Discovering Your Inner Samurai Blog

8 Steps to Establishing Your Home-Based Business Identity

Whether you're a freelancer, small business owner, or budding entrepreneurial women, here are the 8 essential steps you'll want to take when starting up your business.

1. Chose your business name and create a tag line. One of the videos in our Turn Your Business Dream Into Reality Series, "Five Characteristics of Great Business Names" will show you how to pick a great name for your business.


2. Make sure you have a business address and phone number just for your business. Avoid using your home address and telephone number.


3. Get an employer ID number (EIN) with the IRS.


4. Open a business checking account. Keep your business expenses and income separate from your personal checking account.


5. Create a logo for your home-based business. Shop around on-line for low-cost design options. Low-cost. Not cheap. Unless you're a graphic designer, don't create your own logo.


6. Order your business cards. Again, shop around for low-coast options. Unless you have a laser printer that can handle heavier card stock, don't print them yourself.


7. Order your business stationery. Often you'll be able to get this done at the same place as your business cards. Ask about a business start-up package deal.


8. Put up your business website. It doesn't need to be flashy or costly. It does, however, need to look professional.

Easy. Breezy. Business made easy.

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

10 Most Common Home-Based Business Start-up Expenses Women Need to Know About

So, you've just made the decision to start up a business.

Congratulations!

No matter what type of business you’re starting, these are the most common start-up business expenses that home-based businesses need to calculate:

   1. Equipment – Every start-up has some equipment needs. Make sure you calculate these for up to five years.

   2. Space – Whether you use your home or an office, you need business space. Even if you have a home office, be sure to factor in an increase in phone, Internet, and utility bills.

   3. Marketing – Be sure to include additional cell phone time, business cards, advertising, flyers, printer ink, web hosting, and paper.

   4. Networking – Make sure you factor in the cost of joining and attending local and regional networking events for the next five years.

   5. Transportation – Will there be a change in your traveling needs? More gas, less gas? New vehicle?

   6. Filing fees – Will your business be a DBA, LLC, NPO, or Corporation? Does your new business require local, state, or national licenses? Regardless, you'll have filing fees.

   7. Banking – You'll need to have a business account at a bank if you want to accept checks and credit card payments under your business name. Don't run your new business through your personal account.

   8. Credit Card Processing – Merchant accounts, using PayPal, and even credit card swipe machines all cost money.

   9. Continuing Education – What classes, training, and books do you need over the next five years to make you and your business successful?

  10. Professional Services – You'll need a CPA to get your books set up properly, an attorney to draft your contracts, and a business coach to help see you through the start-up process. Don't skimp here.

Take the time now to calculate these expenses in order to ensure you'll have enough money to start-up and sustain your business this year and beyond.

Susan L. Reid
Inner Samurai Business Expert

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

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

 

Seek Out the Unusual and Fantastic

Last night I was having trouble falling asleep, so I went in search of a good book to read. As I was thumbing through some possibilities, I came across an oldie and goodie Sherlock Holmes story - The Adventure of the Speckled Band - by Sir Arthur Conan Doyle.

I hadn't read this book in ages! So it was with great anticipation that I opened the pages, preparing to settle in for a good read... and hopefully to fall asleep.

Right from the start, I was galvanized awake:

On glancing over my notes of the seventy odd cases in which I have during the last eight years studied the methods of my friend Sherlock Holmes, I find many tragic, some comic, a large number merely strange, but none commonplace; for, working as he did rather for the love of his art than for the acquirement of wealth, he refused to associate himself with any investigation which did not tend towards the unusual, and even the fantastic.

Holmes actively sought out the unusual, even the fantastic and unusual cases that other investigators did not want. And he did it all for the love of his art. Now that's a hot business strategy that more entrepreneurial women, including myself, need to adopt!

This week's hot business strategy is to seek out fantastic and unusual clients, offering them unusual and original products or services that provide solutions for their yet unsolved and most vexing problems. Now that's niche marketing at its best!

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

8 Essential Steps to Establishing Your Home-Based Business Identity

Whether you're a freelancer, small business owner, or budding entrepreneurial women, here are the essential steps you'll want to take when starting up your business. These eight business made easy steps will help you establish your identity as a business.

1. Chose your business name and create a tag line. One of the videos in our Turn Your Business Dream Into Reality Series, "Five Characteristics of Great Business Names" will show you how to pick a great name for your business.


2. Make sure you have a business address and phone number just for your business. Avoid using your home address and telephone number.


3. Get an employer ID number (EIN) with the IRS.


4. Open a business checking account. Keep your business expenses and income separate from your personal checking account.


5. Create a logo for your home-based business. Shop around on-line for low-cost design options. Low-cost. Not cheap. Unless you're a graphic designer, don't create your own logo.


6. Order your business cards. Again, shop around for low-coast options. Unless you have a laser printer that can handle heavier card stock, don't print them yourself.


7. Order your business stationery. Often you'll be able to get this done at the same place as your business cards. Ask about a business start-up package deal.


8. Put up your business website. It doesn't need to be flashy or costly. It does, however, need to look professional.
   

Easy. Breezy. Business made easy.

Susan L. Reid
Inner Samurai Business Expert

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