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Friday, November 20, 2009
Q: I’m an entrepreneur who provides online marketing services to small businesses. My plan is to take this to the next level and target large corporations. How do I reach major players like Trump and Disney?
A: The challenge is to figure out how to get ahead of the throngs of others trying to do business with the likes of Trump and Disney.
If you don’t have contacts that can get you inside, you’ll need to get in front of a few underlings and work your way up the ladder to key decision makers. This approach means learning everything you ...
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Friday, November 20, 2009
Q: My husband I are choosing a location for our new business. What are some sources for demographic information that can help us?
A: First, specifically define your target customer. This will include age, family size, income and other demographic information.
Once you have a customer profile, go to the U.S. Census fact finder Web site at http://factfinder.census.gov.
There you can put in various parameters like ZIP codes to get general census data for income, family size, age and other information. Use this to identify general geographical areas that fit your customer profile.
Drive around the areas to see ...
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Friday, November 13, 2009
Q: I get good marketing results for my brick-and-mortar business, but how can I drive business to my Web site?
A: Marketing your Web site isn’t much different than marketing your brick-and-mortar business. It’s about motivating customers to visit the Web site.
While driving people to your Web site is key, you have to give them a reason to shop and buy once they are there. So, before you spend time and money figuring out how to drive people to the site, make sure you have a site that creates buying motivation. Take a look at your competitors for ideas ...
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Thursday, November 12, 2009
Q: I need to create a business plan. Where can I find help to get it done?
A: Looking at actual business plans is a good way to understand what you need.
You can find sample plans online at these sites: www.bplans.com www.morebusiness.com www.bulletproofbizplans.com www.sba.gov/smallbusinessplanner/plan/index.html
You’ll discover that a plan can run from 10 or 12 pages for a general business overview to 50 pages or more for a full-blown business plan.
Once you decide how extensive you need your plan to be, you can decide what kind of plan to pursue. You might need a simple plan with a ...
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Friday, November 06, 2009
Q: I formed an LLC and need to know how much it can pay for my mortgage, electricity, and other personal expenses. I would rather the LLC write a check for these rather than pay me a salary.
A: It is a bad business practice to pay any of your personal bills out of your LLC business account. Even by doing so, you will still have to declare those amounts as income.
No matter how the LLC distributes money to you (such as paying your personal expenses), it's going to be considered earnings. And the only deductions the business can ...
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Thursday, November 05, 2009
Q: Some time ago I received a survey from the Department of Labor. I didn't complete the survey and am now getting calls almost weekly wanting the survey information. Am I obligated to participate in this program?
A: There are two types of government surveys, mandatory and voluntary.
For mandatory surveys, you're required to provide the information, and a government agency has the ability to assess penalties if you don't comply.
If you still have the survey, it will indicate whether it is mandatory or voluntary. If you don't have the survey, ask the person calling whether it is mandatory ...
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Friday, October 30, 2009
Q: I have a real estate-related business and want to offer referral fees to professionals for sending me business. I want to create a disclaimer stating that they will not receive referral fees until the final financial transactions are completed. What is the best way to do this, and should I promote it on my marketing materials?
A: You don’t need a formal disclaimer. And you shouldn’t publish specific information about your referral program in your marketing collateral.
Licensed real estate professionals should check their state regulations before making any type of referral payments. But if you’re not a licensed ...
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Wednesday, October 28, 2009
Q: We want to rent out our vacation property to generate additional income. How do we find a management company to handle everything for us?
A: If your property is located in a destination resort community, check with your property management firm or your homeowners’ association to find out if the management firm has a rental program.
If there is no on-site rental management program, and you are in a resort area, check for property management agencies in the area. Full-service agencies take care of everything, including marketing the property, collecting rental fees, cleaning and maintenance. For their services, they ...
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Friday, October 23, 2009
Q: Is it necessary for me to have a separate bank account for my business? If so, what is the process for setting up a business checking account?
A: If your business is a legal entity, such as an LLC or a corporation, or if you operate the business under DBA (doing business as) name, it's absolutely necessary to have a separate business checking account.
If you operate as a sole proprietorship under your own name, a separate business account isn't required. But, it is a good business practice.
The process for opening an account depends on the legal structure ...
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Wednesday, October 21, 2009
Q: I'm a single-member LLC. Am I eligible to establish a health reimbursement account (HRA)?
A:Eligibility for the NASE HRA 105 program isn't determined by your being a limited liability corporation (LLC). The determination is based on which tax structure the LLC chooses.
As a single-member LLC, you're automatically considered a sole proprietor unless you elect to be recognized as a corporation. If you elect to be taxed as a sole proprietor filing a Schedule C, then you must be married and hire your spouse as an employee to qualify for the HRA. If the LLC elects to be taxed ...