In the Black: Living the American Dream by Owning and Operating Your Own Small Business

By Steve Giroux

Author Steve Giroux was introduced to entrepreneurship at age thirteen and went on to create and run two successful, small businesses. He will be the first to say that small business ownership is a beast of its own. Even those with vast knowledge in business can find themselves stumbling to find their way on the path to success when it comes to running their own show.

In the Black details every aspect that is key to being successful in business. Filled with real-life examples, this guide shares Girouxs journey of self-employment and the failures and successes. He offers a host of advice and tips on a variety of topics including:

mentoring and networking;

goal setting and perseverance;

putting your time in;

creating a business plan;

understanding the business and sales life cycle;

marketing;

systematizing your business through outsourcing and automation;

providing customer service and retaining customers;

accounting and taxes;

building a solid team;

recession-proofing your business and your life;

continuing education in small business; and

winning.

In the Black presents a firsthand look at what entrepreneurship is all about, sharing a treasure chest of information gleaned from more than seventeen years in the industry. For those serious about owning their own business or bringing an existing company to the next level, this guide helps change the way you think about and run your business for the better.

• Language: English
• Publisher: Archway Publishing
• Release date: Oct 5, 2016
• ISBN: 9781480835788

Steve Giroux

Steve Giroux earned a bachelors degree in accountancy from Bentley University in 1999 and is founder and owner of two small businesses. Giroux is a former world champion in karate and a 7th Degree Black Belt in Chun Kuk Do. He lives outside of Boston, Massachusetts, with his wife and three children.

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Copyright © 2016 Steve Giroux.

All rights reserved. No part of this book may be used or reproduced by any means, graphic, electronic, or mechanical, including photocopying, recording, taping or by any information storage retrieval system without the written permission of the author except in the case of brief quotations embodied in critical articles and reviews.

Archway Publishing

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Because of the dynamic nature of the Internet, any web addresses or links contained in this book may have changed since publication and may no longer be valid. The views expressed in this work are solely those of the author and do not necessarily reflect the views of the publisher, and the publisher hereby disclaims any responsibility for them.

Any people depicted in stock imagery provided by Thinkstock are models, and such images are being used for illustrative purposes only.

Certain stock imagery © Thinkstock.

ISBN: 978-1-4808-3577-1 (sc)

ISBN: 978-1-4808-3579-5 (hc)

ISBN: 978-1-4808-3578-8 (e)

Library of Congress Control Number: 2016914899

Archway Publishing rev. date: 10/5/2016

CONTENTS

Preface

Chapter 1 Who Are You?

Chapter 2 Don’t Reinvent the Wheel—Mentoring and Networking

Chapter 3 Winners Don’t Give Up—Goal Setting and Perseverance

Chapter 4 You Need to Put Your Time In

Chapter 5 Business Planning Made Simple

Chapter 6 The Business and Sales Life Cycle

Chapter 7 Magic Hat Marketing

Chapter 8 Systematizing Your Business through Outsourcing and Automation

Chapter 9 Customer Service and Retention

Chapter 10 Accounting and Taxes

Chapter 11 Building a Solid Team

Chapter 12 Recession-Proofing Your Business and Your Life

Chapter 13 The Importance of Continuing Education in Small Business

Chapter 14 Winning

Chapter 15 Living in the Black

PRAISE FOR IN THE BLACK

"In the Black is better than 95% of the cases I studied at Harvard Business School. It is an excellent road map for any entrepreneur that will save time, money, and undue aggravation."

Christopher Baker

CEO, CP Baker & Co.

"Steve Giroux is a Master in the Martial Arts with the United Fighting Arts Federation. I have watched him make his journey to not only become a Master in Martial Arts but a successful entrepreneur as well. He has built his martial arts business to become one of the largest and most successful schools in the United Fighting Arts Federation founded by Master Chuck Norris and in our system, Chun Kuk Do.

I would recommend Steve Giroux’s book to anyone interested in becoming an entrepreneur or to any business owner wanting to take their business to the next level."

Ken Gallacher

President – United Fighting Arts Federation

9th Degree Black Belt

Regional Director -- American National

Hall of Fame -- American National

Past President -- GAMA International

"In the Black is a rare combination of a how to road map, great stories from Steve’s own trials and tribulations, quotes from world class leaders, and advice.

Like Steve, I too started with an accounting degree. Worked a couple of years in the corporate grind and decided it wasn’t for me. I wanted to succeed and I had a sense of urgency toward it.

My road was remarkably similar with many of the same lessons and discoveries.

I’d recommend this book for anyone thinking of an entrepreneurial career."

Mike Dillard

CEO and Founder, Century Martial Arts

"In the Black is a remarkable combination of principles and real-life examples of what owning a small business is all about. Steve Giroux does an excellent job in teaching readers about running their own show in an enjoyable way, mixing personal anecdotes with education and inspiration. A must read for anyone who is serious about starting or expanding his/her own small business."

John Corcoran

Managing Editor

Martial Arts Success Magazine

"In the Black is a great tool for anyone looking to start up a small business. It is filled with valuable information to help get a business started and off the ground as well as help business owners who have already started their business to make improvements.

As a current small business owner it inspired me to look at aspects of my business that needed change and improvement.

I enjoyed the personal experiences shared in the book as it gave it a very genuine feel. I would recommend this book to anyone looking to start a business or even looking to breathe new life into their current business."

Tara Cox

Owner, Cox and Gallacher Martial Arts

"Steve Giroux’s book gives an impressive look of understanding the small business mindset, command of the facts in running it, eye for detail in what it takes to become successful, and concern for the imperative nature of doubt that we might all possess in becoming a small business owner.

All readers will find much to stimulate their thinking in this book. Its breadth and scope, the variety of data explored, and the stark nature of the argument will provoke both thought and emotion.

As he has done throughout his career, Steve Giroux once again helps us think more clearly about what it takes in achieving the American Dream."

CJ Norgard

CEO and Founder, Team Primal & Primal Extreme

"Reading In the Black is one of the best things I did for my business.

I have owned my own business for 10 years and after reading Steve Giroux’s book I was able to recognize things I have been doing wrong, and the countless hours, and dollars, I could have saved myself.

This book is a must read for anyone who owns their own business or is thinking of starting one -- I only wish I read it sooner."

Michael Possidento

Owner, Possidento Lightscapes

"In the Black is a must read for anyone interested in becoming an entrepreneur. Steve walks you through self-exploration while relating to his own personal experiences.

I wish I read this ten years ago when I first started out, it would have saved me a lot of headaches. The content is informative while entertaining; it’s not just another dry how to book.

I highly recommend you read this if you are in business for yourself or thinking about starting your own business."

Daniel Semeraro, Jr.

Owner, Thunder Martial Arts Academy

Dedicated to my beautiful family

My wife, Jodee; daughters, Kyla and Madyson; and son, Dylan

My inspiration and for whom I am forever grateful

PREFACE

I was introduced to entrepreneurship at a very young age, thirteen to be exact. My family took over a business and my older brother and I were given a very unique opportunity—a taste of entrepreneurship that came with many lessons and responsibilities. Little did I know at the time that this experience was setting me up for a lifelong career as an entrepreneur.

As challenging as it was at times, it never seemed like work. I worked in the family business all through high school until making the decision to go away to college to further my education in the field of business.

I studied accounting at Bentley College, a school that is highly reputable for business, mainly in accounting and finance. All through college, I watched friends of mine getting excited about entering into the corporate world and starting their careers as corporate executives. Although I was willing to give it a try, I can’t say that I was ever excited about it—not even a little bit.

One of the things that I missed the most was running my own business back home. I seriously contemplated dropping out of college my sophomore year so that I could go back to what I was passionate about. Being the type of person that has a need to finish things through to the end, however, I decided to complete my degree in accounting. Upon graduation I decided to give the corporate world a shot and see what happened.

The Confusing Journey Begins.

As an entry-level accountant, I started out my career as an accounts payable associate at General Cinemas Corporation. It wasn’t the most glamorous of jobs, but I was finally making some real money and was ready and eager to climb the corporate ladder.

Although I was working full time, I still had to fill the void of having my own business, so I decided to open up my own small business in the evening hours and on Saturdays.

At twenty-two, I knew nothing about the real world, had little money, and zero credit. But, what I did have was a burning desire to succeed and the energy and ambition to go after my goals.

Once I became settled in my day job, I started exploring the area within a few miles radius where I could open up shop. What I soon realized was that I was starting my business in a very expensive area. Having graduated from Bentley College (just outside of Boston), it was no surprise that my first job was also in the suburbs of Boston.

I remember going into one space available for lease that was twenty-five hundred square feet on busy Route 9, and the landlord told me my rent and utilities would be around $7,000 per month. I recall telling the owner, good luck on renting this place. I thought he had completely lost his mind and sense of reality. Within a few months, that vacant space became the home of a large furniture store.

Discouraged from this experience, I was still determined to find a place to house my business. It was at that point that I decided to request the services of a Realtor. I e-mailed them what I was looking for and shortly after was called to see a basement space in a popular shopping center. It was a perfect fit for my needs, so the next step was to meet with the landlord.

I was currently making $1,400/month at my accounting job. My rent at my apartment was $500/month and my new car payment was $336/month. This left me with $564/month in my paycheck. Still being in the college mind-set, I didn’t realize having subs delivered for every meal wasn’t the norm either. I very rarely went grocery shopping, and when I did, most of it went bad anyway as I went back to my college eating habits. Bottom line—I was broke and in no way, shape, or form equipped with the tools needed to become successful in business.

Finally, the day came where I was to meet with the owner of the plaza. I dressed up and brought along some credentials from my previous business coupled with some publicity pieces written about me in some local papers and trade magazines.

The landlord was a very nice and kind woman, and we hit it off from the beginning. Having some experience from a summer job as a painter, I told her that I would paint her building if she could give me a break on the rent. She told me that she already promised this task to her son, who was only a couple of years older than I was. She liked my ambition, though, and despite the huge financial risk she would be undertaking with me, agreed to give me a shot as a tenant.

My rent for the first year was $900/month. She required the first and last month payment along with a security deposit to get started. That was a total of $2,700. I didn’t have $900, let alone $2,700. I remember thinking this is going to be tough. We smiled, shook hands, and signed some papers.

My close family members and friends told me that I was out of my mind and that I had no business trying to do this. The realistic thing to do would have been to save for a couple of years and then open up. But … I had a dream, and I was stubborn.

Everyone that I told about this prior to signing told me I was crazy. They were completely right, but again I was too stubborn to take their advice. I had family members ask me how long until I gave up: six months, one year, two years, etc. My response was, I will not give up. I will go as long as it takes.

Was I an Accountant, an Entrepreneur, or Both?

Now let’s go back to my simultaneous career in accounting. I was making headway there, too. My attitude was that I would give both careers everything I had, and whichever one took off would be the path I would follow.

I was determined to get out of accounts payable, and a job posting was e-mailed to the entire company for the senior VP of finance. As any right-minded twenty-three-year-old accounts payable clerk with less than six months of accounting experience would do, I went for it. I looked past the required ten years of experience and applied for the job. Out of sheer politeness, they set me up with an interview.

During the interview, I talked about my business venture, and recall the senior executive interviewing me asking me why I was even working at the company when I should be following my passion. He was impressed that I went for the position, but during the interview I quickly realized that I was extremely underqualified for the role but nevertheless am still happy I applied. It showed character.

Some time had passed and finally there was a position I was truly qualified for (and didn’t need ten years of accounting experience). The job title was lease analyst. Responsibilities would mainly be negotiating the leases for the different cinema locations throughout the country. This was a perfect fit for me since I just had the experience of negotiating my own business lease. After a few interviews, ending with the vice president of the company, I was offered the job. It was at this point that I finally realized which direction my life was heading. I would run my own business as a hobby and was bound for corporate success.

The next day I was taken out to lunch by all of the executives that interviewed me at the world famous Cheesecake Factory. Being used to subs and meal plan food, it was as if they took me to the Ritz Carlton. I was on top of the world.

A week or so had passed after the lunch when I was scheduled for a meeting with a representative from the human resources department. Prior to this meeting, I bought three new suits in preparation for my new role. After all, I was a corporate bigwig now, so I needed to look the part. I was excited for the meeting mainly to find out what my new executive salary was going to be. To my surprise, the HR representative told me that they had to eliminate the position. Although this wasn’t told to me then, the company was on the brink of bankruptcy. What a buzz kill that was!

So, not only was I extremely upset and frustrated over this, but it put a very bad taste in my mouth toward my corporate experience. On top of that, my woman boss (no offense intended to any women reading this), who was ten years older, had more time in the company, and applied for the same position I had just been promoted to, was now plain bitter.

I quickly reached out to all of my resources (friends) and switched to a new company in a relatively short period of time. Even through all of the negative things that happened, I was still willing to give the accounting career a shot. Having to get out quick, I took another position in accounts payable—this time for a great company in downtown Boston, Thompson Financial. This was an awesome company to work for, as they were very liberal and laid-back. Everyone was allowed to dress down (jeans, shorts, etc.). It was a young company, and I really saw myself growing my accounting career with this corporation.

Now Let’s Get Back to Business.

At this point, I was now one year into my business venture. I opened in January of 1999. My gross receipts for the entire year (gross, not net) totaled just over $7,000. If memory serves me correctly, I believe I had a $14,000 loss that year. I recall a good friend of mine saying, Aren’t businesses supposed to operate in the black? Ha-ha-ha. Even though I knew he was joking, it hurt. It hurt because I still put everything I had on the line, including my time and money, and ultimately was failing at this point.

One of the first things hung on the wall of my business was a sign that read, A Winner Never Quits, and A Quitter Never Wins. I saw it every day. Looking back, I’m happy that I decided to hang that sign on the wall. I strongly feel that had I not had that sign to look at every day, I would most likely be a different person than I am today. I may have given up. But the opposite of a winner is a loser, and that just isn’t who I am, so quitting was never an option.

Luckily, I was used to being broke throughout college, so at twenty-three I was just putting an extension on that lifestyle. I started eating Ramen noodles for my meals. This was frustrating, as my roommates were all starting to get ahead with their professional careers and eating real food. None of them liked seeing me suffer and on many occasions offered to give me something better. But I wasn’t raised to take things I didn’t earn, so on most occurrences I graciously declined.

The real problem I faced early on with my business venture is that I just didn’t know what I should have been doing. I knew I had to be there for my business hours but didn’t know what to do when it came to marketing or growing my business. Because we took over an existing business in the early days, we never had to do much to attain new clients. I was fortunate enough to have one of the very best business educations one could ask for, but even so it didn’t prepare me for being successful in small business. It prepared me for being successful in the corporate world, a world where you didn’t need to come up with your own money to market your goods and services. Despite being strapped for cash and business know-how, nonetheless, I was still determined to succeed.

Don’t Quit Your Day Job.

On the accounting front, everything was going well. Once again I was determined to get out of accounts payable and would impress my superiors with how quickly I was able to process their