The Huffington Post has a great article on why it's a great time to start a business. Though many might think that the current state of the economy is not ideal for the start of a new business, many forget that if you have a good idea for a business, anytime is great time to start. The article mentions FedEx and Intel which both started as small businesses, during an economic decline. The reason why a lot of these Fortune 500 companies are able to start their companies during harder times is because the Small Business Administration is still working to help individuals and small businesses get off their feet off the ground or expand their companies. The SBA doesn't just help when it comes to lending money to small business, their site also has ample information and advice for those wanting to start their own business. It's important to not only research as much as you can about business, before dipping into an area you're unfamiliar with, but also talk to people or read about other successful businesses that you respect and admire. If you have any questions on starting your own business, forming a corporation or an LLC, give us a call at 866-999-8200.

Every once in a while we hope to bring you little tips here and there about being a successful small business. Here's our first installment.

Who wouldn't want to be their own boss? While some may strive for that position more than others it's important to remember that it's not all fun and games, and there's minimum down time when you're just starting. Being the boss doesn't just mean that you can come in late and take vacations as you please, you have to make sure that you have a reliable team and that all your tasks are taken care of or assigned to a trusted employee. It's also important to be realistic in starting your own business, from the get go, you will probably be doing most of the work yourself, trying to get your business of the ground is hard work, often times worked on while you keep your day job. Too often entrepreneurs will read a success story about someone who did it on their own but they fail to recognize the road that got that successful business where it is. Because business is so competitive out there it's important to do something you like and/or know very well, anyone can pick up a camera and call themselves a photographer, but the successful one will be the one dedicated to providing great work and service. If you want to incorporate or form an LLC for your small business, please contact us.

It's not good to focus on negative aspects, but there are a few really common mistakes new business owners make.

The first mistake we've already discussed, so we won't go into detail, it's not having a plan. There are businesses that have survived and even thrived without so much planning, though those cases are far and few between, also had they made a plan they probably would have thrived quicker than just making decisions on a whim. After you have your plan you should be sure and protect yourself by filing for an LLC or Corporation.

Spending too much money: A big mistake that new business owners make is spending too much money, on decor, furniture, employees, office supplies. Sometimes people think having more is better than not having enough, but when you're on a tight budget, you might not need that extra computer or extra employee. It's always a great idea to start out with things you absolutely need, if you can't handle the business without an extra computer or employee, get another, but it's important to weigh out your supply and demand, there's  no need to produce 1000 products a week when there's only a demand for 500 a week.

Marketing: We've discussed this also a bit, but it's important to have a marketing plan, too many business start and no one knows about them besides their family and friends, who will often ask for hand outs. Whatever your marketing plan is, be sure you have one, an effective one that will get the word out to people that you exist. Since we live in the age of the internet, it's easy to do this at lower costs than in the pasts, you just have to know where to put the word out.

Mis-pricing Goods: Another common business mistake is to mis-price goods, pricing them too low or high, it's important to not undersell yourself, also be sure you have a quality product, if not you risk the chance of losing repeat business. 

These are all common mistakes, and if you've made one already, you should plan to correct the mistake as soon as possible. Good luck!

When starting a new business it's important to have a plan. Some people jump into business because they have a great product but don't really think of the business side of things. If you're not going to split your focus between your product or service it's important to bring someone in that you trust with business aspects.

Alot of people prefer to have their CPA take care of taxes and other loose ends when starting a business, and it's a wise move. If you're working by yourself, you want to stay in compliance, not only with the state, but the city and county as well.

Another way to get around having someone help you is to take a business class at a community college if you do not have any business experience, many colleges even offer weekend workshops focusing on business.

Once you've got all your basics out of the way, you should focus on marketing, any new business wants the world to know they exist, if you're starting a service or retail store, it's imporant to be found online, you should create a website or some kind of web presance, lots of small businesses only rely on websites like Yelp, which can be really helpful (or hurtful if your service isn't up to par). It's important to have a plan when it comes to your marketing strategies also, if you're in a metorpolitan area, it's not uncommon to see businesses handing out fliers or coupons to their store or restaurant, sure you might have to give a little to gain a client, but if your product or service is good, they'll come back.

There are lots of things to think about when starting a business, so organization is key, keep that in mind.

The most common entities are Corporations, S-Corporations and Limited Liability Companies. Many people need help in deciding what type of entity to file for, we always suggest speaking to an accountant or a business attorney in your state in order to get advice for what type of entity would be best for you. Before contacting a professional it's probably a good idea to learn about the different types of entities. I'll give you a run down of the basics:


Limited Liability Company - Often referred to as an LLC, this type of entity is widely popular with smaller businesses, as it’s generally easier to take care of than a corporation. Since there are no stocks in an LLC, LLCs are owned and usually owned by members. You can have an outside party manage an LLC that you’re a member of, though it’s not usually what smaller companies choose  to do since they’re so small it’s not necessary to have an outside party manage their LLC.


Corporations – Corporations are entities that have shareholders and a board of directors. While the shareholders own the corporation, the board of directors run and make decisions for the corporation in the interest of the shareholders. Every shareholder can vote on the directors, and amendments made to a corporation’s articles. Corporations might sound like huge companies, but lots of times small businesses run by one or two people are incorporated, because a corporation might benefit them more than an LLC or another type of entity. An S-Corporation is essentially the same as a corporation, though it is taxed differently than a regular corporation, also known as a c-corporation. We suggest you speak to your accountant in regards to whether an S or C corporation is best for you.