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With the Passing of Steve Jobs, America Longs for the Next Innovator-in-Chief
Oct 18th
President Obama’s $447 billion jobs bill hit a roadblock as Senate Republicans led the vote against the measure. The proposal would enact a 50 percent payroll tax cut, create an “infrastructure bank” to fund construction projects, and fund job-training initiatives for returning veterans. While some elements of the bill are agreeable to Republicans, many of them take exception to the plan to levy a 5.6 percent surtax on incomes of $1 million or more.
The President has made job creation a priority, as well he should. The economy has been stagnant for most of his term, and unemployment is higher now than in January 2009, when Mr. Obama took office. He knows well that small businesses are the drivers of job creation and that if they are not successful there will be little growth in the economy.
If nothing else, the sheer process of elimination forces his hand. At a time when the electorate is demanding smaller government and reduced spending, there is little chance of creating large numbers of public sector jobs. Corporations have weathered the recession by becoming leaner and meaner. They increased productivity and then were rewarded with strong profits. Large companies are doing more with less, so don’t look for corporate America to make lots of new hires. That leaves small companies as the remaining option for job creation.
Historically, this has always been the case. America is an entrepreneurial country and will continue to be so. We don’t know who will replace Steve Jobs as the country’s “Innovator-in-Chief,” but someone — perhaps in a garage in California or at a home office in New York — is today laying the groundwork for the next great American company.
Technology makes it easier to start a company than ever before. There is no shortage of people wanting to work, and believe it or not, there are financial institutions wanting to lend. While big banks are rejecting more than 90 percent of small business loan requests, increasingly, local banks and alternative lenders, such as credit unions and microlenders, are filling the void. These institutions are more than four times as likely to approve small business loan requests as big banks are.
It may very well be that the next Google, Starbucks or Apple will be funded by an SBA loan from a local bank, a credit union, or a microlender such as ACCION, which offers business loans up to $50,000 to empower business owners with access to working capital and financial education.
Small business development is the most likely route to economic growth. The President and many economists are banking on it.
Image from Annette Shaff/Shutterstock
With the Passing of Steve Jobs, America Longs for the Next Innovator-in-Chief
View full post on Small Business News, Tips, Advice – Small Business Trends
What to do next
Oct 2nd
This is the most important decision in your career (or even your day).
It didn’t used to be. What next used to be a question answered by your boss or your clients.
With so many opportunities and so many constraints, successfully picking what to do next is your moment of highest leverage. It deserves more time and attention than most people give it.
If you’re not willing to face the abyss of choice, you will almost certainly not spend enough time dancing with opportunity.
View full post on Seth’s Blog
Forex Ironman – Next Generation Fx Trading
Aug 27th
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Forex Ironman – Next Generation Fx Trading
Your Next Hire
Aug 2nd
This content from: Duct Tape Marketing
It’s become pretty standard business advice these days to suggest you need to “hire for fit” rather than experience or job skills.
Torley via Flickr
Most interpret fit to imply fit with the culture of the organization. While I agree that your recruitment should aim to attract people that share your mission, vision and values, it’s also essential to consider how they might fit in the new reality of business.
There is a specific skill set required these days in order to be successful in the world of marketing and business owners need to start finding ways to uncover these skills in the people they recruit.
Most of these skills aren’t taught directly and come more naturally to some than others, but an employee that lacks them, or worse, questions them, is going to contribute significantly less to your organization in the coming years.
While I can define the new skills, you still have to find the ways to unearth them and bring them out in your culture and your employees.
The good news is that these are the same qualities it takes for any business to compete and if you can make these qualities the central theme of your hiring, they will carry over into the central theme of your business in general.
Collaboration bias – Today’s business teams are as fluid as ever. They move from project to project, plug and play with virtual members and draw from around the globe. Work today is basically collaboration on all fronts. If any past experience matters it’s experience that demonstrates ease with contribution and collaboration. Some people thrive on this way of work, some people don’t.
Design character – Creative people just see the world a little differently than most and, when balanced with stated business objectives, this can be a powerful tool. Look for people that demonstrate a feel for design, even though that may not be the primary or even secondary function. Creativity in design easily blends over into creativity in ideas, problem solving and collaboration.
Social knack – Recent college grads take note, social business is not Facebook. Social knack isn’t a tech platform at all. It is a skill that engages your ability to have a great conversation, to know how to find what makes people tick, to present ideas to a group and to innately look for ways to help others get what they want. If your staff possesses these qualities naturally, they can make whatever the tool of the week is pay.
Tech curious – Technology is an incredible game leveling tool in the hands of smart business owners. Blending high tech capabilities with high touch customer experience is the killer play in todays plugged in world. Employees that are curious about new technology and gadgets as a means to creates a better, deeper and richer customer experience are a must. Hire self-proclaimed nerds and let them fuse the technology with proven processes.
Bundle vision – This is quite likely the hardest quality to identify, (certainly in a 30 minute interview) but it may be one of the most important. Business, technology, tools and trends evolve so quickly these days that every business owner and every staff member needs the ability to appreciate how seemingly disparate parts might come together to make something remarkable. This is perhaps the combination of all of the traits described above and when you find this trait and hone it, it will become one of the most valuable assets your business develops.
View full post on Small Business Marketing Blog from Duct Tape Marketing
Next Generation Leadership
Jul 22nd
Often cartoons come to me in roundabout ways. Snippets overheard, phrases popping out, just plain daydreaming. . .
But this cartoon had a more pedestrian birth. A large business publication sent out a letter that it was looking for cartoons on “next generation leadership” for an upcoming issue.
Normally I would dig into my inventory and send something appropriate, but this was so specific and narrow, and it had been so long since I’d sold them, that I took a chance and created some tightly targeted cartoons.
This is by far the nerdiest of the bunch, and wasn’t purchased, but when it finally sold years later I felt a little cartoon weight off of my shoulders.
View full post on Small Business News, Tips, Advice – Small Business Trends
Optimized Reviews May Be the Next Local SEO Edge
Jun 14th
Optimized Reviews May Be the Next Local SEO Edge
This content from: Duct Tape Marketing
I’ve suggested often that reviews in your Google Places and Yelp pages have become a very necessary aspect of trust building as well as local SEO. So much so that getting proactive in stimulating reviews in all the right places must be on the checklist of marketing action steps.
Today Google added an interesting twist to Google Maps searches called Descriptive Terms that injects another dynamic – search optimized reviews. Google has started indexing local search results with phrases that accompany things like reviews. So if you search Marketing Agencies Kansas City, MO you get one set of listing and if you add something like “digital work” to the search the list changes based on words in the reviews.
Right now this is just a Google Maps function, but Google claims it will spread in Place search on Google.com and Google Maps for mobile soon!
Better start suggesting keyword phrases for those reviews people are anxious to write.
View full post on Small Business Marketing Blog from Duct Tape Marketing
Now That I’ve Incorporated: What’s Next? The Most Frequently Asked Questions After Incorporation
May 20th
Over the course of my career, I’ve helped over hundreds of thousands of small business owners incorporate a business or form and LLC. And certainly there are many questions leading up to the process, such as, What type of business should I form? What’s the difference between an S Corp and a C Corp? But I’ve also found there can be just as many questions after incorporating a business or forming an LLC.
I’ve put together some of the more commonly asked questions to help you navigate life after the incorporation or LLC formation process:
I used to be a sole proprietor and I had a Federal Tax ID number. Do I need to get a new Federal Tax ID number now that I’ve incorporated/formed an LLC?
The answer here is yes. An LLC or corporation is its own separate entity (remember, an LLC or corporation can sue, be sued, get a loan…) and as such, it needs its own Federal Tax ID number, also known as an Employer Identification Number (EIN). Think of business formation like the birth of a child. Once a child is born, it needs its own Social Security number. The same holds true for your business.
As a sole proprietor, you’re able to identify your business with either your Social Security number or an EIN. However, if you’re operating your business as an S Corporation, LLC, C Corporation or other legal entity, you must obtain an EIN for that entity. Otherwise, you will not be able to open up a business bank account or file your business tax returns properly.
After I incorporate or form my LLC, what happens to my sole proprietorship?
This question needs to be answered on two fronts:
- From a tax perspective: you should consult your accountant/CPA about when is the best time to close the books on your sole proprietorship and open them on your corporation/LLC. This decision can have some pretty hefty tax implications and some professional advice can go a long way.
- From an entity standpoint: if you form the corporation/LLC under the same name as your sole proprietorship, you can start conducting business under the corporation or LLC. In this case, you can either cancel the DBA (Doing Business As) that you had set up with your sole proprietorship, or just let it lapse.
If I have a bank account as a sole proprietor, can I convert it to the corporation or LLC, or do I need to open up a new bank account?
No, you will need to close the books on your sole proprietorship (again, remember to check with your CPA/accountant on the best time to do so) and then open a new bank account under the corporation or LLC.
Once I form a corporation or LLC, is my name automatically protected in all 50 states?
No. Your name is not automatically protected in all 50 states upon the formation of your corporation or LLC in one state; you are merely preventing another from filing as a corporation or LLC in that same state.
What you are inquiring about is trademark protection. You’re not actually required by law to register a trademark. Use of a name instantly gives you common-law rights as an owner, even without formal registration. However, you should consider trademarking your name for proper legal protection — after all, you’ve spent untold hours deliberating on the ideal name, and you’ll be spending even more cultivating brand recognition. Trademarks registered with the U.S. Patent and Trademark Office (USPTO) enjoy significantly stronger protection than common-law (unregistered) marks. In a future post, I’ll discuss the topic of protecting your business name and brand in more detail.
If I am doing business under multiple names, are all my names, including my website, protected under my newly formed corporation or LLC?
If, like most businesses, you’re going to be operating under any variation of your official company name (i.e. CorpNet vs. CorpNet.com vs. CorpNet, Inc…), you will need to file DBAs for each of the variations. You should have your corporation/LLC file the DBAs so they operate under your corporation/LLC.
The same holds true even if you’re going to operate multiple ventures (for example selling handmade soaps, knitwear, jewelry…) under the same company. You can establish one main company (i.e. Susy’s Corp) and then have Susy’s Corp file multiple DBAs for each of the specialized brands (i.e. Susy’s Soaps, Susy’s Knits…). This way each of the smaller companies can reflect the branding and presence best for their specific markets, yet still enjoy the legal protection of the main holding company.
Do I need to do anything else to keep my LLC/Corporation in good standing?
I’m going to address this issue in detail in my next post, but the short answer is yes … your work isn’t entirely done after you submit that initial paperwork. For both the LLC and corporation, you’ll need to file an Annual Report (requirements vary by state). In addition, you’ll have to stay on top of any major changes (for example, did you authorize more shares? Did a board member leave?) by filing Articles of Amendment. Stay tuned for my next post to learn more about how to keep your LLC or corporation compliant.
Now That I’ve Incorporated: What’s Next? The Most Frequently Asked Questions After Incorporation
View full post on Small Business News, Tips, Advice – Small Business Trends
After Tax Time: What’s Next for Your Business?
Apr 19th
Another April 15 (or April 18 this year) has come and gone, and you’ve dutifully sent in your tax forms for one more year.
If you’re self-employed operating as a sole proprietor, tax time can be yet another reminder that you haven’t addressed your business structure yet. Maybe you started your business as a side project, and a sole proprietorship made sense. But now, filling out that Schedule SE and paying all those self-employment taxes make you cringe. And maybe your tax advisor has mentioned that you could reduce your taxes by forming an S Corporation.
The end of tax time is a perfect time to reassess what’s next for your business. Is it time to take that next step and create a legal structure? Here are some things to consider:
Are you looking to lower your payroll taxes (self-employment taxes)?
The S Corporation can help business owners reduce their self-employment or Social Security/Medicare taxes. As an S Corporation, you’re able to split your profits into two payment types: salary and S Corp distributions. You pay Social Security/Medicare tax (i.e. 15.3 percent) only on the salary portion. Meaning, if your business made $100,000 in profit and you pay yourself $50,000 in salary (and then $50,000 in distributions), you’ll only need to pay the Social Security tax on the first $50,000.
Of course, you can’t just go ahead and pay yourself $5,000 in salary and $95,000 in distribution. The IRS looks for “reasonable compensation” for any shareholder who is employed by the business. And they do watch this closely. This means you need to make sure you’re paying yourself market rate for the services you provide to the S Corporation.
Bear in mind that every business has a unique financial situation and it’s always wise to consult with a tax advisor or CPA on your own situation.
Do you want to protect your personal assets?
Without incorporating your business or forming a Limited Liability Company (LLC), your own personal savings and property are at risk to settle any debts of the business. Once your business is an S Corporation, C Corporation or LLC, it becomes a separate legal entity. This means that the corporation or LLC (and not you) is responsible for all of its debts and liabilities.
I know you don’t anticipate angering clients or defaulting on any payments. And most likely, you’ll never encounter this kind of trouble. But things do happen. A legal business structure gives you peace of mind that your retirement savings won’t be wiped out by your business venture. And since creditor judgments can actually last a total of 22 years, forming an LLC or corporation can protect the assets you’ll have in the future, not just what you own today.
When’s the right time to incorporate?
Your corporation’s “start date” is not retroactive. Any tax benefits you might receive apply from the date you incorporated. If your corporation receives a filing date of April 30, 2011, you’ll still be required to file your taxes as a sole proprietor for the first few months of the year up till April 30, 2011; then you’ll file a corporate tax return for the remainder of the year.
However, if you’re concerned about liability protection or your CPA is advising you to incorporate, there’s simply no reason to wait. Now’s a great time to invest a little effort in getting your legal structure squared away and your business set for many tax days to come.
After Tax Time: What’s Next for Your Business?
View full post on Small Business News, Tips, Advice – Small Business Trends
Are Small Private Social Networks the Next Layer?
Mar 30th
Are Small Private Social Networks the Next Layer?
This content from: Duct Tape Marketing
As business people get in the habit of participating in online social networks and engaging in social behavior as part of their everyday routine, the next waves of online innovation won’t necessarily come in the form of a Facebook killer or Google launch, as they will in little adaptations of tools and apps that let us do more of what we’ve grown used to doing.
To me, a great case in point is the growing buzz around group texting apps. Group text apps such as GroupMe, Beluga and Disco allow users to form groups that can send and receive text messages in a sort of reply and read all manner. You can think of it like group chat or reply all emails, but on the go and on a mobile device. You can also launch group conference calls from the service. (Right now most are limited to US carriers as sorting out International texting is going to prove trickier.)
For our increasingly mobile world this application fills a couple interesting gaps. Texting with your friends lacks the obvious reply all function, so if you want to tell twelve people what you are doing you have to enter the list each time. Email can get this done, but it’s a little clunkier on the phone and requires folks on the list to sync up with their email. Anyone with text capability on a phone can now participate in the group. (I’m guessing that’s getting to near 100% these days.)
To some degree, Twitter was created with this kind of functionality in mind and I recall people using it like this when it caught fire at SXSW 2007, but then we got all these followers and actually reading a stream fully became impossible, not to mention public.
I think group text apps can add a layer to our increasing habit of social communication, but allow us to create small, private social networks that communicate through our mobile devices. The fact that Facebook recently purchased Beluga and Disco is a Google creation, should be signal enough that this is a growing communication option.
The obvious use, and one that first introduced me to group text apps, is a small tight knit group like a family. My four daughters are grown and spread around the country and through the use of a group text app we routinely strike up impromptu chats and send updates and everyday life kinds of photos that happen on the go and wouldn’t happen if we relied on Facebook.
The business uses of a small, private social network seem increasingly obvious as well.
A group that contained staff members would make it very easy to send alerts, quick updates and even throw out topics for debate while including all in an instant loop that could be captured for later reading. There are other tools that can make this happen as well, but there’s something very instantly participatory about SMS. Departments and far flung teams could create on the go alerts and discussions.
Now, some might bemoan the fact that their phone is now going to start buzzing away with insidious group chatter from the office clown that now has yet another way to show off pictures of his cat, but like all things, you’ll need to manage the tools and create process that works for this to be a viable new communication channel.
What about creating select groups of clients that agree to offer occasional opinions about new marketing initiatives. Or, allowing clients to opt in to your referral group and use the tool to educate them about your referral contest. Or, creating a small, private social network of strategic partners that could share information about potential opportunities and leads exclusively.
Because groups can be created and deleted almost on the fly, group text apps are becoming a huge hit at conferences and events as a way for people to get up to the minute updates on what’s happening now. I’m already seeing people splintering off social networks by location and creating on the fly groups when they travel to a city with friends.
Group text apps are easy to set up and allow the group creator or administrator and participants a great deal of flexibility in managing the group. There are opportunities to create public groups, but it’s the private function that offers the most promise. You can be certain that things like advertising and recommended brand led groups based on your interests are likely monetization options for these free tools, but for now, I think it’s a category worthy of consideration.
Shares some ways that you see using this technology in your business?
View full post on Small Business Marketing Blog from Duct Tape Marketing
Small Business News: Tips For Your Next Venture
Mar 15th
There are probably as many tips and helpful hints out there for starting your next small business venture as there are ventures to start and the truth is there are no simple, foolproof formulas. We’ve assembled some of the more helpful basics here, however, collected from across the Web in recent days and weeks to get you started. Best of luck!
Trends
Embrace social media. You’ve no doubt heard the buzz. Social media is not just a fad. It is quite simply the cheapest simplest way to connect with your customers on a global or local level today. The question is not, why should your business be using social media, but why not. You’re the Boss.
Forget about Groupon? Many tools create a potential for attracting new customers, but not all may be good for your small business. Offering merchandise and services at too low a cost may not help you long run and some offers may bring in more orders than expected at deep discount leading headaches. Many merchants have found success with Groupon and similar services but some experts say they aren’t right for everyone. Bloomberg Businessweek
Bookshelf
What guitar playing can teach you about small business startup. Pierre DeBois reviews Guitar Lessons: A Life’s Journey Turning Passion Into Business by Bob Taylor, founder of Taylor Guitars. Taylor turned his passion for the instrument into a globally recognized brand and is on a mission to teach other entrepreneurs to do the same. Small Business Trends
How to enchant your customers. Ivana Taylor wraps this review of Guy Kawasaki’s book, Enchantment: The Art of Changing Hearts, Minds and Actions around an interview with the author for a discussion on how to make your customers fall in love with you. Small Business Trends
Motivation
How to tell whether you’re excited. Specifically we’re talking about a business idea here. Creating a business means you have a sustainable idea that can keep you motivated even during the tough times. Here are nine plus sure signs (some via a brief video) that you are on the right track. TimoKiander.com
Self-development
The importance of blood, sweat and tears. Small Business Trendseditor and CEO Anita Campbell explains the importance of perseverance in building a small business as one of the most important tips for entrepreneurs. Anita started her online publishing business in 2003 with a Blogger account and grew it slowly to become one of the most influential sites of its kind. Check out the interview. Rise to the Top
See what entrepreneurial traits you possess. Starting a new venture can be a great time to revisit your basic strengths and weaknesses making improvements where possible. Here Martin Zwilling has assembled a number of what he believes to be shared traits of many entrepreneurs. Don’t worry if you don’t possess all of these. Just use them as a starting point on your entrepreneurial endeavors. Stratup Professionals Musings
Sales
Creating resources for your team. Building a business that can grow requires more than just creating a sales team. It also requires a set of resources (like a clearly defined sales process) that will help support them. Understanding the tools your sales force needs will help you build a sales process with predictable sales and revenue and a means for improvement over time. WealthNet
Issues
Understanding the swipe fee issue. If you’re already involved with a small business, you may have already taken a side of the contentious swipe fee issue where banks and big retailers have lined up on one side and many small businesses on the other. But both sides have clear motivations and which is right? Boomberg Businessweek
Is a swipe fee cap really best? Small businesses seem firmly behind purposed federal regulation of swipe card fees, but is this really what is better for business or only what’s best for some businesses. Small Business Trends CEO and editor Anita Campbell gave this analysis a few months ago of the true issue at stake. Small Business Trends
Small Business News: Tips For Your Next Venture
View full post on Small Business News, Tips, Advice – Small Business Trends
