If you’re the mindset to no longer be employed by another but not have a large amount of capital you may want to read the following as we talk about “starting a small business“. There are many pitfalls as well as benefits when one is starting a small business and we cover the basics below and hope that you will take this as a starting point and expound on the ideas and thoughts presented.
When one is going the route of starting a small business the first thing to consider are the following three things; viability, personal interest and financial plausibility.
Viability when starting a small business.
Coming to a conclusion as to whether the small business you want to start will Continue reading
As the owner of a business one thing that many often fail to see is the view from the other side of the fence. Your perspective is almost always different from someone that works for you, sells for you, provides a service to your company and even different from your spouse. Objectivity and open-mindedness toward others may see will help you more than you know in your daily business affairs.
Your spouse is by your side and behind you and seizure ups and downs. He or she may feel like speaking up in many areas that they know they ought not to. Often it is a fine line they walk because they want to help yet can’t as their position determines their perspective. They feel what you feel but do not usually have the perspective of the whole situation so it is tough on them. The success of your business is probably responsible to pay the bills and often the spouse feels handcuffed and hindered in that Continue reading
Starting your own business has several components to become a business and will require money of some sort to get into a business operation. The outline below will give you the general thought process on how to start a business and how to move forward as well as the estimated requirements.
A. Formation of the business will require the following:
A business Name – unfortunately every name you want to choose for a business is not available. Once you have picked a business name you will need to search to see if the name of the business is taken. If the business name is not taken, then you will form a legal company to do business with and that company today is called a Limited Liability Corporation. Depending on what state you are providing a service or product, the business LLC will have to registered with the state which you will be providing the services and products. Different states have different tax laws and different business laws; some states are obviously better than the others. Most LLCs are either formed in Delaware or Nevada as it relates to limited liability companies. Any attorney can help you form your own business legally but will charge you a fee to incorporate your own business. This is not legal advice and any of the information provided is based on experience or information that we have obtained primarily business experience and/or lawyers that have put performed the services for us.
B. Getting Your Business Registered in That State.
Once you get your business registered in the state of your choice, you will have to file for a federal tax identification number and when you register your business, you will receive a nine digit tax ID number. Sometimes you can receive them online at other times they will mail the tax identification number to the legal address of your business. Then once you have your business registered you will be mailed a certificate of good standing to the address you will be receiving your mail or doing business with. There is a cost associated with getting your business registered and filed in the state of your choice; the cost is usually around a minimum of $125 and Continue reading
We all know how wild things can get in towns when the spring breakers show up. DUIs go up, emergency room visits increase, the occasional hotel room gets trashed and the noise level reaches a nine on the Richter scale.
On the other hand those that attend the spring break festivities often bring cash; much-needed cash for the communities who are doing the hosting. Sure these young people do not have the same kind of cash or discretionary income that a well-established middle-aged executive would have, but they are bring in money and they are spending that money and that infusion of cash the spring breakers put into a local economy pays for an awful lot of things.
The tax revenue in most communities that experience the spring break Continue reading
Aside from over examining the financials when buying a business beware of some of the following things as you could be getting hoodwinked and would be better off just starting a new business instead of purchasing an existing one. It is not unusual for a business seller to paint the prettiest picture your side of the Mississippi River in order to facilitate a fast sale because typically when someone decides to sell their business they have already moved on to their new venture in their mind. That is normal human nature.
One thing to consider is how fast a business is growing and how fast a group to get where it is. A business seller might tell you that he added 500 new clients in just his first year of business but slowed considerably since then. That could indicate that the growth was in part due to there being little else to do than hunt for new clients and new revenue but after hitting a certain number of clients and dollar volume, there was little time and energy to continue that rapid growth. That could also indicate that Continue reading
It is amazing that many small business owners fail to see how easy and beneficial it is to set up a 401(k) for themselves and their employees. A 401(k) account for a small business is not expensive, not hard to set up and not hard to administrate despite the rumors that are floating about.
In fact this kind of retirement plan is the opposite of and does wonders to attract quality employees as it is one of the three things that a prospective employee looks at when searching for a company for which to grow. The other two, in order of importance, our salary is health insurance so adding in a 401(k) retirement plan for an employee in your small business would work wonders and make for a strong three pronged attack to higher-quality employees.
Attracting and retaining a workforce that is solid is simply good business and yet almost 70% of small businesses fail to offer this type of retirement plan or really any kind of retirement plan. The other benefits of the 401(k) is that the owner of a small business can participate up to $17,500 annually so it has a double edge sword of positive action and benefit for him.
When setting up this 401(k) account be sure to not give too many choices to your employees or they may be confused and not participate may choose one that will not fit their particular needs. Keeping their choices to eight or 10 funds and covering most of the major investment opportunities generally works best. Another option you may want in the mix is to offer a fund that offers a combination of investment products such as stocks and bonds thus giving the uninformed Continue reading
One thing you want to do when you start a new business or launch a new product is a promotion or series of promotions that will make a huge splash. Unlike diving were a huge splash is bad, in business you want to rocket out of the starting blocks and make a huge and lasting first impression. Make enough noise to get people talking even if they are not part of your demographic and then build on that momentum is the kind of momentum you want to generate.
From day one of your new offering you should do all you can to get the public through the door as the larger the mass of people coming and looking, the larger the mass of people will follow. Crowds begat crowds as people are drawn to huge crowds if only from the curiosity factor. Do a massive promotion, advertise the point of hyperbole, shake the trees so that no apples left to fall; in short make as much noise and build as much momentum as possible in the initial stages of a new business or new product launch.
Momentum is not just something that a ballclub or athlete Continue reading
Did you ever complained to a business owner is a product or service exceeded expectations? How about returning the product because it performed better than advertised? Sent a letter to the Better Business Bureau because the company was not cheating you?
Of course not.
As a small business owner the one thing people will never complain about is under promising and over delivering. A customer may complain about color, style, shape or even price but if you always offer excellence you would build your business’s reputation and thus increase your business’s bottom line. A quality product or service may not be what every consumer in your industry is looking to purchase and you will usually not get that person to shop with you and that is perfectly fine.
There are outlets for that client and those outlets are legitimate Continue reading