Legal Structures for Small Business

This is a personal choice and should be researched in-depth before a decision is made.

Sole Proprietorship -Using your legal name. In some cases you can choose a business name and file a DBA or Doing Business As. You are personally responsible for the liabilities of the business

LLC (Limited Liability Company) -Your personal assets are protected. It is basically a mix of a corporation and sole proprietorship.  Your business income is filed along with your personal. When taxes are filed, include a Schedule C

Corporation– Dictionary.com describes a corporation as an association of individuals, created by law or  under authority  of law, having a continuous existence independent of the existences of its members, and powers and liabilities distinct from those of its members.

In my opinion, a sole proprietorship or LLC is easiest for a small business. Before making a decision, weigh the pros and cons of each entity. Also consult and advisor, mentor, lawyer and/or accountant to find out which structure may be best for you.

Accounting  http://www.yoursimplebookkeeper.com/

Legal http://www.legalzoom.com/

Mentor http://www.score.org/

Top 6 Ways to Educate Yourself

I have not made many recent updates to my blog. School is in session again and I loaded with homework daily. Education is an important part of becoming an entrepreneur. I understand formal education is not for everyone, but please make an attempt.

1. http://www.score.org-They provide great information for entrepreneurs.
2. Online education-Life is hectic with work and family, but many community colleges and 4 year universities now offer online courses.
3. Read! Educate yourself. Whatever business you want to start, read everything and anything you can find out the subject.
4. Search the internet Bookmark sites that provide information on your industry
5. Trade magazine-There is a trade magazine for every industry.
6. NETWORK!-Network with women in the same industry. Find a knowledgeable mentor.

As an entrepreneur, being aware of your industry is crucial. Educate yourself,then sell yourself.

Your Business Plan

You have an idea. Now what? You need a business plan. Your business plan is your dream, idea, plan, product or service on paper. Not all business owners have them, but to be a success your vision should be in print. If you are looking for funding from a financial institution, a business plan is a must. The lender will need to know if concept is valuable and profitable. There is no standard content for a plan, however there are a few topics the plan should cover.

*Executive Summary–The basics. What is your vision?
*Company Summary–A detailed description of the company. Include a short history of your industry
*Business Description–What do you offer? What makes your idea stand out?
*Market Analysis-This is your market size, how the business will grow, your profits and more
*Strategy and Implementation-How will you make money with your product or service?
*Management Summary-Who are you? What is your background
*Financial Plan-Your budget and financial statements.

I know this seems like a lot, but the internet has an abundance of beneficial information. Sites such as http://www.score.org offer business plan templates for several business types in PDF, Word and Excel versions. Bookmark SCORE.org. SCORE offers free online and in-person advice to entrepreneurs.

A business plan takes time, but this is essential for your business even if you are not seeking financial help.

The reason most people never reach their goals is that they don’t define them, or ever seriously consider them as believable or achievable. Winners can tell you where they are going, what they plan to do along the way, and who will be sharing the adventure with them.
–Denis Watley