September 1, 2014

Small Business News: Law and (Financial) Order

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Running a small business can be a very creative experience but there are plenty of financial, legal and other challenges to consider too. Here are some tips on how to meet those challenges and information that will help you run your business better every day.

Legal

Are your social media efforts heading for legal trouble? The great unstoppable trend of social media will be part of small businesses, including your small business, for the foreseeable future. But what legal hassles are there out there in social media land? Plenty, says Jeffrey Fabian who has cataloged quite a few. 365 Days of Startups

The beginner’s guide to trademarks. The world of business trademarks can be a field of expertise in itself but for the small business entrepreneur, understanding how to handle the basics of establishing a trademark for your business can be critical. The basics of trademarks are an important part of marketing, branding and doing business. Make sure you understand this area thoroughly when creating your business, no matter how small. The Solopreneur Life

Finance

How do we know the economy is getting better? Could it be higher taxes paid by small businesses? In a post entitled? “No One Pays Taxes On Business Not Done,” Mark J. Perry, professor of economics and finance at the Flint campus of the University of Michigan, suggests increased state tax revenues (retail sales, individual income earned, corporate income generated, etc.) may indicate a recovery. Another example of small business leading the way? Carpe Diem

Will your business put you in debt? Your brilliant idea may not make money at first but it will almost certainly cost some money to run. So how do you keep your new venture from disappearing into a sea of red ink along with your personal finances until it begins to turn a profit? Epic Launch

Capital

Going to family and friends for money? You won’t be alone. That’s how many successful businesses got started. But be aware that taking money from family and friends should not involve in acting in a less than business-like fashion. The tips for taking on family and friends as investors are no different and deserve equal consideration. Small Business Loan Blog 

Is your bank small business friendly? Here are five tips for finding one that is. A good relationship with a bank that understands that challenges and issues faced by small businesses can be a powerful ally, and not just in the early stages when your business is in need of capital. Choosing the wrong bank can be a disaster, as many small business owners know, so be sure you choose wisely. Business.Gov 

Marketing

Does your franchise use social media? Using social media for marketing in the franchise industry is nothing new. The efforts to get on to the new trend are huge. But how much freedom do individual small business owners, the franchisees, have in creating this new space for their own restaurants? And how important is it in this new field for individual small business owners to control their own destinies in social media marketing? Financial Post 

Who you hire is a part of your brand. If so, it makes this already tremendously important part of your business even more so. What hiring decisions have you made recently and what are those decisions saying about your company? If your hiring decisions are sending messages to your customers, how can you make sure the people you hire reinforce the impression you want your business to make in the community? Grow Smart Business 

Compliance

A list of federal contacts any small business owner may need. Let’s face it. There are so many federal agencies out there from environmental to financial regulation and all points in between. When your small business runs afoul of even one of them, it helps to have contact information for the various agencies in question. Here’s a list for the inside of the cupboard door, the same place you keep all the aspirin for the inevitable day you’ll have to deal with all this stuff. :) Business.Gov

Developing a records management system. One way to insure compliance and keep track of many other issues within your small business is to implement a records management system. Though this might seem intimidating, especially to the smallest businesses among us, a simple glance at this slide presentation should put your mind at ease. There are certainly some simple steps every business can take, no matter how small, to decrease the chances of error. It’s time to get organized. Do what you can do today. Thomson Elite

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  1. Great resources. Thanks so much for including EpicLaunch.

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