Regardless of the business or franchise opportunity, one of the best ways to learn how to be a good owner or manager is to study the traits of those who have been successful and to emulate those things they do that seem appropriate to your situation. What some businesspeople may forget, however, is that they can sometimes learn from non-businesspeople too, and that shining examples are all around us. (more…)
Everyone who starts a new business or takes advantage of a franchise opportunity hopes that once the decision is made, the business will succeed. This optimism is a good thing, but it’s important not to approach business ownership in a naïve manner.
The sad fact is, not every new business succeeds, and, in fact, many don’t. In some sectors, such as restaurants, most actually fail. Success is not guaranteed, but there are some things you as a new business owner can do to dramatically increase your chances of success: (more…)
I never set out to be a business owner, or any sort of entrepreneur for that matter. In fact, I never even thought I would see the kind of success I have. It was well over 17 years ago, right around the time I turned 30, that I realized just being in sales was not enough for me. I started a family, had my first home, a couple of nice cars, a bit of money in my pocket, but found myself losing interest in sales. (more…)
In this week’s Business Basics we’re going over what it means to qualify as a foreign corporation. Let’s say you form a corporation or LLC in one state, but you’ll be doing business in another state. This is pretty common for a lot of business owners. All it means is that you may be required to qualify for a foreign qualification. Filing a foreign qualification allows you to legally operate your business in another state other than the state of formation. (more…)
For today’s business basics, we’re taking it back a little bit. We’ve talked about the ins and outs of incorporating throughout the years, but we thought we’d remind you of the no-nonsense benefits that come along with incorporating with a filing service.
When you incorporate a business with a professional document filing service, you save time, money, and energy. (more…)
There’s nothing simple about starting and owning a business. Choices are everywhere — in business plans, company names, pricing, employees, benefits and office space. But first, in order to register your company with state and federal agencies, you’ll need to choose a business structure, and this choice can have ramifications that are not immediately clear.
A business’s structure is basically the way it’s organized. It answers questions like who’s in charge, how profits will be distributed and whether owners are responsible for debts accrued by the business. The most common IRS-recognized business structures include the following: (more…)
If you’ve come across the term “Microloan” while searching for small business loan options, you’ve likely inferred that it is a loan with a small borrowing limit. Maybe that sounds like just what your company needs, but you most likely have questions about how this funding alternative works. Just how micro are these loans? How do they compare to traditional bank loans and other borrowing alternatives?
Here are answers to small business owners’ most frequently asked questions about microloans: (more…)
In 2012, entrepreneur Mark Cuban wrote “12 Rules for Startups“ for Entrepreneur.com, contained valuable insight and some entertaining ideas from Mr. Cuban. The article shared some snackable ideas to the startups to roll out with large profits and tag their business as ‘successful’.
Keeping the same spirit, this post is going to narrate 12 additional rules of thumb for startups to follow in 2014 – for both those launching new businesses and those associated with these startups. It’s been a two year leap since Mr. Cuban wrote his article and while the market and tactics have changed quite a bit, startups in 2014 still have plenty of exciting things to look forward to.
Rule 1: Grow Your Passion
Startups are diligent, and have to build a problem-solving attitude since the launch of business. Startup strategy must consist of moving two steps forward and one step backward. However, it’s critical that all start-ups include plenty of passion as it’s important for entrepreneurs to deal with business upheavals.
Rule 2: Never Give Up
As startups grow and experience challenging times, they need an attitude in place that tells them to never give up! Overall persistence in business works to help startup owners grow a strong survival strategy in the long run.