Small Business Startup: Creative Styles Pet Grooming

Sydney Schaefer/NNY Business
Kasie Naklick, owner of Creative Styles Pet Grooming.

[Read more…]

Five Tips For Starting Fresh With Your Business

Jennifer McCluskey

As we start with 2020 it’s a great time to think about how you can freshen up your business to grow and have a greater impact this year. There are a few simple things that you can do to start your business off right:

Tip 1: Take Care of Yourself
Small business owners are some of the hardest working people I know. Long hours, no sick leave, and being the one in charge of all the moving parts can wear on you after a while. Frequently your needs get pushed to the side so that your business can succeed. While this can be necessary, it also means that occasionally you do need to take care of yourself. Take time out for you, whether it’s an actual “unplugged” short vacation (scary, right?), or a weekly yoga class, or even a Saturday hiking in the mountains with your family, do what you need to refresh yourself. You’ll return to your business rested and more able to see the big picture.

Tip 2: Get Organized
Getting organized will help you cut down on wasted time. Have you found yourself looking for a file for over an hour since you didn’t put it in the right folder? (Speaking from experience on that one). Or do you frequently forget tasks? During one of the slower times in your business, it can be a good idea to declutter, get your systems back in place, or try a new time management technique. I’ve found the yearly file cabinet purge and restructuring is really helpful for when business gets too busy later. There are also a lot of apps that can help you get organized. A couple of my favorites are Quickbooks Self-Employed for keeping track of business income, costs, and mileage; Cozi, a free calendar system; and Colornote which allows you to set Post-it note reminders on your phone. Also see what tasks are “time wasters” and see if there are any that you can outsource. Getting a bookkeeper to keep track of the giant box of receipts, or a Virtual Assistant to help with scheduling and returning emails may be more cost-effective than you think if they allow you to spend more time on tasks that create sales.

Tip 3: Improve Your Customer Service
Take a moment to see if there are any things you can do for your customers to improve their experience. For example, do all of your employees greet your customers with a smile? Now might be a good time to check in about that. Ask your customers if there’s anything you can do to improve, either off-line with conversations or comment cards, or online by getting Google or Yelp reviews. If there’s something that you can improve on, they’ll tell you. More reviews also help bring more people to your website. Do you have really great customers who refer a lot of business to you? Maybe get them something special as a thank you.

Tip 4: Get To Know Your Finances
If you feel like you don’t have a good handle on your expenses or know the streams of income that are most important to your business, it might be a good time to get your bookkeeping in order. Whether you keep books by hand, Excel, or use a software program like Quickbooks, it is very important to know your profit margins and overhead expenses. Making sure you do your data entry in a timely manner can save a lot of headaches at tax time and can help you keep a better eye on changes you might need to make in your business. For example, your prices may have to change to match with different costs. Take a look at your numbers and see how you feel about where you are.

Tip 5: Meet With the SBDC!
Would you like to do some of these, but just don’t know where to get started? That’s what we’re here for! The Small Business Development Center offers FREE confidential business counseling, and we can help you with any of the above tasks, and more. Just contact the office closest to you. You can reach the SUNY Canton SBDC at (315) 386-7312, SUNY Canton SBDC at Clinton Community College at (518) 324-7232, or the Watertown SBDC at JCC (315) 782-9262. We’d love to help.

The Basics of Special Needs Trusts

Timothy Doolittle

Special Needs Trusts (“SNTs”) are an essential tool both when a person with disabilities has assets to protect and when that person’s parents are considering their estate plan. Whether the person with the disability has funds, receives funds from a personal injury settlement, or receives funds and property as a gift, the money must be managed carefully. SNTs (or Supplemental Needs Trusts as they can be referred to) are the best tool to use for asset protection for those with disabilities. 

    The primary goal of an SNT is to preserve a disabled person’s access to needs based public benefits when receiving a lump sum or inheritance. These benefits might otherwise be lost when the individual acquires resources over a given threshold. A person who is disabled may be receiving Supplemental Security Income (“SSI”) on a monthly basis and may have Medicaid coverage to pay for the costs of healthcare. Medicaid and SSI are means-tested and impose limits on resources, so an influx of money from an injury settlement or inheritance could result in a loss of benefits access. 

    An SNT makes it possible to avoid this loss of benefits. When properly drafted in accordance with the law and when properly structured and maintained, SNTs allow money to be used for the benefit of someone who is disabled without jeopardizing benefits access. The assets held in the trust are not counted as resources for Medicaid or SSI calculations but can be used to supplement and enrich the quality of life of the person who is disabled, beyond what governmental benefits provide for. When SNTs are created, it is important to know what specific type of trust must be used. There are two primary kinds of SNTs: first-party trusts and third-party trusts. The unique situation of each person will dictate which type of trust will need to be created. 

    If the money or property being put into the trust comes from the person who is disabled, the trust is a first-party trust. This situation can occur if the individual receives a windfall inheritance, receives a personal injury settlement, or if they simply have built up assets based on gifts from family members. A third-party trust can hold assets that are deposited in the trust directly by any third-party source, like a grandparent, parent, aunt, uncle, neighbor, etc. 

    A first-party special needs trust can be established only by the disabled individual, parent, grandparent, guardian or court. They also can only be established for someone under the age of 65. In some situations, courts would monitor these trusts. The main drawback of a first party SNT occurs when the individual with a disability dies. At that point, the SNT must contain terms that names the state providing Medicaid benefits to the individual as the primary beneficiary of the SNT’s assets. This is known as the “Pay-Back” provision, to allow the state to pursue reimbursement for the costs of care expended during the individual’s life. 

    A third-party SNT can be created by anyone who wants to leave money to someone who is disabled. Third-party SNTs can be funded up to any amount, with any type of asset. The trust can be used for virtually any purposes to benefit the person with special needs, except for that the person’s own money cannot be held in the trust. Often times, parents of a child with disabilities will set up a third-party trust as part of their estate plan, to ensure any inheritance meant for the child will not affect their public benefits. 

    Upon the death of the disabled beneficiary of the third-party special needs trust, the money and property can transfer to any other relatives or beneficiaries that the trust creator chooses. Because the money and assets in the trust never belonged to the person who was disabled, the state has no ability to require a pay-back provision. 

    Special Needs Trusts can provide very important protections for someone with disabilities. If you are in a situation that calls for a Special Needs Trust, reaching out to a qualified attorney well versed in the area is a must. 

Timothy Doolittle primarily focuses his practice on estate planning, as well as asset preservation for individuals. Mr. Doolittle is a magna cum laude graduate of the State University of New York at Buffalo, Honors College. Mr. Doolittle is admitted to practice in New York State and is a member of the New York State Bar Association. Contact Mr. Doolittle by emailing TDoolittle@WladisLawFirm.com.

Revolutionize Your Resolution

Jessica Piatt

With the arrival of the New Year you might be inspired by the occasion to set personal resolutions to better yourself. In fact, you might resolve to travel more, learn a new skill, dedicate more time to reading or even working out. But what about your business? 

    If you want to grow your business in 2020, then you should be making New Year’s resolutions for your business, not just yourself. 

    I’m not talking about lofty goals with desired results set haphazardly. I’m talking about real resolutions. While resolutions are often derived from goals, the two are not the same. A goal is the object of one’s ambition, an aim, or desired result, whereas a resolution is a firm decision to do or not to do something. This year ditch the dusty goals you know you’ll abandon by mid-March and instead revolutionize your resolution by committing your company to a decision and taking immediate action. By making resolutions for your organization (and following through with them) you are deciding to better your business. 

    Decisions are made with intent and often with a strategy to deploy them. You should set your resolutions in the same way. They should be both intentional and SMART: specific, measurable, achievable, realistic, and timely. 

    When you set your business resolutions for 2020, there are two important statements to keep in mind: your mission and vision statements. Your business’s mission statement defines your organization. It is the reason for its existence; thus, it should be the driving force behind everything your company does. Your business’s vision statement describes where your business aspires to be. It serves as the guide for choosing courses of action. Both your mission and vision statements are vital to the development of your organization and should be considered when making New Year’s resolutions for your business. 

    Maintaining that your resolutions should be SMART and should consider your mission and vision statements, here are a few ideas to get you started on revolutionizing your resolutions in 2020.  

Invest in Your Employees 

    This year resolve to invest in your company’s most valuable asset, your staff. By investing in your employees, you make your staff part of the long-term growth for your organization. Business resolutions with a focus on employees through areas such as communication, training, development and recognition, can have a significant impact on productivity and office culture.   

Inspire Loyalty 

    Now, depending on your business or industry, this category can vary but whether it’s your customers, members, or clients, maintaining healthy relationships with your consumer basis is vital for growth. In 2020, set a resolution with your customers, members, or clients at the center of your decision. Consider improving customer service or enhancing retention rates. Your resolution in this area should focus on inspiring loyalty.  

It Starts with You 

    If you want to incite change in your work world, recognize that it first starts with you. Become an example of the change you want to see in your workspace. Your action will inspire others to do the same. 

Change is kindled by a decision. No matter what you resolve to do in 2020, setting SMART goals will prevent you from giving up on your New Year’s resolution in the first quarter and considering your mission and vision statements will propel your business forward. SMART goals with a foundation of your mission and vision statements will help you to achieve your resolutions for a more prosperous year. 

Leadership Honored at 9th Annual 20 Under 40 Awards

The 2019 20 Under 40 Award Recipients pose for a portrait at the luncheon on Friday in Watertown. Julia Hopkins/NNYBusiness

[Read more…]

Which Business Form Is Right For Your Business?

Jennifer McCluskey

People looking to start a business ask me all the time what form of business is right for them, but it can also be useful for owners of an existing business to re-evaluate their business structure and talk to their professional support team of accountants, attorneys and others. It may be advantageous to switch business forms, especially considering new tax laws that have been put in place over the last couple of years. In the next couple of paragraphs, I’m going to go over a quick review of the different business structures; sole proprietorship, partnership, LLC, S-Corporation, and C-Corporation so that you will know what questions to ask your team. 

    The simplest and easiest business set-up is a sole proprietorship (single person or married couple) or general partnership (more than one person). A business becomes a sole proprietorship or partnership by filing a DBA (Doing Business As) form at the county clerk’s office. This registers the business’s name at the county level, but does not provide any protections beyond that. Specifically, it does not provide any legal protections. If a business is a sole proprietor and gets sued, the business is fully connected to the owner so all of the owner’s assets are at risk. A time to consider switching would be if a business grows and creates jobs, or opens a storefront, both of which may make it more likely for a lawsuit to happen. Business liability insurance can protect businesses as well, but it may be important to have an additional layer of protection that a different legal structure can provide. 

    The next step up beyond a sole proprietorship is an LLC, S-Corporation, or C-Corporation. These business structures help protect a business should a lawsuit happen by creating a separate legal entity for the business. They’re not foolproof; someone can still sue the business owner personally, but they often can help. Creating one of these business entities will register a business’s name at the state level. Most of the businesses that I work with are set up as sole proprietorships or LLC’s. 

    Filing a business as an LLC or Corporation at the state level gives the business owner some more choices in how he or she pays taxes as well. All sole proprietorships and general partnerships fill out their business taxes as part of the personal tax return of their owner or owners. If a business owner sets up an LLC, she can choose to continue filing taxes as a “disregarded entity,” meaning she would continue filing taxes on her personal return. However, LLC’s do have the option to file taxes as a corporation, which may allow the owner to take advantage of better tax rates if the business has a high profit. Owners of high profit businesses also may want to consider setting up as an S-Corp. To do this the business owner would file as a Corporation at the state level and then fill out paperwork for the IRS to get the S-Corp designation. This will let the business owner do their taxes a little more simply than a C-Corp, but will let the owner take corporate tax rates for any business income beyond the owner’s salary. An owner of an S-Corp has to be able to pay themselves a “market rate” salary, so this setup would not be as useful for businesses that are lower profit. Finally, a business owner could choose to set her business up as a full C-Corp. This will allow her to distribute dividends to investors and owners and will require tax filing as a corporation. 

    At the SBDC we can only give overviews; we are not accountants or attorneys to offer tax or legal advice. We recommend speaking to your accountant and attorney before making any business structure decisions. We can help connect you with a local support network if you do need one of these professionals to help advise you along your business journey. You can contact the SUNY Canton SBDC at (315) 386-7312, SUNY Canton SBDC at Clinton Community College at (518) 324-7232, or the Watertown SBDC at JCC (315) 782-9262 for free and confidential business counseling. 

A Family Focus On Business: Relph Benefit Services serve the north country

From left to right: Jack Gorman, John Bartholf, Bob Relph Sr, Fred Tontarski, Bob Relph Jr, Mike Wiley stand together at the site of their newly built office in 1989.

[Read more…]

Setting Goals In Life And Business

Kristen Aucter

“A goal is a dream with a deadline” – Napoleon Hill.  

Goal setting is one of the most important life skills you can have to help accomplish whatever you put your mind to. One of Henry Ford’s most famous quotes is “Whether you think you can, or you can’t – you’re right.” Here are some reasons why goals are so important in our lives:  

1- Goals help you be who you want to be. You can have all the dreams in the world, but you if you fail to act on them, how will you get where you want to go? When you know how to set goals, and start going after them, you will be creating a new path of action that can take you step by step towards the future you deserve, and more importantly, the future you want.  

2- Goals stretch your comfort zone.  

in pursuit of your goals you may find yourself talking to more people, attending new events, joining different associations, enrolling in unique training workshops or many other activities. Pushing yourself past your normal comfort zone is the fastest way to grow and have life satisfaction.  

3- Goals help boost your self-esteem and confidence. When you set a goal, and follow through, you have proven to yourself and others that you’ve got what it takes to get things done. Goals not only increase your confidence; they also help you develop an inner strength. 

4- Goals help you rely on yourself. Don’t let the people around you decide your life for you. You can take charge of your life by setting goals and making plans to reach them. Once you get into a goal setting habit you will notice that you feel more assertive and independent. People around you may also start to notice your presence. Goals enable you to turn the impossible into the possible.  

5- Goals improve your mindset and help you move forward. Moving towards a positive direction is much better than doing the same thing but moving backwards. The momentum you will gain is a real-life energizer.  

6- Goals leads to empowering emotions. Studies have shown that people who set and reach goals are readily performing at their best and are generally satisfied with their life overall.  

Goals utilize a proven concept such as the SMART system from fitsmallbusiness.com for creating attainable goals. 

    Whether it be in your personal or professional life, breaking down seemingly hard to achieve goals into small, manageable and practical steps will give you the ability to turn your “someday dreams” into real-life accomplishments. 

Learning The Trade

SYDNEY SCHAEFER/NNY BUSINESS
Inside the mechatronics lab at the Lewis County Jefferson Community College Education Center in Lowville.

[Read more…]

What Will Happen To Our Cows?

Jay Matteson

Being good environmental stewards is in everyone’s best interest. Clean water, clean air, clean soils are critical to life. Every industry and person should conserve our natural resources and reduce our impact on the environment, especially our climate. Let’s be clear, our climate is constantly changing. As most are aware, there is a huge debate about how much is caused by humans, to what degree natural systems cause the changes, and even to what degree our sun impacts climatic cycles. In the end, the hysterical arguments and claims damage the ability of people and industries to work together, calmly, to clean up our environment and make the world a cleaner place to live for our grandchildren. It seems sweeping bold claims and major pieces of legislation are the way, instead of common, sensical, reasonable steps forward that allow for people to adopt, adapt and embrace. 

    In the New York State Legislature there is legislation, the Climate and Community Protection Act (CCPA), that is intended to make New York State the leading state in adopting climate change legislation. The CCPA requires a 50 percent reduction in greenhouse gas emissions by 2030. By 2050, the CCPA sets a standard of zero greenhouse gas emissions within New York state. Let me say that again, within thirty years, greenhouse gas emissions will be eliminated within New York state, according to the legislation. All sectors of our economy, including agriculture, are targeted. 

    In thinking about this initiative, I immediately am concerned for our dairy processing companies. Natural gas is important to our food processing industry. How will these companies operate their plants, which employ about 300 people in Jefferson County alone, if they cannot use natural gas? Thirty years is not much time to identify new technologies that can replace natural gas in food processing. How will these companies afford transforming to new technologies? We use trucks, trains and planes to transport our raw products and value-added goods across the nation. Will we tell companies you can’t license fossil fuel powered transportation in the state but if transportation comes in from outside New York state, we allow it? Will the cost of production be driven so high in New York that these companies will shutter their plants here, possibly moving to other states? If New York causes companies to move their operations to other states where the regulatory impact is less, have we created a false utopia? Whereas, supporting research and development, and rewarding good voluntary environmental stewardship efforts, might keep business in New York state. 

    What about our cows? Many of us have heard or read about efforts to regulate cow flatulence. Will our livestock be targeted in the CCPA? Will livestock be allowed in New York state? Cows do emit greenhouse gases. I’m not aware of any filters that can be placed to control dairy air. 

    Of equal concern in considering this important issue is how will sweeping new regulations impact our average citizen’s finances. I read some reports from environmental advocacy groups about how jobs will be created because of the CCPA. Certainly, some will. The real question is how many more jobs, that the average citizen needs, will be lost because companies cant keep up with regulations and mandates? If people cannot afford to feed their families and have a reasonable quality of life, the last thing they worry about is the environment. There are very few people that will live like hermits so they can be good environmentalists. 

    As I began, so will I end. One of my favorite books is Aldo Leopold’s Sand County Almanac. Aldo is regarded as the father of conservationism. The book has much wisdom about how the environment works. It is wise to do everything reasonably possible to minimize our footprints on this planet. As big and wild as it may seem, it is still the only home we have. But we humans are here, and we must measure how we impact each other in the things we do and the regulations we pass.