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:
Small Business Ownership For Geeks
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
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?
I’m Not A Lawyer (find your own lawyer)
I’m Not An Accountant (find your own accountant)
The Setup Employee vs Business Owner Technical Details Lessons From the Field
Are You An Employee? (from: richdad.com)
What Kind of Worker? Contrator W2 - Employee (mostly)
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:
Legal Contractors Contractor Agreement NDA Statement Of Work W9 Clients Master Service Agreement NDA Statement Of Work
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
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
Accounting Cash Basis vs Accrual Basis Pre-billing and Unearned Income
Accountants Can Help Cash Flow Projections Payroll Tax Filings Bookkeeping
Business Expenses EmployeeBusiness Owner
Keep ‘em Separated Get business specific reward card(s) Get business checking account etc...
Business Expenses Computer Equipment Auto Expenses / Miles Mobile Phone / Internet Conferences / Training Home Office
Lessons From The Field
Unexpected Costs? Office Space Signage Business Insurance (Liability + E&O) Accountant Attorney
Working On or In Your Company?
Project Overhead! You will often spend the same amount of administrative time on a $1,000 job as a $100,000 job.
Live In The Cloud!
Be Careful Working With Friends
Be Extra Careful Working With Spouses
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
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