When determining the best legal structure for your business, taxes, liability, goals and objectives, contribution of owners, and management and control are major factors to be taken into consideration.

The most common forms of business are sole proprietorship, corporation, general partnership, franchise, joint venture and not-for-profit.  But regardless of which business formation you choose, there are advantages and disadvantages to them all. 

Beginning with the simplest form of business, sole proprietorship, below are advantages and disadvantages of this legal structure:

Advantages

• Easy and inexpensive to form
• Owner’s ability to make all management decisions
• Losses without limits can be deducted on individual federal income tax return
• Minimal government control

 
Disadvantages

• Not a legal entity
• Owner has unlimited financial liability
• Creditors can attach owner’s personal assets and those of the business
• Business ceases to exist upon the death or termination of the owner(s)

 
To form a sole proprietorship if the owner(s) name is not being used, a fictitious business statement must be filed in the county clerk or county recorder’s office.  Once contacted, further instructions will be given on the recordation of the business.


Excerpted from, "The Start of Something BIG: Your Ultimate Guide to Writing a Dynamic Business Plan."

It's seems that time moves so much faster than we anticipate it will. We start each year with plans for greater business success than the previous year.  And before we know it, the year is ending, and for the fortunate, most goals were reached and we feel successful.  But too often we miss the mark.  That doesn't mean we weren't successful.  It could mean that some things just didn't work out the way we planned. Or maybe we didn't have a plan at all.  We just went about the work every day without having a solid plan to follow for growth and prosperity. 

The good thing is that we can start anew in 2018.  We do this by looking back at 2017 and making an honest assessment of what happened.  We can start 2018 with a plan that can move us in the right direction instead of just having another year of flying by the seat of our pants. 

In preparation for success and prosperity in 2018, here are a few areas of our business we need to identify and re-evaluate to move forward:

1. Company structure, mission and vision
   
2. Setting overall company goals and objectives for the new year
   
3. Products and services offered
   
4. Manufacturing, production and delivery processes
   
5. Technology used and how it can be used to improve business processes
   
6. Marketing and sales objective and strategies
   
7. Leadership, management, compensation and benefits
   
8. Financial planning, budgets and projections
   
9. Long range planning
   
10. Succession for business continuation or transfer
    

You will need to carefully audit each area of your business and determine what and how changes need to be made, improved or no longer need to be a part of the company.  These steps can take time so it's important to begin thinking about it before the start of the new year.  In doing so, update your business plan to reflect each and every change.  But if you have never written a business plan, this is a good time to start.

Best wishes to you in 2018.

Excerpted from, "The Start of Something BIG: Your Ultimate Guide to Writing a Dynamic Business Plan."

Selecting the proper technology for your business takes serious planning. The latest and the greatest in solutions may sound nice, but isn’t always best and may not provide the tools necessary to operate efficiently.  Knowing how many computers you will need, the type of software, number of telephone lines, whether a combination fax/copier/printer will do versus standalone units and Internet speeds needed in your business is part of what technology planning encompasses. 
 
Technology is intended to organize, streamline and modernize business processes.  Employing the latest and the greatest technology in your business won’t guarantee that your business functions optimally.  In fact, the opposite can be true.  You can spend a lot of money and get all the bells and whistles you can afford, but if all the accoutrements don’t add value to your operation, don’t meet your technology needs, or are not utilized properly or at all, you have wasted time and money.
 
So, when making your technology buying and implementation decisions, you should take into account:

1.  the core functions of your business; 
   
2. the company’s goals over the long haul;
   
3. the technology needs of the company (requires a needs assessment);
   
4. technological expertise that already exists in the company;
   
5. technological expertise that will be needed;
   
6. how steep the learning curve will be for users;
   
7. technological architecture that will serve all units of the company;
   
8. how existing legacy systems will inter-operate with new technology;
   
9. how operational performance will be measured based on the use of technology; and
   
10. how technological performance will be measured.
    

Excerpted from, "The Start of Something BIG: Your Ultimate Guide to Writing a Dynamic Business Plan."

With a clear understanding of what social media is, we now need to discuss what social media does.  As a business owner, marketing is a major function regardless of the business or industry.  Through the use of social media, companies can literally watch their sales grow astronomically instantaneously following the release of a product through social media marketing.  The first step is to develop a social media marketing plan.  In doing so you must ascertain:

1.  Who is customer/audience?  (e.g., men, women and/or children, animals, others) 
2. What is their profession or interests? (e.g., doctors, teachers, artists, musicians, cooks, etc.)
3. Where is your customer or audience located? (e.g., local, national, global)
4. What social media tools does you customer/audience use most?
5. What is your mission statement for the use of each social media platform to reach your customer/audience?
6. What is your outreach goal for the use of each social media platform? (e.g., 100 new followers per month, increase sales $1000 in new business or new subscribers, etc.)
7. What is your strategy for providing your new customer/audience content?  (e.g., number of new postings each week, postings that coincide with major holidays, local or national events, etc.)

Once you have determined the best social media platform(s) for your business, devising a plan for use is your next step.  Social media planning is much like long range or strategic planning.  Your social media plan should entail the following:

1. Assess your current social media and marketing situation.
2. Set goals and objectives.
3. Devise steps to improve your social media presence.
4. Determine the type of content for your social media marketing.
5. Test campaign, track progress, analyze results and modify your plan

Not every campaign or plan works out after its launch.  So it is important that you know what is working and what’s not.  Sales, comments, reposting, etc. are signs that your campaign is working.  But in either case, you should always be looking to make any adjustments to test different audiences and customers.

A great tool for managing your social media accounts is Hootsuite.  Launched in 2008, Hootsuite is a social media management system that helps keep track and manage many social media network channels simultaneously.  You can view streams from multiple networks such as Facebook, Google+, Twitter Instagram, LinkedIn, Foursquare, WordPress and Vimeo.

Remember, your social media plan, as with your business plan for which your social media plan is a part, it is a working document.  It should reviewed regularly and revised as necessary.  Pay close attention to how and what social media tools are working and which ones are not. 


Excerpted from, "The Start of Something BIG: Your Ultimate Guide to Writing a Dynamic Business Plan."

The first step requires that all prospective S/D/M/W/V/DV or disabled/handicapped firms complete an application.  It is the responsibility of the applicant to provide the information deemed necessary by the certifying agency to ascertain eligibility.  The information provided by the applicant is used as evidence in support of fulfilling all eligibility standards set forth by the certifying entity.

The next step is an on-site review as a part of the uniform certification process.  It is an effective means to verify the applicant’s home or office facilities and operations, and to validate the written application.  In conjunction with the application and documents submitted, the on-site review will help determine whether a firm:

1.  is in fact in existence, operational and in business for a profit; 
2. possesses the resources or expertise to operate in this field of work;
3. owners and key persons listed in the application play a critical role in the company; and
4. does not exist solely on paper and not organized in an attempt to take advantage of project goals.

Finally, a thorough, detailed and complete analysis of the application file with the supporting documents is conducted.  The applicant is entitled to prompt action on its application and to be duly informed when any part of the application is deficient and/or incomplete.  A formal decision can be made by management acting independently, or through a committee.  Any firm denied certification would be afforded due process.

You can obtain minority, disadvantaged, woman and service disabled veteran certification from a variety of sources.  In addition to the organizations listed below, contact your local city, county, quasi-government or state office and inquire about minority and women business certifications in your area.  You may also obtain certification applications, as well as the statutes, process for certification and other information to assist you in becoming certified.
 
Minority Business Enterprise (MBE) Certification
National Minority Supplier Development Council (NMSDC)
www.nmsdc.org/

Section 8(a) Certification
Small Business Administration
www.sba.gov/sdb/indexsdbapply.html

Veteran-Owned, Service-Disabled Veteran Business Enterprise Certification
Department of General Services
www.pd.dgs.ca.gov/smbus/dvbecert.htm

American Society of Disabled Veterans
ASDV Clearinghouse
www.asdv.org/
 
Small & Disadvantaged Business Enterprise Certification
Department of Transportation
https://www.civilrights.dot.gov/disadvantaged-business-enterprise
 
Women Business Enterprise (WBE) Certification
Women’s Business Enterprise National Council (WBENC)
www.wbenc.org/
 
Woman-owned Small Business (WOSB) Federal Contracting Program and Economically Disadvantaged Women-Owned Business (EDWOSBs)
Small Business Administration
https://certify.sba.gov/

Women’s Business Development Center (WBDC)
http://www.wbdc.org/
 
Woman/Minority Business Enterprise (MBE) Certification
The Supplier Clearinghouse
http://www.thesupplierclearinghouse.com/

  
Excerpted from, "The Start of Something BIG: Your Ultimate Guide to Writing a Dynamic Business Plan."

Being organized and making effective use of your time is the cornerstone of good management.  Prioritizing tasks from the most important to the least important, getting rid of any distractions that can inhibit the ability to get a job completed, establishing timeframes for start to finish on each job, and keeping a positive attitude and outlook will help you stay motivated and on task. 

Starting each day with a clear direction on what needs and should be accomplished is key.  Once the work day has ended and before going to bed each night you should do each of the following:
 

1. Clear your work area so that you return to it uncluttered.
2. Review your calendar to remind yourself about any meetings or events to occur, where they will be held and their times.  If the meetings or events are offsite, make sure you know exactly where you need to be and how long it will take you to get there.
3. Make a written list of the next day’s tasks (by priority, large and small) and assign the most appropriate time of day to complete.
4. Identify and locate individuals, information, tools, documents, etc. needed to complete each task, or for each meeting or event.

 
Excerpted from, "The Start of Something BIG: Your Ultimate Guide to Writing a Dynamic Business Plan."