FinditLocal411 Blog
January 26th, 2010 at 11:16 am
What’s the current state of your company? Sometimes that answer is harder to find than you think. You may inherently know of your problems, but until you face these issues head on and conduct a business analysis, you may doom yourself to an environment of stasis.
Business analysis incorporates many different factors and can be somewhat difficult; therefore, one must know what they are doing in order to take advantage of such an analysis.
Analysts
Seek out a Business Analyst if you seek someone who can properly perform an analysis. Like many professionals deemed, “Analysts”, they are trained to use a variety of different methods and to discover and fix the problems that may result and appear as a result of the analysis. Analysts can provide you and your company valuable and well-documented data on your company as you move forward on many problem-correcting decisions.
Make sure your business analyst covers the following concepts:
- PESTLE: This is a technique that is used to perform an external environmental analysis through looking at external factors such as: Political, Economical, Sociological, Technological, Legal and Environmental aspects; hence the name.
- MOST: This technique is used to perform an internal environmental analysis through looking at factors such as: Mission, Objectives, Strategies, and Tactics; hence the name.
- SWOT: This technique is used to help the business determine and focus on their strengths and weaknesses. SWOT stands for: Strengths, Weaknesses, Opportunities, and Threats.
- CATWOE: This technique is used to help understand what the business is trying to achieve. It stands for: Customers, Actors, Transformation Process, World View, Owner, and Environmental Restraints.
There are several more techniques that a Business analyst uses in order to provide an accurate business analysis, and if performed properly, problems will be discovered, as well as the solutions for the problems. And, in the end, by using this technique, a business can better increase their bottom line by fixing the problems, even though they might have not known they ever existed without the use of such an analysis.
January 20th, 2010 at 1:54 pm
The truth about starting your small business: It’s a grind. How much of a grind is up to you though. There are several things you can do to help your business get off to a good start. First off, it is not a small endeavor. Starting a small business is a large responsibility that takes plenty of resources (both human and financial) if you want the business to be successful. Assembling those resources in a tactful way takes time and somewhat excruciating effort…but the payoff can be rewarding.
Ready…Set…Business!
It is for that reason why we have put together 5 tips to help you with your dream to start a small business. The internet provides many people the opportunity to open a their own business nowadays. Renting office space and holding grand openings aren’t requirements anymore, but there are a few crucial steps that you must waddle through. When you go to start a small business, take these considerations into mind:
- Capital. Starting a business requires money. Whether you are renting a building (if that is your business model), entering deposits on utilities, or purchasing necessary office supplies, a fixed startup account is needed. You can always borrow the money from a lender; however, you will want to make sure that you save money for the start up costs as well. This will help show the lender that you are serious about the business. Even in some cases (depending upon the business) you may be able to save all of the financing that you need; therefore, allowing you to stay out of debt from the beginning.
- Start small. Don’t get carried away in the beginning. There is always room for growth later.
- Protect your personal assets. Make sure that you file the proper documentation to keep your business and your personal assets separate.
- Make sure you have a business plan. You must know how and if you will make a profit and know the route that you must take in order for that to be possible.
- Be competitive. You must be competitive in the business world in order to survive. Maintain your competitive edge at all times.
These are just the beginnings of a successful business. We have documented each step thoroughly in previous posts, but these 5 steps are important to keep in mind as you prepare to construct your new business.
January 14th, 2010 at 1:42 pm
Right about the time your little business-that-could starts earning money…the big decisions arrive. For this post, we’ll focus on incorporation. And then, the next confusing choice will be deciding on whether to become a corporation or a limited liability company (LLC). After you find the pros and cons of those decisions, you need to decide WHERE to incorporate.
Two Places at Once
Surprisingly, you can live in Wisconsin and be incorporated in Florida. Your business operations could be in California and be recognized in New York! At one point in time, business owners didn’t have this choice, however, that is no longer a problem.
Basically, a business can become incorporated and registered in any state in which they choose. Different states offer different laws on the topic and are governed by different statutes. So, just because you have a business in Nevada you may be able to receive better benefits by becoming a corporate business in another state.
Proper Paperwork
 With all this displacement and jumping around between states, it’s easy to lose track of which licenses, permits and registrations you have completed according to the state’s business codes. We at FindItLocal411 implore you to organize this process as efficiently as possible. Not having the proper licenses and permits can result in fines, the inability to conduct business and more.
Locating and understanding the different licenses and permits that is required for your business can be time consuming result in many headaches. There are businesses out there who offer services in this area. For a small fee, they will locate the different licenses and permits that you need for your particular business, and if you have more than one location for your business, they will handle the paperwork for all of the locations.
Make the Leap
 Becoming a corporate business can be beneficial and can also provide you and your business with additional tax benefits at the end of the year. Also, it helps protect you, as the owner, from having your assets combined in with the business; therefore, if the business is named in a lawsuit or files bankruptcy, your personal assets will not be affected.
Incorporating your Business is a scary step, but it’s not a point of no return. Stay relaxed and keep focusing on your goals. Your hard work and strong product as carried you this far. Grow with wisdom and dedication and don’t let the details get in the way.
January 12th, 2010 at 9:47 am
Starting your own business can be extremely exciting. You can’t wait to open the doors, or even the virtual doors, in order to get your business generating an income. However, before you can do this appropriately you have to have a sound business plan into place. A business plan helps to serve as a blueprint for a business as it helps to guide the direction that you should take. Planning your business start up should entail several key aspects.
Key aspects to planning your business start up:
- Develop a business plan.
- Secure a budget for all key areas, such as marketing, employee compensation, and more.
- Obtain a date for opening the doors.
- Start an advertising campaign prior to opening the doors to let consumers know that your business will soon be opening.
- Use a press release in order to announce the opening.
Planning
These 5 elements will ensure a solid foundation for the start of your new business. Planning, consideration, and more allow you to go into the endeavor with your eyes open and in a professional manner. Not doing things mentioned above can hinder the path that your business may take and can possibly set your business up for failure before you even open the doors.
Like in any business, research and well-guided preparation are strong indicators for success. If you are unable to do any of the above mentioned tasks, there are other businesses out there that specialize in those areas.
There are businesses that can help you develop a business plan, a marketing campaign, write press releases for you, and more. By no means are you expected to have all these things on your to-do list. Handling all these tasks can be very stressful. Obtaining outside help in these key areas can prove to be beneficial in a variety of different ways.
January 7th, 2010 at 2:04 pm
Many people have the dream of owning their own business and working for themselves; however, the dream often fades right around the time the risk monster rears its ugly head. Owning a business entails a great deal of risk and oftentimes scares owners away. If your business fails, then essentially you assume all of the financial loss that was associated with the company.
The financial support of one’s family remains atop the list for many in business, so revenues are always a major factor in business ownership; however, by buying a business that already exists you can help to relieve some of the stress.
Buying the Business – What to Consider
Buying a pre-established business will give you a foundation to determine whether the business is profitable enough for you to invest in. Years/months of financial records and market-shares are already functioning, allowing for a more exact assessment of the business’ success.
When purchasing an existing business, make sure that you cover these three elements:
1. Consult an Accountant
Present an accountant with the financial reports in order for you to figure out two main objectives:
A) Can the business be considered a sound investment?
B) Are the financial reports that you have been granted real or forged?
2. Hire a lawyer
In order to make the acquisition as smooth as possible, bring a lawyer to answer your big picture questions. You may even want to consider making your newly purchased business a limited liability company; therefore, you do not personally assume all of the responsibilities that the business will assume. In this case, if the business happens to fail, your personal assets will not be affected. Talk to your lawyer to help weigh the other options that you may have as well. Nolo.com offers several easy-to-read web resources filled with legal advice for small businesses.
3. Consider a contract
A contract that would keep the former owner from opening a competing business within the local area for a determined period of time could also be beneficial.
Buying a business can help take some of the stress out of owning your own business. At least you will know whether or not the business is profitable before taking such a risk; however, that does not mean that the business will stay profitable; therefore, you need to try to run the business in the same manner as it had been before. After all, it was successful, so the former owners must have been doing something right.
Keeping these three objectives in mind will keep you safe from unforseen damages while you can focus on aquiring a great business.
January 5th, 2010 at 11:14 am
Not all businesses require a brick-and-mortar office to become successful. As the masses of entrepreneurs grow, there are several types of companies that would work well as an Internet Business for both product and service industries. If prospective business owners begin by understanding how to market this type of business as well as how to most successfully compete with companies that actually have office space, you can learn how to start an internet business.
Step 1 – Get Official
It’s a huge misinterpretation that an Internet Business doesn’t have to jump through the same legal loops and a brick-and-mortar company. There is a very real requirement for any type of business to file with the state for both tax and employment purposes. Just because no one sees your business on Main Street doesn’t mean that you don’t have to exist to both the federal and state government. Your local small business association will help you find and complete the paperwork you need to make your business official.
Step 2 – Put a Face on Your Business
It seems a little redundant to say that an Internet Business needs a website. However, because your website IS your business, you need to be very careful to consider the following points when creating it:
- Use a reputable web designer Be cautious in who you choose to design your site. Have an Intellectual Property attorney look over the contract before you sign to ensure that the site you pay for belongs to your company and includes all the aspects you want for your business.
- Keep SEO in mind in your layout and site building. If your web designer doesn’t know how to include these points, see about finding a web marketing expert to help get your site off the ground the right way.
 Step 3 – Build your Brand
Use Social Media Marketing tools to build your online brand to your target market. Sites like Twitter, Facebook and LinkedIn offer powerful tools to business owners looking to connect with their consumer base. Targeted, inexpensive and traceable, they are a vital part of any business marketing plan.
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