The Little Big Small Business Book
By Micah Fraim
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About this ebook
How do you plan to grow your business this year?
Inside of The Little BIG Small Business Book, you’ll discover 17 money making (or saving) lessons that will leave you with more customers, sales, and money in your pocket come tax season.
CPA Micah Fraim offers a unique and truly rare perspective on succeeding and growing your small business while maximizing financial savings and gains using tax tactics and tips.
Take advantage of this gift today, and please leave your review below after you begin seeing your desired results!
Micah Fraim
Roanoke CPA specializing in business advisory services
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Reviews for The Little Big Small Business Book
5 ratings2 reviews
- Rating: 5 out of 5 stars5/5Thanks for taking the time to write this book. I enjoyed it.
- Rating: 5 out of 5 stars5/5Great book full of invaluable information to all small business owners!
Book preview
The Little Big Small Business Book - Micah Fraim
The Little Big Small Business Book
Micah Fraim
Copyright © 2015 by Micah Fraim
All rights reserved. No part of this publication may be reproduced, distributed, or transmitted in any form or by any means, including photocopying, recording, or other electronic or mechanical methods, without the prior written permission of the publisher, except in the case of brief quotations embodied in critical reviews and certain other noncommercial uses permitted by copyright law.
This book is presented solely for educational and entertainment purposes. Although the author and has made every effort to ensure that the information in this book was correct at press time, the author does not assume and hereby disclaim any liability to any party for any loss, damage, or disruption caused by errors or omissions, whether such errors or omissions result from negligence, accident, or any other cause.
Smashwords Edition
Contents
Introduction – How to Avoid Troublesome Kelp
Section 1: Accounting, Tax, & Finance
Chapter 1: To C
or not to C
? What Type of Corporation Should I Choose For My Business?
C-Corp
LLC
S-Corp
Chapter 2: The Danger of an S-Corp Bonus
Chapter 3: Cash Flow Management / What If I Forget the Books?
Chapter 4: Has Your Business Borrowed Too Much? How to Measure and Manage Your Business Debt for Better Cash Flow
1. Do the Math
2. When You Have No Cash
3. Get Advice
Chapter 5: In All Things Balance
Captain Penny Pincher
Excessive Spending Man
In All Things Balance
Chapter 6: The True Cost of the Home Office Deduction
Increase of Audit Risk
Most of the Expenses are Deductible Elsewhere
High Chance of the Deduction Being Disallowed
Increasing Taxable Income in the Future
Chapter 7: Independent Contractor vs. Employee
The Difficulty in Finding a Definition
Most Important Factors
Conclusion
Chapter 8: Inventory Timing and How It Can Affect Your Taxes
Year End Inventory and Cost of Goods Sold
Chapter 9: Accrual Basis vs. Cash Basis Accounting
Cash Basis Accounting
Accrual Basis Accounting
Section 2: Marketing & Branding
Chapter 10: Branding and Perception: The Mademoiselle Noir Effect
Chapter 11: The Market Will Not Bear Generalists
Specific
Focused
Chapter 12: Do Not Become Overly Specific
Chapter 13: The Empty Box Phenomenon
Overselling
Underperforming
Conclusion
Chapter 14: Promises, Promises – Be Careful How You Charge Your Clients
Chapter 15: Effective Networking: Revere vs. Dawes
Section 3: Valuable Miscellany
Chapter 16: Me, Myself, and I: The Self-Employed Perspective
Chapter 17: No need to worry, my accountant handles that
– The Notorious B.I.G
Caution & Concluding Thoughts
Introduction – How to Avoid Troublesome Kelp
"Sometimes I have a difficulty talking to people who don’t race sailboats." – Bruno Gianelli
That was one of my favorite lines from The West Wing, a show where the dialogue was so good and the characters so unbelievably quick-witted that it made you feel like an idiot. In the scene, President Bartlet was upset that campaign advisor Bruno Gianelli was polling about something the President considered to be irrelevant. With Barlet understandably confused at the above statement, Bruno explained:
"I have difficulty sometimes talking to people who don’t race sailboats. When I was a teenager, I crewed Larchmont to Nassau on a 58-foot sloop called Cantice. There was a little piece of kelp that was stuck to the hull, and even though it was little, you don’t want anything stuck to the hull. So, I take a boat hook on a pole and I stick it in the water and I try to get the kelp off, when seven guys start screaming at me, right? ‘Cause now the pole is causing more drag than the kelp was. See, what you gotta do is you gotta drop it in and let the water lift it out in a windmill motion. Drop it in, and let the water take it by the kelp and lift it out. In, and out. In, and out, till you got it. […] If you think that I’m going to miss even one opportunity to pick up half-a-mile boat speed, you’re absolutely out of your mind. When it costs us nothing, when we give up nothing! You’re out of your mind."
The purpose of this book is just that – to help you identify potential kelp
in your business and remove it. Through my years of advisory work as a CPA I’ve