Small Business Resource » Starting a Business

Starting up a chauffeur business: a guide

admin — Wed, 04 Jan 2012 12:30:37 +0000

Starting up your own chauffeur business can be a lucrative move but, as with any new venture, it is important to do your research and make your service stand out from the rest. You assess whether there is a sufficient gap in the market to accommodate your company and, if there is, design a business plan before you go ahead.

Another important factor to take into consideration is giving your investment the protection it deserves with tailored chauffeur insurance. There is now a wide range of chauffeur insurance policies online, such as those found at Staveley Head Chauffer Insurance, meaning you can compare product features and prices and locate some of the best deals out there.

However, before you start operating as a chauffeur business, you are legally obliged to obtain the necessary licenses to do so. When this is complete, you can then start thinking about hiring your drivers and purchasing your cars. Your drivers are the face of your company and they are the people who will interact with your customers the most. It is therefore essential to hire skilled and high quality chauffeurs to make the best impression possible, and to help generate more custom as a result. The cars you buy should also comfortable, in pristine condition and up to standard.

It is often said that word-of-mouth is one of the most effective ways to get your business’ name about. However, most successful businesses incorporate a number of advertising strategies in their marketing plan. Perhaps the first place to start is by listing your chauffeur business in local chauffeur directories. You may also want to create your own website, where you can display details of your company – such as the services you offer, the vehicles you use and your standard rates – and invest in business cards to distribute to potential customers.

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Starting a Business: What To Do and What Not To Do

admin — Sun, 11 Dec 2011 06:12:48 +0000

When starting a new business, there are many important decisions to make and many rules and procedures that must be addressed. While there is no single source for all filing requirements, the following steps have been developed to assist you in starting your business, by telling you what to do and what not to do.

TOP TEN DO’S

1. Live frugally and begin saving up money for operating your business.
2. Learn your business by working for someone else in the same business first.
3. Consider the benefits of starting a moonlight business.
4. Consider the advantages of operating a family business.
5. Objectively measure your skills and training against potential competition.
6. Consider subcontracting to low cost suppliers if you’re manufacturing a product.
7. Test market your product or service before starting or expanding.
8. Make “for” and “against” list describing the business you are in or considering.
9. Talk to lots of people for advice.
10. Make a comparative analysis of all opportunities you are considering.

TOP TEN DON’TS

1. Quit your job before you have completed start-up plans.
2. Consider operating a business in a field you do not enjoy.
3. Risk all the family assets. Limit your liabilities to a predetermined amount.
4. Compete with your employer in a moonlight business.
5. Be in a hurry to select a business. There is no penalty for missed opportunities.
6. Select a business that is too high a risk or hurdle. Go for the 2-foot hurdle.
7. Operate a business in which you must have the lowest price to succeed.
8. Neglect to learn the negative aspects of an intended business.
9. Permit entrepreneurial self-confidence to outweigh careful diligence.
10. Allow the promise of a conceptual high reward deter reality testing first.

Setup an Online Business Account with PayPal

admin — Sat, 10 Dec 2011 06:07:43 +0000

One of the requirements for conducting your business online is to have a business account with someone like Paypal, because its very easy to handle all your online invoicing and payments.
Paypal is secure, reliable and most important of all – easy to use.

Here’s how to set up a Paypal account for your business.

1. Print out these instructions

2. Click here to Set Up Paypal Business Account

3. Scroll down and click where it says: “sign up today”

4. Choose whether you want a personal, premier or business account

If this account is for your business, you should choose Premier Account or Business Account

Here’s the only difference: a Paypal Business Account allows you to set up the account under your business name. But you need to have a business bank account and wait for your Paypal Business Account to be approved.

If you don’t have a business bank account but you want your Paypal account under your business name, here’s how to get around it: sign up for a Premier Account, but instead of putting your name in the name field, put your business name. For example, if your business name is Acme Consulting, put “Acme” in the “first name” box and “Consulting” in the surname box.

5. Choose your country

6. Click Continue

7. Fill in all your info (see note above about business name)

8. Click Continue

After your account is set up you can pay someone by Paypal, or request payment (send an invoice) just by going to www.paypal.com and logging in to your account. It’s very obvious how to do it.

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IMPORTANT: Keep Business and Personal Finances Separate

admin — Fri, 09 Dec 2011 18:08:04 +0000

I cannot stress this point enough. Your life will be much easier if they are kept separate. And when you grow big enough to hire an accountant, he/she will thank you too :)

Small scale business people may often have problems managing finances. While most of the money they used to kick off came from their savings, most of their personal funds now come from their businesses.

Financial management is really a tough thing to do. But although it’s a given that business and personal money are often be intertwined (especially in the case of a home-based business), it is necessary to keep them separate.

The best thing to do is look at business as one entity and home as another. This works better, not just on the personal standpoint, but also on the financial one.
There are top 5 reasons why:

1. Your business is a hobby – There are several federal and state government policies that stipulate only businesses are allowed to deduct business expenses. Now let’s say your business is more of a hobby and not a means to make considerable money. You may have a difficult time telling the government that you are indeed running a business and not a side hobby. Many business owners compound this problem by using a personal bank account too.

2. Lack of professional attitude – The only way people will take your business seriously is if you do too. Accept checks made out to the business and not your own personal name. This establishes a divide between you and your business.

3. Taxation – Businesses are entitled to pay government taxes, and these don’t cover individual tax payers. When you merge finances, it will be difficult to determine the exact taxable amount rendered by your business every month.

4. Paper Trail – If in need of money for your business and considers availing of grants or loans, supporting documents (financial reports, etc.) are needed for approval. Financial management makes it easier to know which finances belong to your biz.

5. Growing Your Business – When finances are separated, you get to focus on your business without thinking of personal concerns. You will be able to see the business’ overall performance and decide on the best way to enhance it.

Separating business and personal funds is difficult, but is definitely an intelligent choice to do. By establishing a separate business profile, you will be strengthening the purchasing power of your enterprise. The simplest tactic to get underway is to open a business bank account. In every transaction concerning your business, place the name of the biz.
To help you out with your accounts here are a few coupon codes for you to use when you open a new account with Bank Of America. Hope this helps.

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How to track business expenses when starting out

admin — Fri, 09 Dec 2011 06:08:46 +0000

While the start up phase of a new business venture can be an extremely exciting time, it is also incredibly confusing and fast-paced. Financial decisions should be well thought out and a company credit card should not be taken lightly. Doing the research and always practicing good financial habits will help ensure that the financial foundation of your company will start strong and continue to stay strong as growth occurs.

Small businesses in the start up phase have a lot of important decisions to make as they develop their business plans and concentrate on the initial steps that will put their business on track, building from the ground up. One of the most important aspects of the start up phase is putting together a sound financial plan to incorporate the start up costs that will continue to be relevant not only during the startup phase but also will grow with the company down the line.

Entrepreneurs often use their own start up capital to get their business ideas off the ground. Essentially, it is important to differentiate business expenses from personal expenses to maximize accounting efforts and to easily track the cost of business start up. Employing a company credit card, designed for small businesses, is an easy way to tally all business expenses in one location. For a young business, accurate accounting will be vital to establishing a solid foundation. Knowing what your expenses are will aid you in creating a sound financial plan and will carry over into the future.
redit card statements make it easy to divide individual expenses into categories, such as office supplies, business licenses, marketing, and travel expenses. Reviewing credit card statements monthly should be a priority and at the same time, you can use a highlighter to categorize your expenses. This is especially important for sole proprietors, whose every expense needs to be calculated for tax purposes. The last thing a business entrepreneur wants to do at the end of the year is chase miscellaneous receipts and expenses in preparation for filing taxes.

Credit card statements can also be stored for future reference when coordinating each new phase of the company’s growth. With the progression of today’s credit card program, there are various credit cards offering benefits specifically to assist small businesses and entrepreneurs by offering discounts on office related supplies or cash back incentives for all credit card purchases. For any new business, savings of any kind are important, especially for business owners that are self-financing. It is important for business owners to take the time and research the credit cards which offer incentive programs very carefully and not just jump on board with each and every credit card offering a credit limit. Look for the rewards cards that are most relevant and most effective for your business needs. For example, if your business requires frequent travel to meet clients or perspective customers, look for cards offering airline miles or travel discounts. There are plenty of programs that offer different rewards variables to choose from but it is also important you read the fine print and consider the monthly payment responsibilities. Start up can be a precarious time for a business and remember, there may not always be work in the pipeline.

How a Quality Logo Can Help Your Business

webkriti — Tue, 22 Nov 2011 05:02:41 +0000

When you start a business, there’s a lot to think about. Getting the business plan together is a lot of work, as is securing a loan or other funding, but once these arduous tasks are done you can get started on the fun stuff like choosing a location, a name, and logo. Wait a minute; hold the phone. The “fun” stuff could actually make or break your business, so you cannot take it lightly. The implications of choosing the wrong location are obvious; if no one can find you or you’re too hard to get to, you’re not going to have any customers. And if your name is too hard to spell or remember, you’ll have the same problem. But when it comes to designing a quality logo, you may be scratching your head. What’s the difference? In truth, your logo could be the most important part of the equation. If a picture is worth a thousand words then your logo is easily worth a million.

Take a moment to consider some of the brand logos you see every day, like the golden arches, an apple with a bite out of it, or an unassuming swoosh. Anyone reading this can identify these brands as McDonald’s, Apple, and Nike just from reading these brief descriptions…you didn’t even have to see the logo! That is just a hint of the power that comes from a quality logo. Consumers will come to identify your logo with your brand. They will be one and the same. So if you cheap out on your logo, what are you saying about your business?

In truth, a lot of information goes into designing a logo. A good designer will want to know several things before he even gets started. What products or services do you offer? What are your business goals (not in terms of sales, but what do you stand for)? What demographics do you intend to target? And where will your logo be displayed? All of this information will play a role in the inception of your logo, so you need to have ready answers for your designer.

The reasons are multiple, but you need to understand, first and foremost, that your logo is a big part of how you build and enhance your brand image. It should tell your customers what you do and what your ideals are. Whether you’re in the computer industry, you offer security services, or you sell fast food, your logo should offer some hint of who you are. And you need for your logo to impart a feeling. McDonald’s sheltering golden arches, for example, are warm and inviting, a beacon that draws you to a place of comfort. The Nike swoosh, on the other hand, is powerful and authoritative, pointing you towards the future. These symbols make you feel something because they are designed to do so, and you want your logo to do the same for your brand.

Of course, it should also appeal to your intended consumer base, so market research may be necessary. And you need to consider whether or not the logo you choose will look as good on a billboard as it does on your letterhead or packaging. The point is, there’s a lot to consider where your logo design is concerned. So don’t phone it in! Devote some time to considering the questions above and set aside money to hire a decent logo designer. This one symbol could shape your brand identity and help or hinder your business.

Sarah Danielson is a contributing writer for LogoMojo, where you can create the perfect logo design for your business. LogoMojo also specializes in Twitter background designs to help showcase your brand.

How To Write A Business Plan

admin — Tue, 08 Nov 2011 21:16:37 +0000

If you are considering starting a new business, but you aren’t sure where to begin, you have come to the right place. The first major step you need to take as an entrepreneur is to write out a business plan. Now, the reality is that many aspiring entrepreneurs do not take the time to write out an exhaustive plan. The reason is simple—writing out a business plan is not exactly the most exciting task in the universe! It can be tedious and time-consuming, and developing product, talking with potential clients, marketing, design, etc—all these things are much more interesting and fun than writing. However, if you want to take your business venture seriously and reach the highest level of success possible, writing out an exhaustive business plan is absolutely essential.

Purpose of the Plan

The practical purpose of a business plan will vary depending on your needs as a company. For example, if your goal is to raise capital from angel investors to help fund the launch of your business, then your business plan will be tailored to interest and convince investors of the viability of your business model. On the other hand, if you are not seeking to raise capital, then your business plan is simply an internal document that acts as guide and compass to help direct you in your decision-making processes as the company grows.

The Power of a Plan

The real purpose of a business plan is to plan out your business. There is a definite sense of clarity and conviction that will come as you sketch out your idea on paper. This step of writing out the business plan is a major step in the journey of taking your idea and translating it into a viable business model that can be profitable on a consistent basis.

What To Include

Your business plan should be exhaustive. A small business with a very simple business model may take about 10 pages, but if your business model has any degree of complexity, your plan could very easily be upwards of 25-40 pages or more.

The business plan should include the following:

Executive Summary
Full Breakdown of Business Model
Marketing and Sales Plan
Financials

Those are the three basic components of a strong business plan. If you are trying to get a business loan with bad credit, it is possible. For a full breakdown of each component and other pieces that need included, you can download a free business plan template by simply searching Google, or you can visit your local Office Depot and buy one for a few bucks.

Perpetuity of the Plan

Your business plan is not something you write to simply get out of the way and then never think about it again. Instead, you should review your business plan at the end of each quarter and update it. First of all, conduct an analysis of the company’s operations and notice how well you are keeping in line with your true plan and mission critical objectives. If your company is headed in a new direction, make sure it makes sense with the business model you have built, and if it does, then make changes in the business plan.

Securing a business loan with bad credit is challenging, but very possible if you are diligent. If you take the time to write out your business plan as a first step in your business venture, you will be putting yourself ahead of the pack and building a strong foundation for business success.

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5 Reasons College Part-Timers Can Help You Grow Your Small Business

admin — Thu, 25 Aug 2011 22:14:49 +0000

This is a guest post from Jay Buerck

Struggling small businesses might have one more trick up their sleeves: hiring college part-timers. It’s an easy way to save a little on overhead while at the same time providing individuals with much-needed real world experience. But most important of all is the energy and determination that can often be found in the work ethics of college level employees. The following is a countdown of five reasons why recruiting college-level part-timers is a great way to boost your business:

#5 The Employee is Less Jaded/More Energized

Without years of working and amassing a fair share of unsavory work-related experiences, young part-timers look forward to their job. It’s a way to get paid, but more importantly, it’s simply exciting to have the opportunity work for a living. That sentiment wears off quick in the employer pool so take advantage of it while you can.

#4 Part-time Shifts Tend to be Worked Harder

When you have eight hours a day five days a week to accomplish tasks, you’re more likely to stretch it out. However, the four-hour work block gives a worker little time to waste. Part-timers see the light at the end of the tunnel as soon as they clock in and are therefore ready to get down to business. Full-time employees tend to dawdle in indecision when there’s no end in sight.

#3 Ambition is at a Fever-Pitch

College students are doing what they do because they plan on becoming professionals. Part-time college workers are going to extend those ambitions into your business. They may even be hankering to be hired by you once they graduate. Either way they’re more than willing to go the extra mile, because to them it’s just one more thing you’ll mention when a future interviewer calls you as a reference.

#2 College Kids Know Their Way Around Social Media

Small businesses these days have no hopes of succeeding without engaging in social media. For business leaders with little interest in such trifles, college kids are the perfect cohort for accomplishing this necessity. Social media optimization will come naturally to many college-level workers. You can never have to worry about committing another Twitter gaffe again.

#1 Interns Can Only Do So Much

The Department of Labor issued a direct order last year specifically defining what an “intern” is. An intern is generally defined as unpaid labor wherein the intern receives experience that is equal to or more than the labor they contributed. What that means is that no, you can’t just count on an army of interns. By paying someone part-time, you can put them to serious work while still saving money.

College kids are ready and willing to work for you. Are you going to let them? It could do more for the future state of your business than you realize.

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5 Reasons You Need to Incorporate Your Business

admin — Tue, 12 Jul 2011 12:25:39 +0000

Whether you are starting a new business or have been in business for years, there are several benefits for take the necessary steps to incorporate your business. The rules and laws regarding incorporating may differ in each state. However, the overall benefits of incorporating will outweigh the hard work in the long run. Here are five reasons you need to incorporate your business.

Protect Your Personal Assets

By operating your business as a sole proprietorship, you can be held liable for any outstanding debts and liabilities created by your business. This liability could put your home, personal savings, and property at risk of being taken if your business is being sued. However if you incorporate your business, then the liability shifts to your company’s assets instead of your personal assets.

Gain New Business

Many medium to larger size companies prefer to do business only with companies that are incorporated. By incorporating your business, you can put yourself in a better position to gain more customers for your product or services. Also it can be easier to obtain financing for your company if you are operating as an incorporated business as well.

Pay Lower Taxes

Based on the financial situation of your business, you can save yourself a great deal of money in taxes by incorporating your business. By being a corporation, you can take business deductions for supplies, vehicles, equipment, salaries paid to employees, and medical insurance. In some cases, you may find yourself paying lower taxes than you would by operating your business as a sole proprietorship.

Gain More Capital

There are millions of people who are looking to invest their money into a new or growing company each year. However in order to feel better about their investment, they would prefer to invest in a company who is incorporated. By incorporating your company, you will be able to sell stocks of your company in order to gain more money to grow and expand your business.

Add Longevity to the Business

When the owner of a sole proprietorship become illness or passes away, the family may have a hard time keeping the business running if all of the business accounts are in the owner’s name. By incorporating your business, everything will be in the company’s name, which will make it easier to keep running the business for the remaining owners or business partners.

As you can see, there are several benefits to incorporating your business. If you are unsure whether this is the right step for you, make an appointment to speak with a lawyer that specialized in business legal matters.

About the Author: Tanya is a full-time writer with a passion for business and management. She also enjoys writing about credit repair and finances and is a regular contributor to the blog at CreditLoan.com.

Lay the Best Foundation for Your Business

admin — Fri, 24 Jun 2011 12:43:38 +0000

Starting a new business is both exciting and daunting at the same time. Any budding entrepreneur will likely be full of energy at the beginning and at the same time, scared of any possible pitfalls. It is an emotional time and the wave of energy and determination must be directed towards productivity.

The first 100 days of your new business, commencing on the day you commit yourself to turn that wonderful idea of yours to a reality, need to be spent wisely on tasks that would eventually be your basis of reference for the next months and years to come. It is therefore necessary and vital that you do the steps correctly and timely to give yourself a head start and get the ball and momentum rolling.

Here are some guidelines on what to do once you have commitment to bring that bright idea of yours into a money making venture.

Create a Business Plan

You may think yourself as a genius but it is still important to write the things down associated with your business idea and formulate a plan . Tackle the basics first, figure out your core business, your competitive advantage, narrow your target market, sort out a general marketing plan, work on the finances. Seek a second opinion from a trusted friend or a business mentor once you’ve made a plan and be open to their insights. In the course of writing down your thoughts, you’ll discover the philosophy you want to adopt when doing your business. Perhaps you can write that down into a mission vision statement.

A good plan may just be the key to your success so check and review your plan very well, take your time. It is better not to rush this part as the opposite may cause you trouble in the long run. Use this time to think about the organizational chart as well. And once your business has started, it is wise to refer to the original plan once in a while to assure you are on the right track. And should you need to revise some items due to different market conditions and other factors.

Select a Good Company Name

At this modern times, not only should you make your business name unique and catchy. You also need to consider a matching domain name and whether it is still available. Likewise, the email addresses to use which normally bears the business name too. All these online labeling should not be too long or complicated. And since most businesses nowadays need an online presence in order to thrive, you need to submit your name to Google to index your website. Then there are business cards, brochures and invoices which may require a logo. That is why the right company name must me chosen as a lot relies on it. You can refer to your business plan for inspiration.

Register Your Business

To formally mark the first step of probably the most important project in your life, register your business at to the proper government department. Gather all the requirements to guarantee that your work is legit and is open for business. Once registered, you are able to casually market your business to friends and family. And hopefully they will spread the word that will reach potential customers who may just give you a call soon and just in time when you are all settled down and ready.

Determine the Type of Business

With a business plan at hand, you can determine what type of business will work best. You can opt for a sole trading or a partnership depending on the situation you are in. Picking the right structure will impact the way you do business. So read up on the difference, advantages and disadvantages of each. Know what are the legal repercussions and what extra work or insurance you may need to take as a result of your choice. When in doubt, consult a business adviser or ask a local government department for further information. You cannot afford to miss out any important details.

Keep the Faith

Have faith in the process and do not give up should you encounter any pitfalls. Learn from your mistakes and do it all over again. Customers will not be lining up right away unless you are giving out scrumptious hotcakes. It will take time and a lot of effort on your part to finally make your mark on your niche and for people to take notice of you. Keep a positive outlook and always observe quality of your service to keep the customers satisfied and coming back for more.

Jessy is a money and family blogger running a small business and blogging for Home Loan Finder, the money-saving tool to compare mortgage online.

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