Archive for February, 2011

Five Ways to Keep Your Business Out of Court

Monday, February 28th, 2011

Starting a business is fun and exciting for most entrepreneurs. However this feeling of euphoria will quickly retreat if your business is sued. The court room is the obvious enemy of the small business owner. However, fear not! By following these five simple rules you can avoid facing the courtroom so you can focus on the success of your business.

1. Be very cognizant of your business image. Owners and employees should avoid making any public announcements or conducting any business that might be considered questionable. Avoid things such as making slanderous statements or having unnecessary contact with customers. This includes limiting possible conflicts of interest. Situations such as these can damage the integrity of your business and land you in legal turmoil. To avoid legal action, do the job your business was created to do in a professional and neutral manner.

2. Hire a competent attorney. While not always necessary, business owners should have a ready legal contact in the event the business is sued. Business owners should attempt to secure an attorney that is familiar with local laws and customs and the type of business in which you engage. Finding an attorney is simple with resources such as the yellow pages and Google. Even if your business is never sued, many business owners need different forms of legal advice. Securing competent counsel is a good idea.

3. Separate yourself from your business. This can be achieved by incorporating your business. Operating your business as a sole proprietorship leaves the owner’s individual assets open to attack by creditors. Incorporating your business separates your company’s finances from your own. Make sure that you do not mix personal and business expenses. Do not pay for business related expenses out of a personal checking account. Create a business account that is used solely for your company. This will clearly define the line between you and your business.

4. Insure yourself. All businesses should obtain liability insurance in the event that, if you own a retail business, a customer was to slip and fall in your place of business. In addition to purchasing insurance, another way to insure yourself against liability is to build protection into your contracts. If an act of nature, a specific supplier or some other uncontrollable act can make it impossible for you to fulfill a contract (and thus open yourself up to legal action) then you should be putting to ink that you are not liable for incomplete work due to these factors. Discussing the possible clauses and legal phrases needed in your work contracts is one of the best ways to employ your lawyer’s time and it will reduce your need for a lawyer later on in your business venture.

5. Protect your business files. First, make sure that your business has updated antivirus and other types of security software loaded and activated on their systems. If a computer system were to go down because of a virus, the business may be at risk of not being able to perform certain contracted work. Also make sure that you keep record of email communication with your customers. In the event of a lawsuit, it is often your customer’s word versus your own. Recording communication will provide all the evidence necessary to defend your business.

Separating your assets from that of your business is crucial. Retaining competent legal counsel, protecting your business files and communication as well as insuring your business will hopefully keep your business out of the court room for good! Learn more about ways to maintain your business, or how to incorporate HERE!

Tips for Newly Incorporated Business Owners

Thursday, February 24th, 2011

Congratulations! You incorporated your business! Now comes the dreaded question: now what? One of the most common obstacles encountered by new businesses is their own fear or self-doubt. With confidence and a good network of other entrepreneurs, starting and growing a business can happen quite easily. It takes persistence and focus, but it can be done. Having good resources – other entrepreneurs, experienced business owners – who can serve as a sounding board is extremely important.

Aside from establishing confidence, many other obstacles exist that new business owners should avoid. 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.

First, make sure you 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 effects are properly protected.

Next, 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.

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.

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. Check out social media such as Facebook and Twitter to get the word out about your business. Don’t rest on your laurels, and make sure you’re on top of the next steps for your business.

Finally, 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.

Now is a great time to incorporate your business. Using the tools mentioned above, you are setting your business on the path for success. Learn more about maintaining your business and other tips to stay on the right track HERE!

MyCorporation How To: Branding Your Small Business

Tuesday, February 22nd, 2011

Separating your small business from its competitors is crucial, especially in the current economy. Learning how to successfully brand your business will help you achieve this goal. However, with so many new forms of social media, creating a strategy can be difficult. Consider the following questions and answers to learn branding tips that will help you navigate the sea of online communication and effectively develop a branding strategy.

How do I separate my business from the competition? Have a clear business plan. Have a direct answer to the question, “what is your business about?” Figure out who you are and what your business represents. From that point, create a logo that represents the image you wish to portray. Investing $750-$1000 in a company that will help you develop a logo is a great idea. These companies know what is already on the market. They can help you create a logo and an image that is new to the small business world and unique to your company.

What is the best way to spread the word about my business? Social media is the easy answer. Facebook, Twitter and Linked In, to name a few, provide the perfect platform to get the news out about your business. If you are unfamiliar with using these sites, ask a younger employee. These websites are second nature to the younger generations and they can help you out. Also, creating your own profile is free, thus sweetening the deal. Using these sites can also help you research your competition and learn your market.

To blog or not to blog? BLOG! If you are reading this, you are proof that blogging works! Your business website provides customers with general information; however a blog will help give your business a voice. Aside from the services and prices, what is going on within your market? Have you developed certain strategies you would like to share with others? Relevant issues within your business community also provide great topics to use for a blog. Creating a voice for your company will make your business relatable to customers while also increasing your online presence.

What else can I do? Keep in mind that you need to stay relevant to your customers. Implement new strategies such as updating your Facebook profile or tweeting about current events pertinent to your market to ensure you are up to date. Understand how technology is changing in order to keep your business up to speed. For example, add comments on the blogs of your competitors linking back to your site. Generating web content surrounding your market and your business will not only increate traffic on your site, but will also ensure you are keeping up with your competitors.

Get out there and make your online presence known! Create a strong logo and develop a clear and simple business plan. Use social media websites to generate content relevant to your business, and don’t forget to check up on the progress of your competitors! Learn about other ways to maintain your business using MyCorporation HERE!

FREE Corporation or LLC on Valentines Day!!!

Monday, February 14th, 2011

Before the clock strikes midnight today, February 14th, there is one thing you should accomplish: incorporate your company for FREE.

There’s no better time to save on taxes, protect assets and add legitimacy to your business. Tell your friends, family and colleagues. Tell business owners who need to show their business some love that today is the day to finally get it done. Incorporate or form an LLC an LLC for free today only.

Click HERE to learn more & to take advantage of this limited time special offer!!

ENTER COUPON CODE: LOVEMYBIZ

Trend Watch: Up and Coming Industries

Thursday, February 10th, 2011

The months from February to April can be some of the slowest of the year. After the excitement of the holidays, winter can feel endless while waiting for summer. Spice up those short winter days with a new business venture or by taking your business to the next level of success. To give you some inspired ideas, here are some of the newest industries that are taking off this year.

1. Go Green. This is one of the biggest growing trends in 2011. “Green” is everywhere and in every industry right now. Companies are focusing their efforts on natural resources whenever possible and are encouraging their customers to do the same. Conversely, customers are going green themselves and demanding of the companies they frequent to keep up. One great way to appeal to your customers who are eco-friendly is to use recycled products whenever possible and cut down on paper use. In a similar vein, customers are deliberately purchasing their products from stores that promote local products. Grocery stores with produce from local growers are especially popular right now but it goes beyond that to local designers and manufacturers. If you can find some way to take advantage of this niche and work it in to your business model, all the better for your business.

2. Health and Fitness. Along with being good to the environment, consumers are focusing more and more on healthy living for themselves and their families. Organic eating and focused workouts are taking center stage in the consumers’ minds. Parents are even bringing their children into the action with family exercise and totally organic meals. This new spotlight on health and fitness has brought specialty food and drink stores to the forefront of the market as customers are choosing to spend their money on fit living. If you make any type of product, it might be a good idea to market your product or modify it to appeal to this specific type of consumer. This will expand your customer base immensely and allow you to satisfy this desire of people for healthy living, especially since a common New Year’s resolution among people is eat better and exercise more.

3. Search Engine Optimization. The Internet. Has there been any bigger game changer to the business sector in the last ten years? The introduction of the internet has been huge for businesses both big and small and has shifted the way businesses present themselves to their customers. Now, consumers turn to the internet for information about the companies in their area, and online shopping has become almost a hobby for the young and old. A company that takes advantage of this is very smart. All companies, regardless of size, should have a website; however a website alone can only do so much. The key to internet presence is search engine optimization (commonly called SEO). SEO is basically the use of key terms within the text or coding of your website to bring it up higher in the search results. Since many consumers only look at the first page of hits after searching, this means the higher you are in the search results, the more customers will see your business.

4. Technology Security Consulting. With the increasing use of the internet, thieves have found better and less obvious ways to steal from unsuspecting consumers. Identity theft is a big threat to consumers that shop online and in order to keep their customers from leaving, companies are always looking for bigger and better ways to protect the online realm. Even a one-time incident of stolen credit card information can deter customers from coming back to your site forever. Improving the security precautions of your website and computer systems says to customers that you care about their protection, encouraging them to feel safe shopping with you, and safe shopping can lead to frequent shopping.

Think about how you can incorporate some of these industry trends into your current business plan. Maybe you can market yourself better to certain consumers or run a recycling campaign in your community. There is always a way to expand your business somehow, whether through advertising, customer base, or products offered. Don’t let 2011 pass you by without taking advantage of some of the hot trends!

Have a great idea? Let us help you incorporate your business! Learn more HERE!