By Deborah Sweeney, CEO of MyCorporation.com Ready to start up a restaurant or food truck this summer? Before you begin exploring empty lots and scouring the streets for high foot traffic areas in an attempt to find the perfect location for your new eatery, independently owned and small chain restaurants must look into what type…
Let’s say you own a small bakery that, so far, has only been relatively successful. You’ve also made the decision to use only natural, organic ingredients in making the cakes and pies that you sell, and you donate fifty percent of your profits to breast cancer charities. And now, after being in business for a few years, you want to try and get some investors interested and raise some capital. Normally you would form a corporation, and in doing so you could possibly give up quite a bit of control over how your business operates. After all, your major shareholders may not like the idea of any of the profits going to support charity, or the use of more expensive, natural ingredients.
There are factors you should consider before investing in a patent. The patent covers you in the USA only so if someone in China knocks off your product you have little recourse. Patent suits also cost a lot of money if you are going to sue for infringement.
by Deborah Sweeney, CEO of MyCorporation | Featured Contributor 2012 was not an easy year, but it is almost over and many are looking expectantly towards 2013. Among them are new entrepreneurs who, after riding out one of the most tumultuous economies in recent history, are thinking about starting their own business to ride what,…
Most new businesses don’t start out with of cash – more often than not, budding entrepreneurs will have a bit of seed money and, if they’re lucky, some sort of loan to work with. But as a new business owner, you’ll probably be looking for as many corners to cut as you can. Most people just try and get a working computer and some sort of space to inhabit, promising that they’ll look into all of those other little business bits and bobs when money starts rolling in. The problem is that every second you’re open for business; you’re building up your brand.
It’s easy to get scattered whenever you start writing up a business plan outline. Maybe this is your first crack at it and you aren’t sure which way to begin so you start writing about your business and everything you have to offer. If you’re doing just that so far, then that’s good! Keep that part up! Not a whole lot of people will tell a business plan writer that either, to babble on and on about what their business is and does and aspires to do. I recommend starting off discussing what you do know, rather than struggle your way through the seven steps that is the business plan process trying to put together an answer even if you aren’t sure of it.
It might surprise you to know that your home business may not be covered under your homeowners insurance, either. If you want peace of mind knowing that your home will be safe in the event of a disaster, here are some principles you need to follow for insuring your home business:
Every home business is unique. What’s right for a graphic designer that works from home is probably not right for someone who makes and sells baked goods in his kitchen. You need to look at several factors, including inventory, equipment costs, liability, and business structure in order to choose the right type of insurance coverage for your home business.
Running MyCorporation has been one of the most exciting and fulfilling experiences in my life. I love having my own business, being able to watch it grow and develop – it’s like having a third child, minus the screaming and diapers. My experiences with MyCorp are also why I always encourage anyone with a good idea to take the plunge and become an entrepreneur. Unfortunately it isn’t as easy as saying “All right then!” and filing some paperwork – business ownership brings about plenty of apprehension. My encouragement is typically retorted with a quick “Well, what if I get sued?” or a “But what if I never make it off the ground?” These are serious concerns, but there are ways to help beef up the legal protection around yourself, your family, and your assets.
