Discovering Your Inner Samurai Blog

10 Things to Do in Your First Year of Business to Ensure Success

  This question came in from one of our readers. It's a great question for new business owners with their eye on the prize. If you have a small business question that you'd like for me to answer, let me know.

Q: What is the most important thing to do in your first year of starting up your business to ensure its success?

A: Congratulations on starting up your business! And even more so for looking beyond your start-up and asking the question that will lead to your success. Here are my suggestions:

1.    If you haven't created your business plan, do it now.

2.    Don't let yourself get sidetracked from your business plan. There will be lots of distractions that will make it seem like deviating from your business plan is a good idea. Don't be seduced. Work the plan.

3.    Keep the big picture in mind. If unemployment is at 10%, that means that 90% of the market is gainfully employed and spending money.

4.    Remember that everything cycles. Keep moving forward.

5.    Make sure you differentiate yourself in the market. Create an apples and oranges comparison and convey the contrast to your market.

6.    Stick with your core values. Remember why you are in business and what values are important you.

7.    Be transparent and honest in your dealings with people. During your first year, honesty will matter. Being a good person will matter. Being authentic will matter. Integrity earns trust.

8.    Master social networking to create inbound marketing.

9.    Keep things simple your first year. Don't over-complicate solutions, make situations more complex than they are, or react when you have the power to respond.

10.    Unplug from your business one day a week. I know. I know. There will be lots to do your first year. Your tendency will be to do whatever it takes to get things done. In addition to working long and hard, though, your business also needs you to refresh and renew yourself. Schedule one day a week off and stick to it.

Let me know if this was helpful, or if there is anything more you'd add. If you have a small business question that you'd like for me to answer, let me know.

Susan L. Reid
Inner Samurai Business Expert

Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success

For Crying Out Loud - Take a Vacation

It's September 19, 2011.

If you're a woman entrepreneur who's been busy starting up your business this summer, you probably haven't even thought about taking a vacation.

Perhaps that's because you've probably heard the following: The first year is going to be intense; you'll need to work 24/7 to get your business up and running; then you’ll have to work even harder to show a profit.

Why, then, do so many women entrepreneurs, having gone through the blood, sweat, and tears of starting up a business, end up packing it in, in less than two years?

Because the one thing no one tells you when starting up a business is this: If you don't want to end up becoming a small business start-up fatality, then during your first year, you must do one very important thing—take a vacation.

3 Reasons Why Not Taking a Vacation Could Spell Disaster for Your New Business

1. The Law of Attraction states that that which is like unto itself is drawn.

If you've been driving hard toward starting up your business, you're tired and stressed. From an energetic perspective, continuing to push yourself only attracts more strenuous energy. This, in turn, creates more exhaustion, emotional strain, and physical depletion.

Instead of pushing forward, create the opposite energy by going on vacation.

Vacation energy is light and breezy. While on vacation, you'll be attracting buoyant, happy, and joyous energy that will stay with you when you get back to business.

2. Your brain needs to be stimulated.

Tunnel vision sets in the farther along you are in the start-up process making you feel as if everything takes more effort than it used to.This is why vacations are necessary.

New activities keep your brain cells stimulated. New places, faces, and learning help stimulate the mind and energize the body. With new sights come new insights and fresh ideas. "A-ha" moments come more quickly when you remove yourself from the daily grind of starting up your business.

3. Your relationships will suffer.

Starting up your business can be a lonely ordeal. Often, it's just you, alone in a room, working on your business from dawn to dusk. Don't make the mistake, however, of thinking you're the only one going it alone. Your family and friends are bearing the dual burden of both supporting you in your venture and coping with an absentee wife, mother, sister, or friend.

Spending time with loved ones is the heart and soul of every woman entrepreneur. Therefore, go on vacation and enjoy life with the people you love the most. Doing so will keep these vital relationships strong, while storing up good times you can remember when the going gets tough in your business.

Don't make the mistake of dragging yourself through an entire year of start-up stress, only to discover that, once you've launched your business, you're either too tired to go on vacation or too busy with the next phase of your business to plan one.

Instead, go to your calendar and block out a vacation now! Your family, your friends—and your business—will thank you for it.

 

Susan L. Reid
Inner Samurai Business Expert

Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success

What Forms Do I Need to Start Up My Business?

Today . . . I am thinking about this question that came in from one of our readers.

If you have a small business question that you'd like for me to answer, let me know.

Q: "Susan, I'm at the beginning stage of starting up my business and am so confused about what forms I need to start up. Can you help me?

A: Congratulations on taking the plunge and starting up your business! And yes, it can be quite challenging trying figuring out what forms you need to start up. Although each state and county will have their own forms that you'll need to fill out, here is a list of the 12 most common forms needed:

1.Certificate Of Occupancy: If you are planning on occupying a building, you may have to apply to get this from your local city or county zoning department, especially if the building is new or you will conduct substantial improvements to the premises.

2. Business License:  Many states require licensing of a host of businesses. Sometimes the license needs be gotten from the state, and sometimes it needs be gotten from the city or county. Most home-based businesses do not ordinarily need a license.

3. Business Entity: Corporation, S Corporation, LLC, Sole Proprietorship, etc. The choice of entity determines the amount of liability protection, paperwork hassle, and tax planning your business will require.

4. Fictitious Business Name: If you use a name for your business or sole-proprietorship other than that of your own name, you must generally register the fictitious name with the county your business will be located within.

5. Trade Name and Trade Mark protection: If you want to protect your trade name and any special trade marks that you want developed to brand your business, you will have to file a “Registration of Trademark of Service Mark” with the U.S. Department of Commerce.

6. Copyrights and Patents: If you have developed some special invention or have some written material that you don’t want people to copy, you'll need to file for a patent for an invention or copyright for written materials.

7. Business Insurance: All businesses have some form of business insurance to cover them for theft of business equipment and for liability problems. Most homeowner policies exempt business equipment from their coverage. Check with your property and casualty agent.

8. Sales Tax Number: In many states, you may be required to collect and remit sales tax. Thus, you should get a sales tax number in the states that you will be conducting business.

9. Unemployment Insurance: If you have any employees or if you incorporate (you will be the employee), you will have to pay both federal and state unemployment insurance. Contact your state unemployment insurance office for the forms and instructions.

10. Immigration Act: If you have employees, you will have to verify employment eligibility of these employees or you can be hit with a sizable penalty. You will have to file form I-9 for each new employee, other than for yourself or your immediate family if they are US citizens.

11. Workers’ Compensation: If your business employees three or more people, this Workers’ Compensation Insurance must be carried to cover injured employees.

12. Form W-4 For Each Employee: Each employee must fill out IRS form W-4 for withholding and for claiming exemptions. If these change, it must be filed out for each year of the change.

Let me know how this goes for you.

 

Do you have any other suggestions? If so, leave a comment and let us know. And, if you have a small business question that you'd like for me to answer, let me know.

Susan L. Reid
Inner Samurai Business Expert

Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success

Business Made Easy with The One Page Business Plan

Having a business plan is a strategic and financial asset. Not only does a business plan strategically guide your business, it is also invaluable for obtaining financial support and backing.

The only problem is . . . the traditional business plans are a long, arduous, and sometimes costly process filled with hours of crunching numbers, lots of grinding teeth, and struggle.

Since using the One Page Business Plan books with my clients, I've had nothing but rave reviews. They love the ease, the simplicity, and how quickly they can get their business plan done -- usually in six weeks time. Hats off to forward thinker Jim Horan, for making business planning a breeze.

If you are a in your first year of business and are interested in creating a business plan, here's how you can get started.

Susan L. Reid
Inner Samurai Business Expert

Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success

Video - How to Create a Great Business Name for Your Business

Is this your first year in business? Want to get your new small business off to a great start? Then make it great by creating a fabulous name for your business.

Welcome to the Turn Your Business Dreams into Reality Video series. In this 4-minute video you'll learn exactly what goes into creating a great business name and also what popular trends to avoid.

What Forms Are Needed When Starting Up a Business?

Today . . . I am thinking about this question that came in from one of our readers.

If you have a small business question that you'd like for me to answer, let me know.

Q: "Susan, I'm at the beginning stage of starting up my business and am so confused about what forms I need to start up. Can you help me?

A: Congratulations on taking the plunge and starting up your business! And yes, it can be quite challenging trying figuring out what forms you need to start up. Although each state and county will have their own forms that you'll need to fill out, here is a list of the 12 most common forms needed:

1.Certificate Of Occupancy: If you are planning on occupying a building, you may have to apply to get this from your local city or county zoning department, especially if the building is new or you will conduct substantial improvements to the premises.

2. Business License:  Many states require licensing of a host of businesses. Sometimes the license needs be gotten from the state, and sometimes it needs be gotten from the city or county. Most home-based businesses do not ordinarily need a license.

3. Business Entity: Corporation, S Corporation, LLC, Sole Proprietorship, etc. The choice of entity determines the amount of liability protection, paperwork hassle, and tax planning your business will require.

4. Fictitious Business Name: If you use a name for your business or sole-proprietorship other than that of your own name, you must generally register the fictitious name with the county your business will be located within.

5. Trade Name and Trade Mark protection: If you want to protect your trade name and any special trade marks that you want developed to brand your business, you will have to file a “Registration of Trademark of Service Mark” with the U.S. Department of Commerce.

6. Copyrights and Patents: If you have developed some special invention or have some written material that you don’t want people to copy, you'll need to file for a patent for an invention or copyright for written materials.

7. Business Insurance: All businesses have some form of business insurance to cover them for theft of business equipment and for liability problems. Most homeowner policies exempt business equipment from their coverage. Check with your property and casualty agent.

8. Sales Tax Number: In many states, you may be required to collect and remit sales tax. Thus, you should get a sales tax number in the states that you will be conducting business.

9. Unemployment Insurance: If you have any employees or if you incorporate (you will be the employee), you will have to pay both federal and state unemployment insurance. Contact your state unemployment insurance office for the forms and instructions.

10. Immigration Act: If you have employees, you will have to verify employment eligibility of these employees or you can be hit with a sizable penalty. You will have to file form I-9 for each new employee, other than for yourself or your immediate family if they are US citizens.

11. Workers’ Compensation: If your business employees three or more people, this Workers’ Compensation Insurance must be carried to cover injured employees.

12. Form W-4 For Each Employee: Each employee must fill out IRS form W-4 for withholding and for claiming exemptions. If these change, it must be filed out for each year of the change.

Let me know how this goes for you.

 

Do you have any other suggestions? If so, leave a comment and let us know. And, if you have a small business question that you'd like for me to answer, let me know.

Susan L. Reid
Inner Samurai Business Expert

Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success

How Do I Accelerate Revenue Generation from Zero?

Today . . . I am thinking about this question that came in from one of our readers about how to accelerate revenue generation.

If you have a small business question that you'd like for me to answer, let me know.

Q: Susan, how do I accelerate revenue generation from zero?

A: The short of the answer is this: Accelerating revenue requires that you stimulate demand for your product while you facilitate the purchase of your product. 

The goal to accelerating revenue is to eliminate any barriers to purchasing that the customer may have. At the same time, being ready to respond with whatever information or motivation is necessary to encourage the customer to take the next step in the buying process.

To accelerate revenue you've got to be willing to put in a lot of time and effort to make things happen. And, you've got to be at the right place at the right time.

The first step in being at the right place at the right time is to make yourself and product accessible through the many free marketing tools in popular use today. Here is just a short list to get your thinking:

• Website SEO
• Public relations
• Blogging
• Social marketing
• Virial video
• Newsletters
• Interactive demonstrations

The point is to make your content and product ready and waiting to be served up, on demand, when needed. 

Was that helpful?

Do you have any other suggestions? If so, leave a comment and let us know. And, if you have a small business question that you'd like for me to answer, let me know.

Susan L. Reid

Inner Samurai Business Expert

Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success

Business Made Easy - How to Create a Great Business Name for Your Business

Is this your first year in business? Want to get your new small business off to a great start? Then make it great by creating a fabulous name for your business.

Welcome to the Turn Your Business Dreams into Reality Video series. In this 4-minute video you'll learn exactly what goes into creating a great business name and also what popular trends to avoid.

How to Write a Great Mission Statement Video

Wanna know how to write a great mission statement for your business? Here's how.

Business made easy, quick - it's only 5-minutes, and informative - "how-to" Inner Samurai business video on mission statements.

Now, go get it done!

Turn Your Business Dreams Into Reality Toolkit

Attention: Spiritually Conscious Women Business Owners

"If you're finally ready for that Aha! moment that will transform your business from simply doing what other people expect to a life of success and happiness, this 3-step toolkit is what you've been looking for!"

This Turn Your Business Dreams in Reality Toolkit delivers a powerful one-two punch of both energetic and practical answers that make owning the business you really dream of not just possible, but inevitable.

First - The "Doing What You Love: Multiple Streams of Passion" report helps to energetically ground you in a business perfectly aligned with your dreams.


Second - The "Turn Your Business Dreams Into Reality Video Toolkit" walks you through the practical steps of:

• Creating the perfect name for your business.
• Crafting a compelling and exciting business statement.
• Building your mission statement with a plan and purpose.
• Clearly define and target your niche market.

Best yet? It's absolutely fr*ee!

Our Turn Your Business Dreams in Reality Toolkit combines both the energetic alignment and practical know-how:

• in language that is easy to comprehend and understand,

• with videos that are fun and entertaining, and

• worksheet templates that are a joy to complete.

All together, you'll have an end result that will leave you energized and excited about the direction of your business.

Get your Turn Your Business Dreams in Reality Toolkit now!

Enjoy!

Susan L. Reid
Inner Samurai Business Expert

Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success

 

Free - Turn Your Business Dreams Into Reality Toolkit

Attention: Spiritually Conscious Women Business Owners

"If you're finally ready for that Aha! moment that will transform your business from simply doing what other people expect to a life of success and happiness, this 3-step toolkit is what you've been looking for!"

This Turn Your Business Dreams in Reality Toolkit delivers a powerful one-two punch of both energetic and practical answers that make owning the business you really dream of not just possible, but inevitable.

First - The "Doing What You Love: Multiple Streams of Passion" report helps to energetically ground you in a business perfectly aligned with your dreams.


Second - The "Turn Your Business Dreams Into Reality Video Toolkit" walks you through the practical steps of:

• Creating the perfect name for your business.
• Crafting a compelling and exciting business statement.
• Building your mission statement with a plan and purpose.
• Clearly define and target your niche market.

Best yet? It's absolutely fr*ee!

Our Turn Your Business Dreams in Reality Toolkit combines both the energetic alignment and practical know-how:

• in language that is easy to comprehend and understand,

• with videos that are fun and entertaining, and

• worksheet templates that are a joy to complete.

All together, you'll have an end result that will leave you energized and excited about the direction of your business.

Get your Turn Your Business Dreams in Reality Toolkit now!

Enjoy!

Susan L. Reid
Inner Samurai Business Expert

Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success

 

Which Business Entity is Best for You?

Today . . . I am thinking about this question that came in from one of our readers. She is just starting up her business and wants to know what the different business entities are and how to decide what business entity is best for her.

If you have a small business question that you'd like for me to answer, let me know.

Q: "How do I decide which business entity is best for me?"

A: This is a great question and very important consideration for both small business owners just starting up and those wishing to expand.

Here is a brief overview of the seven main business entities available in the U.S.:

1. Sole Proprietorships

These are the simplest and consist of one person who has total control, liability, and rights to sign contracts. No state registration or other formalities are needed.

2. Partnerships with General Partners

These consist of two or more persons equally co-owning a business for profit. Partnerships with general partners can be created without a written agreement. However, it is best to have a written agreement regarding what each partner is responsible for.

3. General Partnerships with Limited Partners

These are formed by two or more persons when the partnership has one or more general partners (someone active in the business and liable for it) and one or more limited partners (an investor who is not involved with the day-to-day management of the business and not liable for more than his or her investment in the partnership).

4. Limited Liability Partnerships (LLPs)

These are formed by two or more persons who file a statement of registration with the state. LLPs provide liability protection for both the general and the limited partners. It is best for LLPs to have a partnership agreement.

5. Limited Liability Companies (LLCs)

These are formed by one or more persons filing articles of organization with the state. LLCs have few required legal formalities. LLCs should have an operating agreement.

6. C Corporations

These are formed by one or more persons and have articles of incorporation filed with the state. They also have bylaws and corporate minutes and may also have a shareholder's agreement.

7. S Corporations

These are formed by one or more persons who want to be organized like a C Corporation but taxed as an S Corporation, such as a partnership with a shareholder liable for entity income and losses and the corporation not liable for taxes.

When determining what's best for you and your business, consider the following:

• How easy or complicated do you want the set-up to be?
• Do you need liability protection?
• Do you to have outside equity investors?
• Do you want your business to be taxed on the individual or business level?
• Will you have stockholders?
• Are there numerous or just a few owners?

For example:

• Sole Proprietorships are easy to create and manage. They have no liability protection to their owners and cannot have outside equity investors, but they can take out loans. They are taxed at the individual level.
• Limited Partners and LLPs provide personal liability protection. They also allow equity investors. They are taxed at the individual level.
• C Corporations are best for entities with numerous owners and public investors. Taxes are paid at the entity level and on shareholder dividends.

That's it!

Do you have any other suggestions? If so, leave a comment and let us know. And, if you have a small business question that you'd like for me to answer, let me know.

Susan L. Reid
Inner Samurai Business Expert

Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success

The Zen of the One Page Business Plan

Having a business plan is a strategic and financial asset. Not only does a business plan strategically guide your business, it is also invaluable for obtaining financial support and backing.

The only problem is . . . the traditional business plans are a long, arduous, and sometimes costly process filled with hours of crunching numbers, lots of grinding teeth, and struggle.

Since using the One Page Business Plan books with my clients, I've had nothing but rave reviews. They love the ease, the simplicity, and how quickly they can get their business plan done -- usually in six weeks time. Hats off to forward thinker Jim Horan, for making business planning a breeze.

If you are a in your first year of business and are interested in creating a business plan, here's how you can get started. 

Susan L. Reid
Inner Samurai Business Expert

Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success

10 Things to do in Your First Year of Business to Ensure Success

This question came in from one of our readers. It's a great question for new business owners with their eye on the prize. If you have a small business question that you'd like for me to answer, let me know.

Q: What is the most important thing to do in your first year of starting up your business to ensure its success?

A: Congratulations on starting up your business! And even more so for looking beyond your start-up and asking the question that will lead to your success. Here are my suggestions:

1.    If you haven't created your business plan, do it now.

2.    Don't let yourself get sidetracked from your business plan. There will be lots of distractions that will make it seem like deviating from your business plan is a good idea. Don't be seduced. Work the plan.

3.    Keep the big picture in mind. If unemployment is at 10%, that means that 90% of the market is gainfully employed and spending money.

4.    Remember that everything cycles. Keep moving forward.

5.    Make sure you differentiate yourself in the market. Create an apples and oranges comparison and convey the contrast to your market.

6.    Stick with your core values. Remember why you are in business and what values are important you.

7.    Be transparent and honest in your dealings with people. During your first year, honesty will matter. Being a good person will matter. Being authentic will matter. Integrity earns trust.

8.    Master social networking to create inbound marketing.

9.    Keep things simple your first year. Don't over-complicate solutions, make situations more complex than they are, or react when you have the power to respond.

10.    Unplug from your business one day a week. I know. I know. There will be lots to do your first year. Your tendency will be to do whatever it takes to get things done. In addition to working long and hard, though, your business also needs you to refresh and renew yourself. Schedule one day a week off and stick to it.

Let me know if this was helpful, or if there is anything more you'd add. If you have a small business question that you'd like for me to answer, let me know.

Susan L. Reid
Inner Samurai Business Expert

Award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success

How to Create a Great Business Name for Your Business

Is this your first year in business? Want to get your new small business off to a great start? Then make it great by creating a fabulous name for your business.

Welcome to the Turn Your Business Dreams into Reality Video series. In this 4-minute video you'll learn exactly what goes into creating a great business name and also what popular trends to avoid.