A new idea has taken root in Chicago—bully for that city! According to Business Week, Chicago’s Green Exchange will be the first shopping center in the U.S. for environmentally responsible and socially conscious businesses.” What a great idea!
Get this: not only will the first “green mall” in America be located in Chicago, grouping eco-friendly businesses for the first time, but the very building itself—all 250,000 square feet of it—will also be developed in accordance with LEED standards.
LEED (Leadership in Energy & Environmental Design) standards were developed by the U.S. Green Building Council. The LEED System “provides benchmarks for the design, construction and operation of green buildings. . . in five key areas”, states the article, “sustainable site development, water savings, energy efficiency, materials selection, and indoor environmental quality”.
Apparently, a Chicago real estate developer, Baum Development, is capitalizing on refurbishing a historic building in a great location—350,000 cars pass by the site each day. Taking care to retain the building’s historic character, while retrofitting it with a “green” roof, energy efficient systems, clean air quality, a courtyard, meeting/event community space, on-site parking with priority parking given to hybrid vehicles, will make Chicago’s Green Exchange the first of its kind.
The article cites the growing market for green building materials in this country; one that is predicted to grow from $7.2 billion in 2005 to between an estimated $19 to $38 billion by 2010, according to the National Association of Home Builders and McGraw-Hill Construction. It is now possible for many owners to build or renovate their homes or businesses in an environmentally friendly way. As materials become more readily available, many consumers will no doubt, opt to do just that.
Just as importantly, “Chicago’s Green Exchange” will contain about 100 tenants; not all of them will be retail establishments, but environmentally and socially conscious businesses of every stripe. The developer is planning on a great mix: an organic restaurant and café, an environmentally-friendly building supply company, print shop, clothing retailer and furniture store. Architect and design studios whose principals focus on sustainability, as well as a car-sharing service and a bike shop are also planned tenants, so you get the picture.
What’s great about this model is that it provides a critical mass of businesses that are environmentally and socially conscious for a critical mass of consumers with the same philosophy and vision. If successful, the Chicago Green Exchange will offer a business model for other cities across the country.
With the number of consumers for eco-friendly products and services dramatically on the rise, and many new businesses taking root to supply them, this is a new concept with real possibilities.
• Are you interested in, or becoming more aware of green products and services?
• Do you support environmentally conscious businesses or consume organic foods?
• What do you think of this kind of business development plan?
• Would you shop in a “green mall”? … Read More
Spent the day out hiking with some friends and clients. Came back and made a dinner for everyone. Decided it might be time to join a friend in a new business venture. Excited to see what the future brings. #entrepreneur #entrepreneurs #entrepreneurlife #entrepreneurship #business #businessminded #businesswoman #working #motivated #workaholic #positivity #positivethinking #confidence #confident #clients #positive #strength #focus #goals #motivation #success #hiking #arizona #cooking #newbusiness #hardwork… Read More
Starting a new business is exciting, but in that excitation are a lot of decisions to be made. Out of all them all, the financial backbone of your business needs to be seriously taken into consideration. A large part of that are the accounting decisions you will need to make. When starting a new business, you will want to spend some time on the following areas:
- The type of organization your business is . Are you a sole proprietor or are you in business with someone else? Will you organize as a partnership or as a corporation? Limited liability companies are the newest form of entity – is this form right for your business? Choosing an organizational type will determine what federal and state income forms to file. For example, a corporation may need to file annual reports in the state of the incorporation.
- The fiscal year of your business . Most businesses use the calendar year, but that may not be the proper choice for your business. For tax purposes, many businesses choose a different beginning and ending date than the January through December calendar year.
- The accounting method for your business . Are you going to use a cash or accrual method of accounting? The cash method is easier for startup companies, however, if you have inventory – the IRS may force you to use accrual.
- You will have to decide if your business will follow GAAP (generally accepted accounting principles) or Tax Basis for financial statement disclosures . Your banker may prefer one over the other.
- The method of valuing inventory for your business . Accounting principles allow many methods, like LIFO (last in first out), FIFO (first in first out), and Lower of Cost or Market. You will need to choose the right method for your business.
- Financial records for your business . You have a lot of choices here! Are you going to use paper ledger sheets to record sales and purchases? Are you going to keep track of income and expense using a computer program? Some bookkeeping software has the ability to integrate your data with an accounting professional, so saving you money. You will need to decide the best method for your business.
Feeling a little overwhelmed? All of the above can be much easier if you have an accounting professional to guide you. This is another decision you will need to make. Will you hire an in-house accounting clerk or will you out-source your accounting needs?
Unfortunately, too many new businesses skimp on setting their accounting backbone up correctly at the start of their business. The financial backbone needs to be strong, as it is the support of your entire venture. You can get expert help in these initial stages, and decisions, in setting up a new business, so that your business starts off right.
Starting a new business is exciting! If you take the time to talk with your accounting professional about the above decisions, you will help ascertain the best … Read More