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Small Business Ownership For Geeks. Cameron Childress Native of Atlanta Georgia ColdFusion developer since 1942* Also Flex, AIR, iPhone, Development Founded.

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Presentation on theme: "Small Business Ownership For Geeks. Cameron Childress Native of Atlanta Georgia ColdFusion developer since 1942* Also Flex, AIR, iPhone, Development Founded."— Presentation transcript:

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? 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:

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 Full video: 1.Contracts protect both parties 2.Don’t start work without a contract 3.Don’t blindly accept their terms

13 F*ck You Pay Me! Client Relationship and Contact Commentary by Mike Monteiro Full video: 4.Anticipate negotiation, but don’t back down on IP Transfer on Full Payment Termination (kill fee) Liability 4.Lawyers talk to Lawyers 5.Be specific and confident about money

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 EmployeeBusiness 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)blog.asmartbear.com/consulting-company-accounting.html

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

29 Questions? Cameron Childress


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