Startup
How to Push Through Doubt When Starting a Business
Optimism keeps growing with small business owners. The overall index is up +136, according to the latest quarterly Wells Fargo/Gallup Small Business Index survey conducted in Q3 of 2019. It’s a slight uptick from Q2, which was at +129. However, all upticks that are on the up and up are measures of owners’ present and…
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Consultant’s Corner: Consolidating Business Loans
Question: Can I get a loan for consolidating business loans together, and how do I go about applying for them? Checking with your current lender or lenders would be the first place to inquire about the availability of and requirements for a consolidation loan. Provided that your business is financially stable and generating sufficient cash…
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4 Essential Elements of a Business Plan
A well thought out business plan is critical to the success of any new venture. The business plan not only identifies the goals of your business, but it also will outline the plans to execute those goals. It tells you both where you want to go as well as how you are planning to get…
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Consultant’s Corner: Filing a Patent
Question: I’d like to file a patent. How do I perform a patent search and complete the process of filing a patent? Patent Basics A patent for a product or business process invention is the grant of a property right to the inventor. Patent protection prevents others from using a product or business process invention…
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How Big is the Market?
One of the key questions that any investor or lender is going to ask you is how big your market is. Market size is an important factor in the long-term success of a business. The main issue at stake is how many potential customers are out there who might be interested in buying your product or service.…
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Consultant’s Corner: Forming a General Partnership
Question: I am ready to start a business with a partner. What steps should I take? You can review information for forming a General Partnership at state and legal websites; however, these are the general steps required for formation of this entity type: Choose a business name File a trade name Draft and sign a…
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Startup? Don’t Forget These 4 Areas
The final phase of starting a new business involves several administrative matters. With the business entity formed and registered, the physical facility ready, the new business owner must address outside professional support: banking, insurances, accounting and tax systems, and staffing. Some of these administrative elements significantly impact the financial health and management efficiency of the…
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Consultant’s Corner: Setting a Price for Consulting Services
Question: I want to start a consulting company. How do I bill my clients for my consulting services? We do not know the type of consulting services you plan to offer, however, business consultants and other service businesses have standard billing rates by staff position. Also, these billing rates are often adjusted based on the…
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Consultant’s Corner: Adding a Member to an LLC
I have a Single Member LLC. What are the issues and process to add a partner and how does it affect the closing out of the original Single Member LLC and setting up a new entity? It is common for members or owners of single member LLCs to take on partners by converting their LLCs…
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The One Thing Your Business Idea Needs
There’s really only one thing you need to start a business. It’s the one thing that’s more important than your genius, your work ethic, the honesty of your partners, your credit rating, your friends’ cash, your charm, your business plan, your logo, your office space, your website, your distribution strategy, your manufacturing deal, or your…
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