Succeeding in Your Business from Creators Syndicate

10 New Year's Resolutions for 2008, Part 2 for 01/01/2008

Tue, 01 Jan 2008 00:00:00 -0800

Here are six more New Year's resolutions for business owners:

FIND THREE NEW SOURCES OF SALEABLE PRODUCT. If your business is selling stuff online, one of your biggest challenges is finding high-quality stuff to sell at a profit. If you're not currently taking consignments, you're out of your mind. Take out an ad in your local newspaper saying, "I Take Consignments!" with a tol ...

Updated: Tue Jan 01, 2008

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Collecting Your Overdue Bills 'From a Distance' for 01/08/2008

Tue, 08 Jan 2008 00:00:00 -0800

"Your recent columns on collecting from deadbeat clients were truly inspiring. I am an electrical contractor who is owed $3,000 from a customer located way on the other side of the state. His business is selling a product, made by others, and installed by electrical contractors such as me. He has no business assets, works from home and has no work job site (he may be on a site for one to t ...

Updated: Tue Jan 08, 2008

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Doing Business When You Can't Stay Put for 01/15/2008

Tue, 15 Jan 2008 00:00:00 -0800

"I'm an Army wife looking to start up a home-based graphics and Web design business. I know I need to — and desperately want to — set things up legally, but my problem is our upcoming out of state move. My husband's been given orders to become a recruiter, which means he'll be shipped off to recruiter school soon, and upon graduation in the middle of next year, we'll be moving ...

Updated: Tue Jan 15, 2008

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Making Money, and Paying Taxes, One Click at a Time for 01/22/2008

Tue, 22 Jan 2008 00:00:00 -0800

"Do you have any thoughts on the legal and tax aspects of 'affiliate marketing' — when you use your website to sell other people's products through Clickbank or other affiliate sites? (This system creates a link on your website where the customer doesn't actually see content on your site, but goes directly to Clickbank's site and you are paid a portion of the sale for the link to its ...

Updated: Tue Jan 22, 2008

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'Wikis' And The Law for 01/29/2008

Tue, 29 Jan 2008 00:00:00 -0800

"I'm widely considered an expert in a particular field, and am thinking of contributing an article to Wikipedia — the online encyclopedia — as a way of promoting my consulting practice. What are the legal ramifications of contributing to a 'wiki,' and how do I protect myself against liability?"

For those who don't know, a "wiki" is a collaborative website ...

Updated: Tue Jan 29, 2008

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Ten Questions to Ask Before Buying a Franchise for 02/05/2008

Tue, 05 Feb 2008 00:00:00 -0800

"I was recently laid off from a corporate job, and have decided not to return to corporate America. I'm thinking about buying a franchise, but their Uniform Franchise Offering Circular (UFOC) is over 100 pages long, and I really don't know where to begin. Do you have any tips for reviewing UFOCs, and the questions I should be asking these folks?"

Here are ten things you should ...

Updated: Tue Feb 05, 2008

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Ten Questions to Ask Before Buying a Franchise (Part 2): for 02/12/2008

Tue, 12 Feb 2008 00:00:00 -0800

Here are five more questions to ask when reviewing a franchise's Uniform Franchise Offering Circular (UFOC):

6. Is the Management Team Seasoned and Well-Experienced?

Don't gloss over the management biographies in the back of the UFOC; take out a magnifying glass and pay close attention to them. How long have these individuals been with the franchise? If the entire management team ...

Updated: Tue Feb 12, 2008

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Starting a "Do It Yourself" Nonprofit for 02/19/2008

Tue, 19 Feb 2008 00:00:00 -0800

"I want to start a nonprofit organization to help people in poor countries set up small businesses. I've called several local attorneys and accountants for help, but they all want to do is charge lots of money, even though I tell them this is a nonprofit and I don't have a lot of startup cash. Is there any way I can do this myself without spending a fortune?"

I would strongly a ...

Updated: Tue Feb 19, 2008

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Competing With a Franchise, Before You Even Sign Up for 02/26/2008

Tue, 26 Feb 2008 00:00:00 -0800

"I am thinking about buying a franchise in a particular industry. There are three franchises currently operating in this industry, and I would like to buy one of their existing franchises, rather than start one up myself from scratch. I have contacted all three franchises and asked them to send me their Uniform Franchise Offering Circulars (UFOCs).

Two of the three have asked me to ...

Updated: Tue Feb 26, 2008

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Fool Me Once, Shame on You; Fool Me Twice... for 03/04/2008

Tue, 04 Mar 2008 00:00:00 -0800

"A couple of years ago, I was employed as the marketing director for a small, family-owned business. For several years in a row, this company saw huge increases in annual sales as a result of my efforts. Unfortunately, the owner died, and the owner's son who took over the business fired me for no reason and placed his girlfriend in my position.

I got another job and am doing very we ...

Updated: Tue Mar 04, 2008

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Learning to Love Your Landlord for 03/11/2008

Tue, 11 Mar 2008 00:00:00 -0700

"I'm starting a new retail business in my community. I've formed a limited liability company (LLC), and found what I think is a really excellent space, but the landlord wants me to commit to a ten-year lease. If I break the lease, I have to continue paying rent until he finds another tenant for the space, and if he can't get the same rent I was paying, I'll have to pay the difference between ...

Updated: Tue Mar 11, 2008

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Making a Graceful Exit From a Franchise for 03/18/2008

Tue, 18 Mar 2008 00:00:00 -0700

"I bought a franchise a little over two years ago. I've followed the franchise plan to the letter, but so far I haven't made any serious money and have barely recouped my investment. Some other franchisees in my area are having the same difficulties, but others are doing quite well. I've decided I really want to move on to other things, but can't figure out how to get out of the franchise. ...

Updated: Tue Mar 18, 2008

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"You'll Never Get Rich, By Digging A Ditch . . . " for 03/25/2008

Tue, 25 Mar 2008 00:00:00 -0700

"I've been a grade school teacher for the past 10 years, and I love my work. Like all teachers, I have my summers off, and am always looking for ways to make a little extra money. For the past couple of years, I have been mowing lawns for some of my neighbors, without charge because I love the work and love being outdoors. I'm thinking of buying a truck and offering lawn-mowing services fo ...

Updated: Tue Mar 25, 2008

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Negotiating a "Food Court" Lease for 04/01/2008

Tue, 01 Apr 2008 00:00:00 -0700

"Our regional shopping mall is redesigning their 'food court' area. They want to showcase local restaurants along with the usual national franchise chains, and I was lucky enough to be offered a 1,000-square-foot space. Are there any particular issues I should watch out for when I negotiate the lease with the shopping mall?"

First of all, congratulations! Landing a spot in a sh ...

Updated: Tue Apr 01, 2008

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Twelve Things That Should Be in a Shareholders Agreement (But Often Aren't) [Part 1 of 2] for 04/08/2008

Tue, 08 Apr 2008 00:00:00 -0700

"A friend and I recently set up a small business as a subchapter S corporation. The two of us are 50/50 owners of all shares in the corporation. We know we need a Shareholders' Agreement, and the attorney who set up our corporation sent us a form for that document, but it's all Greek to us. But when we ask the attorney for help, he just tells us it's a standard form and that we shouldn't n ...

Updated: Tue Apr 08, 2008

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12 Things That Should Be in a Shareholders Agreement (But Often Aren't) [Part 2 Of 2] for 04/13/2008

Sun, 13 Apr 2008 00:00:00 -0700

In addition to the management provisions outlined in last week's column, you will also need provisions in your Shareholders' Agreement for an "exit strategy," allowing you to buy your partner out (or the other way around) in case things don't work out between you.

Here's a checklist of the most common buyout clauses, and some things to think about when discussing them with your ...

Updated: Sun Apr 13, 2008

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Six Ways To Value a Small Business for 04/22/2008

Tue, 22 Apr 2008 00:00:00 -0700

The toughest part of drafting any shareholders' agreement is figuring out how to value the company when a "triggering event" (somebody dies, divorces, withdraws from the business, etc.) occurs and a shareholder must be bought out.

There are six basic approaches:

Nominal Value. Some shareholders' agreements attempt to penalize withdrawing shareholders who leave the compan ...

Updated: Tue Apr 22, 2008

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Dealing With The "W-2 Contractor" for 04/29/2008

Tue, 29 Apr 2008 00:00:00 -0700

"My husband and I have a small business, and there are several people who work with us on a fixed schedule. We are the only company they work with. From previous columns you've written, it's clear that if we are someone's only client and he works almost 1,500 to 1,800 hours for us every year, we should convert them to 'employee' or W-2 status, and start withholding and paying employment ta ...

Updated: Tue Apr 29, 2008

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Yeah, But Look at The Money You Saved . . . for 05/06/2008

Tue, 06 May 2008 00:00:00 -0700

I love the radio and television ads for a certain auto insurance company where someone is telling a friend his "tale of woe" — a laundry list of horrible things that has happened to the person — and the friend, after listening sympathetically, says, "well, yes, that's too bad, but the good news is . . . I saved a ton of money on my auto insurance!"

Those a ...

Updated: Tue May 06, 2008

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Is This Subchapter S Corporation Really Necessary? for 05/13/2008

Tue, 13 May 2008 00:00:00 -0700

"I am considering starting up a small business in the near future. In talking to accountants and lawyers, I could not find anyone who would even consider setting me up as a subchapter S corporation. They are all insisting I form a limited liability company (LLC) because it is supposedly more simple and straightforward to operate. Still, I've heard from some other folks — admittedly t ...

Updated: Tue May 13, 2008

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