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Carolina Longarm Association Business Presentation

Published on Nov 26, 2015

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PRESENTATION OUTLINE

1.

Ye Olde Forest Quilt Shop

WELCOME CAROLINA LONGARM ASSOCIATION!
Photo by Salmando
2.

Agenda

  • Personal background
  • Business resources
  • Hobby versus business
  • Types of business structures
  • Marketing ideas
Photo by Jim Ceballos
3.

Personal Background

  • NC CPA
  • UNCG Employee
  • Quilt Shop Owner
  • Longarm/APQS Rep
Photo by "The Wanderer's Eye Photography"
4.

Resources

  • IRS
  • Department of Commerce
  • Small Business Administration
  • NC Dept of Revenue
  • NC Small Business Guide
Photo by webtreats
5.

Hobby or Business?

  • Be careful!
  • Definition of a business
  • What motivates you?
  • Profit test...
  • Behavior test...
Photo by Philip Taylor PT
6.

Pass the Behavior Test

  • Business plan
  • Licenses and permits
  • Separate phone line
  • Mileage log
  • Keep good business records
Photo by Philip Taylor PT
7.

Pass the Behavior Test

Photo by Philip Taylor PT
8.

Pass the Behavior Test

  • Separate checking account
  • Business cards
  • Assets?
  • Calendar
  • Professional organizations
Photo by Philip Taylor PT
9.

Types of Businesses

  • Sole Proprietor
  • Partnership
  • Corporations
  • Limited Liability Co (LLC)
Photo by chipgriffin
10.

NC Wholesale License

  • Should you have one?
  • Filing requirements
  • NC Department of Revenue
  • Questions?
Photo by lisby1
11.

Be a Good Accountant!

LOSS DEDUCTIONS CAN COST YOU $$$!
Photo by blair_25
12.

RECORD KEEPING

Photo by mrmatt
13.

Separate Checking Account

  • Deposit all customer receipts
  • Pay only business expenses
  • Easier for an IRS audit
  • Don't write checks to "cash"
  • Business credit card
Photo by aresauburn™
14.

Other Business Documents

  • Appointment Calendar
  • Expense journal/Quick Books
  • Mileage record
  • Travel, meal and entertainment
Photo by somegeekintn
15.

IRS MAXIM

FIGURES LIE AND LIARS FIGURE
Photo by MoneyBlogNewz
16.

TAX RECORDS

  • Sales receipts
  • Cancelled checks
  • Account statements
  • Credit card slips
  • Invoices
Photo by Robert S. Donovan
17.

Other Tax Tips

  • "Start-Up" Tax Trap
  • Section 179 Assets
  • Home Office Deduction
  • Meal and Entertainment Expenses
  • Create a good filing system
Photo by Don Nunn
18.

MARKETING STRATEGIES

  • Business card
  • Quilt Shop
  • Guilds
  • eBay
  • Business website
Photo by JD Hancock
19.

more marketing strategies

  • Volunteer/educate
  • Show off
  • Brag (talk it up!)
  • Blogs
  • Social networks
Photo by hyku
20.

Last Business Tips

  • Home Business Tax Deductions by Nolo
  • Record mileage religiously
  • "Girlie" shops
  • Vend or Support Guild Quilt Shows
  • Be unique and experiment with ideas!
Photo by marc falardeau
21.

ANY QUESTIONS

Photo by Horia Varlan
22.

Presentation DISCLAIMER

  • Informational only
  • Not intended as legal advice
  • See an attorney or CPA
  • for legal guidance or
  • tax advice
Photo by Enokson
23.

QUEUE QS PLUG

Photo by Orin Zebest

Joanne Jones

www.yeoldeforest.com