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Week 13 - Finally the final

Hi Everyone,

It has been wonderful to read about your thoughts, experiences and insights.  So many times it was like you were reading my own mind too!  I will miss reading your posts and learning from you all.

Being an entrepreneur is not easy.  There are many hours that are required to run a successful business that do not generate income, but the biz will not succeed without those efforts.  Pricing our earnings then has to reflect the hidden costs of those hours and “capital costs”.  We are all hopeful that we can keep many clients in order to spread out those costs amongst many people instead of only a few.  My pricing structure certainly did not reflect those hidden value and risk costs.  But, I am not at that place in my life where I can start posting significant earnings without creating more paperwork.

Being an entrepreneur means facing the fork in the road time and again, asking yourself, “is it just a temporary downturn? a normal lull?”  or is it just better to go work for someone else and let them deal with the headaches.

I miss the interaction with other people either on campus or in office.  The interaction gives a little lift to the day.  I don’t miss the office phones ringing all the time or interruptions when i am concentrating on pages and pages of numbers and contracts and the like. 

I have learned that I enjoy meeting people and making them happy and helping them solve their personal business management/financial issues and that I can do it from home. At home, I am not judged if I need a quiet place to work or if i need to make modifications to my computer and chair to accommodate.  What i need to be mindful of, is that if i need to step out for physio or stop and chill in a quiet dark room for my head to stop hurting, that I need to make up for that time at some point.  9-5 does not look like 9-5, it looks more like a hodgepodge quilt.  Which leads me to what i “hope” would be another “million dollar idea” - chic designer headphones to block the noise but not look too dorky for an office setting.

Wishing you all the best in your future endeavours!  May the marks and the bucks be with you.

Sonia

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Week 12 - Tech dependency

Week 12 - What’s not working?  Let me see first if there is anything working!

That is blowing things out of proportion. 

But when a venture is tech dependent, “good enough” might - and i say MIGHT - do the job.  Maybe the tech will make it through the next couple of weeks so that at the end of this semester, i can get a new computer or laptop.  But no, it is the “Age of the Machines” and they have their own agenda.  These machines, like horses and pets, will do something outrageous outside of normal office hours.  Delays are not much fun.  I did all the troubleshooting, sent an email for customer support, waited the 24-48 (yep, 48 hours) for a response that says to please call them M-F 8:30 am -4:30pm because it is apparent i have completed all of the troubleshooting....so, another day or 2 (long weekend, 3) down the tube.  When their office opens up again, I will be so delighted to find out what the answer is - is it the laptop manufacturer, or Windows 10 or McAfee  that is causing the system to drop a variety of drivers, and prevent re-installation of said drivers. Pity, because it is the printer company that has to help me this time with the driver.  Can’t understand why drivers and settings just change or disappear because Windows attempts an update.  Makes no logical sense.  And why is it on me to spend 6-8 hours per week to fix driver problems?  And why is it that each week it is a different driver?  Gets me going down the rabbit hole of Corporate greed - a $900 laptop should be reliable and last for more than one year.  And the numbers person in me gets to thinking - how does a proprietor balance the budget when the tech needs regular maintenance from the “Geek Squad”.  That means a proprietor has another mouth to feed - excuse me - an additional expense line.  It’s no different than a farmer with the vet, the transport driver or taxi driver and the mechanic, or the lawn maintenance and the person who puts the lawnmower back together. These supporting roles help a proprietor make more money by keeping the elements of the business healthy and in good working order, thereby making them more productive.

One of my classmates has been using the same brand of laptop as mine, and she just purchased a desktop with WindowsPro and Office for business.  She is thrilled.  I am glad to know someone who took the risk and says it is definitely worth it.  That makes her the influencer and me the laggard. This Friday, I have an appointment to speak with someone who is familiar with accessibility tech and settings.  After our chat, i will have a better idea which direction i am going in for purchasing a replacement computer.

Fingers crossed, this machine will get me through exams and not drop something that prevents me from accessing the internet or OneDrive.  This lemon will become either lemonade, lemon meringue or replaced with something that is more akin to Irish Coffee on espresso.

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Week 11

The sense of urgency really came to mind over the past few days.  What does it take to motivate myself, what does it take to motivate others?

The summer is a great mix of hot, cool, wet, dry and breezy.  People are tired of being cooped up. They are eager to enjoy life as if it is “normal” by shopping, going to restaurants, visit one another, return to the gym.

At the same time too, my headaches are easing up in response to some of the goofy measures I’ve taken, like wearing ear muff protectors and not watching Star Wars shows with all the “pew pews” and laser light shows.

So now that I can think more clearly and hold more endurance in front of the computer screen..... time to smile in the face of “danger” called Urgency.

It will be some time yet before i return to an office setting so we can keep my goofy earmuffs our little secretive competitive edge.

Best of luck to everyone!

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Start-Up Venture - Week 10 progress - Networking

Funny how opportunity presents itself at unexpected times!  Networking is sooo important, and sometimes, it just happens, organically and with luck.  The main thing is to not focus on what will happen today or benefit me today, but on building bridges for the future.

This past week, I spent time helping a professional friend around the office, as I have on occasion for several years.  At some point his current accountant will be retiring, probably around the time that I will be graduating from Nippissing and completing the CPA. This is a great opportunity for me to really focus on building my skills, and connections with people.  I get to see and listen to an entrepreneur in action.  Listen to his concerns, what works well, what doesn’t.  He loves to mentor other professionals, used to teach at Universities and hosts interns at his clinic.  In his entrepreneurial spirit, he is devising an opportunity for me to build and grow a business of my own, but also to help his business thrive even more so.

The other networking moment happened purely by accident.  Thanks to Kijiji.  Small world that it is, when we were making a pick-up from a Kijiji purchase, I took the opportunity to chat with a high school friend who lived right around the corner from where we were - turns out, another high school friend (who was in 3 grades younger than us) (we were in a REALLY small high school)  wants to start a charity with his 800 acres in cottage country to help traumatized people.  Well.....didn’t I set out a quick plan to lay the groundwork of who/what to delegate and build this thing, based on my experience, training and education. I pretty much appointed a Board, recommended the format, made suggestions for directions to go in and who to contact.  Felt good to be able to give back.  The people who are interested also enjoy helping others, giving back, and have the talents and expertise for specific and precise actionable-items. It is exciting to think, “hey, I might be writing grant applications again!” This time with, and for, long-time friends who understand why I would be passionate about helping those who suffer, and that helping them does bring people to the other side. Hey- so far, I’ve survived beyond my life expectancy by 40 years. And these are the people who helped me get there.

Sometimes, we need something to help us keep looking forward beyond today, beyond next week, beyond next month.  Something to give us the “Why am I doing this?” or some kind of vision or purpose that gives us some ooomph to put in the effort to build today in order to reach a longer term.

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Online Showcase Assignment

Ok, so it takes about 3-4 hours to record the audio and get it to line up with the video.  Then, it took another 40 minutes waiting for the provider to render.  Free is good and should never complain.

What did I learn today?  Don’t be afraid, enjoy the creative journey, and start earlier

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Week 9 - Already Plutus!

Ever feel like Charlie Brown?  Good news is, we fended off the piercing headaches plus body aches and fatigue after 2nd dose of covid vaccine.  So in a few more days, we will be considered fully vaccinated! Yay!

Entrepreneurs need to know when to ask for help.  I am handy around a computer.  But, i think the machines know to play tricks on people over a certain age.  Facebook is set up and Instagram is set up. But the curious thing is trying to connect them.  My teenage and university student daughters were asked to help.  They got stumped at times, but we are making it through.  I am lucky to have a friend who is artistic and in design, so I ran the pictures past her for approval.  Being entrepreneurial gives opportunity to be creative.  I enjoy it a lot, but, it is wise to seek outside opinions, because there is always something that could be better.  Even if is something nattering in the back of the brain, it is encouraging to make the changes when someone else sees the same thing.

What is a PLUTUS? Plutus is the Greek god of wealth. Funny story about that - I was thinking to myself “it needs to start with a P, like Pearl”.  Walked up to my daughter and she said, “What about Plutus, the Greek god of wealth?”  She did not know that I was thinking inside my head about the letter “P”  Great story about Plutus on Wikipedia and a few rabbit holes to follow if someone is interested in reading about ancient Greek mythology and near eastern religions.

I can now be found on Facebook as Plutus Tax and Financial Services as well as Instagram - .plutus.tax.financial (that name might get changed)  We are trying to figure out the “connect with people” and invite friends but this business page operates differently than a personal page.  Might take us another day or 2 to get it humming along. Persistence will prevail, and if need be, i can find another source to help with the accounts linking.

It is exciting to get through each successive step in building something that has the potential to grow over the years.

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Venture into the tax <mine> field

Shifting gears from one focus in life to another!  Being someone who obsesses about projects that I get involved in, I really needed to focus on clearing my head and letting go of a long-term project that had been all-encompassing for a long time.

Entrepreneurs are customer service providers who need to have their head and heart in the right place in order to convey the right kind of positive vibes that brighten other people’s lives.  This motivates people to reach out and ask someone for help with an activity in their life - whether it be their taxes, their lawn, their fitness, or their belongings. When we were birthday shopping for one of my daughters, my other daughter noticed that I strike up a friendship wherever I go and go out of my way to brighten the day of the retail staff - “where everybody knows my name.”  That is what I bring to the table as a service provider too - a sense of lightening the load of the doldrums of every day responsibilities.

This past week, the interview with our prof was just the thing I needed.  A chat with someone about what is important and helpful for entrepreneurship.  It really cheered me up to hear my own voice express my passion for things that are important, exciting and thrilling to me. Doubt and fear of failure can be suffocating, but re-living disappointment is stifling.

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Start-Up Venture Progress

Sometimes getting started is the hardest thing to do.  Failure is scary.  Success is scary too!

However, we can short circuit ourselves by not allowing for sufficient time and focus. It’s easy to say to ourselves, “Oh I wish i could do that” or “I hope one day to have my own business.”

Sometimes, the first step is to clean house - not just the floors - but those tings occupying rental space in the head so that cause us to lose focus.  When we are striking out on a new adventure, it will do better if a person is fired up and excited to do something passionately that makes this place a better world. Getting fired up is knowing the past is behind us - that cleaning house and “washing that <head ache> right out of my hair” is the best first step.  Trim down the responsibilities, and get ready to delve full in.

I resigned from a Position that was important to me, but it was time to step away, take a break and focus more on school work.  The cat also had a visit to the vet for a wee operation - now i don’t have to worry about little kittens joining the milieu - reducing stress is the goal!

My daughter met with her friends today. She is one of my main networkers and will be my first client.  As soon as her tax return is filed, her friends and their friends are likely to follow suit.

Next is making sure my work station is set up nice and neat, set up a FaceBook to connect with people and create the environment of “ahhhhh, we are open and ready for business.”

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Financial Sources

My wee small on-line summer-time work-from-home business will be sufficiently funded from personal finances.

Any equipment and supplies that are needed are already on-hand. Wi-fi with unlimited data is already set-up.  Cell phone is already an unlimited plan. Therefore most of what is needed will have little impact on day to day activities or expenses and will be a brief conversion from personal use to personal and business.

The main item for new costs is the license.  Because it is in an affordable range for this start-up, the funds will be provided personally.

For future development, upon graduation from the Accounting program at Nippissing University and passing the CPA exams, if I wished to open up my own shop then i would have to consider options for additional start-up funding.

Love money from family and friends can be risky and cause relationship hardships and rifts if the venture is a failure or the recipient does not pay back their friend or family member. Disappointment can have long-lasting unwanted effects.

Government grants would not be available quickly enough for the quick summer project, but it might be an ideal option for me down the road.  If I were to open up shop either on or off Reserve, then I would be able seek business development opportunities through various channels geared for First Nations.  As it is, I have been told there is a need on my Reserve, and I would love to move back home. With my experience in applying for and receiving grants for non-profit corporations, I would feel confident in my skills in preparing proposals.

Venture Capital may be a good option for some, but since mine is a service industry based on the knowledge and talent of an individual, it is not an ideal setting to attract a venture capitalist for investment or giving up equity in the business.

Angel investors or like thereof, offer a golden opportunity as a direct investor of a large chunk of money with the right to help supervise and develop the company. But realistically, this model is not likely to happen in my industry. Instead, it could be in the form of another accountant who plans to retire soon, but is willing to take on a junior or partner to learn their established business before the transfer is made.  This process would follow the flow of how many law firms may arrange for continuation of the business when the Sr. lawyer retires but is still accessible for mentoring.

Business Incubators are great and very exciting when they accomplish their intended purpose!  Sharing business space is a good option.  Currently business incubators are tech oriented, but who knows, in the future, it could become a modified model so that similar professionals in a small town could share office space and equipment until enough growth has developed for independent business operations.

Bank Loans are the most common sources of start-up funding, but they do make me nervous.  However, with proper business planning and research, it may not be so daunting.  The best way to manage cash flow for loans is to stay on top of the financial management of the firm.  If other people can run successful business and have something left over for their livelihood, then a small business loan might be a great option for successful investment and use of funds to grow the business.

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Business Operations Plan

I love taxes!  I love tax season and helping people with their taxes!  So I feel like a horse chomping at the bit to get started and at the same, like a horse in a steeple chasing course - jumping over that hurdle and not knowing what is on the other side.

The first step is to connect with Canada Revenue Agency (CRA) about my e-filer’s ID code and get it set up with an economical software program.There is no fee with CRA to re-instate my e-filer’s ID code, but there is a fee to obtain sufficient software.  CRA may take a day or two to establish and approve my ID with that particular software.

Since the location of my operations will be online out of my home, the networking to find potential customers will be through social media.  I will be starting by connecting with people i know who still need to file.

Other things that need to be addressed are creating a Privacy Policy, as well as Covid-Safe practices.  Procedures will include an authorization form that must be signed by the client, and a special work station to keep files organized.

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Customer Persona

Primarily Post-Secondary students.  They have been working hard on their courses online for some time now because of Covid.  They have questions, But with the ongoing lock-downs, it is hard to feel comfortable, to feel physically safe, and still get the attention needed to answer their questions.  These students have been learning volumes from their course work - and who wants to take on the Income Tax Act and CRA’s tax forms when what a student really wants is rest and relaxation along with a summer job, but there is so much instability every where!

Fear not, a student or parent can still feel connected and have their tax concerns addressed in a safe manner at a small, nearby location that is within walking distance!

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Competition

Playing with the Big Boys now! But realistically, they are in their own league. How does a small new player make it in the vast field? One client at a time. And really, I have the advantage of not needing to sacrifice my worth and earning power for several very expensive Executives. Instead, I can focus on helping people at the local level at an affordable rate. My job is: help people make their money become more money in their pockets.

Three major competitors in my area are H&R Block, Liberty Tax and another company formerly known as Kevin Sider. Fortunately for me, the new name of the latter is not so easy to remember for googling purposes.

H&R Block is known for its year round training of its associates. However their offices are open only 1 or 2 days per week during the summer months, which makes it difficult for late filers to connect during a weekly 4 hour window. Bingo! Opportunity for me because i can provide greater availability.

Liberty Tax, according to their website is still open 5 days per week during regular business hours. But, I won't let that get in my way.

Luke Pignataro, formerly known as Kevin Sider is tasked with retaining the clients of a successful business. I can only wish them the best in good sportsmanship, but i see opportunity as well!

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Message Map

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Strengths and Weaknesses

We’ve all got them. The ying and yang of it all. Sometimes we don’t even know what we’ve got until the right situation comes along.  Sometimes things that seem so strong, end up being brittle and fall apart, yet other things that seemed to never have strength, ended up having resilience and flexibility and resilience for surviving just the right moment.

Sometimes, these personality tests are supposed to help guide us in understanding ourselves.  But what about those scenarios where sometimes we respond in one manner and another time we respond differently?  Whether it is because of age and maturity, family commitments and priorities or just that stage in life where something that used to be a good idea is no longer such a great idea.  There is even the other notion too: the midlife crisis where things we have suppressed for a long time come bursting to the forefront. That inner voice that had been quieted, given up for lost, starts to become incessant in bringing up those lost hopes and dreams.  Is it foolishness or resilience?

Post traumatic stress disorder had sidelined my hopes and dreams of completing a University degree. Then more of Life happened. Chased the horses. Marriage. Baby. Divorce. 2nd child. Widowed. Single mom again. Economic downturn again. Career change again.  And then that inner voice, that sadness that I had failed myself was pestering about that University degree and that I was a loser without that Degree. Then friends and family started pestering me about building on what I was accomplishing at work – that I should go to Niagara College, articulate to Nippissing University and become an accountant. Lucky me – I already have a line-up of clients waiting for me to graduate.

After all the crappy things in life, I am blessed with great people around me. What are my strengths?  What are the gifts that I have been given? Resilience, joy in appreciating the people around me, a desire for life-long learning, and hope for a better morning each day.