Do You Need An Attorney?
By business4moms | September 4, 2008
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Starting a small business can be an overwhelming task. The Internet is a powerful ally to help us get things done which we previously were unable to do on our own. When is it time to call in the big guns? When do you need a lawyer?
Situations which may require an Attorney
- Start up work. In this day and age, forming a company simply requires paperwork. Deciding what type of company will work best for your situation usually only requires research. The documents and forms you need, in most cases, can be downloaded for free. Of course, it is always best to seek legal assistance if you do not understand what you are agreeing to. Usually the process is straightforward and easy to complete on your own.
- Operating and Employee Agreements can be tricky, however. For basic agreements there is a bounty of samples available online. If your company has unique needs or unusual circumstances, especially during a period of rapid growth, utilizing an attorney can be invaluable.
- Trademarks and Patents can be a complicated maze to wade through. While specific systems have been put in place, often times the path is not straightforward. To avoid costly mistakes and better utilize your time and energy it is recommended to have a lawyer involved. The benefit is having an expert tell you not only what you can do, but what you can’t. An idea is only viable when it is feasible.
- Investments and Financial Partnerships. If your business will be seeking investments or financial partnerships it is essential to retain the services of an attorney - preferably one with a fair amount of experience and a solid track record. The language of finance is complex, especially from a business standpoint. The process and eventual outcome can be dire if you don’t have knowledge on your side.
When an attorney becomes part of your business team it is important to remember they are working for your business, not you. The basic philosophies and principles usually do align, but flexibility is crucial as the company grows.
Finding an Attorney
If legal assistance becomes necessary, the best way to source an attorney is to simply ask around. Networking with other small business owners is a terrific way to find referrals. Like any new business partnership, the initial consultation is important and quite often free. As an entrepreneur you have the power to build your team. It isn’t unusual to inquire about fee structure, experience, case history and how the lawyer communicates with their clients. Conflict of interest can be vague. Query point blank if the attorney currently works with any of your competitors.
The small business owner is the employer. When hiring somebody new, check and double check references. If you are not convinced, it is advisable to keep looking.
Hiring an attorney isn’t a need for all small business owners. The best way to proceed is slowly and well armed with research. Weighing the pros and cons with your legal needs is an important part of the decision-making process.
Topics: Legal Aspects of Business | No Comments »
How to Get the Financing for Your New Small Business - Product Review
By business4moms | September 4, 2008
Product Name: How to Get the Financing for Your New Small Business: Innovative Solutions from the Experts Who Do It Every Day
Rating: 7
Where to Buy: http://www.amazon.com
Description: This book walks you through the different types of financing and how to go about securing that financing for your small business. It also includes resources about how to set up your financial statements and a business plan.
Review: I wanted to start my own business. I knew what I wanted it to be and I knew how I wanted it all to lay out, but I didn’t know how I was going to finance this thing. Actually, I didn’t know much about financing at all. This book changed that for me and my business.
First off it explained what financing entails and the types of financing that are traditionally available. This worked well for me because I wasn’t sure where to even start. It walked me through making a business plan too. This part helped me tremendously because I didn’t feel like I was making an progress in this area and I knew that many financing options rely heavily on a business plan.
I found out how to set up my financial statements with the information in this book. That was also an important part for me because I wasn’t sure what I would need as far accounting records.
It also showed me alternative forms of financing. Things I had never even heard of before like investor angels, SBA financing and IPO’s. These things are also very important to a small business and it’s financing. Because I didn’t have a clue about these types of financing I was grateful for the wonderful references in this book. It made my life much easier when it came to finding and securing the money needed to get my business up and running.
With all the information and options laid out in this book you begin to feel like you can accomplish this financing stuff with ease. It builds your confidence and keeps you focused on making the right choices for the business. This book covers all the basics of securing your financing and making your small business a success from the very beginning.
Topics: Product Reviews | No Comments »
Free Research Materials
By business4moms | August 17, 2008
Let me introduce you to your new best friends in your home business venture: they are
1) The Internet (no surprise there) and;
2) The Public Library (yes I said your Public Library.)
There are two reasons why these are your new best friends - they are
1) They are full of useful information; and
2) They are FREE! (And free is a favorite word of mine.)
Now, many of you already thought of looking on the internet (which is of course, why you are reading this!), but you may think that the public library is a little too low tech for you. But there are many reasons why, as an entrepreneur, you should check it out.
- Many public libraries have free access to the internet.
- You can access relevant journals in your field without having to actually subscribe to them all, thus saving you money!
- You can check out books and reference material on your specific business, or on business in general. Although you will eventually want to purchase some resources to have on hand, the public library is a great way to weed through those resources to see what you really need and what you don’t.
- Reading through books and magazines at the library or at home is a great way to give your little hands a break and this help prevent carpal tunnel syndrome!
So, as the kids are getting ready to go back to school, go ahead and take some time to go low tech and spend a few hours at the library. It can do your home business a lot of good! (And be sure to pick up a good book or two to read to your kids!)
Happy reading!
Topics: General Information, Must Have Resources | No Comments »
How to Start Working From Home
By business4moms | August 15, 2008
Well, I’m going to make one assumption here, simply that you have no idea where to begin! (If you already know, you may want to check out our other posts!)
All you know is, you want to work from home. Well, first, you need to know two things.
1) Where you are now and
2) Where you want to be!
Where you are now.
This is where you need to take a little inventory of everything about you right now. What are your likes, strengths, dreams? What do you actually have that you can use to start a business? Do you have money set aside, do you own a computer, an extra room or extra space for an office? Sit down and make a list. Then get up and walk around your house. Look at everything, every closet (you can make an office in a closet if you need to!!), every room, make sure and check your garage, too, you never know what you may find that can be an asset to your new business!
Where you want to be.
We also need to know where you want to be. Are you looking for just a little extra income, or are you looking to make this a lifelong thing?
Many people start a home business without figuring out these two elements, and you can’t really expect to be on the right path if you have no idea where that path is. The only way to find it is to accurately figure out the start and finish, and then map out the path between the two.
We will go more into depth on the initial inventory as well as your future goals in the coming weeks. Until then, your homework is to start that list I mentioned in “Where you are now”!
Topics: General Information, Getting Started | No Comments »
How To Create a Yahoo Voice Account
By business4moms | August 10, 2008
Yahoo voice is a low cost alternative to phone communication. A yahoo voice account enables users to make calls to landlines and mobile phones from their PC. Yahoo offers several options including a phone out account which gives users the ability to call from their computer and a phone in account which gives users the ability to receive calls at their PC. Yahoo messenger also gives users the ability to send and receive text messages.
Here’s how to set up a yahoo voice.
Step 1. Visit yahoovoice.com. You’ll see a menu that gives you an option of choosing phone out, phone in and how much you want to purchase. Yahoo Voice is a prepaid service. You can choose between $10 or $25. Before you can sign up for a yahoo voice account you’ll need to become a yahoo member. At the top of the page you’ll see a sign up button. Click on it and it’ll take you to a basic account set up page that requires your name, email, and password setup. Once you’ve completed that step, you can signup for Yahoo Voice.
Step 2. Here’s how to sign up for the Phone Out option:
In the main Messenger window, click the Phone Out button below your name. The Subscribe to Yahoo! Voice window will open. Select a prepaid amount, then click the Sign Up button.
Step 3. The Yahoo! Voice Phone Out web page will open and you’ll be prompted to pay for your credit towards your Phone Out service. Once you’re finished paying for your credit, you’ll see your Phone Out balance displayed below your name. This amount will update after each call made.
Step 4. Select your preferences including your country and click the OK button to close the window.
Step 5. Now you can begin making calls!
Topics: How To's | No Comments »
Multi Level Marketing (MLM)
By business4moms | August 10, 2008
For our purposes, we will consider Multi Level Marketing and Consumer Direct Marketing to be in the same category. Basically, in MLM, there is a parent compnay, and then an individual joins as some sort of unpaid independent contractor. Independent contractors may be called, distributors, independent distributors, marketing representatives, etc. There is usually a membership fee as well as a product cost to join. Different MLM’s have different levels at which you can join as well as different requirements to be considered active and receive bonuses and commissions. Many also require a monthly purchase commitment.
The name Multi Level Marketing comes from the aspect of the business that allows a member to receive income from not only the people that they introduce to the business, but also the people that those people introduce to the business (and so on - for one or two levels or to infinity depending on the specific compensation plan of the MLM.)
The Pro’s of MLM
MLM’s are a great way to capitalize on other people’s money as the parent company provides you with the product, the research, the product development, marketing materials, legal info, etc. You get the benefit of the corporate budget, but you simply “buy in” as an associate or independent executive.
MLM’s are also a great way to capitalize on other people’s efforts. You will see your business grow not only based on your own individual efforts, but also the efforts of others who are in your marketing organization.
MLM’s are a great way to earn a substantial income in a short amount of time due to using other people’s money and other people’s efforts.
MLM’s are gaining popularity with business savvy individuals as a way to provide additional leverage and income.
Con’s of MLM
Many are turned off by the thought of “recruiting” their friends and family. The internet reduces the need to contact friends and family for your marketing of MLM unless you really want to.
There may be a monthly purchase or production requirement.
For many, MLM still has a negative association with it (although most people can’t really say why)
Many companies have non-competition clauses in their contracts which would prohibit one from exploring other income opportunities.
In truth, there are many people in all walks of life, in all ages, and with all levels of education that are exceeding wildly at MLM. MLM will take hard work, persistence and dedication, but it is a very viable method to work from home and earn an income.
Topics: Business Ideas, Getting Started, Types of Home Based Businesses | 1 Comment »
Finding the Perfect Name for Your Home Based Business
By business4moms | August 8, 2008
There are many things to consider when choosing a name for your home business. Such as:
Is the name that I want available for me to use?
Many States require businesses to register any name other than your own or any doing busines as “dba” to be registered. Often times you can check on the availability of a name over the phone. However, just because a name is available in your state doesn’t necessarily mean that it is available if you choose to do business nationally or internationally. If you plan on working with a nationwide market or if you plan on being successful (and I hope you are!), you may want to check and see if your name is already copyrighted. If it isn’t already copyrighted, then you can copyright your name to protect it. Most of the information you need can be obtained at the U.S. Patent and Trademark Office Web site – http://www.uspto.gov. The site answers your questions and enables you to do an online trademark search. You also can access forms and submit the application online.
What would the initials of my business spell?
Here in Oklahoma I had a friend who was working with a local hospital. When the Children’s Hospital became part of the University System, they were debating on the name. The logical choice was Oklahoma University Children’s Hospital. However, when someone realized that the initials were OUCH - well, that really isn’t the impression that they wanted to leave. (I believe now they call it University Children’s Hospital or some other “OUCH-less” variation.) Some things might be clever, but you have to think about your target audience.
Is my name easy to remember or is it easily confused with someone else?
You may think that the name is different enough from another name, but that doesn’t mean you won’t have to defend your choice in court. A small winery in Oklahoma that is owned by three women is called “Girls Gone Wine.” Cute and catchy, but the owner of the “Girls Gone Wild” video series disagrees, and the women are in the midst of a copyright infringement lawsuit. While the court hasn’t reached a decision in this matter, any lawsuit is a very expensive endeavor, and if at all possible, it will likely be in your best interest to avoid one!
What kind of an impression do I want to leave? Clever, Professional, Friendly, Casual?
Keep in mind that your name, like the title of a book, will make an impression in people’s minds, and you want that impression to be in your favor.
Do I want to use part of my name in my business or something that relates to what I do?
I was behind a pick-up truck the other day, that was obviously used for some sort of business. It had their telephone number on the side, but for the life of me, I couldn’t figure out what the business did. If you choose the name Alpha for your business, you may want to include additional words to help people know what you do, such as Alpha Home Repair, or Alpha Graphic Designs.
The more memorable you can make your name, the more likely people are to think of you when they need your services, and that will lead to more success for your home business! Happy Name Hunting!
Topics: Getting Started | No Comments »
About Online Conferencing
By business4moms | August 8, 2008
The Internet has brought forth some very useful innovations for small business owners. It provides many ways to make communication quicker and easier between the businessperson and clients, prospects, or partners. One of these useful innovations is web conferencing or online conferencing.
Online Conferencing is a way for people to communicate and collaborate from their computers. There is no travel necessary, and planning is much easier than it would be for a face-to-face meeting. An online conference is convenient for all parties involved, because there is no need to extensively rearrange your schedule to attend.
Online conferences usually include some form of online communication, such as a chat room or instant messaging, utilizing either text or voice. They may also incorporate video, in which case it would be considered a video conference. It’s also possible to coordinate the online meeting with a conference call. This is good for participants who may not have a microphone or a fast, reliable connection to participate in voice chat.
What Purposes Can Online Conferencing Serve?
Online conferences can work well for a variety of meeting types. Some companies hold online expos with multiple presenters that are relevant to their target markets. Others use web conferencing to get service providers together to collaborate on projects. They are also handy for employee or contractor training when the employees or contractors are not in close physical proximity.
Communication with prospective customers or partners is another application that is well suited to web conferencing. Presentations can be held online through chat sessions, and points illustrated through a website or slideshow. You can also use video, either live or recorded, to present products or ideas.
What About Those Who Can’t Attend?
Even though online conferences are less expensive and more convenient to attend than those held at a physical location, there may be some people who can’t attend. But this group doesn’t have to be completely out of the loop. You can offer information from the conference for download.
Audio files from phone calls, video from the conference, and chat or instant message transcripts can be posted to your website for download. Those who weren’t there won’t get the opportunity to ask questions in a group setting, but they can benefit from the information that is there. If you’re charging for admittance to the conference or going for an air of exclusivity, however, it may be best not to post transcripts, audio or video.
Online conferencing has come a long way in a few short years, and it will undergo more changes as time goes on. But it is already becoming quite popular among business owners. Online conferencing can allow you to take your business to a national or global level without leaving your office.
To find out more about online conferencing you can view these related pages:
Why You Need Online Conferencing
Disadvantages of Free Online Conferencing Software
Topics: Advanced Topics, Online Conferencing | No Comments »
Disadvantages of Using Free Conferencing Software
By business4moms | August 8, 2008
Virtual conferences were once a very expensive proposition. The equipment used to facilitate them was bulky and expensive, so holding such a conference was not feasible for most large businesses, let alone small ones. But web conferencing has turned the tide, and almost anyone with a computer can meet with others online.
It is now even possible to hold an online conference for free. Many online conferencing software providers have made limited versions of their software available at no cost. But although this may seem like a good option for a small business owner on a tight budget, it has several disadvantages. Here are a few of them:
* Free conferencing software usually has severe limitations. The purpose of vendors giving away limited versions of their software is usually to get people to become paying customers, so vendors are not going to make the free version as functional as possible. It may allow fewer participants or fewer options for interaction. It might have time limits for conferences, or you might only be able to use the software for two weeks or a month.
* Some free software providers are unscrupulous. They might include viruses, trojan horses, or spyware with their software. These programs could infect your computer, but that’s not the worst of it. The malware could also spread to the computers of your conference’s participants, causing them problems and damaging your credibility. It’s just not worth the risk to use free conferencing software that you aren’t sure about.
* Free conferencing software is often supported by third-party advertising, or at least shows ads for the software vendor. That means that your participants will be exposed to ads for other businesses during their conference with you. This looks very unprofessional if your conference is strictly business. The advertisements could also distract participants, or even entice them to click away from the conference to look at something else.
That’s not to say that free conferencing software is completely useless. It does serve a couple of very important purposes. Free trial versions of conferencing software can help businesses determine whether the full version will meet their needs before they buy. These are best tried out during small conferences with participants that are within your company. Free conferencing software is also suitable for conferences with friends and family.
If you are serious about your business, it should show in your choice of conferencing software. Complete versions of quality programs are not that expensive, and their functionality and dependability are worth the price paid. So go ahead and try free trials for small conferences, and use the experience to determine which one is worth purchasing for regular use in your business.
Topics: Advanced Topics, Online Conferencing | No Comments »
Why You Need Online Conferencing
By business4moms | August 8, 2008
There was a time when businesses that were geographically distant from one another found it difficult to form successful partnerships. Large corporations often had branches in many states or countries, but tending to them required lots of travel. The online conference call has made it much easier for businesses and branches to communicate with one another.
Online conference calls may involve online audio, text chat, video, or any combination of these things. They make it easy for people in many locations to come together and share ideas, collaborate, or just keep each other updated on how things are going. Following are some advantages of online conferences for international businesses and joint ventures.
Online Conferences Are Inexpensive
Travel to a foreign country is not a cheap proposition. It is a budget concern for large businesses, and it may be impossible for small ones. Using a conference call as an alternative may allow meetings that normally would have been impossible to take place.
But even regular conference calls can be very expensive when they are international. Holding your conference online reduces costs for everyone involved. Voice chat can be used as a substitute for a phone call, or you can use text or webcam chat.
Online Conferences Reduce Scheduling Conflicts
Travel is not only expensive, it is also time-consuming. Flying to another country can take many hours, and it often requires extensive rearranging of one’s schedule. It can also result in jet lag, causing conference attendees to have trouble concentrating.
Online conferences require only enough scheduling for participants to be in front of their computers at a certain time. Time zone differences may make times inconvenient for some participants, but at least they do not have to make arrangements to be away from home for several days at a time.
Online Conferences Allow Lots of Interaction
On a traditional conference call that takes place strictly over the phone, it may be difficult to get points across. Seeing people’s facial expressions and body language makes oral communication more meaningful. Having an online conference with video makes it easier to interact with other participants.
It’s also possible to use visual aids during an online conference. Even if you’re not using video, you can set up web pages to illustrate your points. You can also share files with others, and even work on documents and other projects together.
Online conferencing makes it possible for businesspeople separated by many miles, and perhaps even an ocean, to collaborate with ease. It makes meetings that once would have been feats of scheduling and budgeting almost worry-free. Whether you’re thinking about making connections with distant businesses or want to find an easier way to work with current partners who are far away, online conferencing can make it happen.
Topics: Advanced Topics, Online Conferencing | No Comments »
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