Surprise Accounting is the Hot New Major

There was a time when accounting was the boring college major that many people regretted signing up for. A constant barrage of numbers, statistics and spreadsheets was none too interesting.

Boy, have times changed! Thanks to recent accounting scandals by companies like Enron, there is a high demand for accountants and auditors.

According to the Job Outlook 2005 survey, accounting comes out on top as the most in-demand major on college campuses. Forget dot com start ups. Cleaning up a company’s accounting books is what’s in.

But can accounting be sexy?

“All the focus on accounting created a perception to students that accounting matters and is perhaps even sexy,” says Ira Solomon, head of the department of accountancy at the University of Illinois at Urbana-Champaign.

Colleges are scrambling to find more accounting teachers and professors to replace those retiring. Not an easy task, since there are twice as many accounting faculty openings than applicants to fill them.

Here are the top 10 most in-demand college majors as surveyed by the National Association of Colleges and Employers (NACE):

1) Accounting
2) Electrical Engineering
3) Mechanical Engineering
4) Business Administration/Management
5) Economics/Finance
6) Computer Science
7) Computer Engineering
8) Marketing/Marketing Management
9) Chemical Engineering
10) Information Sciences and Systems

If you’re good with numbers and a stickler for details, you might want to consider accounting as a good career choice. However, you’ll probably have to take a number and wait in line behind all those other future accountant hopefuls.

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Starting An Online Business From Home

Many people believe that starting an online business from home is difficult. In fact it is quite easy. If you are already familiar with what product you will sell you will need to create or hire someone to produce an online website for you. This website should list the product or products you have available. If you will be selling your own products, make sure that your online business has a name that reflects you and what you offer.

After this has been completed, you should inquire in your local state to learn the guidelines necessary for you to run a business from your home. Many states require that even an online business register with them and receive a business license. You will have to get the necessary forms to request this license.

After you have obtained you license, you should also find out how running an online business from home will affect you tax situation. You would still need to report any income you make from your business, even if you are working at home.

After all this paperwork is completed for you business, it is important to set up your home office for you new job. It is suggested that you have a separate space to conduct
your business affairs. A separate phone line that customers can call is also very necessary and I strongly suggest you get a fax machine. You will lose customers if you are not able to be reached by telephone, fax and e-mail. Having a separate phone line from the rest of the house is essential!

Other than a second phone line, it is also a good idea to buy the necessary hardware and software for you home office. You will save lots of money if you have your own fax machine, scanner, and printer. Also it is probably wise to have the latest software additions for word processing and accounting. The accounting software is especially useful for you to keep track of all expenses and revenue for your online business.

When you have established the business and things are going well, it is a good idea to consider outsourcing. This would mean hiring someone to take care of the little jobs that
you would have to do such as email or letter correspondence or creating marketing brochures. By doing this, you will be able to focus on the more important areas of making money and marketing your business, which will be key to your success.

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Small Business 101: Deadly Ignorance

American small business is again in transition. Many employees, now working from home, are no longer tied to a geographic office and the woes of commuting. This is a relatively new phenomenon with hints of explosive sector growth in the days ahead. As this turbulent economy has forced downsizing, offshore restructuring and closures in large companies, many new entrepreneurs have been born. These are people, who instead of tirelessly attempting to find new employment and possibly enduring the same fate as previously experienced, are now starting small businesses and enjoying the benefits and perils of self-employment.

There's an old story telling of an Admiral's decision to fight a battle against overwhelming odds. It seems that he was approaching the coast of an enemy land, with a larger naval force closing in from behind and a great army approaching from the land ahead. He prayed and then addressed his men. He announced that their battle weary forces would land on the beach ahead, dig in and prepare for the upcoming battle. There was no turning back and no other alternative. He ordered their ships burned after they landed. Their only choice was to fight to win or perish. They defeated their enemy because he eliminated any other escape route. They were fixed on the goal of survival and none other.

That is the same attitude we as entrepreneurs must take. We can not afford to be denied. We must grow and prosper or our business will surely perish. We must constantly be looking for ways to cost-effectively market our business and increase sales. We must control costs and have sufficient cash flow for daily operations. Each of us must be persistent, relentless and vigilant. As CEO, we are the manufacturer, the sales team, the marketing department, legal office, accounting office, human resources manager, IT manager, the webmaster and so on. We can't afford to be all these positions. Our job is to sell! We must locate cost effective resources to help us grow and protect our investment in our business.

The growth of the internet has changed our marketplace as well. Years ago, a small business owner decided upon a geographic chunk of the market and set up shop. Today, that shop is typically located in an office at the entrepreneur's home. The marketplace is now the world. The costs of marketing products and communicating worldwide are so low that almost anyone can take part in this revolution. Sophisticated voice mail, cell phones, email and effective ecommerce web sites now provide the illusion of size and grandeur for even the smallest home-based business. The end customer typically has no idea whether their supplier is local or across the world. He may be dressed in a shirt and tie or in his pajamas! All that typically matters is that the exchange of product and services is successfully made for a profit.

It is critically important for the small, home-based entrepreneur to be aware of resources available to her as she makes this great leap. Too many people leap prematurely into business only to fail because of poor planning and insufficient financial resources. Do not get caught in this trap. Don't quit your day job until you have enough cash on hand to pay the bills for at least a year into your new venture. Become aware of and develop the resources available to you. You want everything possible going for you as you make this leap of faith into the entrepreneurial world.

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