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So you’re starting a business, but what are you going to call it? Choosing a business name is an important step in the business planning process. Not only should you pick a name that reflects your brand identity, but you also need to ensure it’s properly registered and protected for the long term, and give a thought to whether it’s web-ready. Is the domain name even available? So where do you start? Here are some tips to help you pick, register, and protect your business name – online and offline. Pick a Name That...
If you’ve heard it once, you’ve heard it a thousand times: if you’re starting a business you’re going to need general liability insurance. But what does that mean? What protection does it afford? How do you determine your coverage needs? How does it work? Read on. What is General Liability Insurance? Liability insurance (also known as Commercial General Business Liability) protects a company’s assets and pays for obligations – medical costs, for example –incurred if someone gets hurt on...
Interested in getting into the construction business? Now might be the time, with market forecasts (courtesy of IBISWorld) predicting a steady rise in the value of the construction industry over the next five years – 12.5 percent annually for residential construction and 13 percent for private non-residential construction. If you’re interested in starting a construction, home improvement, or contracting business, here are some business and regulatory basics you need to be aware of. 10 Steps to Starting (any) Business Start by...
Looking to realize your dream and open a restaurant business? Now may be just the time to do it. Earlier this year the National Restaurant Association predicted that after a three-year period of negative sales growth, the restaurant business would post positive growth and reach a record $604 billion in sales. Opening a restaurant or food service business requires research, planning, capital (not always as much as you think), business acumen, and perseverance. It also requires a number of legal and regulatory considerations, during both the...
Buying a business is often perceived as a less risky option than starting your own business from scratch, however without proper research, due diligence, and consideration for the key legal steps and potential liabilities involved – it can be a risky path to venture down. For example, has the previous owner been in compliance with tax law? Is the business adequately insured? What are the terms of the seller’s commercial lease? These are just a few of the questions that you need to ask as you pursue the purchase of a business....
Thinking of changing your business structure? There are many reasons why small businesses change the way their business is legally structured –gaining protection against personal liability, seeking a break from excessive bookkeeping, dissolving a partnership, and more. What are your options and what steps should you follow as you change your business structure? Changing from a Sole Proprietor to an LLC Sole proprietorships are one of the most common business structures among small business owners in the U.S. Sole proprietors, however,...
Making the right hiring decisions for your company is critical to your business success. But getting it right isn’t easy. We all know the negative consequences of making the wrong hire – it can lower your team’s morale, hinder productivity, and even impact customer relations. But did you know that the cost of replacing an experienced worker who doesn’t work out can cost 50 percent or more of that individual’s salary, and these costs go up if the employee has specialized skills such as nursing (Source: AARP). There...
Navigating business law and regulations can be a minefield for small business owners, soaking up their time, money and valuable resources. In fact, according to the SBA Office of Advocacy, small firms (fewer than 20 employees) spend substantially more per employee to comply with federal regulations than larger firms do. Many of these costs are tied to tax compliance, environmental regulations, and occupational safety laws. But rarely a day goes by when a small business owner doesn’t need to think about the legal aspects of running a...
Businesses lose employees all the time, but if another firm has ever targeted or hired your employees then you have suffered from employee poaching or “employee raiding.” Employee poaching is a fact of life for small business owners, particularly in high growth, specialized, and technology industries. In fact you can even do a quick search online and find blogs that will even coach businesses on how to poach employees! And it’s about to get worse, according to Alison Doyle, writing for About.com: “More than half (54%)...
If your small business uses both employees and independent contractors you may think there are few differences between them – they do the same work, have similar goals and you pay them both for their contributions. But regardless of whether you see any day-to-day differences, the IRS does. This article explains the grey area of contractor/employee classification and outlines a new IRS “amnesty” program designed to help business owners correct their worker classification mistakes. How the IRS Sees It The fundamental...
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by Caron_Beesley, Community Moderator on Wednesday, January 18, 2012 - 08:42