Giving Birth To Your Business Ideas

Location Location Location

2008-11-29T15:43:00.000-08:00

One of the most important decisions you will ever make is choosing the right location for your business. Location is about more than just choosing a building. You are choosing a permanent home for your business. Whether it be office space, warehousing, or retail space your location is vital to the success of your business. It is the first thing that your customers or partners will notice about you.

In my real estate transactions the first thing I ask clients is "where". Where do you want to live? Where do you want to do business? Where do you want to grow? Ask yourself these same questions when choosing your business location.

A few other things to consider when searching for a business location include:

Zoning
Taxes
Costs
Availability
Accessibility

Be sure to choose an experienced realtor is you're looking to purchase your business location and if you are looking to rent a property manager with lots of experience and a good reputation is your best bet.

Naming Your Business

2008-11-27T19:17:00.000-08:00

Happy Thanksgiving! I know we all have alot to be thankful for including our new, growing, and flourishing businesses!

Now that you have conceptually built your business in your mind its time to name your new venture. Keep in mind that among other things your new business name should be:

Unique
Descriptive
Easy to Remember

Once you've decided on a name write it down along with three or four variations of the name, in case the name is already taken when you go to register your business name. For example, Sally chose the name Sallys Shoes for her new shoe store. She may also want to write down Sallys Shoes and Boots, Sallys Shoe Store, and Sallys Shoes and Accessories.

Choosing the right business entity

2008-11-25T14:36:00.000-08:00

Ok so you've decided to start your own business. Now what type of business do you want to start? Choosing the right business entity is crucial to the success of your business. I chose to form my business as an Limited Liability Company (or LLC) so that I could protect my personal assets and to develop a professional identity with my clients.

Incorporating your business my cost between $150 to $300 depending on what state you live in but the price is far less than what you may incur if you are sued and even worse found liable for any kind of damages. As a sole proprietor, your liability for business debt is unlimited. Personal assets such as your home, personal bank accounts, and other valued assets may be at risk.

However, the best ownership structure for your business depends on the type of services or products it will provide. For example, if your business will engage in risky activities you may want to form a corporation or LLC which can provide limited liability to shield personal assets from business debts and claims.

Check out this comparison chart from MyCorporation.com:
http://mycorporation.intuit.com/business-formations/incorporate.jsp?view=compare

Before you begin operating decide what business entity best suits your needs. Even the smallest business person needs to make sure that they are protected!

Network. Network? Network!

2008-11-23T14:43:00.000-08:00

Ahhh... my first post. I'm so excited! It is my intention that this blog be a reinforcement for my forthcoming book. This post and those to follow will provide tools, advice, and opinions to start, grow, and manage your business based on my experience as President/Founder of Montage Management & Consulting Services.

Before you can begin to build any business you must build your network. A strong social and professional network is the cornerstone of success for any business or business person. The dictionary defines networking as follows:

net⋅work⋅ing [net-wur-king]
–noun
1. a supportive system of sharing information and services among individuals and groups having a common interest

A social network is a combination of individuals or organizations that are tied by one or more specific types of interdependency, such as values, visions, ideas, financial exchange, and friendship.

Call on friends, family, and co-workers to support your business. The best form of advertisement is word of mouth. Next, find business networks in your area whether they be specific to your industry, gender, or location. Don't discount the value of a relationship simply because the other party does not do what you do. Strategic relationships can be built across any medium.

Here are a few networking sites that I am familiar with:

LinkedIn- www.linkedin.com

Over 30 million professionals use LinkedIn to exchange information, ideas and opportunities

VentureStreet- www.venturestreet.com

Membership includes experienced professionals and business owners interested in expanding their businesses.

The Mid-Atlantic Business Women's Network- www.tmabwn.vpweb.com

The mission of The Mid-Atlantic Business Women's Network is to provide the most effective training, networking, personal development, and professional mentoring for female entrepreneurs and business women.

Women In Business Network of America- www.wibna.com

The Women in Business Network of America (WIBNA) is a Christian membership based organization dedicated to the support and success of women in business across America and the world.

So go ahead... start building the most important relationships of your business life!