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LAST UPDATE: 1/14/2012
We hope you find this arcthve useful. A subscription to The Small Business Advisor Newsletter is free. Subscribe now - it's easy! The Small Business Advisor Newsletter for March, 1998 CONTENTS
++++++++++++++++++++++++ NOTES/TIPS/etc
Experian, PO Box 2350, Chatsworth,
CA 91313. 1-800-392-1122 The advantage of CCR is that
your small business is on equal footing with the big guys. You no longer
have to register with every local procurement office to gain bid access
to possible contracts of interest. To register your company into the CCR,
visit their website at http://ccr.edi.disa.mil/ccr/. Registration will
require that you have a DUNS number. You may obtain a DUNS number from
Dun & Bradstreet at 1 (800) 333 0505. ++++++++++++++++++++++++
No doubt, one of the most
asked questions by the prospective business owner is "Should I incorporate?"
Here are the choices available for operating your business: Sole Proprietorship. The vast majority of small and home-based businesses operate as a sole proprietorship. There is no limited liability - the owner is solely responsible for all debts. Business profit or loss becomes part of the owners personal tax returns. Major advantage: Simplicity. Regular ("C") Corporation. Limited liability is its major asset. Profits are taxed at corporate rates (lower than personal rates). Salaries paid to owners is subject to their regular personal tax rate. Major advantage: Relief from personal liability. S Corporation. Limited liability as with a "C" corporation but with some additional restrictions that only affect a few. Business profit and loss is passed through to the shareholders' personal tax returns. Major advantage: Profit and loss pass through to personal returns. Limited Liability Corporation ("LLC"). A fairly new entity that offers limited liability like a corporation and the tax advantages of a partnership and S-corporation. (No Federal taxes and personal pass through of losses). Major advantage: Limited liability PLUS profit and loss pass through to personal returns. General Partnership. No limited liability. Each partner reports profit and loss on their personal tax returns. Major advantage: No Federal taxation. Limited Partnership. Limited partners enjoy limited liability but the general partners (at least one is required) do not enjoy limited liability. Major advantage: Limited liability for the limited partners. Except for the sole proprietorship, each of these legal entities can be complex to setup. It is very important that you engage the services of an attorney and/or CPA to ensure no mistakes are made. There is no "best" choice. Oh, and by the way, the answer to the question, "Should I incorporate?" , is maybe but unlikely. ++++++++++++++++++++++++ YEAR 2000 PRECAUTIONS
We've talked about this Y2K issue before but we think it's important enough to warrant some repetition. Recently, major magazines are running articles about this issue and the first lawsuits have been filed. This is NOT something to be ignored. For some specific actions you need to take, refer to the article in our website (http://www.isquare.com) and click on YEAR 2000. Basically, you need to start collecting personal/financial data so you have hard-copy records in the event your data becomes corrupted or lost by agencies/companies who will not be Y2K compliant in time and determine if they will be compliant by 1/1/2000. For example: 1. Get copies of your credit report. Do it now and immediately after Jan 1, 2000 to ensure nothing has changed. Get reports from the three big national credit bureaus: Equifax Information Service Center; POB 740241, Atlanta, GA 30374 1-800-685-1111 TransUnion Corporation, POB 7000, North Olmstead, OH 44070 1-312-408-1400 Experian, POB 2350, Chatsworth, CA 91313-2350 1-800-392-1122 2. Contact your credit union or bank to ensure you have up to date account information (also ask them if they are Y2K compliant or will be by 1/1/2000) 3. Contact your broker and any mutual funds to determine if they will be Y2K compliant. 4. Get a current Social Security statement. Call 1-800-772-1213 or visit their website at http://www.ssa.gov. 5. Contact your insurance companies or agent to determine if they will be Y2K compliant. Ensure you have current copies of all your policies and payment receipts. Remember that even if you determine that your bank or insurance company will be Y2K compliant, companies and agencies they deal with may not and this could mean your records could become lost or corrupted. This is why it's important to have hard copies of your records prior to 1/1/2000. ++++++++++++++++++++++++
1) Clean out each desk drawer, to free up even more valuable storage space. 2) Clear off the top of your desk, then wipe off the surface of the desktop. 3) Keep essential items on your desktop (computer, phone, fax, card file). 4) If you work with more than one person create an in box for each person. 5) Have a master to-do list for each day at your desk. 6) Pre-Sort the mail. To-File, To-Read, To-Contact (write or call). 7) Use a variety of containers to organize office supplies, paper clips and pens. 8) Use a variety of desktop organizers or trays to organize papers that come across your desk. 9) Create a separate drawer for personal paperwork, items, etc. 10) Use storage boxes to store dated files. 11) Purchase Magazine boxes to store booklets, magazines, and catalogs you want to keep. 12) Create a file for magazine articles or scan them into your computer. 13) Filing system should be simple easy and manageable. 14) Color-coding your files makes it faster to find information. 15) Do not over stuff folders. It may be time to toss some of the information in the folder . 16) Never overload a filing drawer. It will make it difficult to retrieve information in the drawers. 17) Sub-divide larger files with interior file folders. 18) Tab hanging file folders in the front. 19) Return calls in batches. Leave specific messages and the time you called if the person you're trying to reach isn't available. 20) Empty workspace of everything but the project you're working on to cut down on distractions. 21) Keep an assortment of all-occasion cards and stamps in your desk. 22) Keep takeout menus from favorite restaurants so you can order ahead and pick up dinner on your way home. 23) When using more than one checking account, color coded checks are an easy way to identify each account. 24) At the end of each project or event, organize paperwork and file or store it. 25) Straighten desk at the end of the day and especially at the end of the week so that you can start each morning with a clear desk. (Contact Janet at Totally Organized, P.O. Box 54091, PA 19105-4091, (215)229-7232. E-mail:TOrganized@Aol.com. Web Address: http://members.aol.com/Torganized) ++++++++++++++++++++++++ (The following article is a bit longer than we usually run but it relates so nicely to why starting your own business can be beneficial, I thought many would find it useful. -The Advisor) THE PSYCHOLOGY OF SUCCESSFUL
CAREER CHOICE & CHANGE (c) SELF-DISCOVERY Doing work that is not satisfying reflects a basic conflict you have with yourself. You may think that it is your career that causes the conflict, and if you change careers, the conflict will go away. But, you cannot pick the right career for you without first start to resolve the conflict with yourself. The conflict caused you to pick the wrong career to begin with, and now causes work dissatisfaction. The place to begin changing careers is with your self-conflict. If you do not, work dissatisfaction will just show up again in whatever you choose to do next. Then you will have another reason to be angry with yourself. This basic principle holds true for personal relationships too - - if you just change partners, the same problems are reproduced in the new relationship. The truth is, the conflict you have with work is the same conflict you have with family, friends and relatives. Self-conflict takes many forms, but there is only one underlying problem - - what you think of, and how you treat, you. Over time your conflict with yourself may also show up as physical symptoms of illness and disease in your body. This is because mental health, physical health and work satisfaction are intertwined. Anyone who believes career dissatisfaction is determined by outside factors, however, will also find external explanations for health problems and personal misunderstandings. A conflict with work, therefore, expresses a hidden conflict within yourself. When we are young, we tend to see our problems as imposed, and solved, by external means. Explanations may range, for example, from environmental ("a bad job market") to circumstantial ("a bad boss"). To overcome these kinds of adversities is the very reason we strive to attain the highest income and best career possible. But this strategy must inevitably break down, since it locates the reasons for conflict outside yourself. Beneath appearances, there is only one problem, and it is the relationship of you with you. Understanding this principle requires some insight and maturity, techniques that contradict external and superficial points of view. A more contemplative attitude toward life is not ordinarily attained by individuals before the age of "thirty-something." Until then, you think your career is created by economic opportunities, influential connections, quality of higher education, family background, good fortune and hard work. But the truth is, your purpose in life arises totally from an inner place, not the market place. INNER QUEST "Know thyself" was the motto that Socrates learned from the Oracle at Delphi. It is ancient wisdom, true today as it was in ancient Greece. At some point in your life, you must make the decision to undertake the quest to find your true self. Otherwise, you are destined to live with a false self, interpersonal conflicts, and career dissatisfaction. Career reassessment typically comes in mid-life when failures in outer solutions trigger the classic "mid-life psycho-social crisis." Almost everyone is challenged to find their purpose in life by the time their days on earth are half numbered. Making this decision initiates a major turning point in the course of your life. Traditionally we think only of ministers and doctors as having a "calling" but in reality everyone has a calling. Initially people are scared by the idea of an inward quest and fear they will fail. Self-conflict that appears in the form of external obstacles is the main reason callings are not pursued. For example, if your current job bothers you a lot, you may be so irritated that an alternative cannot even occur to you. Many people choose to ignore the quest of their calling, and try to live in a rational material world, using only their goal-oriented left-brain, or they reside in an imaginary emotional world of self-doubt, using only their right brain. A meaningful career choice arises from the resource of your own integrated mind and from nowhere else. All the skills and knowledge necessary to enact your life-purpose are directly and fully possessed within you psychologically. Once a career has been identified from an internal source, it cannot be wrong, discounted by others or pursued half-heartedly. Prevailing wisdom about career change sees it exclusively as a logical problem of how to adapt your aptitudes and personality to corporate needs. This approach implies that the economy is rational, and that you are not, unless you conform. The traditional approach to career counseling overlooks the psychological and spiritual foundation to career choice and change outlined in this article. Where and how you chose to use your skills and knowledge in life are ultimately and always a question of inner values. (Jon Snodgrass, Ph.D., is the author of "Follow Your Career Star: Career Quest Based on Inner Values" Order his book by mail, fax or phone: Career Star System, P.O. Box 3564, South Pasadena, CA 91031, Fax (626) 441-4721, Tel (626) 441-6957 or visit http://www.careerstar.com) ++++++++++++++++++++++++
The long holiday season may be a faded memory - - but the spirit never dies. The problem: Did the habit of saying YES expand faster than your waistline? Have you reevaluated your YES policy lately? The holiday season kindles a spirit of giving and YES! Where giving, donating and indulgence rule. Family, friends, customers, prospects, employees (bonuses, time off), charities, fundraisers, parties and food are the beneficiaries. But as a well-respected socially responsible member of the business community you are asked for more- serving on "outside" boards, committees, and "blue ribbon" panels, speaking, mentoring, advising, writing, teaching, sponsoring, hiring welfare-to-workers, etc. You gladly do most, if not all, of this, willingly. (That is, when you can tear yourself away from your computer.) You know that it is not only "politically correct," it's good business. Giving allows you to help people, improve society, network, meet influential contacts and position your business at the same time. Who could ask for more? It's karma: what you do comes back to you. But every overindulgence has its downside - - the YES mode's is overextension, stress and burnout. Being socially active and politically correct can drain your time and energy. Which is exactly what you need for continuous success in business. Taking on too much: - reduces you to slow motion - makes reaching business, personal and social goals more difficult - and makes life unpleasant, if not unbearable Remember the challenges of business and the everyday trials and tribulations of running it (finding new clients, satisfying current ones, dealing with problems, delays, emergencies, paperwork, etc.). And you can't forget about your personal life. You do have one, don't you? So it looks like you are caught between a rock and a hard place. You want to do good, BUT without any harm or disruption to business and YOU. Attaining the right balance is difficult. Here's a way out: Just Say NO! The price of delivering less than expected, disappointing people (especially clients) and missing appointments is high. Say NO now! Avoid embarrassment, humiliation and hurt feelings later. Avoid the YES trap. Here is a gentle but effective way to reverse the Holiday YES Habit (taken from my book "THE Self-Employment Resource Guide": Don't bite off more than you can chew. Be honest with people (and yourself) about what you can take on and they will respect you for it. Use time wisely. Schedule your day. Know what needs to be done and the time it takes to do it. Prioritize on importance and need. Delegate. If you can't fit something into your schedule, no matter how tempting, don't accept it! Don't be a "YES man". Just Say NO! (This was adapted from Arthur A. Hawkins II's book "The Self-Employment Resource Guide") Copyright. Small Business Advisor readers receive FREE shipping & handling. Send $25 US currency ($28 int'l) to: Information Research Lab 9824 Western Avenue, Suite 144, Dept. SBAdvisor, Evergreen Park, Illinois 60805, USA. E-mail Mr. Hawkins at aah_IRL@writeme.com) ++++++++++++++++++++++++
Are you lost out there? Drowning in a sea of competition? Up to your neck battling it out with competitors who already seem to be working with every new client prospect you contact? Perhaps you've been around for quite awhile, relying on word-of-mouth advertising for work but the younger, hungrier sharks are out-hustling you? Or perhaps you're the new guy in town, ready to put your skills and equipment to work..but nobody knows who you are --or what you do --and nobody seems to care. It's the old analogy about building a better mousetrap. You may indeed have the world's best rodent catcher, but if people don't know about it...you'll never sell any of 'em. You really have to add a new facet to your personality. In addition to being a businessperson, you need to be a first-class business promoter as well! You can promote your business
in many ways, of course. That includes everything from buying expensive
newspaper or magazine ads, creating and producing slick and colorful brochures,
or embarking on an intensive direct mail campaign designed to introduce
people to you, your company and your services. All of these strategies
work, but --like you --I'm always most interested in results that require
a minimum of investment So why not use the power of the "free press?" Today, I want to introduce you to the humble press (or news) release; a terrific advertising/marketing vehicle that will cost you a only few sheets of paper, a couple of stamped envelopes, and an hour or two of your time. But lest you sneer at such a lowly marketing device, let me assure you that if you follow the simple advice I'm about to give you, you can turn that modest investment into literally hundreds of dollars worth of valuable magazine and newspaper space, which can lead directly to thousands of dollars in new business! Here's how it works. I spent a couple of years
editing newspapers and city magazines. From first-hand experience, I know
full-well that magazine and newspaper editors love to receive submissions
and news releases from their readers. Why? Simple; it's not that local
editors and writers are intrinsically lazy --it's just that they're generally
snowed under in If you follow these steps, you'll be on your way to creating enhanced visibility for your company --which will lead to more and better sales opportunities --for a very modest out-of-pocket cost! 1/PREPARE A MAILING LIST.
I recommend that you send news releases and 2/PREPARE A LIST OF POSSIBLE TOPICS. Everything you do is news. Here are some suggestions for releases: .You join a professional organization. .You attend a regional or national convention or trade show .You extend your office hours .You are now open on Saturdays .You are producing a new product for a local client .You hired a new staff person, or just promoted a staff person .You expanded your capabilities .You just opened a new office or studio 3/GET SOME PHOTOGRAPHS TAKEN. You should automatically send a photograph of yourself the first time you send a release to local and regional publications. Even if they don't use it, it'll go in their picture "morgue," and be on file for later use. If you're sending in a release about a new staff person or a promotion, you should also send along a picture of that person or persons. In many other instances, print media editors will respond to your release by calling you and asking for a photo. If at all possible, you should have these ready beforehand. 4/WRITE AND PRODUCE YOUR RELEASE. You don't have to be a great writer to put a news release together. There's a simple format that editors like, and you should follow it. First, use your company letterhead. If you don't have one, type your company name, complete address and phone number(s) in the upper right-hand corner. Next, provide a release date.
Type "FOR IMMEDIATE RELEASE" near the top Next, write the title or headline of the release. Such as "ACME VIDEO NOW OFFERS HOME MOVIE TRANSFERS TO VIDEOTAPE." This should be written in all capital letters (easier for editors to make it into a headline that way by counting letters, and easier for them to quickly determine the contents and/or newsworthiness). Next, of course, write the release itself. Keep it as short as possible; typed double spaced, it should never run longer than two pages. If your first draft runs longer, start editing. You need to cover the basics --WHO, WHAT, WHY, WHEN, WHERE...and HOW. I always try to load the release up with feature-benefit points, though, because some magazines will print virtually every word that you send them; and you must be ready to take advantage of those opportunities. Now most newspapers and magazines will reduce all these wonderful words down to a paragraph of two at best --or a line or two at the worst. But remember --it's FREE advertising. And if you're living in a one-newspaper town, this is probably going to be BIG local news; you might get the whole release printed just as you wrote it along with a picture or two. (Steve Yankee is an independent
copywriter and sales consultant, and
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