Posts Tagged ‘Small Business’

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As 81 million American baby boomers begin to move into their retirement years, they are redefining what retirement means. For many, it doesn’t mean they’ve stopped working, but rather that they are exercising more choice over how they work. According to a 2009 survey, some 75 percent of people who chose to engage in some form of work found the work satisfying, and in four out of five cases, they were able to find white collar jobs for what are known as “encore careers.”

Picking the perfect second act for your career can involve trying a field that’s always interested you, helping out with a cause that you believe in, or getting a chance to run your own business.

If it’s running your own business that appeals to you, chances are you don’t want to sink a large chunk of your retirement savings into a new venture at this point. Therefore, the key is getting started with minimal investment up front. This is very possible these days, depending on how you set up your business, and what type of business you choose to go into.

Getting Started with a Shoestring Budget

To start a business with relatively little up front capital, the key is to minimize fixed costs. Variable costs–expenses of the pay-as-you-go variety–are preferable because they allow you to ramp up or scale back investment depending on how the business is going.
Here are some key tools for keeping fixed costs to a minimum:
• E-commerce Solutions. Who needs a business location when you have the Internet? The ultimate low-overhead storefront, the Internet gives you access to a world of potential customers. Utilizing E-commerce colutions is much cheaper than having a physical place of business where you receive customers. For example, it allows you to avoid the many expenses of having a retail outlet, such as rent, utilities, staffing, and insurance.
• Outsourcing Back Office Infrastructure. Rather than building a complete organization from scratch, try to outsource anything that isn’t central to the unique value proposition of your business. For example, functions such as customer support, credit card processing and human resources are only needed occasionally or periodically. Therefore, it makes more sense to utilize outsourced call center services for telemarketing or customer support or HR outsourcing for human resource activities than to try to staff it internally.
• Use Online, Social Media Strategies to Promote Your Business. Developing a full scale online social media strategy can seem overwhelming at first. But you can implement simple things by hiring interns to do the leg work such as starting a blog or using Twitter, and tracking different programs making adjustments along the way.

Low-Cost Entrepreneurial Business Ideas

If the above are some techniques for structuring a business with minimum up front investment, what are some lines of business which lend themselves to getting started with minimal capital?

One rule of thumb is that services generally require less investment than manufacturers or retailers, though with e-commerce some re-sellers can operate cheaply if they have tight supply lines and add value in the process. Focusing on services, the following are some examples of businesses that might be right for the current environment, and can be started on a shoestring.

• Business consulting. If many retiring boomers are going to be starting their own businesses, why not use your business experience to help show them how to do it?
• Green consulting. People are striving to become more energy-efficient, for economic and environmental reasons. If you have expertise in this area, consulting with businesses and homeowners on how to reduce their consumption is a natural.
• Public relations. If you have media and promotional experience, you could be in demand with the new wave of entrepreneurs starting their own businesses. In particular, bringing knowledge of modern promotional techniques such as social media strategies could be valuable to these new businesses.
• Employment counseling. Between a weak economy and an aging population, there are many people facing a career crossroads these days. Helping them find the right niche can be a good way to make use of any personnel experience you have.
• Online Lead Generation. Sales Lead Generation is growing by leaps and bounds as far as start up industries are concerned. This is a very special industry that affords flexibility and freedom that is unparalleled. And, there is even a significant demand for highly specialized lead generation consultants to help companies generate qualified sales leads in this market.

Running your own business may not have been your parents’ idea of retirement, but things are very different today. If you have the entrepreneurial itch, starting a venture might just give you the satisfaction and extra income to make your “golden years” more than just an expression.

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If you just do your review estimates of revenues, or perhaps you ask for some accounting completed titanic, you’ll see that it is always better to make sure that you select from a local accountant who can work with. There are many rewards to attract local accountant, and although many people will simply open a browser and call the name that they are experiencing, it is not always on your well-being. Spend some time and really look at what your choice will be to translate when you go to work as an accountant, and make sure that you research the accountants local to you.

When you hire a local accountant you will be getting together with them on a personal face to face basis. This leads to the case to go much faster and much easier for you to truly belong. Despite the offensive all the benefits of the Internet, there is no replacement straight-from-the shoulder facing a well-thought-out professional. This is the only fact you can save a lot of time and money, and if you work on a specific target date, it can be vital when it comes to Facilitate meet you.

Local accountant there will be more familiar with you and that you are dealing with. In situations where a local accountant lives in the identical region, and he or she meets with current regulations and rules, you will know that he or she can be very useful when it comes to the production of advice that you ask for. At the most basic level, some local people will be more responsive to public affairs and simply expand their knowledge of it. Your mutual experiences in the same area will give you a general insight into the work. It is worth making time to consider the facts that can be drawn from local residents to be more profit for you.

Remember that when you do work with local accountant that you are also assisting local economic system. Most people these days to observe that there is something very satisfying about the situation in order to buy goods depend on the regional and local services, so why should your audit to be something unique? If you put more money into the local economy, even if it’s as simple as looking in a local accountant, instead of one that is far away, you will argue that it can improve life, consider it an investment promotion plan in a residential area.

If you need to find an honest to goodness accountant who can mind your books and provide you with solutions that you need, make sure that you start at the local level. Since there can be very profitable to start local – just look at the street, and in fact it is no more difficult than doing a more thorough exploration on the Internet. Getting a local accountant can make your currency issues are much easier to deal with, and you may find may be the best decision that you made for your business!
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Yeah, sure it’s easy, and of course, that title is a little tongue in cheek. It takes a lot of hard work to get a business off the ground. But, it’s worth every hour I’ve spent getting to where I am now.
When I decided to start my communication and image consulting business, I tried hard to find a good startup guide. I couldn’t find any that had all the steps. So, I decided to write one. So far, it’s mostly just the bare-bones outline (which is long enough as it is) you see in this article.
I’ll be adding to it every week or two, and writing more detailed articles on all the steps, so try to stop by and check it out from time to time. Let me know how I’m doing. Shoot off an email to me if I’ve forgotten something or you have questions.

Before you spend so much as a dollar, talk to a few experts. Go to the library or get on the internet and research, research, research. Take a little time to make sure entrepreneurship is right for you.

Make a pro and con list of business ownership, and evaluate yourself honestly. How many characteristics do you have in common with successful entrepreneurs? Is your financial position strong enough? Do you have the necessary technical and management skills?

You’re not going to be the perfect entrepreneur. Nobody is. But in order to make yourself the best entrepreneur you can be, consider ways to compensate for any weaknesses you might have.

I’m from Canada, so the government agencies I’ve mentioned in this guide are Canadian, but really, it can be used by anyone. All you have to do, if you’re from somewhere other than Canada, is find out where you need to find some of the things I’ll talk about. Some of the steps might be slightly different, and you may not have to worry about things like GST for example, but I’m sure you’ll find this discussion helpful all the same.

These steps to starting a business are in reasonably good order, but you might find yourself varying from it under your particular circumstances. That really isn’t a big deal, as long as you get most of it done. There are some steps you’ll be able to skip as well, but please don’t skip any of the “big ones”, which I’m sure you’ll pretty much figure out from taking a look at the list.

So, assuming you’ve done your evaluation and you still want to start a business, take a deep breath, and let’s get started.

1. Conduct a feasibility study of your business. Describe your typical customer, your product and your competitors. Who will your suppliers be? What will you charge for your product? How will you market your product? These are just a few of the questions you need to answer.

2. Write a complete business plan for your company, using the information you gathered from your feasibility study. This vitally important, often overlooked step needs to include a description of your company, its goals, competitors, market, financial information, and of course, how you intend to meet your goals.

3. Get your financing in place. There are many ways to finance your business, from your own savings to personal credit cards to bank loans. If you need credit, know your business plan from front to back and maybe even sideways.

4. Decide what kind of structure your company will have. From a legal standpoint, there are three basic choices, sole proprietorship, partnership and incorporation, each with advantages and disadvantages.

5. Choose a name for your company and check on name availability. Naming your company is highly individual, but it’s the first thing associated with your business, so choose your name carefully. You’ll need to do a NUANS (Newly Upgraded Automated Name Search) report, which checks your name choices for uniqueness against a database of other business names. A reserved name is valid for 90 days.

6. Decide whether you want to register federally or provincially and register your company. If you register federally, you’ll also have to register provincially, which almost doubles the cost. You don’t have to have a lawyer process them for you, but it might be a good idea to at least consult with one. You can get the forms from your local government office, have them faxed to you or download them. You can fax or email printed copies, or complete the forms online

7. Contact Canada Revenue Agency Business Window for your business number, and to register for GST/HST, payroll, corporate income tax and import/export (if applicable). You can also contact the CRA if you need general information about business expenses. Chances are you’ll have to collect GST, but you may want to register for a GST number even if you don’t have to collect it because of input tax credits.

8. Decide whether you need to collect PST. If you do, you need to submit “Registration as a Vendor” documents with your province.

9. Determine whether there are special permits or licenses in your municipality. It’s highly unlikely that your municipality does not have special permits or licenses.

10. Develop the marketing materials you decided on in your business plan. They should include at least a company identity package, press kit and website. Your identity package is your logo, business card and letterhead. A press kit can include letters of introduction, biography sheets, press releases, articles and a brochure. In today’s electronic age, printed materials aren’t enough. You need a website that looks professional, matches your printed material and has great copy. You’ll also want to make sure it’s optimized for search engines.

11. Set up your business bank account and record-keeping system. Your banker will need to see your incorporation documents, and you should probably set up more than one account so you can keep track of your finances better. Record-keeping is required, and can be done manually or with a computer program.

12. Purchase insurance. There are many different types of insurance, but most probably your company will need at least one. For example, if you’re going to have employees, you need to contact the Worker’s Compensation Board. Depending on your type of business, you might want to contact them even if you don’t have employees to insure yourself.

13. Contact potential creditors and set up credit terms. You should have researched suppliers when you were doing your feasibility study. Now is the time to contact them.

14. Decide where your business will be located. Lease your business’ space. Alternatively, you could choose to start your business from home if it’s feasible. There are advantages and disadvantages to starting your business from home. You have tax write-offs for example, but sometimes your image suffers.

15. Purchase supplies and office equipment. You’ll need too many things to list here, and of course, each business has different needs. You might need a fax machine and printer. You’ll probably need a computer. You’ll definitely need paper, pens, pencils and a calculator.

Congratulations! Go out, buy yourself a bottle of champagne and celebrate. You’re about to embark on a most exciting journey. And may I be the first to wish you good luck and prosperous times in your business venture.
As promised, here’s my email address so you can ask questions, make comments or add steps to my list. Or, if you want, you could just drop me a line to let me know how your small business is doing. I’d really like to know.
Copyright© 2009 Eve Jackson
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As a small business owner whether you are the Nursemaid or Weaver, there is actually more reason to be organized, not less. Even though a bit of spontaneity is ideal for and expected of small business, a certain amount of structure is vital if you are going to compete with what the bigger companies offer. Take your time now to really consider the scope of your business and record it. This will give you a solid idea of what your obstacles are, where you are, what your 10 year plan is, and how close you are to realizing them.

The first thing is to make sure to get all the details down on paper. This gives you a concrete beginning, and something definite to revise if things need to be changed later on. The initial business plan can guarantee that you, your contracted workers, and your investors are all of the same mind.

The begging of your small business plan is a description of your business. This includes what you do, services that you plan to provide and what goods you will produce. Basically, this will serve as the scope of your small business. While it can certainly get expanded later on, you will find that this setting down of your limits and terms is incredibly helpful for future
development. This is also a good place to include what type of goals you have. While they can be general goals that you want to stick to, you should follow it up with some rough income goals that you are aiming for.

Up next, your small business plan should consider the market, both where it stands, your market projections and the way you envision your place in the market. Why is your service necessary and the way your service will impact the market? How are you going to draw attention to it and how will your business affect different types of clients? This part of your business plan essentially “proves” your business has a right to exist and gives evidence for why it should be financed, so take the time you need to polish it.

The money end of things is going to be the next thing that you need to work on. Include general expenses, contingency fees, licensing fees if necessary and anything else that will make you put out money. Because many investors will want to study your business plan primarily for this area, this is an important one to work on. If you are a bit new to this, look at small business plans from similar established businesses to see what you need to cover. Although an accurate view of your business where it stands is important, don’t forget to look to the future.

You just need one more step, consider management. Who is running things, and line up their responsibilities? This is a prime method to maintain your organziation and verbalize responsibilities. Like any other part of the plan, this section can be modified, but the most important thing to do is to have it there in the first place.

Take some time to be sure that your small business plan is top notch, and you will discover that your own business will start carving out its place in the market much faster.

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Every country has its own regulation with regards to legal profession. The legal profession in England, New Zealand, Wales Australia and Canada is composed of two different groups which are the Solicitor and the Barrister.

The Solicitors are British lawyers who give legal advice and prepare legal documents and is considered Office Lawyers. Solicitors have served for two years under the management of a practicing Solicitor and meet other demands of the Law Society, which includes educational requirements, and must be admitted to practice. Several common law jurisdictions such as the United Kingdom, Ireland, Canada, Australia and New Zealand excluding US call this type of Lawyers as Solicitors. They are involved in commercial work relating to business such as dealing with commercial transactions, corporate matters, land, share, other property dealings and also litigation.

The Barristers on the other hand are the Courtroom Lawyers who speak in the higher courts of law and who are reserved by Solicitors to advocate in a legal hearing or to render a legal opinion. Barristers are the lawyers who practice out of an office and are often referred to as Chambers. They provide opinions to Solicitors on difficult points of law and appear on court. But Barristers must pass the bar final exams and be admitted to “plead at the bar”, meaning they have been called to the bar and is allowed to appear in court to argue a client’s case. It is required in England that the Barrister has to be taken on by a practicing Barrister for a one-year pupilage which is same as internship. It allows the new Barrister to observe and assist his master in the execution and learn from the experience. The Barristers are easily recognized by their robe and wig which is referred to as the working garb.

What is a Commercial Law Solicitor?

Commercial Law Solicitors are lawyers that engage and specializing in handling cases affecting different business legal issues. Questions involving Tax law, Business Law and Labor Law are some of the issues that may arise out of this daily business activity.

When a person is interested to establish a new business, a Commercial Solicitor will help in determining the validity as well as the procedures one must observe. They can execute the necessary contracts to effectively carry out the business. They can also check the company organization if it complies with the basic rules and regulations and give the list of the necessary license requirements in putting up the business.

On decisions involving business name the Commercial Law Solicitor can discuss the implication of using one’s name in the business. The benefits of having trade name or business name can also be explain by the Solicitor including the conformity requirements that must be observed.

Even in securing the business location, Commercial Solicitor could be the best person around. They can review and draft the contract involving lease agreement, sub-lease agreement or any other agreement a client may want to engage in leasing any business premises.

Information with regard to financial matters like obtaining a bank loan, a mortgage loan or transaction to another company can be explained by the Commercial Law Solicitors. They will help the client to understand the benefits and the legal issue that may arise out of these transactions.

With respect to taxes, Commercial Solicitors will give advice on how to keep taxes to a minimum level. An advice on the insurance requirement to protect the business including the employees may also be explained by the Commercial Solicitor.

Legal obligations in giving products and services are also important matter that Commercial Solicitor can counsel a businessman on the right procedure to observe in compliance with the existing rules and regulations.

On dispute arising from employee-employer relationship the solicitor can also check all the validity of the claims arising from illegal dismissal or any other claims involving work-related problems. Generally a Commercial Law Solicitor acts for business of all trades and sizes.

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