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Questions to Ask Yourself When Starting a Business
When entrepreneurs ask me for help in starting a business, I immediately think of three questions I need to ask them back. I do that for two reasons. First, there is such a wide range of business types, startup forms, levels of experience, and personal situations, that more details are needed to move beyond the […]
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When entrepreneurs ask me for help in starting a business, I immediately think of three questions I need to ask them back. I do that for two reasons. First, there is such a wide range of business types, startup forms, levels of experience, and personal situations, that more details are needed to move beyond the general advice of best practices that benefit any business. Second, one has to start somewhere with the decision tree that will naturally begin to branch and unfold once some baseline information is clarified. Here are the three key questions to ask yourself when starting a business:
1) What are your specific goals and objectives?
The main reason for articulating specific goals and objectives is to determine what actionable steps should be taken next. For example, if entrepreneurs are looking to sell artisan crafted goods — are they doing so as a secondary income for which they would be satisfied with a long-term strategy of selling at seasonal markets? Or are they looking to gain experience, market share, and working capital toward opening a brick-and-mortar location?
Actionable marketing steps for the example of selling at seasonal markets might go no further than social media and a single free webpage online, a business card, and a flyer for marketing. Whereas for the latter example of a brick-and-mortar location, you may want to develop a more complex website showcasing a full line of inventory, a full media marketing plan with associated costs, and a multi-year cash-flow budget that will demonstrate the necessary metrics needed to be reached along a timeline for development.
A smart tool for articulating goals and objectives is the S.M.A.R.T. methodology. Using S.M.A.R.T., an entrepreneur creates goals and objectives that are quantifiable as Specific, Measurable, Attainable, Relevant, and Timed.
2) How will you pay for your startup?
An idea is only that until it’s implemented. And implementation always involves investment, even if it is only a small amount, such as when you’re turning a hobby into a full-time business and you already own the equipment and tools. A simple and effective first step to understanding your startup financial needs is a short form known as sources and uses. In this simple way, one can list the general categories of cost estimates known as the uses of funds, even if they are not yet fully fleshed out and detailed, along with proposed sources of those funds being paid out.
This simple cash-in and cash-out accounting for a startup can help a new entrepreneur understand if starting a business out-of-pocket is realistic, or if other sources of financing will be needed. If additional financing is required, the next steps of looking at metrics such as cash available, credit, collateral, and a full-blown pro-forma cash-flow statement will need to be determined. This is also an opportunity to discuss when appropriate, alternative strategies such as crowdfunding.
3) How will the form of your business look in terms of ownership and entity?
This is often the best time to ask if the entrepreneur has spoken with a lawyer or accountant regarding the implications of ownership and taxation, which can be a deciding factor in final entity form. However, before that conversation, it often behooves the strategic discussion to talk about other non-tax-related factors and lesser-understood business forms with which the entrepreneur might not be wholly familiar.
For instance, the “nonprofits and grants” talk is a commonplace occurrence among beginning entrepreneurs with little to no experience. Giving up ownership of an organization to a controlling board of directors is often not what the entrepreneur had in mind as a trade-off in favor of being able to receive grants and tax-deductible donations, as a 501(c)(3) nonprofit corporation, but it is often a consideration that was not understood or considered prior.
Whatever the answers to these three initial questions, the branches of the tree unfold, the actionable tasks leaf out, and the potential for bloom or bust becomes more apparent. These answers form the foundation of any business-planning process. And not to insinuate that they won’t change, but they will form the launching point necessary for the technical planning work for the startup’s implementation.
Frank Cetera is a NYS SBDC-certified business advisor at the Small Business Development Center at Onondaga Community College.
Dear Governor Cuomo: As you know, we seem to have a little corruption among the politicians of our wonderful state. In the interests of New York, may I humbly offer a few suggestions? They are on the same theme of making lemonade out of lemons. Or cat food from stinking fish. Or soil enrichment out
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Dear Governor Cuomo:
As you know, we seem to have a little corruption among the politicians of our wonderful state. In the interests of New York, may I humbly offer a few suggestions? They are on the same theme of making lemonade out of lemons. Or cat food from stinking fish. Or soil enrichment out of manure from Albany. You get the idea.
We have corruption in Albany. You know that. Even the janitors are on the take. The State Assembly has its own wing at Rikers Island.
You are a practical guy. How about we come up with ways to use our corruption to promote the state. I’m serious.
What do states promote? Their assets. The things they do well and have a lot of. Their resources.
Well, what do we do really well and have lots of? Duh. Hint: It’s not manufacturing. Not any more — thanks to our high taxes and crazy regulations.
What we do well is corruption, governor. So let’s be proud of this. Let’s use corruption to promote this state. Let us turn turnips into bubbly.
How about a Corruption Hall of Fame, for starters. We could televise the inductions every year — just like pro sports. What Cooperstown does with pinstripes, we can do with prison stripes. What the NFL does with the draft, we could do with indictments. “And here to accept this great honor, on weekend leave from federal penitentiary … put your hands and handcuffs together for Shelly Silver!”
We could have big conferences at the Hall of Fame. Invite politicians from all over the country. Feature headliners, like whichever comptroller is out of prison. We could stage workshops on influence peddling. We could have the Boss Tweed Wing. The Dean Skelos Room — with real bars on the window.
We could sell books on how to fiddle with pension systems.
We could market money-laundering ideas — as endorsed by various of our politicians.
Slush funds. We could hold an entire annual convention on the latest advances in slush-fund thinking and strategy.
And charities. We could tap into the wisdom of our political leaders in and out of the clink. They could endorse pre-packaged fake charities that we could sell to aspiring crooks across the fruited plain.
“Running for office? You need a New York charitable foundation where your supporters can deposit bribes. Our fake charity packages are designed and endorsed by luminaries like the Big Apple’s Mayor de Blasio.”
Governor Cuomo, this is a golden opportunity. Just think, soon we might be able to boast that one of our graduates became president. Hillary Clinton is the queen of corruption. She created the biggest influence-peddling slush fund in the country. And gosh, she used to be our very own senator. Is this a great state or what?
Our state universities could offer degree programs in corruption: how to practice it, how to detect it, and how to ignore it. You could create courses in that subject, Governor Cuomo.
I can see new state advertising messages: “New York Is On Sale.” “We Milk More Than Cows Here.” “Much More Than Street Crime.” “Brooklyn’s Bridge Ain’t Fer Sale — But Its Politicians Come Cheap.”
I can see our new motto on the state flag, in Latin: Redere Ludere! (Pay to Play).
I can see golden arches constructed over the steps of the state capitol. For Sale! (And We Don’t Mean the Building.)
From Tom…as in Morgan.
Tom Morgan writes about political, financial and other subjects from his home near Oneonta. Several upstate radio stations carry his daily commentary, Tom Morgan’s Money Talk. Contact him at tomasinmorgan.com
Cut Corruption Off at its Roots
Scandal after scandal, Albany has been unwilling and unable to police itself on matters of public corruption. It is so bad that shocking headlines involving corrupt public officials have now become commonplace. Those in power are so accustomed to wallowing in the muck and mire of political corruption that it’s as if they prefer it
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Scandal after scandal, Albany has been unwilling and unable to police itself on matters of public corruption. It is so bad that shocking headlines involving corrupt public officials have now become commonplace. Those in power are so accustomed to wallowing in the muck and mire of political corruption that it’s as if they prefer it that way — despite constant urging from our Assembly Republican Conference.
It’s not hard for any reasonable person to see what the problem is: unchecked power and access to money have been corrupting forces in New York’s capitol. For too long these political commodities have been in the hands of nefarious people and it has wreaked havoc on New York’s government.
At the root of this problem is the concentration of power in a handful of leaders — the Assembly speaker, Senate majority leader, and the governor. Former Speaker Sheldon Silver was just sentenced to 12 years in prison and nearly $7 million in fines and payback for his crimes. Former Senate Majority Leader Dean Skelos was set to be sentenced on May 12. Former Sen. John Sampson, who served as majority leader during the brief stint of Democrat control, will be sentenced at the end of May. And now, a complex web of bid-rigging, all tied to the governor’s aides and political allies, is being investigated by federal prosecutors and the state attorney general.
Access to public dollars and campaign contributions also plays a significant role in recent cases. Nepotism, the use of private-sector firms and nonprofits to funnel money to elected officials, pay-to-play, bid rigging, and even ill-gotten financial gains have plagued Albany.
If this isn’t a big wakeup call for the Assembly Democrats, I don’t know what will be. Maybe they will be persuaded by the public, because the public has had enough.
Nearly every New Yorker thinks corruption is a serious problem. A recent Siena Poll confirms this, indicating that 97 percent of New Yorkers are demanding ethics reforms.
Assembly Democrats have failed over and over again to pass any meaningful ethics reforms. When Speaker Carl Heastie took his position after Silver’s arrest, he promised reforms, but more than a year later, he and his colleagues have failed to deliver. In fact, they have actively blocked ethics legislation that my Republican colleagues and I sponsor.
The Assembly Republican Conference’s Public Officers Accountability Act, which was blocked by Democrats, would have set term limits for legislative leaders and committee chairs and increased punishments for corruption crimes and violations of campaign-finance laws. Also blocked was public-pension forfeiture legislation, which would strip corrupt public officials of their publically funded pensions. No felon should be able to collect even one dime from his victims — the taxpayers.
My colleagues and I continue to discuss and develop ethics reforms, including lowering the maximum campaign contribution allowed from state, county, or local political committees; stopping bid rigging in state contracting by prohibiting awardees from making political contributions for one year; and ending special interest Super PAC spending, which holds excessive sway in the political process.
The New York Assembly must make ethics reforms its main priority for the remainder of session. It would be foolhardy to continue to put off these much-needed changes. The public is demanding action, and it is our job to respond and protect their interests.
Marc W. Butler (R,C,I–Newport) is a New York State Assemblyman for the 118th District, which encompasses parts of Oneida, Herkimer, and St. Lawrence counties, as well as all of Hamilton and Fulton counties. Contact him at butlerm@assembly.state.ny.us
BCA Architects & Engineers has named MICHAEL D. ALTIERI an associate of the firm. He spent two summers as an intern at BCA Architects & Engineers and joined the firm full time in 2009. Altieri graduated from SUNY ESF with a degree in environmental resource and forestry engineering. Contact The Business Journal News Network at news@cnybj.com
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BCA Architects & Engineers has named MICHAEL D. ALTIERI an associate of the firm. He spent two summers as an intern at BCA Architects & Engineers and joined the firm full time in 2009.
Altieri graduated from SUNY ESF with a degree in environmental resource and forestry engineering.
Contact The Business Journal News Network at news@cnybj.com
M3 Placement and Partnership has hired BRANDON LOVETT as senior account executive. He has more than 15 years of local administrative experience, most recently as director of administrative services with the City of Rome, where he oversaw human resources and operations. Lovett will specialize in business development and recruiting for direct placement, temporary, and contract
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M3 Placement and Partnership has hired BRANDON LOVETT as senior account executive. He has more than 15 years of local administrative experience, most recently as director of administrative services with the City of Rome, where he oversaw human resources and operations. Lovett will specialize in business development and recruiting for direct placement, temporary, and contract employment opportunities.
He holds a bachelor’s degree from SUNY Potsdam.
Contact The Business Journal News Network at news@cnybj.com
CHRISTOPHER CHAMBERS has joined Prudent Engineering as a survey technician in the East Syracuse office. He earned his associate degree in construction technology from Monroe Community College and an associate degree in land surveying technology from SUNY ESF. Chambers’ experience includes conducting construction, topographic, boundary, and cell-tower surveys. Prior to joining Prudent, he worked as
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CHRISTOPHER CHAMBERS has joined Prudent Engineering as a survey technician in the East Syracuse office. He earned his associate degree in construction technology from Monroe Community College and an associate degree in land surveying technology from SUNY ESF. Chambers’ experience includes conducting construction, topographic, boundary, and cell-tower surveys. Prior to joining Prudent, he worked as an instrument operator for Costich Engineering and Land Surveying.
MARIETTE DEWOLF has joined the firm as an administrative assistant in the East Syracuse office. Prior to joining Prudent, she worked as the office manager for several local firms, including M/E Engineering, P.C. In addition to assisting Prudent’s accounting staff with payroll, DeWolf will help coordinate daily HR responsibilities.
NICOLAS ROSATI has joined Prudent as a senior accountant in the East Syracuse office. With a background in accounting support services, his experience includes processing invoices and analyzing account data. Most recently, Rosati was the controller for a private medical practice with offices in Syracuse and Modesto, California. He holds a bachelor’s degree in accounting and an MBA from St. Bonaventure University.
Contact The Business Journal News Network at news@cnybj.com
CALEB RICHTER, a physician assistant, has joined Carthage Area Hospital’s Carthage Behavioral Health Clinic. He holds a bachelor’s degree in biology and chemistry from Roberts Weslayan College and a master’s degree in physician assistant studies from Daeman College. Richter previously worked at Samaritan Medical Center’s Leray Urgent Care. Prior to that, he worked at Carthage
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CALEB RICHTER, a physician assistant, has joined Carthage Area Hospital’s Carthage Behavioral Health Clinic. He holds a bachelor’s degree in biology and chemistry from Roberts Weslayan College and a master’s degree in physician assistant studies from Daeman College.
Richter previously worked at Samaritan Medical Center’s Leray Urgent Care. Prior to that, he worked at Carthage Area Hospital’s former Urgent Care in Evans Mills, as well as its Behavioral Health Clinic.
Contact The Business Journal News Network at news@cnybj.com
Tully Rinckey PLLC announced that KATHRYN A. DONNELLY, an attorney with extensive military law and litigation experience, has joined the firm as an associate. She will concentrate her practice on military law, regularly handling cases involving Article 15s, letters of reprimand, court martials, and officer/enlisted separation proceedings. Prior to joining Tully Rinckey, Donnelly most recently
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Tully Rinckey PLLC announced that KATHRYN A. DONNELLY, an attorney with extensive military law and litigation experience, has joined the firm as an associate. She will concentrate her practice on military law, regularly handling cases involving Article 15s, letters of reprimand, court martials, and officer/enlisted separation proceedings.
Prior to joining Tully Rinckey, Donnelly most recently worked as staff judge advocate for the Department of Defense Criminal Investigation Task Force, where she helped conduct worldwide investigations of terrorists captured in overseas contingency operations. She also provided legal support to special agents, intelligence analysts, and support staff from all military branches, including deployed elements in Iraq, Afghanistan, and Cuba. She joins Tully Rinckey’s Military Law Practice Group.
Donnelly earned her juris doctorate from the University of Texas School of Law, before going on to receive her master’s degree in law from the Judge Advocate General’s School. She previously obtained her bachelor’s degree from the U.S. Military Academy at West Point.
Contact The Business Journal News Network at news@cnybj.com
MACNY, The Manufacturers Association, has promoted PATTY CLARK to human resources services manager. She joined MACNY in 2007 as an administrative assistant. She was promoted to HR coordinator in 2011, and to HR generalist in 2014. Prior to Clark’s work at MACNY, she held positions in marketing and the private label divisions at both Corcoran
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MACNY, The Manufacturers Association, has promoted PATTY CLARK to human resources services manager. She joined MACNY in 2007 as an administrative assistant. She was promoted to HR coordinator in 2011, and to HR generalist in 2014.
Prior to Clark’s work at MACNY, she held positions in marketing and the private label divisions at both Corcoran & Associates and the Fay’s Drug Company.
Contact The Business Journal News Network at news@cnybj.com
The Central New York Community Foundation
The Central New York Community Foundation has promoted two employees. MONICA MERANTE was promoted to director, philanthropic services. She has worked for the Community Foundation since 2012, most recently as donor relations officer. Merante holds a bachelor’s degree in public relations from Syracuse University’s S.I. Newhouse School of Public Communications. JAN LANE was promoted to
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The Central New York Community Foundation has promoted two employees.
MONICA MERANTE was promoted to director, philanthropic services. She has worked for the Community Foundation since 2012, most recently as donor relations officer. Merante holds a bachelor’s degree in public relations from Syracuse University’s S.I. Newhouse School of Public Communications.
JAN LANE was promoted to manager, philanthropic services. She has been with the Community Foundation since 2013, most recently as development associate. Lane holds a bachelor’s degree in English literature and studio art from Binghamton University.
Contact The Business Journal News Network at news@cnybj.com
Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.