Scott's Blog

Review the SBA site:

The Small Business Administration, or SBA, offers small business owners an invaluable toolbox of resources to look through when setting up and managing a small business. It’s the perfect place to start if you need help navigating state, local, or federal registration processes; you can even find assistance registering trademarks.

Also, helpful information is available about credit issues, tax procedures, insurance policies, and possible sources of funding. The SBA is also a great starting point if you’re considering small business loans and want access to capital for small business advisors. The SBA is the first place you should go if you want to start a small business. It has so many different ways to help small businesses get started and keep growing.

Corporate structure:

When starting a new small business, it’s essential to have the proper corporate structure from the beginning to reach as many people as possible. Sole proprietorships are the simplest and least expensive form of business organization; however, if you’re planning on having more than one owner or partner, then a partnership, limited liability company (LLC), limited partnership (LP), S-corporation (S-Corp), C-corporation (C-Corp), a public limited company (PLC), or private limited company (Ltd) may be appropriate options to consider.

Also, businesses with charitable, religious, or educational goals can get tax breaks from non-profit organizations. Depending on your current needs and long-term goals, it’s essential to research and determine which form of corporate structure will best suit your small business.

Setup Corporate Operating Documents:

The following are some of the most common types of corporate documents.

Articles of Incorporation

A corporation is created by filing articles of incorporation with the state secretary’s office. Most of the time, the reports include the name and address of the company, its registered agent, and the names and addresses of its directors. They also have the authority and purpose of the corporation, how long it will exist, how many shares of stock it is authorized to issue, and other information.

Bylaws

The bylaws are the rules for how a corporation will be run. Every corporation should have a set of bylaws that describe its purpose, powers, and responsibilities. The board sets forth these rules in meetings, which shareholders then approve at an annual meeting (or more often if needed).

The board may also make changes to the bylaws as needed. The purpose of the bylaws is to spell out the rights and responsibilities of shareholders, management, directors, and other key people involved in running the corporation. Bylaws help ensure that all members of an organization know their roles and responsibilities.

They are also used to set out procedures for how decisions will be made and how meetings will be conducted. Everyone who has a stake in the corporation must understand the bylaws because they are legally binding on everyone.

Shareholders’ Agreement

A shareholder agreement outlines rights and obligations between shareholders and between shareholders and management. The agreement also describes how profits will be shared among shareholders. Before you sign the contract, consider what it says to ensure that everyone’s needs are met.

A shareholder agreement can help keep shareholders safe from bad behavior and allow them to settle disagreements. It is also an important legal document for financing, taxes, and other legal issues. In short, a well-written shareholder agreement can help protect everyone’s interests and give everyone a way to talk to each other.

Setting up a bank account:

Your small business needs a bank account so that it can get money from customers, pay employees and vendors, and pay taxes. It’s also a good idea to open both business checking and savings accounts.

You first need to open a business checking account at your local bank or credit union. This will be used for all day-to-day transactions for your small business, such as paying employees, paying bills, and keeping track of receipts and invoices.

You should also open a business savings account at the same institution as your business checking account so that you can transfer any excess cash into it when needed (for example, if there’s too much cash in the business checking account). You’ll also need this type of bank account for any money that you want protected from creditors in case your small business goes bankrupt or gets sued by creditors.

There are two types of bank accounts: personal accounts and corporate accounts. Individuals set up personal accounts while corporate accounts are set up by companies or other legal entities such as sole proprietorships or partnerships. If you don’t plan on incorporating your company but instead want to use it as an unincorporated sole proprietorship or partnership, then this section probably doesn’t apply to

State Sales Tax:

The first thing to do is register with the state tax authorities. This is a simple process, but it can take some time, especially if you’re doing it on your own.

You’ll need to:

Create an account with the state’s tax department.

Register your business name with the secretary of state’s office in your state.

Register for sales tax and other taxes with the state. This can be done online, by mail, or in person at a local office.

Make sure you’re collecting and paying the right amount of taxes every month.

Insurance:

Business insurance is a broad term that includes many different insurance policies. This type of insurance protects your small business from the unexpected costs of running a business.

Small business owners should understand the different types of business insurance available and how they work to protect their assets.

The most common types of business insurance are:

Workers’ compensation: The state requires employers to carry this type of insurance to protect workers in case of work-related injuries. Workers’ compensation also covers medical expenses and lost wages for employees unable to work due to injury or illness.

E&O or errors and omissions: This policy protects you from legal liability if someone sues your company for damages resulting from negligence or wrongful acts. E&O policies can vary widely in price depending on how much coverage you want and how much risk you’re willing to take on yourself.

General liability: General liability covers expenses related to bodily injury or property damage caused by your company’s products, services, or premises during normal operations. Public liability also includes coverage for injuries caused by dangerous products such as toys or tools sold through your retail store.

Property insurance: Property insurance covers any physical assets your business owns, including buildings and equipment, vehicles, and other property used in your business operations.

Business property coverage typically includes protection against loss due to fire or theft and damage caused by weather conditions such as windstorms or hail storms. If you lease space at an office building or warehouse, ensure you have adequate coverage through your landlord’s property.

Website/Social Media:

When starting your small business, you may not have the money to hire a marketing professional. But if you’re serious about your business and want to make it successful, you must learn how to market yourself.

The first step to marketing yourself is setting up a website. This will be your official home on the Web and can be used as a central place to direct potential customers to all of your social media accounts.

It would be best to create social media profiles for your business on Facebook, Twitter, Instagram, Pinterest, and other popular sites with your target audience. You can then start building an audience of followers who will be interested in what you have to say or sell.

When people visit your website or follow your social media accounts, they should see consistent branding and messaging so that they feel confident about buying from you rather than from someone else who claims to offer similar products or services but doesn’t seem as trustworthy or reliable.

Logo/Brand Design:

A logo is the most crucial element of your brand, and it’s the visual representation of your company, so it should be memorable and unique.

What is a Logo?

A logo is a graphic symbol or emblem used to identify a company or brand. It can take many forms, from simple text to complex icons. The logo represents the values and mission of an organization, brand, or product. Well-designed logos have been shown to increase identification with its brand or company, as well as improve public opinion of that brand.

The Purpose of a Logo

A logo represents an individual business or product within an industry. A company’s logo may appear on its website, business cards, advertisements, and other promotional materials. The purpose of having a well-designed logo is that it allows consumers to recognize the business quickly and efficiently when they see it placed next to another competitor’s product in stores.

There are two types of logos: logotype (wordmark) and symbol mark. A wordmark includes only text, while a symbol mark uses only one or two colors with no text.

Business Cards:

The importance of business cards is undeniable. Business cards are the first step in a potential customer’s perception of your brand, and they can quickly establish trust and credibility, making you stand out from competitors.

A physical business card is a great way to get your name and contact information. But like everything else in life, there’s a trade-off: they’re not always convenient to carry around, and they can be pricey if you’re using them for an event or meeting with someone important.

Digital business cards are just as powerful as their physical counterparts but offer several benefits over traditional cards. Digital cards are easier to manage than paper ones and don’t require printing or delivery costs. They can be customized with text or logos, depending on what type of marketing campaign you’re running at the time. And because they’re digital, they never get lost or damaged like a physical card would if left somewhere (like at the bottom of someone’s purse).

Phone Number/System:

In today’s world, having a business phone number is essential for any business. Many people turn to VoIP (Voice over Internet Protocol) for business needs. Many companies offer VoIP services, and you can get a business phone number from them.

You can also use your cell phone for your business, but it’s not always the best idea. There are several reasons why someone would want to have a separate business phone number:

1) A dedicated number will help you separate your calls from your business calls. This is especially important if you’re running a small business with some overlap between your personal and professional life (like in a family-owned restaurant). It also helps with privacy issues if you don’t want people calling up asking for information about your family members or other non-business-related matters.

2) Having a dedicated number makes it easier for clients to reach out to you if they have questions or concerns about something related to their order or purchase from your company’s website or storefront location(s). A cell phone can be challenging to track down when someone needs help quickly with an order or a problem with delivery time frame etc.

3) Good understanding of the industry and its technical aspects is vital to success. By learning the ins and outs of your chosen profession, you will be able to identify any potential issues or challenges that may arise in your line of work. Additionally, you separate yourself from the competition. Ultimately, this knowledge will help you stay ahead of the game, allowing you to make informed decisions that can take your career to the next level.

Email Services:

It’s essential to have a legitimate business email address that matches your website domain. Your customers will look at this address and make decisions based on it. If they see “aol.com” or “hotmail.com,” they may think you are not a serious business. In addition, a personal email account will not be able to support the amount of email you receive as a business owner.

In addition, if you already have an email account set up for your business, it is essential to use it for all correspondence with customers and vendors. This is because it will keep your personal and professional emails separate so that you don’t accidentally forward something from work to home or vice versa!

Suppose you don’t have an email expressly set up for your business. In that case, I recommend using Google Apps (formerly known as Google Apps For Your Domain) or Microsoft Office 365 Business Essentials Edition. These services include phone support, unlimited storage space, and mobile access through their apps on iOS or Android devices!

Tech Hardware:

A good technology stack is a combination of hardware and software that work together to perform a specific task. In the case of computers and other hardware, it refers to the software used to make the device run.

Desktop vs Laptop

A desktop computer can be set up in any room in your home or office without taking up too much space. It’s more durable than a laptop because you don’t have to worry about dropping it or breaking it when traveling.

However, laptops are more portable, allowing you to take them wherever you go without worrying about compatibility issues with different types of networks. Both types of computers are excellent choices, depending on your need!

Wireless routers, also called Wi-Fi routers, are devices that allow users to connect to a wireless network. A wireless router works by broadcasting a signal from an antenna or other source over a wide area, allowing multiple computers and devices to communicate with one another using the same connection.

Wireless routers can be used in both home and business settings to create secure networks for surfing the web, sharing files, and printing documents. Additionally, they can be used to access the internet from anywhere within range of their signal.

Firewalls

Firewalls are software programs that help protect your computer from malicious attacks like viruses and spyware by blocking unauthorized access attempts from outside your network (i.e., the Internet). They can be set up to block certain types of traffic, like websites with malicious content, and create a barrier between your machine and attackers.

Firewalls are essential for protecting your system from online threats, but they must be updated regularly to remain effective. In addition to protection from external threats, firewalls can control access to internal networks, ensuring that only authorized users can access sensitive data.

It’s important to remember that no single solution will protect you from every threat. Hence, a combination of hardware and software solutions is often necessary to create a strong defense against attackers. Firewalls can be an essential part of that strategy.

By understanding how they work and setting up the correct configuration for your specific needs, you can ensure your systems are secure without sacrificing usability or performance.

Finally, firewalls can be configured to protect individual machines or network devices. With the right combination of hardware and software, firewalls can become an essential part of your overall security strategy.

Virtual Assistants:

Virtual assistants are a great way to free up time and resources for a business owner. It is essential to know that you don’t have to be a large company to hire a virtual assistant. Smaller businesses can also benefit from hiring VAs.

Here are some reasons why you should consider having one:

1. Hiring a VA saves money. A virtual assistant will not charge as much as an on-site employee, but they can still provide the same high-quality work. They will also require less training and supervision than an on-site employee would need to do their job efficiently.
2. VAs can work from anywhere in the world; most are bilingual or multilingual, so they can be hired from foreign countries at lower rates than local ones. You can outsource tasks outside your physical location for even more savings!
3. You will have better control over the quality of work being done since you’ll be working with someone with more experience than an entry-level employee who just graduated college or high school might have had when your company hired them.
4. Hiring VAs also means having more time available for other projects within your business that may require immediate attention, such as developing new products, creating marketing campaigns, and researching areas of improvement. VAs are an excellent resource for freeing up time to focus on more critical tasks that you may otherwise not be able to do due to the number of daily tasks on your plate.
5. By outsourcing mundane tasks such as data entry and customer service, you can ensure that these are taken care of in a timely and efficient manner, allowing you to focus on the bigger picture. Ultimately, this can increase your bottom line as you become more productive with less wasted time.

Bookkeeping:

Bookkeeping is a system of recording the financial transactions and events of a business, and it is often referred to as the “language of business.”

Any small business owner needs to understand bookkeeping and how it can help their business grow. Bookkeeping is one of the most important aspects of running a small business because it allows you to track your income and expenses.

The purpose of bookkeeping is to create accounting records that will enable you to:

1. Record transactions in an organized manner so that they can be easily retrieved and analyzed later on;
2. Ensure that your business complies with all financial laws and regulations;
3. Prepare financial statements (e.g., balance sheet, income statement, cash flow statement) that provide information about how well your business is doing financially;
4. Prepare tax returns (e.g., corporation tax return, personal income tax return) that are required by law when filing taxes;

Professional Services:

Your company is your baby. You’ve spent years building it, and now you want to protect it. Unfortunately, protecting your company doesn’t stop at choosing a good accountant or lawyer. The best way to protect your business is by hiring professionals who can help you in the areas where you struggle.

Professional services are not just for big companies — they’re also for small businesses like yours. It’s time to start thinking about how you can leverage these resources to make your life easier and increase the bottom line.

Professional Services That Can Help Your Small Business

If you’re not sure what kinds of professional services could benefit your small business, here are some ideas:

Accounting: Accountants will keep track of all financial transactions in an easy-to-read format so that owners can easily understand what’s going on with their money and make good decisions based on that information. Accountants are also excellent budgeters and planners who can help you plan for growth or difficult times ahead.

Lawyers: Lawyers specialize in legal matters, including contracts, intellectual property protection, and more complex issues like corporate law or tax law (which is often referred to as tax planning). Lawyers are usually expensive, but they’re worth every penny because they can help protect your company’s assets. If you don’t hire a lawyer, it’s likely that someone else will.

IT Professionals: Properly Securing Your Network Against Hackers

Cyber security should be one of the top priorities for businesses today because it could mean losing everything overnight. With the rise of sophisticated cybercriminals, companies must ensure their data and systems are safe. This means having an up-to-date security system in place that is monitored regularly for vulnerabilities.

It also involves educating employees on best practices and awareness of current threats. Taking these proactive measures can mean the difference between a secure future and a costly and damaging cyberattack. Protecting your business’s data is not only smart, but it could also be the difference between success and failure.

Back Office Solutions:

Back-office solutions are the heart of any business, but they don’t have to be expensive. Finding a CRM or ERP system that fits your small business budget is possible.

Automate Processes with CRM Software:

Customer relationship management software is essential for keeping track of client information and interactions. This software allows stores and businesses to manage their customer database and track sales leads, service requests, and other communications. A sound CRM system can help you automate many processes in your company so that you can spend more time on tasks that require human interaction.

For example, if you run a printing shop, you may want to create a welcome email template that all new customers receive upon signing up for service. Suppose someone comes in with a request for a large print job. In that case, the system can automatically send this person an email with pricing information about similar jobs in the past, so he doesn’t have to wait for someone at the front desk to pull up this information manually.

The same applies to other businesses as well: A car dealership might use a CRM system so that salesmen can access customer information when they call on potential buyers and discuss pricing options over the phone rather than consult a printed list or manual.

A recruitment agency might use a CRM system to store and track job applicants, resumes, and contact information so that recruiters can quickly access these details when filling open positions. The possibilities are endless! CRM software can potentially improve customer relationships while streamlining business processes when used correctly. It’s a win-win!

ERP: Enterprise resource planning software manages all aspects of an organization’s operations, including finance, production, logistics, and human resources. ERP systems have become more user-friendly over time as they’ve been designed for smaller businesses rather than large enterprises.

Collaboration:

Collaboration solutions allow a business owner to spread the workload among several resources. It’s like having a team of people working for you, but you don’t have to hire them, manage them or pay them.

Organizations are often decentralized and virtual. This means that they don’t have an office in one location, and many people work from home or from different locations around the world. Being decentralized or virtual requires more collaboration tools.

The most common type of collaboration solution is called cloud computing. Cloud computing allows users to access software over the internet instead of installing it on their computers. For example, if you use Google Docs to write an essay for school, there is no need for your school to install Microsoft Word on their computers because all students can access it through Google Docs.

Cloud computing eliminates the need for hardware and software installations, making it easier to collaborate with other users. Additionally, cloud computing offers users easy access to their documents from any internet connection device. This makes it possible to work on projects remotely and share files quickly and securely. Cloud computing is revolutionizing the way we communicate and collaborate.

Office Space:

A physical office has a fixed location where you can meet with clients and employees. The cost of renting an office space can vary greatly depending on the type of building and location. For example, if you need to work near your clients, you may need to pay higher rent than if you were located in another town.

In addition to the cost of renting an office space, other expenses are associated with having a physical location. Employees working out of the office will need computers and phones to communicate with their co-workers or clients over the Internet. If your company has more than one location, each office will also need its own equipment for communication purposes. This can become expensive if your business expands rapidly or you run multiple locations across the country or worldwide.

Virtual offices do not require additional equipment besides a computer and an Internet connection because all communication is done through email or video conferencing software such as Skype or Google Hangouts. Virtual offices can be rented for as little as $50 per month, depending on where they’re located, how many employees will be using them regularly, and whether or not they include utilities like heat, air conditioning, and electricity (which some do).

Furthermore, virtual offices provide a professional mailing address and telephone number even if the office itself isn’t physically there. This is an excellent way for businesses to project an established image without paying for costly office space. Additionally, since no one but the company knows it’s a virtual office, customers will never know they’re not dealing with a brick-and-mortar office. This can be a great advantage in setting up a small business from home.

Internet Services:

Internet services are a massive part of our lives and essentially in starting a small business. Whether you’re reading this blog post or watching YouTube videos, you’re consuming and creating content on the internet. We use it for entertainment, education, and even business applications.

There are many different types of internet services available for business use. The most common type is broadband which cable companies or phone companies typically provide as part of their residential service offerings (e.g., Comcast). Broadband can provide connectivity to business locations, but it isn’t explicitly designed for businesses, so it doesn’t have the exact SLA requirements as other dedicated services, such as fiber or Ethernet connections.

The next step up from broadband is fiber, a dedicated connection between your business location and an ISP’s network. Fiber connections are usually symmetrical, providing fast upload and download speeds, making them ideal for applications like VoIP phones, video conferencing, and live streaming video feeds (e.g., Netflix). Fiber connections also have very low latency, which makes them ideal for real-time applications like gaming or financial trading systems, where every millisecond matters when executing trades over the internet.

The most expensive type of internet service is fiber. It is the fastest and most reliable way to access the web, but it comes with a hefty price tag. For those who don’t need ultra-fast speeds or highly reliable connections, cable internet is often an affordable alternative. Cable internet can be found in many homes and businesses across the country, offering rates comparable to some of the faster options available.

For those on a budget, DSL is the most economical choice for internet service. It provides slower speeds than fiber or cable but is often more than enough for basic web browsing and online activities. Whichever type of internet service you choose, ensure it is the fastest you can afford.

Hiring Employees for Your Small Business:

When hiring employees, you must first determine what type of employee you need. Are they temporary or permanent? Do you need someone to fill in for a short time or someone who will be with your company for years to come? Once you have determined this information, it is time to begin your search for the right person.

Here are some tips on how to hire employees:

1. Be prepared.

Before you begin looking for an employee, make sure that your company has all the necessary documents and forms ready for them to complete. You will also want to have an interview process in place so that you can learn more about each applicant and determine who is best suited for the job.

2. Use Internet services like Indeed.com.

Job seekers post their resumes and find employment opportunities in their area. These sites allow companies to post job openings and search through resumes as well as contact potential employees directly through email or telephone calls if interested in interviewing them further than just through online applications or resumes posted online by themselves without any further reference being made with either party until one has been contacted by both parties (the employer and applicant) who is willing to take the conversation further.

Employee/Customer Agreements:

Good employee agreements are a great way to ensure that your employees are working in the best interests of your company and that they know what is expected of them. Having a good set of employee agreements is also a meaningful way to protect yourself from lawsuits.

A good employee agreement will cover everything from salary and benefits to vacation time, work hours, and any other details you need to be clear about. It will also include rules about how employees can be terminated and what happens if they quit or get fired. This helps protect both parties, so they know what they’re getting into when they start working together.

Customer contracts are also an essential part of running any business. When customers sign these contracts, they agree not to share any information with others, use it for personal gain or share it with competitors who might use it against you or your company’s reputation.

Contracts also protect you if something goes wrong with your purchase or product. You can include clauses about refunds for defective products or services along with terms for how long after purchase customers have before returning items without having to pay restocking fees or shipping costs back to the manufacturer or retailer who sold them the product in the first place.

Conclusion

You’ve got this! By following the steps in this guide, you are well on your way to starting a successful small business from scratch. Of course, every journey is unique, and there will be bumps along the road. But as long as you stay focused on your goals and maintain a positive attitude, you will get through it. If you have any questions or need help getting started, don’t hesitate to reach out. We’d love to hear from you and help however we can.