When asked about the most important day in a business owner’s journey, the initial response might be the day they open their business. However, seasoned entrepreneurs often argue there are two pivotal days: the day they start their business and the day they exit it. These milestones define the trajectory of any entrepreneurial journey, especially …
The Two Most Important Days in a Business Owner’s Journey Read More »
Payroll, typically the biggest expense of any business in the pond and water feature industry, has come a long way since first taxed in 1913. The 16th Amendment to the Constitution gives Congress the “power to lay and collect taxes on incomes.” The Fair Labor Standards Act of 1938 established the minimum wage, overtime, recordkeeping …
The first time I built a pond, I thought it was magnificent. I charged what I thought was a fair price. Unfortunately, it leaked. The water turned green. There was no skimmer box or waterfall box back then, so I had to improvise. I can’t tell you how many times I went back to work …
It is no surprise that many pond professionals fail to understand the tax ramifications of disposing of business property. Under our current rules, which are often confusing and complex, there are numerous ways to dispose of business assets: selling them, scrapping them, exchanging them for another business asset, or even giving them away, just to …
Tax Implications of Disposing of Business Property Read More »
When it comes to business, little things do mean a lot. You are not the same company you were last year, or even a month ago, and things will definitely be different this time next year. As time goes on, the costs of doing business change. Changing costs are a fact of life, but the …
Managing the Rising Costs of Doing Pond Business Read More »
Here at Modern Design Aquascaping, we have won many awards and have been recognized as one of the best pond builders in the country. I don’t say this to toot my own horn; I say it because I am proof that you can be the best at what you do and still fail at the …
Pond Business | Identify Overhead Expenses and Find Increased Profits Read More »
All trades, including pond-building, have one thing in common: 90 percent or more of all owners used to be a tech working for someone else. One day in the field, a little light bulb goes off and says, “Gee, the company is paying me X dollars per hour, and they are charging the customer a …
How Pond Installers Need to View All Labor Angles Read More »
Accounting is a necessary evil for all business owners. Unless you can afford to hire someone —“ and don’t get me started on where that can go wrong —“ you need to know how to at least do the basics. Enter QuickBooks, a pretty user-friendly bookkeeping program that doesn’t require you to go back and …
It’s a basic principle: Cash flows into your pond business when you sell a job. Cash flows out when you pay the costs of the job and your overhead expenses. If you sell jobs for less than what it costs to build the job and pay your overhead expenses, you’ll get behind. You won’t have …
Do you understand the nuances of capital purchases? Are you using these nuances to your advantage? If not, you may be making critical mistakes that cost you money each time your company buys equipment. In this must-read, in-depth article, Mark Battersby explains the many options and tools that could make a huge difference for your business.