value of your business as all you need to do is to hire a certified valuation company to do the valuation for you. The company will consider a number of factors in order to come up with the value of your business. Some of these factors include: assets, cash flow, market share, customer base, and financial history.

When Is The Right Time To Sell My Business?

The right time to sell your business is when everything is in place. You should wait until your business is viable and you can predict that it’s going to have an exponential growth. You should also wait until you have prepared all the necessary documents and you have a professional exit strategy.

You should never sell your business when you are desperate. For example, you shouldn’t sell your business when you have a pressing loan that you need to settle. This will not only give you stress, it will also result to you selling the business at a very low price.

Should I Tell My Employees That I’m Selling The Business?

You shouldn’t tell your employees about it. This is to avoid the repercussions that come with telling them. Some of the repercussions include: key employees looking for work elsewhere, competitors bad-mouthing you, vendors shortening terms and banks calling in notes.

You should maintain confidentiality and only let the employees know about it only after you have completed the selling process and the new owner is ready to start operations.

Conclusion

These are some of the questions that you should ask yourself when selling your business. To complete the selling process flawlessly you should consider working closely with a professional advisor.

Business Attorney Protecting Your Small Business According To the Law

A business attorney is important for your enterprise all the way from start up to dissolution. He or she is going to help you secure a trade name and incorporate your business, explain to you relevant and important business laws and finally guide you when you want to close or wind down your business. Therefore, before you start your small business, ensure you consult an attorney for legal advice.
All businesses, whether small, medium or corporations, are governed by business laws. These include laws that deal with startup, day to day management as well as dissolution. These laws are purposefully designed to ensure that enterprises can grow and improve their operations. However, many a business people are ingrained in running their business that they at times overlook these important statutes. One of the ways to ensure that your business operates without undue interruptions and interferences is through partnering with an attorney that can help you interpret small business law. There is a lot that your small business stands to gain if you have a legal advisor that is always by your side. These are some of the ways that an attorney is going to help you to achieve your business objectives all the way from the start till you wind up by explaining to you small business law.

Business start up
Starting a small business requires you to follow specific rules depending on the nature of business you want to operate. You can go for a sole proprietorship, partnership or a limited incorporated company. Each arrangement has its requirements in law that you need to comply with. By consulting your small business attorney Houston, you will get premium advice on how to go about starting each business type. In addition, your attorney will be helpful when it comes to getting a trade name, incorporating your business and finally explaining to you trademark laws. All these will ensure that you get to a good start for your business without unnecessary hindrances.

Managing your business
Each enterprise is governed by small business law to ensure it does not affect adversely people that depend on it or come into contact with it. For example, starting a maritime business requires you to comply with maritime legislations. Investing in mining business will also require that you comply with environmental laws. Some of the important business laws that your small business attorney Houston will bring to your attention are the following:

–    Contract law – that ensures all agreements made and signed are adhered to. It also explains consequences of contract breaching.
–    Employment law – this one regulates how you deal with your employees; their wages, terminal benefits as well as issues relating to hiring, harassment and dismissal.
–    Environmental law – explains your business obligations towards the environment.
–    Insurance and liability- what your business stands to lose or gain should you be accused or accuse other parties.
–    Intellectual property law – safeguarding originality, creative ideas and patents.
–    Tax laws – this governs various taxes that affect your nature of business.

Business dissolution
There are many factors that can lead to business dissolution. You can voluntarily pack and wind down. Your small business can be bought out by a larger corporation. You can be involved in a merger. You can go bankrupt. It is important that you involve your small business attorney Houston whenever you are contemplating any of these business processes of dissolution. Particularly when you are planning to declare bankruptcyFree Articles, merger or just selling out your business; you need to consult with an attorney to explain to you importance of small business law of this nature. An attorney will help you get the best possible deal out of every situation.

Is Franchising Your Business For You Know From Franchise Consultant

Franchising your business can be an excellent way of expanding your company’s profile in any locations, states and nations. When you make the plan to franchise your business, you basically give rights to investors to use your trademarks, logo and proven business who in return of this pay you a fee on some pre-defined terms. Even if franchising is popular for many companies, it is not always necessary that it will be for your business concept too. Not all businesses can enjoy the benefits of franchising.

To franchise your business in a fruitful manner, a lot of preparation is required from your end. In fact, you should think about franchising only if your business is ready to franchise. The conclusion must be made from your end. But the question is how? Well it is very easy, just get answers to some questions such as: Is franchising right for you? Is your business expandable? Will the target audience like your products or services? Having answers to these questions will give you an idea whether your business is ready to become a franchise.

In fact, if you are not able to analyze yourself, take help of a franchise consultant. There are many companies and firms who offer franchise consultancy and are ready to help you in all possible manner.

A franchise consultant will help you to know:

The unique characteristics of your business that might help in franchising your business. For any franchise business to be successful there are certain elements such as unique product line, quality management, easily manageable concept and so on.

There has to be something unique about your product or service that investors might be interested upon to invest in your franchise concept. This unique element must be the highlighted part of your franchising network.

Market survey by professionals is must to come to a conclusion whether your business can be franchised or not. Franchise consultancy firms will first do a survey of the market to find what whether there is a demand for the products or services your company might be dealing with.

Experts will also decide on the budget required to franchise your business. Developing a franchise business needs both time and money. Once you are ready with the franchise proposal, you’ll also need to market your franchise opportunity. Financing your franchise expansion is a very important part of your plan to franchise your business.

When franchising your business, you need to provide a blueprint of your business operation, training, marketing, financial and legal aspects of the company. By taking help of experts you can successfully franchise your business.

There are many franchise consultancy firms who even help in preparing a franchise agreement and business proposal that are must when you decide to franchise your business. It is the detailed business proposal that will attract investors towards your business concept, and on the other hand without franchise agreement no one will take your business as a genuine one.

To conclude, taking help of a franchise consultant helps in franchising your business in a legal manner and in a way that can help you earn profit. Hence, if you have an established, successful business franchising your business is just the right option for you to consider.