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Keeping records is a critical part of running a business correctly. Effective entrepreneurs develop internal systems to organize all financial information. For many businesses, the internal systems start and stop with an accounting software and box of receipts, but it is also important to keep all paperwork organized and accessible.
Keeping good records of all business transactions helps you create accurate financial statements to assess the health of your business. Inaccurate records make...
Understand the Types of Small Business Expenses and Be Prepared For Tax Time
There are several types of expenses relevant to small business, and it is important for any entrepreneur to fully understand the distinctions among them. Nearly every type of expense reduces your overall profit, but if your business is taxed as an S-Corp or C-Corp, some can also be deducted from the business's income taxes. If you are self-employed (or own an LLC with pass-through taxation status), many of these expenses can be deducted from your personal income taxes on Schedule C.
Business...
Scouting the Competition Online is Integral to Your Marketing Plan
A great place to start in checking out your competition is the World Wide Web. Nearly every viable business has a website (not necessarily a good one), and you can learn an awful lot about who you are up against by finding and evaluating the sites of others in your industry.
The obvious place to start is with a basic search of your keywords. Google, Bing, and Yahoo are the top three search engines, though Alexa, Ask.com and AltaVista are still holding their own as well. Your best bet is to...
Lost in the Business Startup Maze? Use Your Goal to Find Your Way
Starting a business, especially for the first time, can be a complicated mess. There is so much information available, and much of it in conflict, that it can be difficult to determine where to start and what to do next. In addition, "starting a business" can mean very different things to different people -- from working for oneself as a one-man band to launching the first phase of the next multi-million dollar conglomerate. Obviously, different paths require different tools, a different set of...
Use Long Tail Keywords to Increase Your Search Engine Optimization Results
When your customers go looking for you on the internet, how do they find you? One of the keys to web-based marketing is optimizing your website for the search engines. By spending a few hours per week on those SEO methods, over time you can get your business's website a decent ranking for your key words. But first, you have to decide which keywords you want to optimize for!
For most startups, the primary keywords are obvious -- Chinese restaurant, dog training, construction, and the like....
Going Green is a Great Way to Market Your Business Startup
If your startup is making environmentally sound decisions, going green should be an integral part of your marketing plan. Consumers are becoming more aware of green standards, and identifying your company as an environmentally friendly resource will enhance your image and, possibly, your bottom line.
Recent studies have shown that more than three-quarters of American consumers are very concerned about the environment, and it is estimated that 30% of US adults qualify as green consumers. This...
Starting a Business From Your Home Office Can Have Tax Benefits
Starting a business from home can be extremely advantageous. In addition to controlling expenses, the allowed IRS deductions can go a long way to reducing your tax liabilities. The eligibility rules are pretty clear and easy to follow, but it is important to understand the limitations on writing off the business use of your home. And, in order to receive the maximum benefit of the tax laws, it is critical to establish a system for managing the paperwork to keep track of deductible...
A Good Environmental Strategy Will be Good For Your Business Startup
Whatever type of business you are starting, there are steps you can take to join the ranks of the environmentally-friendly and energy efficient workplaces. Going green is not just a socially-conscious decision it can also save your business money and attract customers concerned with environmental issues. A good environmental strategy will encompass all areas of your business, from building your space to incorporating the three Rs (Reduce, Reuse, Recycle) into your day-to-day work.
If you are...
Five Things Every Entrepreneur Needs to Succeed
When you get down to it, there are hundreds, maybe thousands, of tools, resources and specific pieces of knowledge every business owner must have to succeed. Once you have a potentially viable business idea in mind, most of the other needs can be put into five categories.
1. Knowledge and Skills
Successful entrepreneurs must have (or develop) a broad range of knowledge and skills. From organizational skills to people skills, from business fundamentals to detailed operations, an entrepreneur...
Take Advantage of Federal Contracts For Your Business Startup
The American government, at all levels, spends billions of dollars per year on everything from spy planes to pencils. Just about every purchase requires a government contract, and most government agencies require that a portion of these contracts be set aside for small businesses. Getting on board with federal, state, or local government contracts can be a boon to your venture's bottom line. The process to get started on becoming eligible and ultimately competing for these contracts is not too...
Five Cs of Business Startup Success
Most people are familiar with the 4 Cs of diamond quality, but are you familiar with the five Cs of business startup success? Keep these five things in mind while starting a business.
1. Courage -- Starting a business is not for the faint of heart. Successful entrepreneurs are not afraid to fail, not afraid to learn new things, and not afraid to change direction. Courage is critical every step of the way, because startups don't leave time for indecision or fear. Successful entrepreneurs...
Starting a Business? Understanding Your Estimated Tax Payments
If you organize your business as a single-owner LLC or elect to have your multi-owner LLC taxed as a partnership, you will have to pay estimated quarterly taxes to the IRS after your first year of business. If you are earning a substantial profit during your first year, you may want to go ahead and begin paying quarterly taxes immediately so that you are not hit with an outrageous bill come tax time. Paying quarterly taxes is the scourge of self-employment -- it can be difficult to write a...
Keys to Developing a Successful Website For Your Startup Business
Every new business needs a website, and most entrepreneurs will be designing and optimizing their first site for themselves. Driving traffic to your site is a slow process, but steady, dedicated attention to search engine optimization techniques will eventually pay off.
Avoid using a boilerplate format for your business website. The look of your site reflects your company image, and you don't want the first impression to be negative. Do not settle for a website through a "free" web hosting...
Defining the Distribution Channels For Your Business Startup
Whether you are still developing your business idea or already know exactly what you want to do, it is important to define the best distribution channels for your product, for your customers, and for you. The distribution channel is the way your product gets to your customer. Traditionally, businesses relied on a single distribution channel. These days, the most successful start ups use multiple routes to reach a broader customer base.
For some products, the route to getting it into customers'...
Deciding Whether to Start a Business? Take Stock of Your Life First
The current recession has had an enormous impact on American workers. Job security is quickly becoming obsolete and many are looking to make major changes in both their work and home lives. Entrepreneurship is enticing. Working for yourself means taking more control over your time, your finances, and your activities. Starting a business and making it successful is a tough but rewarding road, and it is important to take stock of your life and your future before you decide whether...
Startup Partners -- Can You Work With Someone Close to You?
Starting a business with a spouse or good friend can be very advantageous, as long as some basic issues are worked out beforehand. Knowing your business partner very well means it should take less time to hammer out who does what and each of you are already familiar with the other's quirks and habits. It should be easier to provide each other moral support, especially during the dark days of startup (and there will be some). You will be aware of each other's strengths and weaknesses and be in...
Starting a Business From Home -- Balancing Work and Life
Working from home offers substantial benefits, but can also make it more difficult to successfully balance work and home life. Launching a startup puts incredible demands on your time and tends to be very stressful. It is important to take time away from the work to maintain your mental health as well as to ensure that other aspects of your life are not neglected.
Separate Your Work Spaces
Separating your work and personal space can be crucial for some entrepreneurs. The best option is to...
Controlling Risk When Starting a Business
Starting your own business requires some level of risk tolerance, no matter how much of a "sure thing" it seems to be. Like any construction project, a startup seems to take twice as long and cost twice as much as originally planned. In addition, there is no guarantee as to how long it will take to build a sufficient customer base or how quickly the business will grow. Even the best of circumstances won't ensure rapid success...and most new businesses aren't started under the best of...
Hiring Well When Starting a Business Can be Critical to Success
One of the most stressful roles for most entrepreneurs is that of Employer. Finding the right people with the right skills, personality, and attitude is a challenge, to say the least. The hiring process provides some opportunities to sift through the candidates, but only if you know what you are looking for and how to find it.
Before the hiring process begins, it is critical to define exactly what you are looking for in a new employee. General work responsibilities should obviously be defined...
Online Marketing: Some of the Best Tools Are Free
Online marketing is tough. There are so many businesses competing for attention that it is difficult to stand out from the crowd. The upside is that the World Wide Web provides ample opportunity to build your business for free...if you are willing to put in the time and effort.
Job #1: Search Engine Position
The primary goal for marketing online is to drive traffic to your website. More traffic equals more sales. The best way to achieve that objective is to show up at the top of the search...
Exit Strategies to Consider During Business Startup
An important but often overlooked element of planning a startup is deciding how you want it to end. That is, knowing your exit strategy during the planning stage can strongly influence any number of decisions you need to make. The top five exit strategies, which cover more than 80% of entrepreneurs, are:
Strategy #1 -- Selling to Outside Investors
Some entrepreneurs plan to establish a niche business that can ultimately be sold to a larger company. Serial entrepreneurs tend to just enjoy the...
Entrepreneurship is Not For Everyone - 5 Myths and Realities of Entrepreneurship
With the economy in shambles, talk of self-employment is on the rise. Americans are beginning to realize that dedication and loyalty to someone else's business is no guarantee of security, and working for themselves is sounding better and better. However, many people harbor significant misperceptions about what entrepreneurship really means. The myths and realities of entrepreneurship should be well understood by anyone thinking about going out on their own.
Myth #1: Starting my own business...
Serious About Starting a Business? Do it Right Before You Launch!
Starting a business with plans to grow a company is not a cake walk. You must know every aspect of your business in detail, from marketing to operations to financial management. If you don't, you will end up turning over critical tasks of your venture to an outsider who is far less interested in seeing your business thrive. Successful entrepreneurs have a driving thirst for learning all they need to know to reduce risk and increase their chance of great success. If you are serious about taking...
Cash or Accrual Basis of Accounting? Which Should You Select When Starting a Business?
One startup decision that seems to cause entrepreneurs unnecessary consternation is selecting the right accounting method -- cash basis or accrual basis. The primary purpose of the accounting method you choose is to calculate your business's taxable income for federal (and state) income tax purposes. Of course, if you register as an LLC and elect not to be taxed as a corporation, your business does not pay federal taxes, but choosing the right accounting basis is still important. Financial...
Using Public Relations to Market Your Business Startup
Marketing a startup is one of the biggest struggles for any entrepreneur. You need to increase sales and grow your customer base, but effective advertising is expensive. While the internet provides significant opportunities for low-cost and no-cost marketing, many business owners overlook the value in establishing an in-house public relations system.
What is Public Relations?
Public relations encompass the work that needs to be done to get your company in the news. The efforts should include...
Top Ten Startup Mistakes...That Almost Always Lead To Business Failure
Many startup ideas fail to ever be launched and many, many fail within the first year or two. In most cases, the failure has nothing to do with the business idea, but how the business side is handled. The business of entrepreneurship is business first, then operations (what your business actually does). The Top Ten startup mistakes that lead to ultimate failure are:
1. Insufficient Startup Idea Development -- Most startups do not fail because the business idea is bad. The problem is that many...
The No-Cost, No-Effort Business Startup Revealed
If you are spending any time surfing the web for ideas and advice about starting your own business, you have probably read hundreds of ads and articles about how to get rich with little money and even less effort. Too good to be true? Absolutely. Any legitimate entrepreneur will tell you that the road to independence takes more than posting a website or buying in to a "proven" million-dollar scheme. If you are serious about owning your own business, get ready to commit every extra penny you can...
Solve Employee Conflicts in Your Small Business
Becoming an effective boss is critical for any entrepreneur with plans to grow a company. On top of the myriad of legal, managerial, and personnel issues an owner must deal with, most also find themselves in the role of mediator -- dealing with employees who don't (or won't) get along.
The cardinal rule of handling problems between employees is don't ignore the issue. Any conflict that lasts more than a day or two must be dealt with head-on. Allowing inter-employee conflicts to fester results...
Every Business Needs a Website
Does your business need a website? The short answer is YES!!! At this point, every business should have a website. For some, a single page with just the basics is enough. For others, a full virtual storefront with ecommerce capabilities should be seriously considered, even if this isn't in your current plan. The internet provides marketing opportunities unlike any previous technological advances, and currently there are many ways to promote your website online for little or no cost. Regardless...
Should You Choose a MLM Program For Your Business Startup?
Is your inbox overrun with emails claiming that you can make $20k or more each month working from home? The majority of these emails are multi-level marketing business advertisements. Ranging in price from a few hundred to several thousand dollars to buy in, these businesses provide you a product that you then sell to others. A portion of your sales go to the guy above you on the food chain, and if you manage to sell to others, you generally get a piece of their sales. With the growth of the...
Choosing the Right Business Model For Your Startup
There are many ways to set up a business model, and more are developed every day with the growth of the world wide web. The classic brick-and-mortar storefronts, pure service ventures, and manufacturing and warehouse models still exist, but have been expanded from their classic versions to remain competitive in today's environment. In addition, purely web-based businesses and incorporating internet opportunities into the classic models have been added to the mix. These various distribution...
How to Select the Right Name For Your Business
Drive through any rural town and you will see that many local businesses are still named after their owners. "Walker's Drugstore" and "Carl's Cafι" monikers are still common in these areas, but for most new businesses, naming it after yourself is not always the best bet. Many rural American towns are frozen in time -- they are part of a micro-economy that has little room for growth and, in many cases, are on their way out. Most budding entrepreneurs are not looking to start a business in this...
Use the Economic Downturn to Position Your Business For Success
For any business in the early stages of operations, the current economic downturn provides a unique opportunity to really examine the details of how your venture is running. Flat or declining sales are a struggle for any existing business, but a serious analysis and making appropriate changes will not only keep your venture afloat but will also prepare you for explosive growth once the economy improves.
Financial Management
The first step is to re-evaluate every expense, line by line. Look...
Successful Business Startups Focus on the Details
There are at least a couple of hundred individual steps in starting up the most basic business the right way. Though none are particularly difficult individually, very few first-time entrepreneurs are knowledgeable about every aspect of a startup. Often, the knee-jerk response is to "hire out" those weaker areas, or just overlook them altogether. Neither of these options is ideal. As a business owner with plans to build a thriving company, it is important that you know and understand the...
Startup Skills Every Entrepreneur Needs
Most budding entrepreneurs have a business idea that includes something they already know how to do well. Whether building houses, making pizzas, or planning weddings, knowing the operations side of the venture is only half the battle. Every startup relies on the success of the business side -- planning, marketing, and financial management -- as well as the basic skills of its fearless leader, to succeed.
Learning and Applying Information
The number one skill required of any entrepreneur is a...
Business Startups in a Down Economy Are a Great Idea
If you have considered going into business for yourself, there is no time like the present. The rough economy should not be a deterrent. More than one-half of the current Fortune 500 companies were launched in a recession! In fact, the advantages of starting up in this economic climate are significant -- a shift in consumer priorities, lower costs on services and products your company will need, cheap but high-quality employees, an inherent emphasis on solid financial management. Heck, nearly...
Successful Entrepreneurs Share Five Personality Traits
Budding entrepreneurs often wonder if they have the right personality to succeed with a business of their own. The reality is that all types of people with all types of personalities can be successful to some degree, but there are a few specific traits that make the road easier to travel.
Perseverance
Perseverance is basically a balance of drive and commitment, and is a critical trait for anyone working through a startup. Having the commitment to stick with your business idea and the drive to...
Startup Squanders #5 -- Franchise And MLM Fees
Franchises and Multi-Level Marketing schemes are absolutely one of the top five money wasters for budding entrepreneurs. Though they are bad ideas for different reasons, the bottom line is the same -- there are much better ways to spend your startup capital.
Franchises provide only one aspect of your startup - the operations. The bulk of what it takes to succeed in business is still on you, including managing the money, funding the remainder of startup costs, most of the marketing efforts, and...
Startup Squanders #4 -- Grant Seekers And Consultants
The "grant assistance" industry is booming -- not because they are actually securing any grants for anyone, but because potential entrepreneurs with good business ideas and in need of capital want to believe the hype these scammers are putting out there. In fact, there are NO federal direct grants to help start a domestic business. Also, there are no secrets grants, or any secret to applying for grants that are available. Don't waste your time or money dealing with grant seekers -- at best they...
Startup Squander #3 -- Entity Registration Services
Another popular service marketed to would-be entrepreneurs are the entity registration services. With these services, you fill in a form to indicate your preferences for filing your LLC or corporate paperwork with the state and the service files your registration and sends you the paperwork. You pay them a flat fee, usually, for the service plus the actual registration costs for your state. There are two problems with these services -- they are unnecessary and allow business owners to...
Startup Squander #2 -- Startup Consultants
Another creative industry designed to separate the entrepreneur from his money are the startup consultants. While some provide legitimate services for particular circumstances, the industry is expanding rapidly with ridiculously expensive consultants, most charging $150 or more to tell you the next few steps to take in your startup. Given that even the most basic startup requires a couple hundred steps to do it right, those fees can add up fast! There are also consultants to help you choose a...
Business Startup Key to Success #3: Financial Management
Of the three keys to business success, financial management is often the most feared among entrepreneurs. Even if you don't consider yourself a numbers person, keep in mind that the down and dirty reality of running a business is in the numbers. If the business isn't profitable, it won't last long. Managing finances the right way is actually not that complicated, especially with the tools available, but is a critical factor in the success of any business.
There are a few things to think...
Business Startups With Bad Credit
Bad personal credit is a common stumbling block for first-time entrepreneurs. Often, the motivation for going into business is to make more money, indicating that they are not making enough money working for others, thus, bad credit. Working for yourself is the best opportunity for building wealth, and the sooner you get started, the better. Bad credit among entrepreneurs is more common than you think and can make the startup process slightly more difficult, but is not a total barrier in...
Networking When You Work From Home
Every year, more people are working out of their own home or in small office environments. With the current severe economic downturn there are likely to be even more as displaced workers start their own businesses and larger enterprises cut overhead through telecommuting. While working at or close to home can offer significant benefits to workers, it can also result in feelings of isolation and disconnect from the rest of the business world.
Many small office and home office (SOHO) workers,...
Business Startups and the Small Business Administration (SBA)
Most first-time entrepreneurs are under the impression that SBA loans are an easy, viable route to funding any startup. While the SBA is an excellent government program to assist American small business, keep in mind that it is a government program, with all that distinction means - the process is slow, the restrictions are strict, and the hurdles to approval are high. Before you commit countless hours and effort to pursuing an SBA approval, be sure you understand the realities of the programs...
Startup Essentials -- The 5 Best Ways to Spend Startup Money
Finding ways to spend startup capital is easy, but there are a few things that should be included in every new business's startup budget. The top five are:
Startup Essential #1 -- Protecting Your Business
Setting up your legal obligations and protections correctly from the start is critical to building a successful company. It can be tempting to put off registering your entity (LLC or Corp) or paying for a business license until you start making money, but delaying is not the best option. Not...
Startup Squanders -- The 5 Worst Ways to Spend Startup Money
The road to entrepreneurship offers plenty of opportunities to waste money. Unless your rich uncle is bankrolling your entire startup without concern for what and how you spend, you need to keep your expenditures under control. The top five ways that entrepreneurs waste money, but shouldnt, are:
Startup Squander #5 - Franchise or MLM Fees
Dont bother with these business models. Franchises, even the best ones, are too expensive for what you get, and MLMs are just a bad idea. The money you...
The Truth About Small Business Marketing
Leading your target customers to your product can be the most frustrating aspect of starting up a new business. Though there are thousands of articles, books, videos, seminars, and other teaching tools available that claim to be the answer to your marketing woes, the reality is that whatever route you choose you will need two things -- time and money. Having more of one can make up for less of the other, but the sum total must give your startup a shot at success. Money buys you ad space, buys...
Business Startup Full Time or Part Time?
Many potential entrepreneurs have a hard time deciding whether starting a business part-time or full-time makes the most sense for them. On the one hand, dedicating yourself full-time to a startup seems like it would give your idea the best chance of success. On the other hand, starting out part-time allows you to keep your regular job while testing your business idea. The best option for you depends on a number of factors and the weight you give the advantages and disadvantages of starting out...
Create a Great Home Office Space For Your Startup
Whether you plan to work from home just during the planning stages or through the life of your business, creating the right space will increase your productivity and efficiency. Your best bet is to carve out a dedicated space, used solely for your startup work.
Even if you will only be working on your business planning at home, setting up a dedicated workspace is a good idea. During the planning phase, you will be collecting important paperwork, from your research notes to your entity...
Starting Your Business Smaller Can Make Your Success Bigger
For many people with a great business idea, the delay in taking the plunge into entrepreneurship is because of the lack of time or money to get their idea off the ground. In most cases, there are viable means to modifying the business idea into something that can be started part-time and with less capital than the original plan. Starting out smaller can be very advantageous, allowing you to keep your current job, bootstrap the startup to fit your out-of-pocket budget, learn more about the...
Business Startup Key to Success #2: Marketing
Marketing is the second of the three keys to business success, along with planning and financial management. Marketing is critical for obvious reasons -- if nobody knows your product exists, they cant buy it! It is common for entrepreneurs to underestimate the importance of putting in the time and energy to find the best marketing avenues for their business.
As with everything else in todays society, marketing is changing quickly, with new opportunities popping up every day and old standards...
Business Startup Key to Success #1: Planning
The first of the three keys to business success is Planning. This does not mean throwing together a basic business plan using ready-made templates, or crafting a paragraph that says all the right things filled with industry jargon. Actually planning your business entails delving into the details of every aspect, from legal compliance to marketing to operations. Planning is not just a requirement for start up, but should be an integral part of business management.
Obviously, start up planning...
Business Startup Keys to Success
As more and more people join the ranks of entrepreneurship, more and more information comes available about the right way to drive the success of your start up. The SBA offers a list of factors common among successful start ups, such as "has employees" and "knowledge of the business." The Inc. 5000 fastest-growing companies article offers other interesting statistics about the various factors that drive the success of these ventures. At the end of the day, any and all business success can be...
Keep Your Business Organized to Save Time and Money
There are so many particulars involved in running your own business that being organized is not an option, its an absolute must. Good organization isnt just a matter of keeping your desk clean. You must also be able to find what you need when you need it, be aware of what is coming up, and be able to move smoothly from one task to the next. In order to become and stay organized, you will need to develop your own organizational system using the tools that work best for you, a calendaring...
Start Your Business With Integrity
The single most important standard all new businesses must embrace is a culture of integrity. In the age of Enron and Madoff, the American consumer has grown weary of deception and is on higher alert for dishonesty. Perceived misconduct by a business will result in lost customers and a negative reputation that will be difficult to shake. With the proliferation of scammers, con artists, and outright criminals roaming the cubicles of American industry, it is time for business owners to get back...
Small Business Tax Management Essential To Business Success
They say the only sure things in life are death and taxes. For small businesses, the adage should be if you dont manage your taxes, they will be the death of your business! Failure to keep up with tax liability is a common pitfall for business owners, but there is no reason to fear the tax man. Setting your business up to stay on top of your federal and state responsibilities is not particularly difficult, and all entrepreneurs should be eager to develop internal systems to ensure that taxes...
Business Startup The Easy Way? Franchises, MLM, And Existing Businesses
Potential entrepreneurs who arent sure what kind of business to start, but know they want to be on their own are often drawn to the idea of buying a ready-made business. Whether purchasing an existing business or buying into a franchise or multi-level marketing (MLM) program, the idea of having the operations portion of a business already laid out can be very attractive. Before you spend your startup cash on these options, there are a few things to consider about each.
Buying an Existing...
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