Small Business Resource » Small Business Tips

How to Register a New Business

webkriti — Fri, 27 Jan 2012 11:02:14 +0000

How to form a business – corporation or LLC

To form a business with the right legal paperwork for city and state, as well as enable your business to accept money through credit cards, there are basically three options.

Pay a lawyer – Spend a couple thousand dollars for a lawyer to file the paperwork, with the cost depending on the scope and nature of your business
File online with a company who wants to help you for a fee – expect to pay around $300 in addition to the state and city fees as they guide you through the process
File yourself through the Secretary of State and Department of Revenue

How to file a business yourself with state authorities

The state is generally not very good at making it clear and easy how to start your own business. That is why online services pop up to help you along for a fee, and why lawyers can charge whatever you’ll pay them to make sure it is done right. However digging through a horribly designed government website or physically visiting your local government offices can get you on your way to operating legally. If you want to be sure, pay the lawyer, because this is not legal advice, it is just a suggestion.

Incorporate
Search for the Secretary of State’s office in your state. Follow their instructions. Some states may let you file online. Others may let you mail in your application. Somewhere on their website you should be able to download .pdfs that include the application and instructions. If you are close enough to the city (like the state capitol) where the Secretary of State has an office, go in. Say hi. Tell them you want to file a new corporation or LLC. Hand them the completed paperwork. You may need cash, check or money order to pay the fee. Smile as they stamp it. You now have an LLC or corporation, on paper.
Apply for a Tax ID number
Apply for a federal tax ID or Employer Identification Number (EIN) through the IRS at this link about applying for an EIN on irs.gov.
Apply for State reseller’s license
So far you have told the state and the federal government that you are conducting a business. Now you need to tell the State’s tax collection department that you will be selling products or services. They will want you to charge your customers just a little bit extra and pass it along to them. Sales tax. Collect it, pay your sales tax on the schedule the state gives to you. Be thankful that they allow you the privilege conducting business in their jurisdiction. Some countries don’t, you know.
Start a bank account
Go to a bank, set up a business account. They want your business, so they will probably guide you to the services they want you to use. Order checks. Sign up for the business account that sounds best to you.
Apply for a merchant account
Now you need someone to talk to VISA Mastercard Discover and AMEX for you. That’s called a merchant account. Ask your bank to recommend one to you, they may have their own or a company they partner with. The money from a credit card takes a few days to get to your checking account, and it may go faster if you use the credit card processor that your bank is most integrated with. Merchant account companies are a competitive business, so compare transactional percentage fees and total costs in choosing the credit card processing company you are most comfortable with.
Apply for a merchant gateway
If you would like to accept credit cards online, you will need a gateway. This is another business in the communication chain of guy-at-home-on-internet to your funds in your company’s bank account. They take a dime or less from each transaction and have a monthly fee probably too.
Launch a website
There are thousands of pages about how to launch a website, so research that elsewhere. The platform Allen Booth is built on, Volusion, is pretty nice and has a shopping cart to let you manage products on sale to customers. Even if your business is not about selling things online, launch a website of some sort and realize it is your international business card for your company.
Tell your friends (and other people)
Promote your products or services in any way you see fit. Now you’re legal. There are many ups and downs to owning and/or operating a business. Surround yourself with smart people and make interesting things happen. Don’t forget to pay your taxes on time.

Jotham McCauley lives in Jackson, MS with his wife and two walker hounds and sells rustic wood furniture at Allen Booth.

How to Organise a Successful Meeting

webkriti — Sun, 15 Jan 2012 07:46:25 +0000

Organising successful meetings

Meetings are part and parcel of business life. In fact, it is almost impossible to imagine the corporate world without them. As one of the prime means of communication between individuals, meetings are inseparable from the decision-making process. Therefore, being able to organise them successfully must be considered a crucial skill of any modern businessman.

Here are a few tips on how to make your first meeting a resounding success:

Understand why the meeting is necessary. What is to be discussed? What are the meeting’s goals? With this in mind, who should attend?
Come up with the correct format for the meeting. How can the desired outcome be effectuated in the most efficient manner? Can a virtual meeting accomplish the set goals more easily? Can guest speakers or videos be of any help? Is there to be any brainstorming or debate between the attendees?
Keeping the objectives firmly in mind, decide on the appropriate time and place of the meeting. The choice of meeting room should take into account its goals and structure, the availability of necessary equipment and the accessibility of the location for the attendees. The timing of the meeting should not only depend on the availability of the chosen meeting room, but should also be a function of the schedules of the attendees who are to be present.
The agenda should be made and distributed at least several days in advance of the meeting in order to give all attendees the chance to plan their schedules accordingly and confirm their attendance. It is extremely important that the agenda communicates effectively the goals of the meeting, as well as its time, place, estimated duration and any and all expected participatory activities on the part of the attendees, using clear language and a realistic time-schedule.
Take extra copies of the agenda to make sure that everyone has a copy of it even if some people forgot to bring them. Ensure that both a meeting leader and minutes taker have been assigned before beginning the meeting.
If you are the meeting leader it is your responsibility to keep the meeting running smoothly, to facilitate discussion, to make sure that all voices are heard, and to stick to the agenda. In order to do so, go over the agenda prior to starting the meeting and refer back to it after completing every scheduled activity, keeping meticulous track of the time.
Upon completion of the meeting, summarise the discussion points, the decisions taken, and any actions that have to be performed in the future as a consequence of this meeting. Review the minutes shortly after ending the meeting and, based on this information, send all attendees a summary of what transpired at the meeting, of the next steps, and, if applicable, include the date and time of the next meeting.

Jonathan is writing on behalf of De Vere Venues - With more meeting rooms than anyone else in the UK, we’ll be able to accommodate your group size and budget.

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The Power of Charity

webkriti — Wed, 04 Jan 2012 06:03:57 +0000

Doing things for a good cause has always been an end in itself, and it’s always satisfying to think that people are genuinely benefiting from your hard work. This is why supporting a charity or something else is always a great way to elevate your business to become something more than just a vehicle for making money, and why so many people aspire to do something truly great with their infrastructure once it’s in place.

At the same time though, it just so happens that charity is also incredibly good for business, and that any kind of connection to a charity can help to propel your company into the stratosphere. Here we will look at how you can benefit your company through the use of charity and why it’s really such a win-win situation.

Benefits of Charity Affiliation

If you affiliate your company with a charity then suddenly everyone will want to help you, and suddenly there will be more motivation for your company. First of all, if you provide money to charity out of your company’s profits, then this helps to give you one very big reason to use your company over another. Say you make a product and give 10% of that profit to a charitable organization – when it comes to choosing your product, or someone else’s, then most people are going to be more likely to choose yours. This is true if both products cost the same, but it’s also true even if yours costs 15% more. So in other words you can increase your profit margin and your sales and this is perhaps the only way to do that without coming up with some expensive breakthrough technology. Altruism is actually a huge motivator, and even in times of financial hardship. In fact it’s a motivator particularly in times of financial hardship, as statistics show that economic crises actually increase charitable giving (presumably as people become more sympathetic).

Next if you affiliate your company with a charity you create many more marketing and promotional opportunities. You can do promotions with the charity you are sponsoring for instance, and you’ll find that the charity magazine does features on your business for example. Other unrelated magazines however will also be happier to run articles on your business or website too if they know it helps toward a good cause. Then you’ll find your company image improves and this will mean you get better ratings and reviews and that people are more likely to do business with you as a result of your charity.

And then on top of all that you are also doing a great thing, and demonstrating the power of capitalism to change the world for the better – everyone wins.

Choosing a Charity

Any charity will work wonders, but if you can link the charity to your business it will be particularly effective. This will make logical sense to your customers and clients and to the charity itself, and at the same time it will mean that you reach an audience through the charity that can also be a valuable market to you as well. So if you make keyboards, then an arthritis company might work best, whereas if you have a website about autism of course an autism charity is the most logical.

Corporate social responsibility and charitable affiliations are going to be really big in 2012. Jeet’s link building firm is also getting associated with local charities; in their case it helps them recruit good candidates through an unconventional medium.

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Should You Have General Liability Insurance for Your Business?

webkriti — Tue, 20 Dec 2011 04:08:00 +0000

General liability insurance for small business owners is akin to property damage liability insurance for car owners: it is the bare minimum coverage that you’ll need before you can become the entrepreneur you’ve always wanted to be.

Standard general liability insurance usually covers personal injury, bodily injury, property damage, and advertising injury. If your business is around long enough, eventually you will undoubtedly encounter litigation of some sort, and general liability insurance can save you money in the end. It also covers the cost to defend or settle claims, even if those claims turn out to be fraudulent.

Ultimately, owning general liability insurance will keep you from losing a significant amount of money, and in the long run it isn’t that expensive. Before you consider starting your own business, you should assess the risks that are inherently involved with your specific brand of commerce. If you have a physical location that people visit, you may be liable for an injury that might occur. Even if the courts find that there is no negligence involved on your part, you stand to lose capital on legal fees if you are not in possession of the kind of liability insurance that could prevent it.

If you currently have or plan to someday utilize employees, you will be liable for them. An injury sustained on the job will cost you if your insurance company can’t reimburse your wounded employee because you purchased the wrong kind of insurance. If you plan to hire employees, you will need to purchase a workers’ compensation policy.

If you have access to equipment, you might be liable. Especially if you are in IT, consider the horrors of accidentally erasing your client’s hard drive. They will probably sue you for loss of revenue, and without general liability insurance, you stand to pay amounts of money that could cripple your business … or force you to close your doors.

If you write or speak about a client, you leave yourself open to lawsuits that can involve libel or slander. Even if you are careful about what you say or the language you employ, you are better safe than sorry.

Depending on the size of your business, you may be able to work with multiple agencies to find the lowest rates for the variety of coverage you think you’ll need.

The cost of liability insurance can vary depending on the kind of business that you do, and includes any employees you hire, the specific risks with the products or services that you offer, etc. You shouldn’t break the bank paying for general liability insurance either. If you have a lower work volume, you may be able to qualify for a lower premium, which can sometimes add up to only a few hundred dollars a year. You can defend against any accidents as well as keeping your reputation safe as well as your own health. Your peace of mind will be worth it in the long run, and you’ll be able to stay in business.

Sarah Danielson is a contributing writer for Chicago Personal Injury Lawyer, the experienced personal injury law firm in Illinois.

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Christmas Gifts For Your Employees

webkriti — Wed, 07 Dec 2011 09:21:31 +0000

Christmas is almost upon us again and everyone is getting in the festive mood. Christmas parties, secret Santas, and of course gifts for your employees are just a few of the things to plan and organise for any work place.

Who To Give Gifts To

Depending on the size and type of business, you may want to only give gifts to certain members of staff, or perhaps have a range of different gifts to give to different employees. If you are a large business with several senior members of staff and a few hundred other members of staff, you will probably want to give the senior members of staff a little more than the others. On the other hand, if you run a small close nit business or say 5 or 10 employees, you may choose to give everyone exactly the same.

Types Of Gifts

This is often the toughest part, knowing what to give as a Christmas present to your staff. Obviously you can’t spend ages picking and choosing individual gifts for each member of staff. This means you will probably want to pick 2 or 3 different types of gifts and give each recipient the gift which is best for them.

So let’s take a look at some of the most popular gift types for giving to your staff at Christmas.

Hampers – Gift hampers are possibly the most common type of gift. Each hamper can be packed with festive treats and little gifts for the recipients to enjoy. These can either be purchased from hamper companies or put together in-house. Don’t forget to factor in the time involved with putting the hampers together if you do decide to make them yourself.

Silver Gifts – There are a range of silver gifts that you could buy for your employees. If your employees are corporate professionals, perhaps something such as silver cufflinks or tie bars. However if they are more physical workers, perhaps something such as silver keyrings would be more suitable. Regardless of the type of gift that you choose to buy them, most suppliers will allow you to have them personalised with the recipient’s name and possibly your company name or logo as well.

Gift Vouchers – You could choose to give all of your staff the “gift of choice”. Decide how much you would like to spend on them and then buy gift vouchers for each member of staff. The vouchers can either be for a high street store that you know they will use or perhaps an online store such as Amazon.

The author specialises in working with companies to help improve staff productivity. They have covered everything from improving time management through to increasing productivity.

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Corporate Holiday Gift Guide

webkriti — Thu, 17 Nov 2011 14:58:09 +0000

It’s hard enough to choose gifts for the people you know and love, so when it comes to corporate gifting, you may be totally out of your depth. How much are you supposed to spend? Should certain people receive more expensive gifts? What items are appropriate to send? What if you end up offending someone? The truth is that corporate gifts are largely optional and entirely at the discretion of the company. But if sales expectations have been met and exceeded throughout the year, it’s not uncommon for a company to thank their vendors and clients during the holidays with symbols of their appreciation. Here are just a few traditional gifts, as well as a couple that are a bit more modern.

Food baskets. This is pretty standard fare for corporate gifting. Baked goods are a holiday staple and there are hundreds of options when it comes to sending food gifts. You can contract with companies that make gift baskets full of chocolates, baked goods, meats and cheeses, popcorn, and even fruit. But if you want to do something a little different, think about sending out organic fruit boxes from a local farm co-op. It’s a healthy twist on the old standard that shows your devotion to the environment. Just make sure they arrive well before the holiday break or they could end up spoiling in the mailroom.
Wine. Giving alcohol to coworkers, business partners, vendors, and clients is always a little risky. For one thing, you never know who might be dry and rather offended at your presumptuousness. And then there is the little problem of shipping alcohol across state lines (some states have very strict rules concerning the shipment of liquor without proper licensing or labeling, for example). However, if you happen to know that a client or colleague is particular to vino, then there is really no harm in sending a nice bottle as a holiday gift (and writing off the expense).
Product. Any company that produces goods has a built-in gift for the giving; product samples. You can send out your regular wares or you might consider making a “special edition” that is just for clients and vendors. This “swag” is a neat way to give a gift, save some expense, and reinforce your brand all at the same time.
Donations. If you’re tired of wracking your brains to come up with the perfect gifts to send out to corporate partners each year, why not just admit that there are a much better ways to spend your money. Those people don’t need more tchotchkes for their desks or cookies in the break room. So why not take a different tack this year by taking the money you would have spent on gifts and donating it to a worthy charity in the names of your vendors, clients, and other business partners. This is not only a good way to give something back to your community; it is also great for your brand image.
Gift cards. Of course, if you think that your business contacts will expect a “real” gift this holiday season, you could always send gift cards. While coffee cards are fairly standard, you could go the extra mile by contacting a prepaid card company, like Visa, to give gift card that can be used anywhere.

Sarah Danielson writes for Get Debit where you can compare and contrast debit cards like the AccountNow Visa, to find the best fit for you.

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A Good Night’s Sleep = Health, Happiness, and Greater Productivity at Work

webkriti — Thu, 17 Nov 2011 14:51:01 +0000

If we manage things the way we’re supposed to, we’ll end up spending a full third of our lives sleeping. Of course, it doesn’t work that way for most people, who frequently cut into sleep time with work, play, children, and other distractions. And then there are all kinds of conditions that conspire to keep us awake, from sleep apnea to insomnia to restless leg syndrome. Yet we all know that getting adequate sleep is important, for a number of reasons (and not just so we can avoid nodding off into a bowl of oatmeal or getting a prod for snoring through the company meeting or a movie). So here are a few things to think about before you decide to stay up for Leno rather than hitting the hay.

First and foremost, sleep is essential for your health. Numerous studies have been done concerning the effects of a lack of sleep and they’re not encouraging. At the very least, it can lead to an inability to concentrate and a decrease in memory recall. But this is merely annoying. As time goes on and the body is denied adequate rest, people can become irrational, erratic, and paranoid. They may even begin to hallucinate in extreme cases (although most people simply cannot stay awake long enough to reach this state, thank goodness).

Further, a lack of sleep can not only affect brain function, but it can disrupt other bodily systems, as well. Studies now show that a failure to get your zees can actually cause weight gain. For one thing, you’ll make poor decisions about food when you’re tired, opting for the chips, cookies, or Coke instead of a healthier snack. And then the hormones that tell you when you’re hungry and full won’t function properly so that you keep eating when you don’t really need to. On top of that, your metabolism slows. It’s a triple-whammy that will ruin your diet. And don’t forget that an ongoing sleep deficit can contribute to more serious health concerns like hypertension, heart failure, and even depression and other psychiatric problems.

In addition, it can affect your happiness. One of the major side effects of sleep deprivation is a rise in stress (probably due to many of the aforementioned symptoms). And pretty much everyone is aware that high stress is not fun! But the truth is, when you’re tired you just feel awful. You may try to mask it with coffee, soda, sugar, and other stimulants, but these will end up making you feel worse, especially when they wear off. So an improved quality of life is one of the best reasons to get a full night’s sleep (or even squeeze in a nap when time allows).

And the benefits to your work are obvious. Greater focus and stamina combined with a healthier, happier you will almost certainly make for greater productivity. So get yourself some comfy linens, get to bed on time, and de-bed bug dogs and cats (that’s right, bed bugs are making a comeback and they do indeed bite). Making an effort to get your full eight hours is the key to improving your level of health, happiness, and productivity at work.

Sarah Danielson writes for http://www.bedbugs.org/ where you can find more information on what causes bed bugs and how to eliminate them.

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Tips for the First Time Business Owner

webkriti — Mon, 14 Nov 2011 17:05:54 +0000

Young business owners and entrepreneurs face many trials when first starting out. These useful tips will help young businessmen and women to prepare for the tough and distracting challenges that the world of business may present.

Stay focused on your main goal.
Although it will be tempting to jump at every opportunity presented to you, be careful; these can often be a double edged sword. Although diversification and impulse decisions have helped numerous businesses to increase their profits, they have also spelled disaster for many more. By juggling multiple business projects, your effectiveness may become limited due to spreading yourself too thin. It is better to focus on one thing, and do it extremely well, instead of doing 5 things not very well. Although the 5 opportunities may seem like great short term earners, you must stay focused on the long term goals of the business.

Know your Elevator Pitch.
You never know who you may encounter on your day to day travels. You may bump in to a potential investor, or a number of potential customers. By practicing your “elevator pitch”, you will confidently and concisely be able to describe your business in 30 seconds or less. State your business’s mission, ideology and goals in a short and convincing manner; try not to waffle, you will lose the attention of the person you’re pitching to!

Don’t run before you can walk.
There is no shame in being a new business. Luxurious offices and deep expense accounts are nice to have, but they’re not essential to the running of your business. Be modest and frugal; keep a close eye on your outgoings. The first year is the most important, so try and save costs wherever you can. You don’t need to act like an established business to be a successful new starter.

Know when it’s time to walk away.
You will make mistakes along the way; we all do, we are only human. This is part of the learning process when entering the world of business. The important thing is to learn and adapt from your mistakes, rather than repeating them. Learn when to say no, or when to stop doing a task which offers no returns. Be confident and assertive; trust your instincts. If a business idea is struggling to gain traction, learn when to pull the plug and move on to the next one. Don’t be fickle, but at the same time, learn to recognise when you are wasting valuable energy on a business idea that may never work.

The business world is notoriously difficult to conquer, especially for new starters. Always focus on what is best for the business in the long term; constantly remind yourself why you started the business, what your main goals are, and what you’d like the business to achieve. Be disciplined, confident, and always strive for success.

Pearson Buchholz are a team of Oxfordshire Accountants that specialise in Tax Planning, Business Services and Cloud Accounting.

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Four Etiquette Tips for Business Holiday Cards

webkriti — Wed, 09 Nov 2011 04:50:56 +0000

When people send out holiday cards to family members and friends, often there isn’t a lot of thought about holiday card etiquette, beyond who to keep on the Christmas list and who to cross off. When a business sends a holiday card, however, the card is a reflection on the company and can either strengthen the relationship between customer/company or can sour it. In order to make sure that any holiday cards you send are warmly received by customers or potential customers, there are a few etiquette tips that you should follow.

While etiquette rules are always in flux as people’s perception of proper behavior changes (especially as the Internet changes the ways in which people communicate), there are a few basic rules you should always keep in mind if your business plans to send out holiday greeting cards.

1. Cards should be hand-addressed if possible. When you send a card that is not hand addressed, it lets your clients know that you didn’t take the time to actually care enough to write out the envelope. The card will be looked upon as just another example of a mass mailing from a business and may never be opened or looked at.

2. Hand signing is important too. When the card is hand signed, this goes a long way towards making the type of personal connection that will strengthen the relationship between you and your client. This is especially important with key clients who may have given you a lot of business over the past year.

3. Use the proper titles and last names for clients. This means the card should always be addressed to Mr., Mrs., Ms., Dr. or other title. It is also usually best to write out the full name of both people in a couple, rather than just spelling out the husband’s name (i.e. Mr. John Doe and Mrs. Jane Doe is typically preferable to Mr. and Mrs. John Doe.)

4. Good quality cards should be used. Sending something that looks cheap is not going to help customers to have a very good perception of your business. They will be able to tell that the card was low cost and instead of feeling valued, they may just feel as if you spend a few pennies to send out cards as a cheap advertising gimmick. Likewise, you should also typically avoid handmade cards, which can also look cheap, and opt for something a bit more professional.

These tips, along with your own knowledge of your clients, should be used in making sure you follow proper etiquette and send out cards that will be appreciated, rather than a source of annoyance or displeasure.

Monique Trulson works for eInvite, an online retailer of holiday cards for business, birth announcements, wedding invitations, party invitations and more.

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Throwing a Holiday Party for Employees (on a Budget)

webkriti — Fri, 07 Oct 2011 07:47:12 +0000

With the trickle-down effect of the economic crisis well and firmly entrenched, even small businesses are feeling the crunch of the recession these days. So when it comes time to throw a holiday party, tiny mom-and-pop operations and mega-corporations alike may find themselves scouring the coffers to make the annual event a reality. But if you don’t have a ton of dough to spend on bringing the holiday cheer to your employees this year, don’t think you have to cancel completely. There are plenty of ways to create a fun experience for less

Venue. Forget renting a hall, a club, or a restaurant for the night; it’s definitely not in the budget. Instead, have your party right at the office. Set up in the cafeteria (if you have one) or clear the conference rooms to create spaces for food, dancing, and even games. You won’t spend a penny on the rental, so extra money can go towards food and entertainment.
Food. Instead of paying beaucoup bucks for pricy caterers, consider making your holiday party a potluck. Get every person in the office to sign up to bring a dish (make sign-up sheets for appetizers, entrees, sides, drinks, and desserts with only so many slots available for each to ensure that all the bases are covered). This way there will be plenty of food to go around at very little expense to the company. You should provide something, though, so think about tackling buffet-style entrees on the company dime (since this dish usually entails more work than the others).
Decorations. You really don’t have to go overboard with the decorations, but if you want to make it fun for employees, why not let them knock off early the day of the party to decorate the office themselves? Let them bring in lights, banners, ornaments, and any hallmarks of the season to decorate their cubicles, the conference rooms, and pretty much whatever they want to for the party. Think of it as a team-building exercise that also saves the company money.
Entertainment. In years past, you may have had the budget to hire a magician, a band, a DJ, or even singing waiters for your holiday party. This year you simply can’t afford it. But you can still provide for an entertaining evening. Save a little dough by setting up a karaoke machine or even a game of Rock Band (bring your Xbox 360 and game equipment from home and set it up in the conference room). Or ask if any employees are (or know) an amateur DJ or other type of performer, and if they would be willing to showcase their talents for the entertainment of their coworkers.
Giveaways. This is a hard area to save in, especially if your company deals in services rather than goods (since you could simply give employees product). However, you do want to reward employees in some manner for their hard work and dedication throughout the year. So why not think about setting up trades with some of your vendors? Offer them an amount of free goods or services in exchange for the same, for gift cards, or for freebies that you can pass on to your own employees? Although you will have to pony up the work later on, you won’t have to spend out of pocket for the party.

Sarah Danielson writes for Noel Qualter a popular magician Essex that performs at parties, weddings, and corporate events.

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