Monthly Archives: October 2010

Tips for a Stress Free Start Up!

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Starting a business is always a daunting task but it can be even more difficult to face when you are also busy with other things. Here are seven tips for getting your business off and running while still enjoying your life!

1. Getting involved in your industry is a great way to get started.
After you’ve written a business plan and set your long-term goals, you may not know where to start. Finding publications and associations that specialize in your industry is the perfect way to make contacts and find tips and tricks to running a successful business in your chosen market. Speaking with people just like you who have already navigated the road to starting a business can provide you with insight into those first steps of running your business.

2. Finding partners to run your company with you helps your company be successful.
Those contacts you made when you got involved in your industry will also benefit you in other ways. First, having a business partner provides you with someone to talk out problems and brainstorm. A partner may have more experience than you in some areas and will take some of the work of off your shoulders. In addition, start-up companies with partners are viewed as less risky by people looking to invest.

3. Financing your business is easier than you think.
Personal financing may be the most obvious choice for raising money for your company but it is definitely not the only way. Banks are available with small business loans, and there are always associations and groups looking to invest in start-ups. Many bank loans, grants, and investment groups are specifically designed for women entrepreneurs, so be sure to spend some time looking for these opportunities. You never know who is looking to invest in someone just like you.

4. Using online filing services will save you money and time.
Using an online filing service (disclosure: my company offers these services) to make your company official saves you both time and money in the beginning of the start-up process when you are busy with other things. Lawyers can charge $200 or more an hour but online filing services will typically charge less for filing your entire business, a task that may take a lawyer more than four hours. Using an online filing service streamlines the process for you and ensures that you get your business filed right the first time.

5. Establishing business credit bolsters your business reputation.
Business credit allows you to get financing under your business entity’s name and is based on an assessment of your business by a business credit bureau. Getting business credit is important to starting a new company because it enables you to receive more financing than a personal loan. Using your business credit also protects your personal credit and assets from business debts, including credit cards.

6. Using technology to grow your business expands your customer base.
One of the best ways to market your company is to use online resources like Facebook, Twitter, and your own website. Customers are becoming increasingly technologically savvy and providing customers with an opportunity to view your company through a website and place any orders online (if applicable) will only benefit your business. Additionally, this will allow you to expand your business beyond your neighborhood and create a national presence, increasing your customer base.

7. Registering your trademarks protects your business for years to come.
After spending so much time to start and grow you business, registering trademarks is important to protect your business from imposters. Without a registered trademark, other companies can use your company or product name, design, or logo as their own. This creates customer confusion and can take customers away from your business. Registering your company name and/or product allows you to claim those titles and provides you with legal recourse for anyone who tries to steal your trademarked ideas.
Don’t let the idea of starting a business overwhelm you. Use these tips to help you get started or grow your business. It’s never too late to realize your dream!

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Five Tips to Avoid Costly Mistakes

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New businesses often risk shooting themselves in the foot as they’re getting started. It’s not easy to be an entrepreneur! Not only are you getting your business up and running, your operations solidified, and your marketing strategy off the ground, but you are also trying to make sure you’re managing your business properly and minimizing liability. Below are some tips to help you navigate the tumultuous waters you might face when starting your business:

1. Incorporate before doing business: For liability reasons, it’s wise to make sure you incorporate or form an LLC before the business takes off. This can help protect personal assets by separating the business from your personal affairs. If anything were to go wrong with the business, it’s wise to make sure your house, car and personal effects are properly protected.

2. Consult a tax professional: If the type of business entity you should form is not clear to you, it’s wise to speak with a CPA. CPAs can help you understand tax implications and how the different structures can help you protect your assets, as well as save money on taxes.

3. Learn your market: It’s wise to know your market. Understand who your customers are and target them. One of the best ways to do that is to emulate a business in your industry that you believe is doing a good job. Take the items that are successful and combine them with that which makes your business unique. You don’t have to reinvent the wheel entirely. If your business idea is novel, leverage the expertise of other entrepreneurs and business owners within the same genre as your offering. Getting out there and talking with people can be one of your greatest assets early on. Plus, you may generate customers in the process.

4. Be creative: No matter what industry you’re in, don’t be stagnant. Stay ahead of the curve and constantly be on the cutting edge. Communicate with the youth to see what’s up and coming in terms of marketing and social networking. Don’t rest on your laurels, and make sure you’re on top of the next steps for your business.

5. Spend your funds wisely: Many small businesses make the mistake of spending too quickly. Either they spend what others have invested in their business, or they spend everything that comes in the door. That can be helpful in the initial growth stages, but it may not be the recipe for long-term success. Make sure to invest more heavily in areas in which you get a higher return, and take smart risks otherwise.

Mycorporation can help you incorporate your business or start your LCC easily and effectively. Learn how HERE

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Separating your Personal Assets from your Business

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The primary reason people incorporate (whether the business is part or full-time) is for liability and asset protection. Whether the business is a full-time business or one that is done as a side-business, the risk of exposure to liability or someone trying to tap personal assets for a business-related legal issue is the same. People don’t want their house or personal property to be exposed to business risk – from creditors, customers or vendors. The corporate “veil” afforded corporations and LLCs may even be more important with part-timers, given they also have income from an independent source which should be protected.

Many business owners, however, are under the mistaken impression that they are completely protected from personal liability by filing Articles of Incorporation, for a corporation. This is not true. The mere process of incorporating does not completely protect the business owners or shareholders. To lessen the likelihood of such personal or shareholder liability you should make sure to adhere to certain procedures.

First of all, always use the corporate name whenever you are doing business. This clearly separates your business as a separate corporate entity. Second, follow all corporate formalities. Follow your bylaws, make sure there is proper issuance of stock, and record minutes in your meetings. Make sure to also keep your funds totally separate from that of your business. Corporate funds and the funds of the individual shareholders should never be in the same account. Also, keep all taxation separate. Corporate tax should be paid from corporate accounts, not personal ones. Making these distinct separations will clearly distinguish your corporation as a unique entity not connected with its owners and shareholders for liability purposes.

Starting a new venture is not always easy and the legal nuances can sometimes be overwhelming. There are inexpensive services that can be used – you don’t have to do it all yourself. Protecting your business legally is an important step in the process, but it doesn’t have to be confusing. Once it’s done, you can move on with the day-to-day management and development of the business and not have to worry about the legal stuff . Mycorporation can help you form a corporation or LLC at a much lower cost than hiring an attorney letting you focus on the growth and success of your new business. Learn about the difference between an LLC and a corporation, as well as how to get your business started HERE.

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Keep Your Customers Hooked

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You just formed an LLC or a Corporation. Now what? The key for small business owners is first to accumulate clients, and second to keep them coming back. Customer loyalty is crucial to the success of any business, but especially to small businesses. Here are four simple ways to keep your customers coming back.

1. Don’t wait for Complaints
Use a personal touch from the very beginning. A happy cared-for customer is a repeat customer. In the high-tech e-mail dominated business industry, human kindness goes a long way. Honest interest in your customer is very important. Do not wait for complaints to ask for feedback or express interest in customers. Being proactive and positive in the beginning will help your business avoid negativity later.

2. Personalize the Connection
Consider the phrase, “to each their own.” Keep this phrase in mind when dealing with customers. Each person’s needs and questions are unique and should be addressed as such. Make your customers feel important by devoting all of your attention and effort to their needs whether you are with them in person or on the phone. No one wants to feel like one of many, or worse that their interaction with you is a chore. In addition, find ways to celebrate your customers’ success. Publicizing their successes in your company newsletter or through your own social media outlets will show that you really do care.

3. Pay Attention
Although it sounds simple, it can make or break the relationship with your customers. Incorrect orders, lost information and misunderstandings can destroy your consumers’ confidence in your business. Stay alert to potential problems and ask for feedback. Combating issues as they arise will not only build the reputation of your business, but will also create trust between you and your customers.

4. Let them in
Share information and details about your business to your customers. Include interesting and fun facts and stories about your company and its employees in your newsletters. Let your customer know that your business is composed of people, not just parts. In addition, ask their opinion about your website, your products, or even your customer service. Letting your customers in will help build both customer loyalty and your brand.

Customer loyalty is one of the tools needed to ensure a successful business. Read about other tools necessary to build your business from our CEO, Deborah Sweeney HERE

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A Young Entrepreneur's Guide to Success

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It’s not easy to be an entrepreneur. Not only are you getting your business up and running, your operations solidified and your marketing strategy off the ground but you are also trying to make sure you’re managing your business properly and minimizing liability. However, many young professionals are choosing to retreat from traditional jobs and instead are choosing to start their own companies. Deborah Sweeney, CEO of MyCorporation built MyCorporation as an employee and then bought out that same business. In an interview with Start Up Growth Expert.com, Deborah provides the following tips to young entrepreneurs who are just getting started out in business:

1. Incorporate before doing business: For liability reasons, it’s wise to make sure you incorporate or form an LLC before the business takes off. Incorporating or forming an LLC can help protect personal assets by separating the business from your personal affairs. If anything were to go wrong with the business, it’s wise to make sure your house, car and personal assets are properly protected.

2. Consult a tax professional: If the type of business entity you should form is not clear to you, it’s wise to speak with a CPA. CPAs can help you understand tax implications and how the different structures can help you protect your assets as well as save money on taxes.

3. Learn your market: It’s wise to know your market. Understand who your customers are and target them. One of the best ways to do that is to emulate a business in your industry that you believe is doing a good job. Take the items that are successful and combine them with something that makes your business unique. You don’t have to reinvent the wheel entirely. If your business idea is novel, leverage the expertise of other entrepreneurs and business owners within the same genre as your offering. Getting out there and talking with people can be one of your greatest assets early on. Plus, you may generate customers in the process.

4. Be creative: No matter what industry you’re in, don’t be stagnant. Stay ahead of the curve and constantly be on the cutting edge. Communicate with the youth to see what’s up and coming in terms of marketing and social networking. Don’t rest on your laurels, make sure you’re on top of the next steps for your business.

5. Spend your funds wisely: Many small businesses make the mistake of spending too quickly. Either they spend what others have invested in their business, or they spend everything that comes in the door. That can be helpful in the initial growth stages, but it may not be the recipe for long-term success. Make sure to invest more heavily in areas in which you get a higher return and take smart risks otherwise.

6. Enjoy your business. A strong, positive business leader can take the business to new heights. Stay optimistic and focused. Your team is looking to you for answers. Provide them but don’t be so stubborn that you are unwilling to make changes to your plans when necessary. Take time to step back and evaluate where you are and where you could be. Don’t get so caught up in the details that you can’t get perspective. With that said, it can’t just be about making money. You have to be enjoying what you do. With that, the success will come!

Read the entire article and learn more tips and tools to start your small business here

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Roozt.com is live!

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We are very excited to announce that our corporate partner (and inspiring social entrepreneurs), Roozt.com, has officially launched this past week!

Roozt.com is an e-commerce platform that features products solely from eco-friendly and socially responsible companies at 50-80% off retail value, and donates 1% of any purchase made on its site back to the non-profit of the buyer’s choice. Each Daily Deal is sold in limited quantity and runs for 24 hours.

We encourage you to check them out at http://roozt.com. You may also sign up for their daily newsletter, that emails each new Roozt Deal directly to your inbox, so you never miss a thing! It’s free to join, and they will send you one featured product per day at 50-80% off retail price, on everything from trendy apparel and accessories, to fun footwear and all-natural health/beauty supplies, to the latest electronics and sporting goods.

We are ecstatic to share these special offers with you, and hope you will take advantage! Roozt.com has had a tremendous response already, and we couldn’t be more excited for them. Check them out here

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