Deborah Sweeney, Author at She Owns It

Why Entrepreneurs Should Form a B Corp in 2018 by @DeborahSweeney

December 1, 2017 by Deborah Sweeney Leave a Comment

by Deborah Sweeney | Featured Contributor

This year, I started a series on my company’s blog where I interviewed proud owners of B Corporations. If you’re not familiar with the entity, B Corps are for-profit companies. They are certified by B Lab and encourage entrepreneurs to give back to business and society. They must also meet standards of social and environmental performance, accountability, and transparency in order to be a part of the B Corp community.

All throughout 2017, these small business owners shared why they believe that B Corps are the future of business. Some said that by being a B Corp, they were helping to inspire the next generation to keep paying it forward and make a difference. Others noted that not everyone runs a business just to make money, but rather to build something that leaves the world in a better place. The growing realization was that it’s impossible to expect everyone else to solve the world’s problems. What matters are our own everyday actions and how entrepreneurs take action to “B the Change.”

Warming up to the idea of forming a B Corp in 2018? Here’s a look at even more benefits this business structure offers entrepreneurs.

The certification process is not meant to be intimidating

Incorporating a business as an LLC or Corporation is a process that requires time, energy, and paperwork. B Corporations operate a bit differently. The B Corp entity is a bit of a hybrid between a standard corporation and nonprofit. Before you can file as one, you must first meet performance requirements that show how you will commit to benefitting the public. Otherwise, the legal structure won’t be able to stay in compliance.

The one thing nobody tells you about this formation? It only takes three steps to become a B Corp.

Meet performance requirement. This means completing the B Impact Assessment with a minimum of 80 out of 200 points required as a passing grade.
Meet legal requirement. This works to legally protect your mission and bake sustainability into the DNA of your company as it grows. There is a process before certification and after — here’s what to expect in the “before” part.
In order to meet the legal certification requirement for your state of incorporation and corporate structure, decide if it’s necessary to adopt a benefit corporation status or amend governing documents.
For legal changes made, communicate with board members and legal counsel about how this shift is useful and if there will be any implications for adopting said changes. If you struggle to answer questions, B Corporation put together a helpful FAQ sheet for investors and directors of potential B Corps to download and review.

After certification, everything becomes more streamlined. Entrepreneurs will need to obtain the board approval of their planned amendment as well as shareholder approval of the board-approved amendment. If a corporation, it is recommended that amended articles are filed with your Secretary of State within one year.

Make it official! You’re almost done — just sign the B Corp Declaration of Interdependence and Term Sheet.

You’re surrounded by a like-minded community

B Corps may be a global force disrupting the industry for social good, but sometimes it can feel like your business is all alone. Where’s your B Corp tribe at, anyway?

If you’re ever curious about the B Corps in your city or state, you can find a B Corp through B Corporation’s search engine tool. There is also a special event called the B Corp Champions Retreat which encourages attendees to come together and meet with those in the B Corp community. Held every year, this getaway celebrates the movement’s growth and success of those that have made significant strides. The retreat also goes global too, hosted by a different city every year from Toronto to Philadelphia.

B Corps attract talented employees

As reported by the 2017 American Express OPEN Small Business Monitor, one of the biggest challenges small business owners faced this year was finding and hiring talent.

Here’s where B Corps get to flex their social good muscle to draw in experienced team members. According to the Harvard Business Review, millennials seek out work that connects to a larger purpose. This same age group makes up 50% of the existing workforce. Enter the certified B Corporation, which is transparent and driven by its mission and values to do good, all of which attracts talent to reach out, connect, and apply for jobs there.

For the business, this gives them talented employees all passionate about the company and for employees it provides an invaluable opportunity to make a difference within their career. It’s a win-win for everyone involved.

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Deborah Sweeney – Legal Expert, CEO, MyCorporation.com – Calabasas, CA

As CEO of MyCorporation Business Services, Inc. (MyCorporation.com), Deborah Sweeney is an advocate for protecting personal and business assets for business owners and entrepreneurs. With her experience in the fields of corporate and intellectual property law, Deborah has evolved from lawyer to business owner. She has extensive experience in the start-up and entrepreneurial industry as she has been involved in the formation of hundreds of thousands of businesses for MyCorporation.com’s customers.

Ms. Sweeney received her JD & MBA degrees from Pepperdine University. She is active in the community and loves working with students and aspiring entrepreneurs. She serves on the Board of Regents at California Lutheran University and is a founding member of Partners of Pepperdine. Deborah has served as an adjunct professor at the University of West Los Angeles and San Fernando School of Law in the areas of corporate and intellectual property law. Ms. Sweeney is also well-recognized for her written work online as a contributing writer with top business and entrepreneurial blogging sites. She is a regular contributor on Forbes, American Express, Social Media Today, and BlogHer among many others.

In her ‘free’ time, Deborah enjoys spending time with her husband and two sons, Benjamin (8) and Christopher (6). Deborah believes in the importance of family and credits the entrepreneurial business model for giving her the flexibility to enjoy both a career and motherhood. Follow her on Twitter @deborahsweeney and @mycorporation.

Deborah Sweeney

http://www.mycorporation.com

What Starbucks’ Red Cups Can Teach You About Evolving Your Brand’s Offerings by @DeborahSweeney

November 13, 2017 by Deborah Sweeney Leave a Comment

by Deborah Sweeney | Featured Contributor

Starbucks has brought back their beloved red coffee cups — with a twist. This holiday season, the cups have been redesigned as “color-in” holiday cups. Splashes of the signature red and green can still be spotted in the design, but the customer gets to color in illustrations of gifts, clasped hands, and Christmas trees on the mostly white cup and personalize it to make it their own.

These cups are unusual in that nobody walks into a Starbucks and purchases a sleeve of them as a stand-alone product, yet they continue to draw attention and drive sales every year from consumers throughout the world. It might not seem like it, but the red cups are great lessons in keeping your brand’s offerings fresh and anticipated especially during the holiday season. Take a sip and see for yourself what I mean.

Every year brings a new cup — and that’s a great thing

Since 2009, Starbucks has switched up the look of their red holiday cups ranging from almost entirely all-red (2015) to the aforementioned almost all white color-in design this year. In turn, the yearly changes have received mixed responses from critics and their fan base. Complaints can register from not being “Christmas-y enough” to being too boring or critical of the design chosen.

What’s a business to do when this happens? More often than not, the idiom “if it ain’t broke, don’t fix it” is applied with companies making little to no changes to their bestselling products. However, the red cups serve as more of a packaging attraction during the holidays. Likewise, it’s key for brands to offer packaging that is reflective of the times in order to stay relevant. Gift wrapping a product at a department store today varies greatly from how it might have looked years ago. Back then, prints and loud colors might have been in, and now the design aesthetic has shifted to reflect a more rustic, down to earth look. Love it or hate it, the red cup redesigns are created with this fan base, as well as the current cultural landscape, in mind.

Red cup = it’s officially the holiday season

We tend to instantly know what season it is when certain products take center stage at a business. At Starbucks, the release of the pumpkin spice latte means fall has (for the most part, anyway) begun. The same goes for their packaging, which switches over to the red cups the day after Halloween. Because the cups are such a mainstay with consumers, we have been hardwired to recognize that red cups in store means it’s officially the holidays. The change in packaging affects the mood of the consumer. It’s the most wonderful time of the year, which lends to more festive feelings all around, and allows consumers to begin prepping for the season to come including shopping at your business. Picking up their first latte of the holiday season is just one of the ways they share the joy and it’s all thanks to a red cup.

Putting creativity into the hands of the consumer

This year, the commercial for the color-in cups emphasizes that the holiday season means something different to everyone. For the first time in the red cup’s history, fans can get creative with the brand. Nothing showcases this as nicely as social media sites do, where colored-in red cups are spotted and tagged with the Starbucks social handles. By allowing customers to color in the cup any way they like — from a traditional holiday palette to a ty-dye rainbow masterpiece — Starbucks is putting the power in the customer to take an ordinary cup and make it their own definition of merry and bright.

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Deborah Sweeney – Legal Expert, CEO, MyCorporation.com – Calabasas, CA

Deborah Sweeney

http://www.mycorporation.com

4 Ways Entrepreneurs Can Show Their Support During Breast Cancer Awareness Month by @DeborahSweeney

October 12, 2017 by Deborah Sweeney 2 Comments

by Deborah Sweeney | Featured Contributor

All throughout the month of October, businesses everywhere are going the extra mile to show their support for Breast Cancer Awareness Month. During “Pinktober,” as it has been affectionately nicknamed, there’s a surge in companies creating limited-edition pink products and promotions where sales for said offerings go towards benefiting the cause. Beauty brand Estée Lauder has released the Pink Ribbon Knockout Eyes Collection with B.C.R.F. receiving 100% of the product’s proceeds, Aerie has a line of Aerie Supports tees with 100% of sales going to the non-profit Bright Pink, and Qatar Airways is helping to raise awareness with pink amenity kits available for first and business class passengers that fly on their airline.

Startups and small businesses may have a tougher go than established brands during this time of the year. How can they offer up their support for BCA while they’re on a shoestring budget? The good news is that there are plenty of great ways that entrepreneurs can rally their teams together and show their support to the community and cause no matter what your budget looks like. Think pink with a few of our favorite ideas below.

Rosy up your office and ensemble

When was the last time you added a touch of pink to your daily outfit or saw shades reflected in your office? If you have to think about it, or know that the answer isn’t recent, it’s time to dive on in to adding a pop of color to your wardrobe and space. Here are a few easy ways to do it.

Encourage every member of your team to wear pink in support of BCA. You can opt for something as simple as a small accessory like a scarf all month long or hold a day-long contest for the employee that is the most “pinked out” from head to toe.
Get your paint on. Add a dash of millennial pink to chairs, desks, or even create a team mural on the office wall. If you’re not allowed to swing a paintbrush on the furniture, consider having an afternoon where your team can carve and paint pumpkins pink or decorate the outside parking lots with blush-colored chalk creations.
Decorate your desk! Bring in potted tulips or peonies, clusters of balloons, pens and pencils, and even pink Post-its.

Encourage your team to race (or walk) for the cure

Raise awareness and celebrate breast cancer survivorship surrounded by all of your staff members! Racing, or walking, for the cure is the perfect team building exercise because everyone can be a part of it, regardless of their fitness level or age. Here, every participant counts — and there are plenty of races to be found to join in all throughout the country.

Hold a “pink” tasting

Yes way, rosé! We’re incredibly inspired by the Florida Wine Academy’s pink wine tasting held for breast cancer survivors and guests and the dual benefits it has to offer in educating others on its wines while showing support to the community. If you’re unable to offer a physical product for sale, but know that you’d like to contribute to breast cancer charities in a creative way that gets the neighborhood involved, you might want to borrow this idea for a pink tasting night out with rosé, sangria, or other cocktails along with light appetizers. Ticket sales can go to benefit the non-profit(s) of your choice and you can invite other local small businesses to join you in participation.

Contribute directly to charities

Writing a check or making a donation directly online to the non-profit, B Corp, or charity of your choice working to find a cure may be a simple and less flashy way for entrepreneurs to give back to BCA, but it’s also an incredibly effective one — and a method that can be done anytime throughout the year.

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Deborah Sweeney – Legal Expert, CEO, MyCorporation.com – Calabasas, CA

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Deborah Sweeney

http://www.mycorporation.com

The Best Business Advice for College Entrepreneurs by @DeborahSweeney

September 8, 2017 by Deborah Sweeney 1 Comment

by Deborah Sweeney | Featured Contributor

When I think back to my college years, I had no way of knowing that I was ultimately bound for entrepreneurship. Back then, I was a cheerleader who studied law. My dream was to be a lawyer — and a Laker girl if I could pull off dual careers. Little did I know that years after I graduated, I would be presented with the opportunity to buy a business and become my own boss. I’m an entrepreneur now and I love it!

That being said, there are certain pieces of business advice I wish I had heard in college. If I could go back in time, I would sit my younger self down and share some of this wisdom with her. Although I may not have a time machine handy for that kind of thing, I can at least pass along these valuable tips to the next generation of millennial college entrepreneurs.

Think it over before responding to anything significant

I know that you’re thinking. We live in a world where we’re expected to be “on” and responsive at all times with email, text messages, and tweets. Why should anyone take a moment to think it over before hitting reply?

As an entrepreneur, you’ll need to make significant decisions both good and bad which can range from anything to a potential partnership to an interview feature on a major website. Instead of making hasty decisions, think for at least an hour before responding back. If it’s really significant, you might even want to sleep on it. Think things through first and remember that nothing needs to be answered right away. The opportunity can wait and with a clearer mind, you’ll have a better outcome.

“Lead from within, not from out front”

This has long been one of my favorite pieces of advice on how to control a business without being controlling. There’s a reason why startups are initially referred to as babies. You spend all of your time with them and can’t imagine allowing anyone else to take over.

Eventually though, babies grow up. And when they do, there are more responsibilities added to the mix. If you try to continue doing everything by yourself, you’ll eventually burn out. Whenever the time comes for you to hire your first employee, think strategically and take the process seriously. Surround yourself with a strong team that empowers your business and that you trust to keep the ship smoothly sailing without you at the helm.

Be positive

“All I ask of you is one thing: please don’t be cynical. I hate cynicism — it’s my least favorite quality and it doesn’t lead anywhere. Nobody in life gets exactly what they thought they were going to get. But if you work really hard, and you’re kind, amazing things will happen.”

I’ve always loved this quote from Conan O’Brien and believe that it sums up the journey of life so well, whether your own path is entrepreneurial or not. Small business is full of ups and downs and learning how to weather the many storms you might be ready (or not) for. Keep working hard and maintaining a positive, can-do attitude in everything you approach. Trust me — it will pay off.

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Deborah Sweeney – Legal Expert, CEO, MyCorporation.com – Calabasas, CA

Deborah Sweeney

http://www.mycorporation.com

How to Stay Current As An Aging Business Owner by @DeborahSweeney

August 10, 2017 by Deborah Sweeney 2 Comments

by Deborah Sweeney | Featured Contributor

“I used to be with it, but then they changed what it was. Now what I’m with isn’t it, and what’s it seems weird and scary to me… and it’ll happen to you, too.”

Believe it or not, this is actually a quote from The Simpsons. In this particular flashback scene, Homer’s dad walks in on a teenage Homer rocking out to his favorite music. His dad thinks the music sounds terrible and Homer says his dad isn’t cool enough to understand. Little does Homer know, his dad understands much more than he realizes. He explains that one day Homer will get older and struggle to keep up with the trends which will inevitably make him “uncool” in the eyes of society — and as the flashback ends, it’s revealed that his dad was actually right.

As we grow up in a generation so heavily reliant on sending snaps, tweets, and Boomerangs via social media, there is the push-pull between embracing getting older and also wanting to remain cool enough by BuzzFeed standards. For entrepreneurs especially, getting older alongside your business presents the challenge of wanting to enjoy the comforts of a steady startup but also continue to go the extra mile and think outside of the box. What can aging entrepreneurs do to make sure they stay in the loop in an authentic way? Don’t just look to memes and hashtags as your only strategy for keeping up with the next generation — focus on a few of these initiatives too.

Read everything that you can — and write too.

One of the best way to stay on top of trends is also incredibly simple: read. Subscribe to newspapers, magazines, and newsletters to open your mind and discover what’s happening within your industry and on a local and global scale throughout the world. Pick up books by influencers you admire and listen to podcasts while you’re at it. You’ll also want to start writing. Publish blog posts on sites like LinkedIn or Medium to establish yourself as an expert within your field and share your expertise with a new, wider audience.

Retool your website and refresh your online presence.

Don’t let your brand’s site grow stagnant! Check in with some of your favorite websites and take note on what they do well that you would like to emulate for yourself. Remodel your own site to be easily accessible across all devices from mobile to desktop, make it clear to navigate from your homepage to your contact us tab, and consider aesthetics and means of keeping customers on your site longer, like including pop-up newsletter windows to subscribe to for more content they crave. While you’re hitting refresh on your site, do a little revamp your social media accounts too. Edit bios, add in new profile or cover photo images for the season, and make sure all of your contact information is up to date!

Learn from (and listen to) other generations.

As we age, it gets easier to write off other generations by dismissing them because of their youth. Don’t fall into the “they’re too young and don’t know what they’re talking about” trap. Make it a point to surround yourself with other generations and embrace the chance to learn from them. Hire interns while they’re at college, bring on millennials as part of your staff, and pay attention to what your younger customers are saying about your brand online.

Say yes to accepting feedback.

You might already be used to getting feedback from customers of your small business, but what about personal feedback? Encourage your team, partners, and even mentors to provide you with personal feedback. Be open and willing to accept their thoughts on changes or adjustments you can make as a leader to become a stronger business owner, no matter what age you are.

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Deborah Sweeney – Legal Expert, CEO, MyCorporation.com – Calabasas, CA

Deborah Sweeney

http://www.mycorporation.com

How to Merge Your Small Business with Marriage by @DeborahSweeney

July 3, 2017 by Deborah Sweeney 1 Comment

by Deborah Sweeney | Featured Contributor

As wedding bells ring this summer, couples everywhere are saying more than just “I do” to each other. For entrepreneurs tying the knot, it can be a huge adjustment to marry the love of your life while remaining in a committed relationship with your passion project. How can you ensure that both your business and marriage soar instead of crumbling to pieces? Before you head down the aisle, check out these tips for ensuring you’re able to get the best of both worlds.

Put your marriage first.

The unfortunate reality of marriage and startups is that half of these relationships fail. But why do so many entrepreneurs get divorced? Inc. revealed that the most common causes are financial strain, neglect, divergent goals, and a lack of communication. Any of these causes would be detrimental enough for couples in traditional 9 to 5 jobs, but it’s especially tough for entrepreneurs who invest long hours and energy working on their business.

Much as you may love your startup, do not let it take the place of your marriage as your top priority. Instead, find the balance between being married and running a business. Determine the best methods for devoting time and hard work into both areas so you feel fulfilled on a personal and professional level. If you work from home, know when to unplug and spend quality time with your spouse. Incorporate them into your everyday routine by going on walks, having lunch together, or going on a long weekend getaway.

Incorporate your business (if you haven’t already)

While a business that has not been incorporated does have a more simplified tax process and allows you to exercise more control, your personal assets are also highly at risk. Unincorporated businesses do not keep personal and professional assets separate. Without liability assistance, if your business declares bankruptcy or falls behind on your loan payments, your personal belongings like houses and cars could be at risk — and that’s the last thing any newlywed wants repossessed.

Take the time to incorporate or form an LLC for your business so that you are able to keep professional and personal assets separate. Additionally, if your business is particularly successful you may find it’s a good plan to hire legal help to put together a prenuptial agreement. This written agreement will work to provide an extra cushion of protection for your business.

Communicate, communicate, communicate!

As mentioned earlier, a lack of communication in a marriage can truly destroy the relationship and the business. Before you get married, sit down with your partner and have an open discussion about your startup and where you are at in it. Discuss long and short term goals for the business, a plan B (should you need one), and what your current financial situation looks like (whether you’re using your own personal bank account or joint assets and if you have any existing loans or bills) so that there are no surprises later on. Communicate daily with your spouse to check in personally and professionally and keep the dialogue going by being open to feedback from their end.

In a recent study from Wells Fargo, it was revealed that 80% of millennial entrepreneurs plan to grow their business over the years and pass it down to their children. While being an entrepreneur, or being married to one, is certainly not easy, the beauty of starting a business is that there’s a great infrastructure therein to ensure a secure legacy for future generations in your family. And in the end, that’s the best kind of happily ever after an entrepreneur can create for anyone.

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Deborah Sweeney – Legal Expert, CEO, MyCorporation.com – Calabasas, CA

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Deborah Sweeney

http://www.mycorporation.com

Do Post-Grad Millennials Have What It Takes to Become Entrepreneurs? by @DeborahSweeney

June 5, 2017 by Deborah Sweeney Leave a Comment

by Deborah Sweeney | Featured Contributor

All throughout the month of May, college seniors everywhere flung their mortarboards into the air and celebrated their graduation into the real world. For many post-grads, that means opting to become an entrepreneur and fulfilling their dream of becoming their own boss.

However, despite more than 2,100 U.S. colleges and universities boasting entrepreneurship curriculums, the U.S. Chamber of Commerce Foundation revealed that more than half of the students offered these classes don’t feel that the course work fully prepared them to start a business. What does this mean for grads today? Do they still have what it takes to become entrepreneurs? My answer is yes. Entrepreneurship may be a road less travelled and filled with more obstacles than a traditional 9 to 5 position, but millennials have more than enough talent and essential traits needed to navigate it successfully.

They’re tech savvy — but it’s about more than just being on Facebook.

Perhaps one of the first, and typically most correct, assumptions about millennials is that their relationship with technology is practically second nature. Being “on” has allowed them to establish relationships with brands via social media. Trust between the brand and consumer is built here through conversations and mutual following. If the brand gets caught in a scandal or does something to hurt the millennial, the trust is broken. Just like a relationship in the real world, it takes time to repair which is why millennial entrepreneurs understand that it’s critical for brands, particularly their own, to establish and maintain positive relationships with their consumers and beyond.

However, the one aspect of being tech savvy that might prep millennials most for entrepreneurship is personal branding. Early on, millennials are taught to think before they tweet because the space they’re in is a highly public one. It’s also one where you can mold yourself to become an expert in your field through contributed written and visual content on topics you’re passionate about. Personal branding is hard work to set yourself apart from the pack, but it’s worth doing before starting a business to generate buzz and showcase your credentials.

Families are on their side for extra support.

One of the greatest challenges facing millennial entrepreneurs is juggling student loan debt with funding a small business. While a study from Wells Fargo revealed that many young entrepreneurs use personal credit to fund their businesses, 82% seek assistance from their friends and families to ensure financial success.

For many millennials, this is just as second nature as growing up with technology. They’ve been encouraged by their parents to reach for the stars and fulfill their dreams, often with plenty of parental advice provided along the journey. Because of this, it has even been suggested that entrepreneurship is considered to be a “way of life” and one that millennials feel more than prepared to take on because of all the support they received along the way.

Entrepreneur or not, they’re (already) reshaping the traditional workplace.

The more millennials enter the workforce, whether they’re entrepreneurs or not, the more they’re reshaping it as the most diverse generation yet. Here, work/life balance comes first along with a workload that challenges and excites. Feedback for both the boss and employee is a must, along with knowing what the brand’s values are and how team members can advance upward within the company. Oh, and they’ve got one other invaluable asset too — positivity and optimism which carries startups further than one might think. Go on and draft your business plan, incorporate your company, and get the word of mouth going on your business, Class of 2017. You’ve got this.

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Deborah Sweeney – Legal Expert, CEO, MyCorporation.com – Calabasas, CA

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Deborah Sweeney

http://www.mycorporation.com

4 Great Investments Small Business Owners Can Make With Their Tax Returns by @DeborahSweeney

May 2, 2017 by Deborah Sweeney Leave a Comment

by Deborah Sweeney | Featured Contributor

It’s the question on every entrepreneur’s mind when they receive their tax returns — what should you do with it and where do you spend the money? While this may be the fun upside to doing taxes, spending your return is a thoughtful process. Some small business owners may want to do it while others won’t or will consider going 50/50 on spending. If you haven’t decided what to do with your own yet, here are a few great investments entrepreneurs can make with their hard-earned chunk of change.

Put it in savings

We’re kicking off this listicle with the most responsible decision — and interestingly enough, the most popular one with taxpayers. According to the National Retail Federation’s Tax Returns Survey, 48% of Americans plan to tuck their returns into their savings in 2017, the second-highest number on record.

Why the push to save as opposed to spend? While this rise may be attributed to the millennial generation opting to be financially savvy, it’s also because only 66% of taxpayers profiled expected to receive a refund this year. And while saving isn’t as fun as spending, it’s actually incredibly beneficial for small business. A 2016 JPMorgan Chase Institute study revealed that most small businesses only have about a month’s worth of money on hand to cover expenses if inflows stop — and adding in a tax return is a great way to rebuild savings so your business isn’t living month to month.

Pay off debt

The second most popular spending option, 35.5% of Americans plan on using their tax returns to pay down debt. When you own a small business, eliminating debt is the best possible thing you can do for the company. Earlier this year, I shared some tips for paying off business debt including hanging on to receipts, cutting costs on everyday expenses like recycling and electric bills, and paying off debt using the Snowball and Stack Methods. The Snowball Method opts to pay off debt with the smallest balance first, gradually moving up the ladder, while the Stack Method starts with the biggest interest rate first and moves down to debt with smaller interest rates. Determine what the best method for your business is and begin paying down, and eventually off, debt accordingly.

Take a vacation

Alright, let’s get into some of the fun ways to treat yourself! 10.7% of Americans surveyed by NRF will be going on a vacation with their tax return this year. For small business owners especially, this is a great way to take some much-needed me time to rest and recharge. It’s also helpful for combating any possible burnout you feel might be on the horizon. All work and no play makes just about everyone very dull humans and getting the chance to get away allows entrepreneurs to come back stronger with a fresh perspective and better ideas.

Splurge on your work family and office

Can’t schedule a vacation right away? You might want to consider refreshing the workplace and treating your team instead. 7.6% of Americans will spend their return on a “splurge” purchase and you can do the same at the office too. Give your team small bonuses, invest in marketing or another department initiative that you have had on the back burner for a while, refresh the office with new furniture or computers, or throw a party to celebrate your team and all of their hard work!

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Deborah Sweeney – Legal Expert, CEO, MyCorporation.com – Calabasas, CA

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Deborah Sweeney

http://www.mycorporation.com

Is There a Right Time to Register a Trademark? by @DeborahSweeney

April 3, 2017 by Deborah Sweeney Leave a Comment

by Deborah Sweeney | Featured Contributor

Most entrepreneurs know that one of the smartest moves they can make to protect the assets of their small business is to file for a trademark. After all, this mark keeps your intellectual property — including unique logos, designs, and phrases — from being compromised by competitors and ensures that you alone have the exclusive rights to use it.

However, some entrepreneurs may find themselves wondering if there is a “right time” to register a trademark. What if you’re on a time crunch and need to use the mark now? If you know you’ll use the mark sometime in the future for your products or services, should you file now or wait? If you’re still trying to figure out a timeline for your trademark, here are some of the most popular filing options available to small business owners.

If you haven’t used the mark yet, but want to ASAP

As soon as entrepreneurs incorporate their business, they begin looking at everything else they need to protect their brand while further establishing it as unique in its field. However, the downside to moving forward without a trademark is that the unregistered mark is quite vulnerable. During this time, entrepreneurs can opt for early filing to protect and defend their trademark and vice versa — filing early to make sure that your mark isn’t accidentally infringing on another registration.

If you haven’t used the mark yet, but want to later in the future

Let’s say you own a stationery shop, but aren’t ready to open up your doors to the public and sell your products. You know you will be ready soon, but not right now. In this case, the USPTO advises filing an “intent-to-use” trademark application. This filed document allows the registration to be issued once you start selling your products or services.

Aside from intent-to-use, entrepreneurs may also file their trademark based on bona fide intent. Let’s go back to that stationery shop for a minute and revisit your products. Currently, you just have samples and not a full inventory of goods established. Bona fide intent means that the mark, while not quite market ready, is more than an idea. In order to use the mark, your samples would be classified under that category.

If you have already started using the mark

Already started using your mark on your offerings? Don’t worry — you can still protect it! The USPTO recommends filing under “use-in-commerce” basis if the mark used is in connection with your goods and services listed in your application. Your filing will also include an example that shows how you use the mark in commerce. For example, at the stationery shop that trademark would be visible on your store displays, product packaging, and any tags and labels associated with the store.

What happens after you’ve filed? A federally registered trademark can last forever, so long as it remains in use and you file the appropriate maintenance documents to keep the mark in compliance. The consequences your company faces if these documents aren’t filed are severe — with your registration cancelled completely. Be sure to file these forms by their deadlines to further protect and uphold your brand well into the future!

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Deborah Sweeney – Legal Expert, CEO, MyCorporation.com – Calabasas, CA

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Deborah Sweeney

http://www.mycorporation.com

3 Compliance Tips for Entrepreneurs Setting up Multiple Businesses by @DeborahSweeney

March 2, 2017 by Deborah Sweeney Leave a Comment

by Deborah Sweeney | Featured Contributor

You know what’s better than owning one small business? Owning two — or maybe even three or four! If an entrepreneur has an existing, successful startup and is passionate about creating products or services for other industries, it’s worth making the leap into establishing multiple businesses. However, before you begin the process all over again, it’s important to note that you might not be able to do everything exactly as you did the first go around. From creating additional bank accounts to whether or not you should keep startups under the same entity, here are a few compliance details for entrepreneurs to consider when starting multiple businesses.

1) Separately incorporate each new business.

As tempting as it may be to house both companies under the same formation umbrella, like an existing LLC for example, it’s actually a risky practice for both businesses involved. One company can negatively impact the other if a business goes under or carries too much debt — and the last thing an entrepreneur wants is their startup hindered early on.

When starting an entirely different business, it’s a smart move to incorporate it separately so as to not let the risks and liabilities impact your current business. The reputation of the business aside, this is also beneficial for the reputation of the owner. Professionals with professional licenses like contractors, doctors, and lawyers have licensing boards that limit what they can do under the umbrella of their business including who can be the owners and what they can offer. It’s neither a wise business idea nor within the licensing board’s rules to co-mingle businesses, so it’s better to separate from the start.

2) Avoid co-mingling finances.

When running a couple of businesses, the best financial advice is to keep everything separated. If all funds are mixed together, there could be confusion regarding which business had what expenses or overall revenue performance.

In addition to incorporating each business separately, keep finances separate with different bank accounts and accounting books. In the event that you decide to sell one of the businesses, you will be required to present a comprehensive look at the company’s performance. The more separate the finances are, the more you can provide prospective buyers with the accurate value of the business.

3) Protect intellectual property assets with trademarks.

While you’re incorporating your next business and getting its finances in order, you will also need to conduct a search and file for a trademark application for the new startup name, logo, or design. Doing do allows you to claim the name and protect that unique business identity as well as keep anyone else from plagiarizing or copying the assets.

What should entrepreneurs do if they’re interested in a business spinoff (like starting an initiative for a new service or product that spins off of an existing popular one)? It’s a new product offering, so there’s no need to form a separate business for it. Regardless of whether you start up a spinoff or create a new business altogether, maintain the hard work and passion you put in for both of them without letting either one fall to the wayside. If you’re not sure what you need to do to make that happen, take a cue from Richard Branson, founder of Virgin. He says that in order to run a business, entrepreneurs must master how to engage their target audience, pay attention to cash flow, look after their team, and highlight their unique selling point. Branson advises that once you’ve been able to apply those skills to one business, you can apply them to the next. It’s a little like a domino effect for every new business you start up from here on out!

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Deborah Sweeney – Legal Expert, CEO, MyCorporation.com – Calabasas, CA

Deborah Sweeney

http://www.mycorporation.com