Megan Crants is a frequent contributor to the Inc. Plan Blog with both marketing and financial management experience. She has organized fundraising, written press releases, and managed general marketing campaigns. She studies at Johns Hopkins University.
Are you looking for money for your start-up or expanding business? Are you looking for a support system that believes in your company? If so, you may be interested in contacting a venture capital firm to help.
These investors will provide capital to foster growth, product improvement, and/or reorganization of company administration and procedures. In order to start this process, your company must create a business plan indicating future intentions, predicted growth rates, expected income, etc. to show to the investors. From there the venture capitalists will look at the plan and decide whether or not to invest. Your company will get funding, networking opportunities, and experience in exchange for some stock and decision control.
Dr. Romesh Wadhwani, the founder, Chairman and CEO of Symphony Technology Group, is a prime example of the self-made man. His estimated current net worth is $1.9 billion, putting him at #250 on the Forbes 400. He is 65 years old and is married with one child.
Born in India, Wadhwani attended the Indian Institute of Technology in Bombay where he earned a Bachelor’s degree in Electrical Engineering. He then came over to the United States in 1969 with not much more than his dreams and ambitious attitude, and earned his MS and Ph.D. degrees in electrical engineering at Carnegie Mellon.
Inconsistency is one of the most fatal flaws in the business world. Without a solid base of principles on which to build your company, it will be difficult to make the best decisions for the company, marketing efficiently, and develop the general feel of the business.
With unemployment rates rising, it seems preposterous that job openings are widespread and plentiful. The United States government is constantly bombarded with the demand that more jobs be created, yet positions are readily available and just waiting to be filled. Why is this paradox occurring?
Lack of Skill
For one thing, many jobs require a specific skill set that applicants seem to lack. Unskilled jobs can be done by interns and arbitrary individuals from Craigslist, but skilled work takes more training and personal proficiency. According to a ManpowerGroup survey, some of the toughest positions to fill these days include software developer, information technology specialist, sales representative, accounting/finance staff, truck driver, mechanic, nurse, and machine operator/teacher.
Contrary to popular belief, protecting your business does not always require expensive services by a lawyer . Especially in the initial stages of your business start-up, it is important to allocate your cash carefully, and not waste it on unnecessary fees. Luckily, through your own action, research and the use of a corporation service company, you can save your funds for other, more pressing development costs.
Doing Your Own Research
For example, you can safely choose the right legal structure for your business without the use of a lawyer, ie. Corporation, Limited Liability Company, or Partnership. You can reference the Legal Entity blog for more information on choosing the right structure for your specific needs.
Are You Making the Most of Your Brainstorming Sessions?
In the movies, company brainstorming sessions generally consist of suits shouting out ideas at random until someone comes up with the perfect plan. In reality, brainstorming in this fashion seldom leads to sudden, flawless inspiration.
What is the best brainstorming method? One might argue that the aforementioned group problem solving proves most effective, but this method has its drawbacks. Peer pressure and shyness can keep intelligent employees from speaking up. Negative feedback and tension can cause a dysfunctional work environment. The influence of others can stifle creativity and cause novel ideas to be suppressed. Read More→
Credit Card Processing Fees
It is important to consider the many different rates and common fees involved in credit card processing. If a processor offers you one flat rate you should look deeper into the actual contract to make sure that you fully understand what the processor is charging. Make sure that you have clear communication with your merchant account processor about fees and ongoing costs, such as those listed below.
Credit Card Processing
It seems as though every business is accepting credit cards these days and as this monopolizing method of payment continues to rise in popularity, it is natural to wonder if your small business should join the ranks as well. Although the decision may seem easy, it can be a challenging task due to the highly competitive nature of the Credit Card Processing Industry. Therefore, there are several essential factors to consider before making this decision.
“PIC”, “LLC”, “S”…this alphabet soup of legal entity structures can be very confusing to start-up franchises. It is important to understand basic accounting and insurance concepts, however, in order to make an informed judgment about the best legal structure for your particular franchise operation. You should especially focus on legal liability and tax reduction when forming a legal corporate entity. Don’t lose money on frivolous lawsuits or avoidable tax deductions.
Factors such as tax impact and owner liability vary between different legal entity structures for a franchise
Most franchises establish “S” corporations because they are simple and efficient to file as part of the owner’s personal IRS return. With this legal entity structure, gains and losses are then netted against the owner’s personal income from all other sources. This is helpful during the start-up phase of the franchise because some of the early expenses can help reduce your overall tax bill almost instantly.
How to Survive the Transition from Employee to Independent Contractor
So you’ve made the decision to become an independent contractor. If you’re like the millions of other company employees in America making this decision, you’ll probably have a few questions about what to do next because, let’s face it, owning your own business is exhilarating, but it can also be intimidating.
On the one hand, you have flexible hours, no boss, and casual dress. On the other hand, you encounter a whole new realm of responsibilities involving taxes, liabilities, establishing credibility, etc. What can you do to help lift the burden of these accountabilities? Incorporate your business.