Small Business Ownership

The number of reasons that lead individuals to open their own business is probably only exceeded by the number of questions they have regarding the best way to go about successfully doing so. Having these questions, however, is an indication that you as a prospective business owner are open to exploring all of your options and making the potentially tough decisions which may be required to make your business thrive.

 

Is Business Ownership for You?

Not every individual has what it takes to be a business owner. Some people are just better suited to work as employees, functioning better when somebody else outlines their daily tasks and tells them what to do. However, for the independent business minded individual there are five traits that often are found - these include self-motivation, confidence to make decisions, strong organizational skills, a strong work ethic and undying determination.

Pros and Cons of Franchising?

When deciding upon the small business opportunity that is best suited to you, choosing to open a franchise is an attractive option for many. Pluses of using a franchise as the basis for your business includes having an established business plan from the get-go, built-in name recognition as well as on-going market research. On the downside, business startup costs and the cost of ongoing operations may be higher due to franchise fees and some franchise owners do not feel a complete sense of freedom as they may be bound by corporate rules or regulations.

Best Business Credit Cards?

Whether it is at startup time or with continued operations, a business credit card is as much a necessity as phone service these days for the small business owner. Besides the spending limit, when shopping for a business credit card other important points to keep in mind include the ability to set spending limit for individual employees on the account, provide automated record keeping and reporting tools, and finally, considerations for any extra benefits like extended warrantees on products purchased with the card or even cash back in some cases.

How to Organize the Business?

There are a few choices for a business organization from a legal perspective and how you decide to organize depends upon the needs of your business and how you plant to operate. Business organization options include at a minimum a DBA, LLC or a full fledged corporation. The tax and liability considerations are significantly different with each so care should be taken to organize in a manner that provides sufficient protection and yet does not burden the business owner with unnecessary overhead.

How to Effectively Advertise?

With the continued growth of the web, any business; whether it is strictly a business with a storefront or an online business, needs to take advantage of both online and offline mediums in order to get the attention of potential customers. More and more people everyday are skipping over the hardcopy yellow pages and opting to use their favorite search engine to find what they’re looking for, even for local services. However, just because researching and shopping using the internet is becoming more and more popular, this doesn’t mean that you should skip offline advertising, or advertising that you do in your local area. A hybrid approach combining the two forms of advertising will be most effective for just about all businesses.