Time To Startup!

Home/

How B2B Companies Can Leverage Social Media Marketing

Posted on May 20th, 2013 by BizFilings Team

Category: Grow a Business, Internet Marketing, Marketing, Uncategorized

Social media marketing has typically been the purview of companies that sell to consumers, not other business. However, this is changing as more B2B companies look to sites like Facebook, Twitter, YouTube, Google+ and others to engage with their customers and elevate their presence as a market leader. After you incorporate a small business it’s time to begin evaluating how you can grow that business. Social media has become an important avenue B2B and B2C companies use to develop strong relationships and customer loyalty.

According to Kent Huffman, editor of Social Media Marketing Magazine, marketing opportunities are expanding into a B2B setting. Huffman offers the following suggestions on how to successfully market your B2B organization.

Listen Up

There is a difference between simply hearing somebody and actually understanding their wants and needs. In order to execute a successful social media marketing campaign, Huffman stresses the importance of applying good listening strategies and skills in all that you do. It allows you to easily locate your target audience and deliver a final product that meets or exceeds their expectations. It also helps you build trust, a key factor in establishing a long-lasting relationship with clients. But beyond just listening to your partners, Huffman suggests that you listen to your competition. Learn from their successes as well as their mistakes. Do your homework; play detective. The more you listen and apply what you hear, the better position you will find yourself in later on.

Plan Ahead

This is not a time to jump straight in before testing the waters. One of the biggest mistakes made in social media marketing is being over-ambitious: wanting to go full speed ahead and start using everything from Twitter to Google+, blogs, podcasts and more. Before you even think about that, you need to develop a strategic plan that will ensure you reach success in your marketing endeavors. You must consider how your social media marketing will affect the rest of your marketing initiatives; you must integrate your marketing mix if you want it to pay off. Nail down your goals and objectives and define specifically how you plan to meet them. Examine what you learned by listening (e.g. What do your constituents care about? What do they want from you?) and go from there. Also, don’t forget to monitor your progress along the way to make sure you are sticking to your goals.

Build a Successful Relationship

Once you’ve established a relationship with whomever you are working with, it is more than vital to continue developing that relationship by building trust, exercising effective communication skills and always striving to grow that relationship and the community around it. Offer support by going beyond just following someone on Twitter or Facebook. Become a real-life person and not just an online avatar. Social media should not define your business – it should be used as a tool to help market the business your time honored reputation, traditions and products have already created.

No Comments

Incorporating Can Be Simple – Stay Compliant With Our Business Checklist

Posted on May 13th, 2013 by BizFilings Team

Category: Form My Business, Incorporate a Business, Incorporation, Work For Myself

Remember the age old saying “with great power comes great responsibility?” The same rings true when running a business.

Failing to regularly meet ongoing compliance requirements in a timely manner can have big consequences for small businesses. To stay organized and ensure requirements are made, many businesses utilize a compliance kits to help organize important documents and guides – all in one place.

Follow these guidelines and you’ll be on your way to maintaining good business standing:

If you’re either a Corporation or an LLC, most states require:

Annual / Biennial Reports: Due dates and fees will vary by state. Check our state guide to find out the details for your business
Franchise Tax: A moderate fee paid to the state for the privilege of operating in that state
Initial Reports: Incorporating in California? You may have to file an initial report before doing so

If you’re a Corporation (both C Corps and S Corps), you must:

Hold initial and annual director and shareholder meetings;
Adopt and maintain updated bylaws;
Issue stock to shareholders; and,
Record all stock transfers.

If you’re an LLC, it’s recommended that you:

Maintain an updated operating agreement;
Issue membership shares;
Record all membership interest transfers; and,
Hold annual meetings of members and also of managers.

While most owners aim to maintain good business standing, what happens if your business falls short? Rights and assets tied to your business can be revoked and become unprotected. Additionally, the state may deem your business in “bad standing,” which could lead to administrative dissolution. Owners of corporations and LLCs must take steps to show that the business exists separately from the owners. If owners fail to do so, they could be ‘piercing the corporate veil,’ which is a legal term used when LLC’s or Corporation owners lose their limited liability rights, ultimately putting the owner at risk of sacrificing personal assets to satisfy business debts.

In order to avoid these risks, BizFilings suggests that all business owners should consider the following steps when thinking about incorporating a business:

Register your company by obtaining a business license;
Document all notable business transactions;
Don’t mix your business with your personal finances; and,
Make your business known by creating business cards, opening a business credit card and signing important documents with the Company name.

No Comments

The Decline of the Traditional Bank and the Rise of Alternative Funding

Posted on May 13th, 2013 by BizFilings Team

Category: Cash Flow, Equity Loans, Finances, Financial Services, financing, Lines of Credit, Start A Business, Uncategorized, Venture Capital

In the weeks following the sequester, there has been a significant uptick in owners of small and medium sized businesses who need to raise capital to keep their business afloat or to fund the additional growth of the business. Before the sequester, the Office of Management and Budget noted the event could mean a reduction of nearly $1 billion in small business loans. Further complicating matters is the fact that loan processors could be furloughed, delaying the lending process.

Even if a compromise is reached on a new budget, traditional banks have little incentive to open their collective pocketbooks, especially in a low interest rate environment.

While this lending environment seems less than ideal, this climate has resulted in a flood of alternative funding sources, which can assist the business owner with their capital needs, even if the business is located in rural areas. In fact, the following options have proven to provide entrepreneurs and small business owners with the capital and support to open a new store, start an online business or make a living off of their passion:

Small, local banks – Community banks will loan money to creditworthy startups, primarily because they have protected themselves from the risky loans that took down their well-known brothers and because they may have “local” knowledge about the applicant.
Boutique banks – These are the banks that specialize in lending to small business. Often, boutique banks understand the entrepreneur and see lending to business owners as an opportunity for growth, rather than taking a risk.
Small Business Administration loans – The SBA has been doing its part to shore up the drought in available capital. For example, there are a number of programs, such as those set aside for former military that offer attractive terms. Additionally, their real sweet spot is embracing independent agents, who have their own bank and do nothing but SBA loans.
Angel investors – These private investors are more likely to make a small investment in exchange for an equity stake in the company. Angel investors typically do not demand a controlling stake, thus preserving the entrepreneur’s independence, while providing the needed capital to get up and running.

There are plenty of other tools, such as asset-based financing, factoring, and royalty lending. The latter involves the borrowing company paying back the lender from its future revenues.

While traditional banking resources have tightened their purse strings, there are plenty of reliable choices available to business owners, even if they are in the beginning stages of incorporation filing. In fact, based on recent growth in entrepreneurs and small businesses, these days, there are more options than ever.

No Comments

Slow Growth Phases – Don’t be Discouraged

Posted on May 13th, 2013 by BizFilings Team

Category: Grow a Business, Small Business Trends, Uncategorized, Work For Myself

Business owners face several challenges. Aside from the number of steps to incorporate a business, these challenges may include stiff competition as well as changing technology and business practices. Unfortunately, this often leads to a number of slow growth periods along the way and during those periods, it’s easy to feel discouraged. However, knowing how to overcome these feelings will help your business get through the slow growth phase and continue to increase the value of your company. Here are a few tips to help keep you on track:

1. Understanding Why You Feel Discouraged:

While discouragement from time to time is natural, one of the best ways to overcome this is by understanding where the feeling is coming from, both internally and externally. Some examples of internal causes include perfectionism, pessimism, comparing yourself to others and setting unrealistic goals. External causes include criticism from others, relying on the wrong advice, and information overload.

The next time you are feeling discouraged, evaluate why. Consider whether this emotion is coming from internal or external sources. Simply knowing the cause can be a big help in devising an effective strategy to overcome these feelings.

2. Develop an Attitude of Non-Attachment:

While non-attachment is essentially a spiritual concept, it is also very applicable to business owners. Too many times, you may be tempted to see your work or business as a very personal extension of yourself. It is important to step back and realize that your work may have a fluctuating value in the marketplace and that this should not be taken personally.

When you are able to disconnect your business from your personal life, then you are much less likely to drown in discouragement, even if the business is going through a period of slow growth. This is something that you can learn to do by focusing more on your thoughts and emotions. When you notice a feeling of lack or discouragement, acknowledge this and then concentrate on letting it go.

3. Choose to Remain Optimistic:

While it’s not possible to control our circumstances all the time, you do have the ultimate choice about how to respond to any circumstance. Choose to remain optimistic and positive, rather than negative and discouraged. Yes, this is not easy, but it is a choice. After incorporation, challenges are inevitable along the way to growing a successful business, yet these challenges do not need to become suffering; this only happens when you choose to dwell on the pessimistic side of things.

4. Don’t Ignore Your Feelings:

A lot of business owners tend to think that by ignoring something and trudging on they have overcome that feeling or problem. This is simply not true. Without at least acknowledging feelings of discouragement they can linger and eat at you from the inside. This could cause you to be even more unproductive, thereby increasing the slow growth phase you are already experiencing.

5. Take Care of Your Physical Health:

As a business owner you are incredibly busy. It probably seems as if you are being pulled in twenty different directions all at once. This often leads to having “no time” for exercise or eating properly. Unfortunately, this can also lead to a body that is worn down and cannot fight off stress and discouragement as easily as it should. Make the time to exercise at least two or three times a week, and make a conscious effort eat foods that will keep you healthy and sharp.

At the end of the day, no business is perfect and there will undoubtedly be ups and downs along the way. Keep these above ideas in mind whenever you are going through a slow growth phase so that you can stay positive, make the best of the situation and continue on to overcome challenges and grow your success.

No Comments

The Mompreneur Movement

Posted on May 10th, 2013 by BizFilings Team

Category: Entrepreneur

No Comments

Registering a Company Can Be Simple!

Posted on May 10th, 2013 by BizFilings Team

Category: Incorporate a Business, Start A Business

Did you know a registered agent is required when you incorporate a business, do business in multiple states or work from home? Meet one of BizFiling’s incorporation registered agents, Brenna Lutter, and learn how she helps navigate entrepreneurs through the weeds of incorporating and managing a business.

Q: How would you describe your role as a registered agent, and how does it bring value to entrepreneurs who are just getting started?

A: My role is to guide and teach. Entrepreneurs have a beautiful vision of their company but are not always aware of what is required. The knowledge I have gained by working for BizFilings enables me to help a variety of business owners maintain their statutory requirements.

Q: What are some of the trickiest procedures you might guide an entrepreneur through? / What is the biggest challenge facing today’s entrepreneurs?

A: Notices of Litigation, which is the first initiation of a lawsuit, and Annual Reports can be difficult for the average business owner to navigate. The biggest challenge facing entrepreneurs is just being able to manage all the requirements from all the different departments including, Secretary of State, Unemployment, Department of Revenue, etc.

Q: What does your day-to-day activity look like?

A: My day consists of a little bit of everything! I make/ take calls and email clients, process litigation documents, handle Annual Report filings and notifications going to the clients, process registered agent mail, run payments for renewals, and answer questions from customer service representatives about business compliance issues.

Q: What is the best piece of advice you’d recommend to business owners who are starting up?

A: Get educated on your specific state requirements!

Q: Is starting a company today easier or harder than five years ago?

A: Filing in general has become easier as many states have adopted online filing. On the other hand, the type of industry and the geographical area the business is located can really make a difference in how easy or hard it is to start a business. Overall, the steps to incorporating are simple!

Q: How has technology changed your experience in performing the tasks of a registered agent, and where could it still improve?

A: BizFilings has always been an online company. The challenges we face are being able to keep up with the changing technology. When I started 6 years ago, everything from filing to client communication was manual. Now, nearly every transaction is automated, which makes filing more efficient and quicker.

No Comments

Why Small Business Owners Should Consider Investor Relations

Posted on May 8th, 2013 by BizFilings Team

Category: Financial Services, Grow a Business, Small Business Trends, Start A Business, Uncategorized

Investor relations, or the communication of vital corporate and/or financial information to a company’s investors, used to be a function reserved for publicly-traded companies.

All that changed over the last couple decades as small and medium-sized companies began moving away from traditional banks for capital and embraced alternative funding sources, who needed to be kept in the know just as much as the investor in a public company’s stock.

Whether a public company, a small organization or an entrepreneur taking the steps to incorporate their business, the goal of an effective investor relations (IR) exercise remains the same: heighten a company’s overall valuation in the minds of the investors.

Among the many IR tools that a company has at its disposal include news releases, conference calls, Webcasts, fact sheets, annual reports and meetings, presentations, media relations, IR websites and even social media channels.

While all of these may not be applicable for the small business, there is one overriding theme that does apply – communicate information early to investors, even prior to it being released to the media. This open dialogue can prove extremely valuable to a business owner, even if they are only beginning to incorporate a small business.

“Investors don’t like to be surprised,” said Peter J. Burns III of B3 Funding Partners. “The best way to maintain goodwill with them is to communicate early and often. After all, you may need to go back to them for another round of funding.”

Burns also recommends small businesses may not appreciate the help a team of investors can provide, which is another reason for a proactive IR campaign.

“The entrepreneur or business development executive, if the company is big enough, should be in constant dialogue with the investors, who are willing to open doors and facilitate strategic relationships for the company,” he said.

In our experience, we have found an effective IR program will lead to:

• Reduced volatility;

• Expanded liquidity; and

• Lowered cost of capital.

Regardless of if the IR program is modest and informal, business owners should consider creating an IR program that regularly communicates with investors as well as develops and strengthens the relationships that can support the company’s short-term and long-term growth. If started prior or at the same time of incorporation filing, owners will be able to build valuable connections that can result in a stronger foundation and company vision.

No Comments

Eliminating Stage Fright: How to Deliver a Killer Presentation

Posted on May 6th, 2013 by BizFilings Team

Category: Entrepreneur, Small Business Presentations, Uncategorized

It’s by no means uncommon to have a fear of public speaking, but it’s a fear that must be overcome in the business world, especially after registering a company. While not everyone will be out speaking on panels or keynoting at events right off the bat, it’s highly likely that you’ll be presenting to investors or business prospects following incorporation. Overcoming the initial fear and nervousness is the first step in delivering a successful speech or presentation – the rest is about providing value for the audience.

Here are some helpful guidelines to consider as you improve your public speaking skills:

Knowledge boosts confidence. Before giving a speech you might feel like you’re going to forget to say something important. To avoid this, be sure to come thoroughly prepared and study the topic of your speech or presentation far in advance. If you know it inside and out, you will be much less likely to suffer from a serious case of the nerves.

Practice, practice, practice. Rehearse out loud. This will help you to grow comfortable with speech itself. It will also help you focus, and build confidence from reciting your portion time and time again. Writing the speech down will help you feel more prepared as well. While typing the speech is fine, writing it longhand will be even more effective since you are using multiple senses.

Learn your triggers. Most people have specific fears. Knowing what it is that makes you afraid of speaking can help you relax and address the fear head on. If your problem is the fact that you will be giving a talk to a room full of strangers (a common fear), arrive a few minutes early and greet some of the guests so that it will feel more like giving a short talk to friends. If your trigger is a lack of knowledge, then do more research, study and preparation.

Pay attention to the message. When giving a speech, remember to focus on the message. Have a clear picture of what you want the audience to take away and deliver this message in a clear and concise manner. Some of the most memorable and powerful speeches of all time were not written in sophisticated language nor did they take forever to recite. The Gettysburg Address was only 246 words and took less than 5 minutes to deliver; legend has it that President Lincoln initially thought this speech was a failure.

Add a personal touch. A great way to design, write and deliver a speech is to use a few anecdotes. Picking a few stories or examples to prove your point can also make everything relatable to your audience. Do not over complicate this; it really is quite simple.

Be relevant to your audience. The bottom line to delivering a speech is that you need to help your audience solve a problem. It helps to define this big problem first. Then you should talk about how your area of expertise is the solution. Your initial job is to answer the two major questions all audiences have: Why am I here (listening to this speech), and why should I care about this?

Successful public speaking is about preparation, knowledge and emotion. Knowing your topic and being well prepared can also serve to help overcome a fair amount of nervousness (the rest you just need to give yourself permission to accept and move on). Practice ahead of time, ideally out loud and in front of a small audience. Try to connect with the audience by focusing on what they will get out of the speech; answer their two burning questions up front and be authentic and excited. Even if you are not enjoying yourself, acting like you are will create a positive presence, help you connect with the audience and create a lasting impression.

No Comments

Let’s Get Legal – Advice for New Business Owners

Posted on May 3rd, 2013 by BizFilings Team

Category: Small Business Resources, Start A Business, Uncategorized, Work For Myself

As we’ve discussed in plenty of posts, incorporation of a business comes with enormous responsibility. We’ve provided tips and tricks with regards to business licensure, negotiation procedure and much more. Some tax advice from BizFilings’ own Tom Parker was even featured recently on Mashable. But now that you’re a business owner, it’s time to dive in and familiarize yourself with new legal responsibilities as you continue to grow and manage your business. Unsurprisingly, there’s a lot to consider – but here are some top priorities:

Liability as an employer. As you look to expand your business and bring on employees, various federal and state laws come into play. Wage and hour laws, payroll taxes and anti-discrimination laws are all things you’ll need to be mindful of. Not to mention, there’s a big difference between hiring employees and independent contractors, and you are subject to different legal responsibilities for each. The IRS has a 20-Factor Analysis to determine the difference and ensure your payroll taxes are done correctly.
Proper termination procedures. Suppose one of your employees isn’t working out. While there are several avenues to take in handling the situation, if you decide to terminate the business relationship there are legal concerns at stake. These days many federal and state laws favor employees, so aside from the obvious – avoiding a lawsuit altogether – be sure that you have a valid, nondiscriminatory business reason for firing an employee.
Where you run your business. The location of your business itself comes with legal concerns. The Federal Labor Standards Act, for example, can restrict work done at home in order to enforce minimum wage laws. Also, there may be zoning regulations that prevent you from opening your business in a residential neighborhood, or may limit the number of employees you’re permitted to have.
What’s in a name? When selecting a name for your business, first and foremost, make sure that the name is not already taken. Many companies have invested significant time, effort and money on a name they thought was available – but in the end it wasn’t. It might be worth it to reserve the name before the business has even been formed. Also, laws dictate both required and restricted words. For example, a required word might include a one that identifies the type of entity, such as “incorporated” or “LLC.”

Among the many things on your plate when starting a business, legal concerns should absolutely be a top priority. As you can see, there are laws and regulations that apply to every aspect of managing a business, so it’s important to stay ahead of the curve and make sure your business in compliance. As your business grows, you may eventually find that it’s time to hire a general counsel who can focus solely on your company’s legal obligations.

No Comments

The Big Question: To Patent or Not to Patent

Posted on April 30th, 2013 by BizFilings Team

Category: branding, Grow a Business, Marketing, Uncategorized

Some entrepreneurs may not really see it like this, but a patent is essentially a business asset and can dramatically increase the value of your company. This is an asset which gives you, the business owner, the right to hold, sell or license an invention or process. But even before deciding what to do with a patent, it is important to decide whether it makes more sense to your business to patent or not to patent.

Possibly the most important benefit of a patent is that it gives entrepreneurs the time to actually bring their idea and/or product to market. By law, your rights to that product or process will be protected against others who might try to duplicate your idea. This would be most important if you are actually planning on manufacturing and selling the item or even potentially, valuating your company.

Another excellent benefit of a patent is that it can be strong leverage in negotiations if you are planning on licensing or even outright selling the idea or invention. For example, with a patent in place, a company would be more willing to deal with you, knowing that their legal costs will be reduced.

However, a disadvantage to having a patent is that it must be enforced. No one will send an email notifying you that someone is violating your patent, unless you have gone to the time and substantial expense of retaining a patent attorney. In other words, the entrepreneur is entirely accountable and must “police” your invention.

Additionally, what happens if you find someone trying to copy your idea or invention? Then you would need to invest time and money into its defense, without having enough actual evidence to know that it will be profitable. Unfortunately, if someone really wants to copy your idea, they will. A patent is very specific, so the essence of your idea or invention may be imitated in a fashion which is very similar but without actually violating the patent protection.

Considering the pros and cons of pursuing a patent, instead of going through the entire patent process, which can be very costly and time-consuming, you may wish to consider another approach. It may be easier and more cost effective to simply obtain a provisional patent, which gives entrepreneurs 12 months before making the decision to put forward the final patent application. The main advantage to this approach is that business owners gain the flexibility and time to test out their invention at much less expense.

Ultimately, every entrepreneur and business owner will be faced with a patent decision. A good case can be made in either direction, but many entrepreneurs forget that all patent choices should be a pure business decision. For example, when it comes to patents, entrepreneurs should always consider the following:

How valuable the idea is from a business opportunity standpoint?
Who is the target audience?
What does this audience need?
Who is the competition ?
What is the market size?
What is the profit potential?
How fast can you go to market?

Clearly, the decision of whether to patent or not to patent is not easy and should be based on solid business considerations and not just personal opinions or feelings. Everyone dreams about patenting the next pet rock, making a few million and riding off into the sunset. With these guidelines, answering this big question should hopefully reduce stress and be an easier process.

No Comments

How B2B Companies Can Leverage Social Media Marketing

Incorporating Can Be Simple – Stay Compliant With Our Business Checklist

The Decline of the Traditional Bank and the Rise of Alternative Funding

Slow Growth Phases – Don’t be Discouraged

The Mompreneur Movement

Registering a Company Can Be Simple!

Why Small Business Owners Should Consider Investor Relations

Eliminating Stage Fright: How to Deliver a Killer Presentation

Let’s Get Legal – Advice for New Business Owners

The Big Question: To Patent or Not to Patent

Categories

BizFilings on Twitter

Recent Comments

Monthly Archives