Posted by Roz on March 1st, 2008
Getting an employer identification number is quite easy. The application can be completed online (irs.gov/businesses). An employer identification number will be given immediately after you’ve accurately completed the form.
Here are a few things to watch for:
- To use the form you need the following: web browser encryption, sessions cookies enabled, and java script enabled.
- Don’t use any types of punctuation such as a period or comma in your application (with the exceptions of hyphens and ampersands). The form won’t be accepted and you’ll have to go back in and delete the punctuation. (No biggie, just a time waster).
- Next, when given the opportunity, print out a copy of the form. That’s the only chance you’ll get to print the form.
- Finally, write down the number and print out the form. You’ll need it when you go to open your bank account. The IRS may not send you any documents containing the number for several weeks. You’ll need to open your bank account soon than that especially if you plan on being in business within thirty (30) days or less.
That’s all there is to it. You should have your number in less than ten minutes.
Posted by Roz on February 28th, 2008
I don’t know about you, but there came a point in my life where I wanted to work for myself. I was making my bosses rich (my last job was in management at Wal-mart, so I guess I should say richer) and I was fed up. I wanted to have something of my own. So that’s what I did; I quit my job and started my own consulting company, which led to my law firm, and now back to a consulting company. What’s stopping you from doing the same? Here are 5 quick tips to help you quit your job and get you started on the road to entrepreneurship:
- Make preparations for your exodus: If you’re in debt, eliminate it or pay it way down; save up at least six months worth of living expenses; and find sources of passive income (real estate, create an information product and sell online, or find a strong affiliate product to market);
- Start planning your business: Begin by drafting your business plan and go ahead and approach your investors and bankers to get your small business funding set up;
- Start your business on the side: If there’s anyway possible, do a soft launch of your business a few months prior to your official launch.
- If your business is a brick and mortar, find your location. Location is everything and it’s not always easy to find. Once you find it, lock it in.
- Know who you are. This may sound strange, but many people don’t know who they are outside of the job or their title. I know because I was one of those people. When I left my law practice to start my consulting and online marketing companies, I was lost to the point of virtually being depressed. Everyone’s going to think you’re crazy for leaving that “good job” and after a month or so you’ll agree with them if you’re not sure who you are separate from your title. Before you quit, do some soul searching, take a personality assessment, and read plenty of self-help books.
Making the decision to quit your job shouldn’t be taken lightly. But once you’re prepared to do it, you’ll make a much smoother transition into being an entrepreneur.
Technorati Tags: quit your job, start a business, how to start a business, small business
Posted by Roz on February 23rd, 2008
Once you have selected a name for your business, you will want to protect that name. The first way to do this is by reserving it with your state’s Secretary of State. (You can find out exactly where to file in your individual state here.) If you’re not yet ready to officially start the business, you can reserve the name then transfer it once you are ready.
If your name is unique, you may want to also trademark it. A state trademark may be fine if you only do business locally, but if you conduct business in multiple states (including online), you should consider a federal trademark. A state trademark application can be obtained through a state government office. Here, in Arkansas, it would be through the Secretary of State’s office. An application for the federal trademark can be obtained through the Patent and Trademark’s office.
Posted by Roz on February 16th, 2008
It’s true that some of the best lessons in life are ones that we know, but have just failed to put into practice on a consistent basis. P.T. Barnum was perhaps one of most profound marketers in American history. He understood the basics for success in business and ultimately in life. Although Barnum wrote his book, The Art of Money Getting, in 1880 the lessons he taught then are still relevant now. Here are a few of his tips:
- Persevere: “When a man is in the right path, he must persevere. I speak of this because there are some persons who are “born tired;” naturally lazy and possessing no self-reliance and no perseverance….Remember the proverb of Solomon: ‘He becometh poor that dealeth with a slack hand; but the hand of the diligent maketh rich.’”
- Avoid Debt: “People ought to be as sensible on the subject of money-getting as on any other subject. Like causes produces like effects. You cannot accumulate a fortune by taking the road that leads to poverty. It needs no prophet to tell us that those who live fully up to their means, without any thought of a reverse in this life, can never attain a pecuniary independence.”
- Whatever you do, do it with all your might:”Many a man acquires a fortune by doing his business thoroughly, while his neighbor remains poor for life, because he only half does it. Ambition, energy, industry, perseverance, are indispensable requisites for success in business.”
- Use the best tools: “Men in engaging employees should be careful to get the best. Understand, you cannot have too good tools to work with, and there is no tool you should be so particular about as living tools. If you get a good one, it is better to keep him, than keep changing.”
- Don’t mistake your vocation: “Unless a man enters upon the vocation intended for him by nature, and best suited to his peculiar genius, he cannot succeed.”
When reading these business lessons it becomes obvious that they are still relevant and still sound advice. In business, we must persevere, avoid debt, give it our all, hire and retain the best employees, and live our purpose.
You can get a complete copy of the The Art of Money Getting
Posted by Roz on January 30th, 2008
With Valentine’s Day just around the corner, I thought I’d offer business owners a few tips on romancing their way to profits.
- Commit to leaving work at the office (even if you have a home office)–You’ll find that when you’re able to completely separate from your business and connect with your spouse you’ll be more productive during work hours. You’ll be free from the guilt that comes with ignoring your spouse.
- Live in the present–Enjoy your spouse for the gift that he/she is. Whatever work doesn’t get done today will still be there waiting for you tomorrow. And if you’ve been neglecting your spouse, bringing a present home won’t hurt either.
- Be spontaneous–Every now and then break the routine. Stop with the Dunkin Donuts “time to make the donuts” routine. Doing something as simple as writing a love note and leaving it where your mate can find it can change your entire day…and night.
- Plan get-away weekends–Every couple should get away at least once per year to reconnect, away from the stress of work and even the joy of their children.
- Make mama happy (whether you’re mama or your spouse is)–As the saying goes, “if mama ain’t happy, nobody’s happy.” A peaceful home will reduce stress and allow the entrepreneur to focus on the business.
When things are good in your marriage your business will improve. The synergy of a healthy marriage partnership creates power–a power that will inevitably be reflected in your business’ bottom line.
Posted by Roz on January 29th, 2008
Now, more than ever, the environment is an important and hot topic. Co-op America defines a green business as one that operates in ways that solve, rather than cause, environmental and social problems. By adopting principles, policies, and practices that improve the quality of life for its customers, employees, communities, and the environment, green companies make a huge difference.
From NBC with its eco-themed, “Green is Universal” week to smaller businesses such as Go Green Hosting to the Philadelphia Eagles NFL franchise, many environmentally conscience companies are doing their part to help the environment by “going green.” Here are just a few tips for your business to get started doing the same:
- Start a recycling program;
- Buy recycled, environmentally friendly business products;
- Adopt company policies designed with the environment in mind;
- Buy or lease hybrid cars;
- Carpool with your co-workers; and
- Opt out of receiving paper catalogs and other junk mail outs.
Check out these 50 ways other companies are taking a stand for green.