Starting a small business is becoming more of a necessity these days than a luxury; with the amount of jobs in decline and the ability to easily start your own business online, more and more people are flocking to entrepreneurship. Here's a few pitfalls that you need to avoid, especially if it's your first time starting a small business.
- Use a Unique Business Name
There are plenty of reasons to use a new and creative name for your business (brand awareness & loyalty, differentiating yourself in the market, etc.) but even if none of those appeal to you, there is an important legal component. Using a name that another business has, or even using something similar that could cause confusion (like starting a hamburger stand called MacDonalds and using lets say a light green M as your logo) can land you in court and potentially cost you your business.
- Carry The Proper Insurance
Insurance needs vary greatly depending on the business you start, but it's one of the most important bills you'll pay each month, because it protects you from potentially bankrupting liability. If you're unsure of what insurance you should carry, you can talk with an insurance salesman, but a better idea is to find someone in the same business with some experience and see what they purchased. Find the proper balance between leaving yourself vulnerable and carrying too much, thus hurting your bottom line.
- Charge Taxes
Without even knowing it, it can be really easy to violate local and national tax laws in your business, especially if it's your first small business. Unfortunately, ignorance for the law is no excuse, and you can get penalized pretty severely for even minor violations in your business. Hiring a tax professional to advise you is worth every penny, but if you do decide to do it yourself, research your state and local laws and be diligent to collect taxes on every product and service you sell, because you'll be responsible for paying it whether you collect it from your customers or not.
- Register Your Business
Along the same lines, make sure that you're following all of the local and state rules related to incorporating. Each state has different laws on how companies should incorporate, and each type of corporation has different tax laws, so choosing the right one can make a major difference financially.
- Keep Your Boss In The Loop
As with most small business startups, you'll often still have a 'day job' while you're getting your business going, and while this is fairly common practice today, you'll want to make sure that you let your boss know that you're doing something on the side. Most businesses will have no problems with this, but depending on the industry, you may have signed IP policies or non-competes that preclude you from doing anything in the same industry, or your company may have first right of refusal on anything you create, even outside of the office, so make sure you don't brush this one off.
Starting a small business is a great way to hone your entrepreneurial skills, be creative and potentially make a lot of money, but make sure you take all of these examples into consideration, do your research and make sure that you feel confident in what you're doing before you pull the trigger.
Mon, 04/2/2012 - 01:56 AM | viewed 421 times
In February, 2012, Facebook held its 'fMC Conference' which introduced upcoming features and changes to the site, including Timeline for Pages. All of these changes impact the way an entrepreneur or smb can best utilize their Facebook presence to increase traffic, interact with fans, and ultimately, convert these fans into customers. Here we'll take a closer look at the changes to Facebook, how you can use the new features to your advantage as part of your business plan, and some helpful tips on creating a successful Facebook promotion.
Sat, 03/10/2012 - 05:35 PM | viewed 491 times
In the initial stages of a business startup, most entrepreneurs recognize that they'll need the expertise of an accountant at various times, but few realize that they'll no doubt need the help of another professional, an attorney. Their logic would be that they don't plan on breaking the law or getting sued, so legal services aren't necessary. The truth is quite the contrary, however.
Sun, 03/4/2012 - 01:54 PM | viewed 530 times
Now that you've developed a great startup concept, and you're in the business plan development stage, the time has arrived to come up with the right name for your new endeavor. There are a number of differing theories on what makes a great business name, but one thing is certain, choosing the right name can play a big part in how your business is perceived by your customers, and it can make or break your image.
Sat, 03/3/2012 - 12:55 PM | viewed 410 times
On average, roughly 600,000 Americans start new businesses each year. If you're one of the millions more contemplating taking that giant step into business ownership, don't let fear of the unknown stop you. Some of the stumbling blocks for would-be entrepreneurs include indecision about the right kind of business, a fear of putting their money and time into a business that fails, or they may simply have no idea where to start. Generating an idea for a small business isn't always easy, but with some good advice and common sense, you can learn how to choose a viable concept.
Thu, 03/1/2012 - 12:16 PM | viewed 616 times
If you're a small business owner or an entrepreneur involved in your first startup, you're well aware of the impact that successful Facebook marketing can have on your bottom line. Finding your way through the maze of available apps and tools is time-consuming, tedious work. If you're on the hunt for the latest and greatest ways to reach a larger audience and build your business, check out our recommended Facebook tools and apps that are specifically geared toward taking full advantage of your fan page.
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