Category Archives: Starting a New Business

Business Basics: ‘Doing Business As’ Names

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A ‘Doing Business As’ name is one of the most important parts of a business, but far too often we hear about businesses choosing to put off filing for a DBA until they are a bit more established. Unfortunately this leaves those companies open to all sorts of problems later on as a DBA name is needed for some of the most basic aspects of running a business! But what exactly is a ‘Doing Business As’ name? And why do businesses need to file for one?

What is a DBA Name?

A doing business as name, or as it is sometimes known as a fictitious business name, is the name under which you do business. As a way to reduce fraud, most states require anyone who offers goods or services under a name other than their own to file for a DBA. Doing business as names are typically handled by the Secretary of State or department of corporations of whatever state the company does business in. The entity or person that handles DBA names will sometimes even offer DBA name searches free of charge, ensuring that you aren’t wasting your time by filling out paperwork for a name that has already been claimed.

Why would a business need one?

You are entitled to use your own name for your business if you want to, but any changes or additions to the name would require you to file for a DBA name. For instance, if our CEO Deborah Sweeney opened up a business that paints houses, she could call her business ‘Deborah Sweeney.’ However, if she wanted to call it ‘Deborah Sweeney Painting,’ she would have to file for a DBA name as ‘Painting’ is not a part of her legal name. This might seem a bit silly but as mentioned before, this is largely a way to prevent fraud. As DBA laws are so important to a state’s anti-fraud efforts, you need a DBA name for some of the most rudimentary parts of running your business. Want to open a business bank account? Receive checks written out to your business? Advertise your services using your business’s name? Most states require companies to file for a DBA name before doing any of the above. And, if you don’t complete the paperwork, you could be hit with some serious fines.

How do I file for a DBA name?

Most states have a standardized form available on their website for filing a DBA name. Just head on over to the website for the state you do business in, find the Secretary of State’s page, (in some cases, this may be the page for the department of corporations) download a DBA form, fill it out, and send it in along with the required processing fee. Filing also usually involves either you or the state performing a DBA search before the paperwork is processed. And if you need a little extra help from professionals, we are always happy to help you file for a doing business as name as well!

A doing business as name is extremely important, and it is best to file for one now before you build a lot of trust into the name of your company, only to find that you were actually using a business name that was already claimed. Running a business under an assumed name without filing for a DBA or fictitious name can also land you in hot water with the state and require you to pay a series of fines and penalties. This is definitely something you want to take care of early, so once you figure out what your business name is going to be, start the paperwork and file for a DBA name as soon as possible!

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Why Your Small Business Needs SEO

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How often do you turn to search engines like Google or Bing to find a product or service that you need? Have you ever clicked on anything on the 15th page of search results? Or the 50th? We didn’t think so. That’s why you need Search Engine Optimization (SEO) for your small business. Ninety percent of all users click on the Top 10 search results on Google, which means that you are missing out on selling your product or service to 90% of your prospective customers. Sold yet?

It’s targeted

When your website shows up on the first page of search engines for relevant keywords and phrases, you are reaching your perfect audience. No one is going to look for “insurance company Chicago” if that isn’t something they are interested in finding. It gives you the opportunity to get in front of people who are actively seeking the product or service that you provide.

It lets you measure your results

Other traditional forms of advertising, like TV, newspaper, direct mail and radio, don’t allow you to track your results. When you utilize SEO, you are able to track exactly where your customers found you. The analytics will break down everything from referral sites to visitors, which will help you get a sense of how many people are finding you and how many people are converting to customers. This is huge, because who wants to spend money on advertising and marketing and not know whether it worked?

It will help you beat competitors

You might have an amazing website that many people would benefit from viewing, but if it is on the seventh page of popular searches, then you might as well not have a website at all. This is because most people don’t just type in URLs in the search bar – they go to a search engine and type in keywords of what are looking for. If you are on the first page, then this is a golden opportunity to scoop up the customers looking for your product or service.

It builds a good reputation for your brand

When you have a good-looking website and you are coming up on the first page of searches, this validates your credibility to current customers and helps you look relevant and trustworthy to prospective customers. It’s a win-win, and who doesn’t want to boost their reputation?

SEO is the optimal way to promote any type of business. No matter what you offer and where you are located, it’s guaranteed that someone is searching keywords that are relevant to your business. Everyone turns to search engines with questions, and you could be the answer! Most companies hire an agency to provide SEO services, since it can be difficult to accomplish on your own, but prices are very low in comparison to other advertising and marketing efforts, and best of all, the outcome is measurable.

Danielle Pacelli is the Marketing Coordinator at MycroBurst/Logo Design Guru. MycroBurst is based in Langhorne, Pa. and is an online marketplace for graphic design. MycroBurst provides custom designs through crowdsourcing. Follow Danielle and MycroBurst on Twitter @MycroBurst.

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Keeping Business Momentum Moving During the First Quarter and Beyond

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Business profitability moves in a cyclical pattern. Typically, the first quarter of the New Year is the slowest, and is often the most difficult to survive, particularly for small businesses. It’s natural that sales taper off during this time of year – customers are recovering from their holiday spending, they’re preparing to pay Uncle Sam what they owe and the winter doldrums have set in as well. However, there are a few things that you can do to help ensure that you keep your business moving forward.

Set Goals

Goal setting is an important consideration for any business in any industry. However, it’s important that you go about setting your goals in the right way. Use the SMART method, and you’ll have a significant advantage over the competition.

SMART is an acronym for Specific, Measurable, Attainable, Relevant and Timely. Each goal you set should follow these criteria. Moreover, you should set your goals as early as feasible, so you can have a plan in place to work toward during the slow months. Often, action translates to momentum, though you’ll need to be prepared for a different sort of momentum than what you experience during busy sales periods.

Goals keep your company moving forward, even if you’re not experiencing a high level of foot traffic or your website sales have slumped. However, your goals during this time of year should differ from those you set during busier months. Focus on business improvement, refinement, new project planning and the like instead.

Determine Needed Improvements

Often, keeping a business moving isn’t all about actual selling. Sometimes, it’s about finding things within your business to improve. The slower months of the year are the ideal time to dig deep and identify what you can do better and how you can change it. This can apply to any area of your business, from shipping and receiving to marketing and promotion – you might find new software that streamlines your receiving process, or perhaps you’ll work on creating a marketing campaign directed at current customers from your existing database rather than focusing on bringing in new ones. Now is the time to take stock of your business, identify areas where change is needed and then make those changes.

Advertising Still Matters

Just because you’re stuck in the doldrums of the dreaded first quarter, it doesn’t mean that you should stop your advertising. However, it’s the perfect time to investigate new marketing methods that you might have wanted to check out but lacked the time, earlier in the year. For instance, if you’ve been considering social media marketing but lacked the time, get started. Maybe you’ve have considered starting a newsletter to keep your customers informed, or you want to conduct surveys to gather vital data. Now is the time. You’ll also find that because the season is slower for pretty much all businesses, your own marketing messages will get more traction.

Plan New Projects

Because these months are slow, you’ll have time on your hands that can be put to good use in the area of project or product planning. If you’ve been thinking about starting a new project, offering a new service or releasing a new product, this is the perfect time of year to get started with the process. You’ll find that the productivity and energy your new planning generates spills over to other aspects of your business as well.

Keeping a business moving forward during slow periods is a challenge for every business owner and CEO. Have patience, set goals, improve your company, try new things and that momentum will continue.

Don Elfrink is the owner and operator of AutoMatStore.com, a company selling auto mats throughout the nation. Before AutoMatStore, Elfrink was the operator of an automotive production site. AutoMatStore focuses on logo, carpeted, molded and all weather floor mats.

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It’s Not About “Surviving” As a Working Woman But Keeping a Great Attitude

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My mom and me!

One of my earliest and strongest memories from when I was a little girl was watching and getting ready for the day every morning with my mom. Mom got ready for her work day while simultaneously making breakfast and helping me get ready for school. My mother ran the Anesthesia Laboratory at UCLA and it was a job that took up a lot of her time. Despite the constant hubbub at the hospital she dealt with, I also have vivid memories of her still attending each one of my cheerleading games and of her picking me up after school every day, without fail. Even later in life, when I had my own kids, she graciously watched them one day a week for me up until she retired – and now she’s at least two days per week!

All throughout my childhood and young adult life, there was no other option in my mind to be when I grew up than a hard-working career woman. My mom taught me from a very young age how to be strong in the workplace as well as in every other facet of my life.

That’s where my success all started: with my mom.

At some point along the way of growing up, I became acquainted with the company I would later own, MyCorporation. I joined in 2004 as VP of legal and business affairs, leaving behind a law firm partnership in Los Angeles. I thought the switch would allow for greater flexibility in my work life, plus I was excited to be a part of an entrepreneurial venture. A few years later, MyCorp was acquired by Intuit and I was appointed to run the company under them. In 2009, I purchased the division and began running the company myself, as a business owner.

Now I’m the mom with my two sons!

Since then I have been riding that entrepreneurial wave, and learning new lessons every day. Being an entrepreneur comes with its own sets of highs and lows. On the plus side, I have complete flexibility; if I need to pick my boys up from school I can do so on my own time so long as I accomplish everything I need to do for the day. I get to grow as a business woman and learn from every business venture in which I partake. And, of course, you learn to take the bad with the good. The pressure of having an entire business as your responsibility can be overwhelming at times – dealing with payroll and the daily employee matters aren’t exactly a walk in the park! But the freedom and flexibility it gives me are all part of being an entrepreneur and I wouldn’t trade any of it in for the world.

The biggest entrepreneurial lesson I have learned thus far is how to deal with those above mentioned employee matters. I am an attorney by trade, an individual contributor, so initially I was not used to addressing so many employee issues on such a regular basis (hiring, firing, employee reviews, conflicts, and so forth) but what I have learned to do is to try and stay ahead of the curve. I strive for constant communication, to be fair and not get too involved. This has enabled me to focus on the mission and goals of the business.

Coming into this business, new female entrepreneurs will hear time and time again of the stigmas women face in being entrepreneurs. Now having done it for years, I think being a female entrepreneur is actually an advantage. I’m a friend, wife, mother, and room mom; of course I can handle being an entrepreneur as well! Gender aside, keeping a great attitude and always seeing the best side of every situation are great business traits to have whether you’re a man or a woman. As my mom taught me from the get-go, it’s not about ‘surviving’ as a woman in the workforce, it’s about keeping great focus, treating others well, and, at the end of the day, getting done what needs to get done all with a smile on your face.

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How to Finance Your Business in an Emergency

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While big business may have access to bank lines of credit and even government bailouts, small businesses usually don’t have the same financing resources. When an emergency strikes and you need cash, you need to understand how to finance your business through a rough period.

Emergencies may include major equipment failures, serious cash flow shortages due to customer defaults, unexpected lawsuits, tax liabilities, or a myriad of other situations. Regardless of the cause, you need to find cash fast to rectify any situation that threatens the stability of your business. Following are some creative methods to get financing quickly.

Factoring Invoices

A factor is a company that buys your invoices for cash. If you sell a customer $1,000 worth of goods, for example, and extend 30-day credit terms, you obviously have to wait for your cash. A factor advances 80% to 90% of that invoice to you and sends the rest when your customer pays the balance. A hefty 5% fee is not unusual, but a quick $950 is most welcome in an emergency. You do need to set up an account with a factor beforehand, but in the case of an emergency, this can be done rapidly.

Credit Card Advances

Financing a business with credit cards is not a new idea, so ask your lenders for increased credit limits to temporarily get through whatever situation has caused the cash flow difficulties. Most likely you have multiple credit cards, so a $500 limit increase on a few of those goes a long way toward solving immediate problems.

Merchant Advances

Some companies lend businesses money at high interest rates. $5,000 may end up costing you $7500, but again, if your restaurant’s freezer has failed and you can’t operate without it, you may have to go the route of merchant financing. Find these companies online.

Deposits

Certain businesses collect deposits before they do the work. Caterers commonly collect money upfront when they book a wedding or a holiday party. If you have customers who are ready to book but just haven’t gotten around to it, a few phone calls could generate some nice deposit dollars. Have your sales staff also prospect for new customers and find some quick cash that way.

Early Payment

If you have a good relationship with some prime customers, ask them to pay early for your services.  If they currently have 30-day credit terms but can pay in 15 days, ask them to do so to rake in that much needed cash.

Supplier Loans

Major suppliers may also lend you money in an emergency. Vendors need you to stay in business and you may be surprised at the reaction you get when you ask them for a short-term loan.

Relatives

When the choice is going out of business or finding cash, it may be time to ask trusted friends and relatives for a loan. You may be embarrassed to explain the circumstances, but a short-term infusion of cash from any source is very comforting (and motivating!) in an emergency.

Employees

Employees obviously know about the emergency situation that has caused the cash shortage. Perhaps ask them to delay cashing their paychecks since this will free up some cash for the company or you ask them to loan money to the business. If this is done with a note, and as long as your employees fully consent to the loan and is not a condition of employment, it is completely legal and you may be pleasantly surprised at the results.

Running out of cash is one situation all entrepreneurs fear. But sometimes it just can’t be avoided. By utilizing some of the above ideas, you can probably find the funds you need to survive. Once you learn how to finance your business in an emergency, it will be much easier in case the situation ever occurs again.

About the author:

Kristen Gramigna is Chief Marketing Officer for BluePay, a credit card processing firm that offers merchant cash advance services for businesses looking to take the next step towards success. She brings more than 15 years of experience in the bankcard industry in direct sales, sales management, and marketing to the company and also serves on its Board of Directors.

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Business Basics: Registered Agent Services

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Welcome to our weekly Business Basics post! This week we decided to explore a service that nearly every Corporation and LLC uses – registered agents. If you are thinking about forming an LLC or incorporating your business, you will need to find a registered agent. But what exactly do they do again?

What is a registered agent?

A registered agent is the person, or in some cases the company, that a business designates to receive service of process if there is a summons or a lawsuit. Since incorporating or forming an LLC helps to separate your personal and professional lives, and provides fiscal and legal liability protections, the state cannot simply serve you with legal paperwork. LLCs and corporations are, after all, their own, separate legal entity. So a registered agent acts as the impartial receiver of those legal notices. States will also sometimes send renewal reminders and notices to your registered agent, helping you to stay on top of what you need to file to stay compliant with state regulations.

Do I need one?

Nearly every, single state requires that LLCs and corporations doing business within its borders designate a registered agent, so yes it is very likely that, legally, you must have a registered agent. But, beyond the legal considerations, having a registered agent also helps you to maintain a bit of privacy. Having legal paperwork delivered directly to your place of business can wind up raising some eyebrows. There are considerations to be made for office-morale as well – after all, if you are working for a corporation that keeps getting notices and letters from attorneys, you might not have much confidence in the company. A registered agent helps create a sphere of privacy, so that you and your attorney can handle any pressing legal matters without causing a panic.

Can I act as my own?

It all depends on where you do business. As we mentioned above, having a registered agent that is separate from your business will provide a bit more privacy. However, some states do allow members of LLCs, or directors of corporations, to act as the business’s registered agent. Minnesota, as an example, does not require any business formed in the state to name a registered agent, though the company does have to list an address where a person who represents the company can be found. However, all fifty states have registered agents offering their services so, if you do want to name one, you are always able to.

Where can I find one?

Most states actively maintain a list of registered agents who are allowed to provide such a service within their borders. Just look up your state’s secretary of state or department of corporations – chances are that there is a list of active registered agents somewhere on the site. MyCorp is also happy to provide you with our own registered agent services, and we are able to do so in all fifty states!

Having a registered agent is extremely useful, and even if the state you do business in does not require you to have one, it is still a good idea to contract somebody as your registered agent, just to help maintain a bit of privacy. Just make sure that whoever you do hire stays in contact with you, as any and all important paperwork from the state will likely come to them first. The last thing you want is to miss a deadline because your registered agent never got around to calling you!

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10 Ways Small Businesses Can Start Saving Money Right Now

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Whether you are an entrepreneur who’s just starting out or a seasoned small business owner, you probably have one thing in common. Chances are you want to cut the costs of doing business. In addition to increasing profits, this allows you to reinvest in your own success. There are a number of creative ways that entrepreneurs can cut their costs. Here are ten strategies that will help you slash expenses quickly and efficiently.

Turning off computers
Energy costs can be a major line item each month. A simple way to save on electricity is to turn off computers or laptops when you’re going to be away from your desk for an extended period of time. If you know you’re in meetings for several hours or leaving the office for the day, why not turn off your computer? You can also consider an automatic device that turns of items at given times of the day, such as overnight. Doing so will save money and prolong the life of your computers and laptops. It’s a win-win for cost conscious companies.

Switching out light bulbs
Most of us have made the switch from traditional incandescent light bulbs at home to help save on energy costs, but what about at work? CFLs may have a higher upfront cost than incandescent bulbs, but the cost savings in the long-term is worth it. They last up to ten times as long and use 2/3 less energy than traditional light bulbs.

Automatic hand dryers
Do you find that your business goes through paper towels like they’re going out of style? Why not make the switch to automatic hand dryers? They also have a higher upfront cost, but they significantly cut down on the cost of paper goods. Newer automatic hand dryers are also energy efficient, using less electricity than older models.

Equipment restoration
If your business uses certain electronic or manufacturing equipment to develop products, you should consider equipment restoration to help save money. Perhaps some of your machines have stopped working entirely due to electrical failure or certain functions no longer work? Look into companies that can help get your machines up and running again. The cost will most likely be significantly lower than replacing the machines with new equipment.

Download free software
If you’re in the market for a new software program, there are numerous free resources available to budget-conscious business owners. If your software costs are getting out of control, consider looking at free or open source software. Many companies offer free trials of their programs, or entirely free options for the life of the software. So do your research, and look into alternatives to costly programs. For example, Open Office is a good possibility if you’re considering purchasing Microsoft office.

Multiple bids
If you are hiring a vendor for a particular project or working with a consulting service, it’s a good idea to get multiple bids. Don’t just hire the first company you come across because chances are you may be able to get a better deal by shopping around. A good rule of thumb is to obtain at least three bids for projects before you make a final decision. You don’t necessarily have to go with the lowest bidder, but always get quotes from vendors to compare!

Outsourcing
If you’re on a shoestring budget, look into outsourcing some of your business. Sites like Elance and Guru are good places to find freelance web designers, writers, and programmers. Often, working with an independent consultant is less expensive than hiring a full-time employee or working with a firm.

Go virtual or share space
A smart way that small businesses are cutting costs is by taking their operations virtual. If you can work out a situation where employees telecommute, then you don’t need to worry about the high cost of renting office space. If full-time telecommuting is not an option for your business, look into shared space office space. A communal office space can be much less costly than individual offices.

Google Voice
Google offers a number of free or low-cost tools for businesses. Google Voice allows you to quickly and easily set up a business phone line and voice mail without the high cost of working with a telecommunications company to get started. If saving money on communication costs is a priority for your business, try out Google Voice.

Reuse and recycle
This one probably goes without saying, but it is worth mentioning. Always make sure you reuse your scrap paper, print on both sides of the page whenever possible, and avoid printing out every email message you receive. It’s also a good idea to recycle paper and toner cartridges. Some large office supply companies offer special discounts on certain products for businesses that take advantage of their recycling programs.

There are a number of strategies for cutting costs for your business. While some strategies such as switching out old light bulbs carry a higher upfront cost, they are great money savers over the long-term. Whether you’re just starting out or you’re a seasoned entrepreneur, saving money for your small business should be a top priority.

About the author: Carl Petoskey’s vast knowledge in the business industry stems from his 15 years writing and working for various small businesses. When he’s not writing, you can find him covering LWG Consulting or other companies focused on bettering small business owners.

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Listen in to Our CEO Deborah Sweeney and BizStarters Chief Coach Jeff Williams’ Podcast!

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Have you asked yourself recently if your marketing plans are clicking on all cylinders and you’re doing all that you can possibly do for your small business? Our regular guest blogger and award winning business coach Jeff Williams with BizStarters recently did a podcast with our CEO Deborah – and additionally, he’s providing a marketing evaluation checklist for entrepreneurs and small business owners to use to give existing business concepts “a good once-over in the marketing department.” Click here to try it out and listen in on the podcast below!

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5 Google+ Marketing Tips for Your Small Business

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Your small business only needs to maintain a presence on Facebook and Twitter, right? Wrong. Even though Google+ can seem like an afterthought in social media, ignore it and you’ll miss out on an enormous audience. There are five things you can do on Google+ to promote yourself in a new and exciting way and boost your brand’s awareness:

1.       Use the “About Page” to link your website

Take advantage of this opportunity to tell the audience about your company. This is the perfect place to add important keyword links for your site. Another cool feature is that Google+ allows you add bullet points, so you could simply list your products and services and have them link to pages on your website, which go into more detail.

2.       Plan events

Gmail accounts are ubiquitous, and Google+ has really neat optimized features for users. Their event feature, for example, is a great tool to use if your company would like to plan webinars, parties or other events. Regardless of whether or not they are Google+ users, their invitation will sync up with Google Calendar and help you track attendance. It’s also a great way to keep track of planning and logistics related to the event before, during and after!

3.       Create frequent optimized posts

By including keywords in your Google+ posts, you will ensure that you show up whenever your followers search for that keyword. This feature is called social search and it is especially effective for those with a large following. By frequently posting relevant content, you are increasing your chances of coming up in Google search results, which is one of the biggest benefits to maintaining a Google+ page.

4.       Be a Google Author

Google is constantly looking for new ways to authenticate content. By setting up Google Authorship, you are establishing yourself as a credible source for content. This means that you will be trusted by Google and will be able to reap all of the SEO benefits that come with that. By simply adding a photo of yourself and a miniature bio, you can drive tons of traffic to your page and significantly boost awareness.

5.       Talk to the right people

Google+ is all about talking to the right people, and it makes it pretty easy to do so. One way to do this is to join communities that are relevant to your company’s industry and interests and becoming a valuable part of the conversations. Once you have done this, you can begin to form relationships with people, and when they add you to their circles, you can add them to your company’s. Once they are in your circle, the things you post will show up for them.

Danielle Pacelli is the Marketing Coordinator at MycroBurst/Logo Design Guru. MycroBurst is based in Langhorne, Pa. and is an online marketplace for graphic design. MycroBurst provides custom designs through crowdsourcing. Follow Danielle and MycroBurst on Twitter @MycroBurst.

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Business Basics: Initial and Annual Reports/Statements of Information

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Welcome to our weekly Business Basics post! In case you missed last week’s entry to the series, we are dedicating every Tuesday to helping explain the facets and aspects of starting and running a business that typically get overlooked.

Initial and annual reports (also known in some states as Statements of Information), while not particularly glamorous, keep your business in good standing. Plus if you misfile them, or file them late, your corporation or LLC could be slammed with fees, or even dissolution. Two things that you clearly want to avoid. But what are these reports, and what are they supposed to say?

Initial Reports

Initial reports are exactly what they sound like – reports filed at the beginning of the formation of a Corporation or LLC, or shortly thereafter. Different states have different requirements, but the basic information is typically the same. The initial report usually needs to name a registered agent and give that agent’s primary address, along with the business’s address. It will usually also need to list the names, and in some cases addresses, of any officer’s, directors, and/or members of the new entity. Finally, it needs to disclose what the business actually does. As of this posting, only ten states require new Corporations and LLCs to file an initial report: Alabama, Alaska, California, Connecticut, Georgia, Missouri, Nevada, New Mexico, Oklahoma, and Washington.

Annual Reports

Filing requirements for annual reports vary from state to state. Ohio, for example, does not require any business entity to file an annual report, and LLCs are excused from filing in Delaware. Annual report can sometimes be a bit of a misnomer as well, as some states, like New York and Indiana, only want biennial reports. Each state has its own requirements and deadlines, which makes summarizing annual report requirements a bit difficult, so when you do file, make sure you check with your state’s Secretary of State or Division of Corporations so you know, exactly, what is expected. Typically, annual reports are just used to keep the information that the state has on your company current, and so the state will likely ask for the same things that initial reports do – names and addresses for your registered agent and the members/directors/executives of the LLC or Corporation, along with your primary place of business and a description of what your company does. But, again, every state is different, so be sure to check your state’s website - MyCorp is also happy to help you if you need us too!

Obviously, initial and annual reports, or statements of information, are not particularly difficult to fill out. The confusion stems from the fact that each state has its own requirements. Luckily most states have a standardized form that they like businesses to use, which makes the process much easier. Just be sure to know when you need to file by in order to avoid late fees and, before sending it in, double check the form to make sure all of the information is correct.

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