Career Articles & Advice

Starting a New Business - 5 Fundamentals For Success
By Bonnie S Simon

Asset Protection, Marketing, Accounting, Start-up capital and Cash Flow are essential elements to insure that your business survives the key first five years of a small business. These are elements you want to make sure that you have in place to be a successful new business.

Asset protection is elemental. All new businesses, regardless of the expertise of the owner, are a risk. By setting up asset protection in the beginning of your business, you can insure that your personal assets are protected. This is done through the formation of a corporation or LLC filed with the state.

By filing your corporation or LLC early in your business plan, all contracts are therefore between the vendor or client and your corporate entity. The Corporate Veil limits the liability risk. You all know that famous ad “What Happens in Vegas, Stays in Vegas”. Well, through the use of the corporate veil what happens in the Corporation or LLC stays in the entity and does not impact your personal assets.

This is especially crucial in community property states. If something should happen to your business and you are not incorporated, they can also go after your spouse, even to the extent of attaching their wages. We recently had a client who was a realtor. He had been the agent for a client who was leasing an office space in Las Vegas. The client turned around and sued him and the owner of the property for

$650,000. Last time I spoke to the client he had accrued $70,000 worth of legal fees with no end in sight. His wife had to go back to work and eventually they declared bankruptcy.

If this had happened and he had been operating as an agent of his corporation, he could have simply closed down the corporation. He would have then had the capital to start over again.

Also if you are interesting in obtaining city or government contracts, many of the local municipalities insist on doing business with corporate entities.

The second Key element to a successful new business is marketing. Educate Yourself! You do not have to reinvent the wheel. A good website is easy and fairly inexpensive to construct. Network in your local community. Call contacts. Make friends. Join a local leads group (BNI or LeTip) or your local chamber of commerce. One key to our marketing success was to offer continuing education units for the local real estate community. It was a low cost way for us to expose our services to 20-70 realtors a week, provide good education and become a leading expert in the area of incorporation and LLC formation for the real estate community.

Third, find a good accountant or bookkeeper. If you are doing your accounting yourself, we recommend the use of Quickbooks. If you do not have an accounting background, we recommend that you use an accounting professional to set up your accounting software. Make sure you have an accountant who is opening to answering questions and helping you make the transition to being a new business owner. If you have employees, we recommend you get an outside payroll company to do the work for you. When I worked for a CPA, in three years, I saw 1 IRS audit and 25 payroll audits!

Start-up Capital is a little trickier these days due to the increased anxiety in the banking community. If you have a good FICO score, talk to your bank about taking out a business credit card. They are easier to obtain these days and can often provide sufficient capital to get started. Also check with your local city government who sometimes has programs to give grants for new business. Friends and family members are also an option. Make sure it is a BUSINESS transaction with clear payback and interest agreements.

Finally, cash flow is vital for the new business. Don’t wait for the BIG deal to come in. Be grateful for daily cash flow which will keep the business going. Small and big sales all add up. Consistency is the key.

And if you would like more information on the pluses and minuses of incorporation and LLCs please go to our website at http://www.cc4yourco.com to gather more information. Also I would like to offer you a free 30 minute consultation on what entity might be best for your personal business situation. Bonnie Simon, Senior Account Executive, Corporate Credibility, LLC, the only incorporating company in the State of Nevada to offer CE credits for Classes in these topics. We
have clients from all over the US and several countries abroad.

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Getting Rich in a Recession - 3 Big Money Spinners
By Martin Thomas

A recession is doom and gloom and bad days. This is how it is painted by media, however, by far it is not nearly as it is presented. The truth is despite the historically temporary wiping of billions of dollars in share prices, this does not mean cash suddenly disappears, nor does it mean people stop spending.

A recession or major correction in the share market simply means on paper the nations business community is suffering low confidence. For the average entrepreneur it is business as usual. In fact a correction is actually an exciting time. For a start inflation is arrested dead in its tracks, meaning doing business becomes simpler and easier. So long as you are supplying what is in demand at these uncertain times, you are going to make out like a bandit.

When big business is riding high it is actually harder to make a dollar because of high competition and raging inflation. To speak so generally it is difficult to convey the reality as it is, but let us look at 3 businesses where you will definitely do well in a recession.

1) Money lending. By far, when the business community are in trouble the first thing that happens is the banking sector suddenly becomes very aversive about lending money. Not just to the business sector but to everyone. Indeed at certain cycles of the economy, it would be easier for a camel to pass through the eye of a needle than to get a loan from a bank. This makes people highly motivated to access lent money even at a premium price. Even high quality applicants are often turned away by the banks when there are dark business clouds surrounding us. Getting into money lending can be a very lucrative business. If you don’t have the funds to lend on large amounts you can lend amounts of up to $500 and get a nice return each week. This type of lending is popular during recessions because people get in “recession mode”

2) During the “bad days” people tend to say they spend less but often the reverse is true. They spend more but spend it on logically appropriate things. They may spend less on going to the movies, but decide to spend more on insurance and other “sensible” things. A recession is not a material thing but rather a figment of the national mind. If you become aligned with that “national mind” you will make more money because the consumer is now spending defensively. Think about what people worry about and offer products and services that answer those concerns.

3) Old age market sector. One of the most recession proof sectors of the economy is serving retirees and senior citizens. Think about their needs and what they want and you will always have a ready market no matter which part of the boom bust cycle we are in.

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Richard Branson’s Golden Touch - Here’s Why He Did So Well
By Terry Hart

The phenomenal success of Sir Richard Branson can only be described as meteoric. From humble beginnings as a high school drop out, the young Branson followed his passion. His love of music led him into mail order music. He sold vinyl albums through written classified advertising.

The success of this simple business model as an entrepreneur, he inevitably realized that owning his own production label was where the money was and Virgin records was born. He produced many artists including the classic haunting smash hit by Mike Oldfield called Tubular Bells. Of course beyond this he went on to buy his own damn airline!

Branson as an entrepreneur is a fascinating case study. This article is more about his framework and business moves than about the man himself. Branson has the uncanny nack of empathizing with a target audience. If you were to ask Branson himself I am sure he would have to admit there is where he expells most of his entrepreneurial concentration. His ability to put himself in the shoes of an entire demographic and “see” what they would want most is the secret weapon in this juggernauts arsenal.

My own observation is that Branson learned this skill very early. His first business success was direct marketing. (his record business) Direct marketing is a very scientific business model in that you create advertising and closely monitor your audiences reaction then adjust your advertising and hone it to higher and higher levels of response.

This approach of Bransons held him in good stead through-out his entire business career. He learned that valuable lesson of business empathy very early in his entrepreneurial career and has applied it to everything he has done since. There is a lot fledgling entrepreneurs can learn from studying Branson, but the one big lesson to be taken from his career is business empathy and understanding the lowest common denominator needs of an entire market demographic.

Richard Branson did it, he doubled his money regularly with a direct marketing business model…imagine doubling your money every week with no or little risk! Thousands of corporations want your help right this minute and will pay you up to 75% commission for doing very little! Click below to learn about the Easy corporate Money Program.

Download Martin’s Newly released book FREE! We don’t even ask for your email! “The Quickest Way To Make Money On Earth” by Martin Thomas is receiving rave reviews and for a limited time, FREE! to anybody that want’s a copy! Click below and begin reading in 3 minutes from now!

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Article Source: http://EzineArticles.com/?expert=Terry_Hart
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Earning Dollars Online Takes Sense - 3 Little Known Miracle Strategies
By Martin Thomas

Earning dollars online…or anywhere for that matter, takes a certain perseverance. Now don’t roll your eyes…I hear you groaning at my obvious observation, but wait just a minute. Perseverance does not mean 10 years of effort. When i say you need perseverance earning dollars online, I mean you need to focus until you have some success. Then it is plain old hard work. Knowing what to do to earn some money online is the first step and I assure you it is easy…take heart from that! It IS easy!

The thing about earning money online is that an online endeavor allows one the luxury of measurement and metrics assessment. What that means is that it is very scientific. You can get feed back from past work and assess what worked better than other things. This is very valuable because you can drop the things that are a waste of time and focus on the things that yielded results. Other businesses don’t often allow this accurate luxury.

The other thing about an online business is that it is fairly automated. A well set up online business will run for years and even decades if your product is “evergreen” and not fad sensitive. This means you need only do the work once and reap rewards for months, years and decades to come. This type of passive income is hard to find in the real world, at least if you have small funds and little capital. Online, earning passive money is quite simple.

These are some of the benefits of earning dollars online, but it doesn’t mean it is easy, it does take work in the first place to get enough work out there to start seeing what is making money for you and what was a waste of time, but there after you can apply yourself fully to the things that do work and it becomes a lot easier…you do have to earn your stripes, but working from home in your own hours making quite a large income is possible and that is very desire able to many many people!

Imagine doubling your money every week with no or little risk! Thousands of corporations want your help right this minute and will pay you up to 75% commission for doing very little! Click below to learn about the Easy corporate Money Program.

Download Martin’s Newly released book FREE! We don’t even ask for your email! “The Quickest Way To Make Money On Earth” by Martin Thomas is receiving rave reviews and for a limited time, FREE! to anybody that want’s a copy! Click below and begin reading in 3 minutes from now!

href=”http://www.easycorporatemoney.com/”>http://www.easycorporatemoney.com

Article Source: http://EzineArticles.com/?expert=Martin_Thomas
http://EzineArticles.com/?Earning-Dollars-Online-Takes-Sense—3-Little-Known-Miracle-Strategies&id=1479926

Mom Entrepreneurs Achieve Notable Success
By Robbi A. Gunter

In 2006, the Center for Women’s Business Research reported there are 10 million privately held firms in the U.S. that are 50 percent or more owned by a woman–and 72 percent of the firms are run by moms. Even the acronyms you read show the prevalence of women with successful companies–terms like MEs (for mom entrepreneurs) and sprightly “Mompreneur” fill the research, while”WAHM” (which means “work at home moms) and sounds awfully like “WHAM”, reminding you of the sound a superhero, caped-crusader makes when she crashes through obstacles and nails her financial success.

Moms earn extra money while keeping their families’ needs central. Entrepreneurial women often see opportunities in areas which are complete departures from their career experience or education. They do this by noticing what interests their children: Pam X. (a journalist) sewed braided ribbons onto her son Nathan’s blankets. He continually played with these, developing early skill in hand-eye coordination. She called them “taggies.” Other mothers at the playground asked her to sew for them–and a business was born. Within a year, Pam’s company was making $5 million dollars in sales.

Moms have targeted their businesses into providing services (baby delivery planning, financial services, web marketing) for moms. The mom vision creates new markets, services, and products. Independence and control over the final product or outcome attracts some moms to business ownership–especially the desire to create a flexible work environment. “The reality for women, especially women with children is cultural: women are still the primary caretakers of children–and now, aging parents” writes Alicia Rodriguez in a Business Week.com article “Women Leading the Way in Startups” (May 17, 2006). Women’s businesses function in family friendly environments, the home office or conference room in a firm with 200 employees, where children play under the conference table.

According to Sharon Hadary, director of the Center for Women’s Business Research: “I asked the mom head of the firm: She said she had a choice. I can tell women ‘no children’ and they will take the day off. I can tell them to bring the kids in and I’ll get a full day contributing to business.” That’s a solution.

Robbi Gunter is a staff writer for Strong Business Credit, a free educational web resource for small business owners and businesses seeking to obtain business financing and credit cards.

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