The perks of starting your own small business and being self employed and succeeding at it.
As a business owner, the day will come when you inevitably will have to address the legal aspects of your business – and the sooner the better. And, fortunately, the process can be relatively painless and hassle-free. I talk to countless small business owners and freelancers who consider themselves too small to worry about incorporation. After all, you don't have mazes of cubicles…you may not even have any employees. However, incorporation can still be a smart idea even for the self-employed graphic designer or wedding planner and in this post we discuss the benefits of incorporating your small business.
One small business owner’s experience about how raising prices actually INCREASED volume and lead to more loyal customers.
Many small businesses consider themselves 'too small' to worry about incorporation. However, whetherowever, you're a self-employed social media consultant or a landscaper, incorporating or forming an LLC (Limited Liability Company) must be on the top of your business strat-up checklist so you can protect your personal assets against liability and save on taxes!
When I stumbled across Alibaba I got pretty excited and squandered a load of cash on there. Don’t fall into the trap of buying anything, but do take your time to research the products on offer to see whether they’ll sell. Profit margins aren't the only worry you face if you go buying lots of stock without thinking about it properly - cashflow can be affected, which can be a huge problem from the start. When you’ve found a product or niche you want to operate in, think about your outlet; will you sell it at a market or jumble sale? Or will you start your own website, or use a selling platform like Amazon or eBay? Ensure you set yourself goals of how many new products to bring in every month and how much profit you'd like to be making - essentially setting targets for the growth of your business. Starting a business has never been so easy thanks to the internet – so what’s stopping you?
Some people might take a dim view of building a business selling on someone else’s site, but the fact is even big companies are now recognizing the potential of platforms like eBay, and selling their products on there. So how about it? Look into niches that interest you, perhaps you enjoy hunting, or even horse riding. Check out some of the websites that connect you with suppliers and see whether there’s a market for those products. You could be incorporating the next potential Fortune 500 company to-be before you know it!
Next time you’re considering starting your own company, remember the phrase “smell what sells”. Find a market with lots of demand, and find a way in which you can quell that demand. Don’t be put off by competition from bigger companies, but don’t be unrealistic (remember the chances are they’ll have far greater resources than you!). Starting a business is easy when you know what direction you want to go in, the hardest part about it is being persistent, and getting your business off the ground. It might not all be plain sailing, and you won't be running a mega company from day one - in fact you may even have to keep up your day job to subsidize your new company, but if you put in the effort it will be worth it in the long run.
While blogging has become a serious industry, most bloggers don’t necessarily consider the business aspects of their blog when they’re just starting out. But soon enough what may have started as a casual interest turns into an extra source of income, or even a full-time business. If you’re a self-employed or self-starting blogger, you’ve got to be aware of a few things as you navigate the legal and business aspects of your blog. Following this simple recipe of shielding your personal assets through Forming an LLC or a Corporation, using common sense when choosing your advertising/marketing partners, and always erring on the side of transparency will help make for the sweet success of your blog and business! I look forward to seeing you at BlogWorld 2011 LA!
As your business starts to develop and take off it’s important that you take the necessary steps to make sure you’re adopting the right structure. you need any incorporation advice, or you just want to get on with it and incorporate your company ASAP – why not give us here at CorpNet a call? We can guide you through the entire process – we know how daunting it can look from the outside! Once the ball is rolling and your company is incorporated you’ll be kicking yourself for not doing it a whole lot sooner. Ownership structures may not figure much in your thoughts, but perhaps they should – choosing the right one could save you and your business lots of money further down the road.
Think of the tasks you could outsource in your startup (or even your established business!) – you could save precious time and money by having someone else complete them for you. Even if you don’t run an online business you might still benefit from having a website, and even if you don’t have a website, outsourcing customer services or even having a freelancer create some brand identity for you could turn out to be a great investment!
An ability to maintain a healthy cashflow within your startup could very well mean the difference between failure and success for your business. Many businesses falter at the first hurdle simply because their cashflow is not well managed – don’t succumb to a poor cashflow, stay on top and keep tabs on your cashflow like it’s your own cash.
Another summer is officially over. It’s time to start trading in beach towels for some warmer clothes. For the busy entrepreneur and business owner, September marks the perfect time to focus on goals. September is your month…and it’s time to turn your dreams into reality. Whether you’re considering starting your own business, or your business is already in full swing, the start of fall is a perfect time to take stock of what needs to get done–because, believe it or not, the New Year is right around the corner.
Now more than ever, forming a corporation or LLC can be a pretty quick and painless process. Yet while the process may be straightforward enough, small business owners can unknowingly make some common missteps that can have a significant impact on the business.
The moral of the story is that everyone needs a holiday – even if you are the center pin on which your startup depends. There is always someone out there - a friend, relative or even a worker from a temp agency who can keep things ticking over nicely in your absence in the short term just so you can take that hard earned break. I came back from my vacation bigger, better, stronger and with more great new ideas than ever – you could too! It’s important you make time for yourself, it sounds silly but it really does pay in the long run.
Selecting the right business name for your company is important and it should be followed by taking the right legal steps. A prudent approach to naming entails three important steps: brainstorming, investigation and registration. Follow the three steps in this post to make sure the name is yours to use for years and even decades to come.
Those who succeed in business are those who are determined – not those who throw the towel in at the first sign of trouble. Having a plan in place before the problems occur is priceless – it could save your business in the long run. Keep your business wheel rolling forward – and don’t let the bumps (or craters!) in the road put you off.
Competition is good. Competition need not make your blood boil, and it should not fill you with envy – you should embrace it. If you’re going to be the best at what you do, you’re going to need to put a few noses out of joint – that’s regardless of what kind of market you operate in. Stop hating your competitors and start embracing them – you’ll find that beating them gets a whole lot easier when the red mist has ascended.
I encounter successful entrepreneurs who consider their business ventures too small to worry about a formal business structure. In their eyes, Corporations and LLCs (Limited Liability Companies) are better left to those big businesses that have hundreds of employees and mazes of cubicles. This way of thinking couldn’t be further from the truth. Any entrepreneur, even a self-employed writer or home-based jewelry designer, should consider forming an LLC or creating a corporation. And liability protection is at the heart of the matter.
In business, like in life, there are going to be parts you love, and parts you’d rather sweep under the rug for awhile. More often than not, the legal aspects of running a business are pushed aside as you focus on serving your customers and making money. While the legal fine print may not be the most glamorous or exciting part of your business, it can be absolutely critical to the success of your business, and the safety of your personal savings. In this post, I'll be providing a quick rundown of the laws and regulations you need to consider for your small business as a small business owner.
Your business is the cornerstone of your company identity. If you need proof of this, just imagine Target’s branding if the retailer still used its original name, Dayton Dry Goods Company! Selecting the right name for your company is critical and should be followed by taking the right legal steps. The process entails three stages: brainstorming, investigation, and registration and this articleprovides you with an overview of each.