To Incorporate Or Not To Incorporate . . .

Recently I had the opportunity to field a couple of questions from a pair of up and coming entrepreneurs regarding a subject that often gets overlooked-business formation. Now that the two are finally ready to accelerate their dreams the big question looming in both of their minds is ‘what is the best means of incorporating my business?’ In the hastiness of the business start-up choosing the proper form of business incorporation often gets pushed to the back of the to-do-list. The incorporation of your business is one of the most important decisions you will make at the outset as it will ultimately determine your businesses taxes, liability and administrative requirements among other things. . . Read More

Is Your Message Clear?

Most entrepreneurs who are starting a sole proprietorship have very limited funds and we know advertising can make or break your business.  You have to advertise to make your product or service known.  With wanting to put the majority of your capital into the assets of the business, how do you determine what type of advertising is the most cost effective?                           - T. Haney

The old adage in business was that if you build it they will come, however, that doesn’t hold true anymore.  The reality is that you could have the greatest product in the world but if no one knows that you exist, how to find you or can’t identify with your message then it doesn’t mean much.  .  . Read More

 

Secrets of Small Business Success

Why is it so hard to decide what type of business to start up? I’ve always heard you must start a business that you love doing and are good at. I understand this concept and agree with it, but I don’t feel like I’m great at anything, but rather a ‘jack of all trades’. Do you have any suggestions that might keep me on the right track?                                  -J. Licka

Your question strikes at the heart of what every entrepreneur wants to know and that is, “what is the winning formula for developing a successful small business?” Although there is no magic formula for getting it right, successful individuals seem to have traveled similar paths with similar experiences . . . Read More 

A Closer Look at Business Plans

I’ve had a small business for a few years. The company performs a variety of services related to environmental projects. I would ultimately like to expand into alternative fuels as well. I currently don't have a business plan; it’s more like a business sketch in my head. Can you point me in the right direction that will help me pull together funding?                                                                            -M.Davis

Congrats on the vision you have for your company, however, you said something that really caught my attention “I currently don’t have a business plan, it’s more like a business sketch in my head.” Lynn H. Colwell of Business Start-Up Magazine says “Starting a business without a plan is like trying to repair a flat tire with your teeth. It may be possible, but you sure make it hard on yourself.”  . . . Read More

Start-Up Documents to Get You On Your Way

I received a call recently from a good friend who started the conversation with "I seem to have gotten myself into a bit of a jam". Luckily for my friend his 'jam' was a very minor one. He had recently done some freelance work for a client and with the holidays looming he was unable to receive payment from the client without having established an Employer Identification Number (EIN)-also known in IRS terms as Form SS-4. The best way to describe an EIN is to think of it as a Social Security Number for your business that identifies it as a distinct entity primarily for tax related purposes. In addition, if you plan on opening a business bank account (which I highly recommend) most banks won't allow you to do so without an EIN. In my friend's instance we were able to resolve this problem in less than five minutes.

You have four options for applying for an Employer Identification Number, the first and the quickest is to contact the IRS assistance line at 800-829-4933, in most cases you will be instructed to the correct prompt in order to apply and get your tentative number instantly-right over phone. Next, you can log on to the following link Apply Online Now or go to www.irs.gov for more information. The other two options are just as effective but will take more time as they have to be processed manually . To mail or fax your EIN form simply call 800-829-4933 and ask an agent for the appropriate fax number or mailing address for your particular location. However you choose to apply be sure to only apply through one channel as you could end up with multiple EINs and that could spell confusion come tax time. To print out a copy of this form click the following link Print EIN Form SS-4.

Got a small business question? Send me an email, Cavanaugh L. Gray at This e-mail address is being protected from spambots. You need JavaScript enabled to view it .