how do i register my company name as copyright?

Kevin's Answer:

First of all, my guess is that you're talking about a trademark, since copyrights cover written works, not company names. Trademarks cover company names and logos, and are handled through the U.S. Patent and Trademark Office. The rules can be arcane and a bit tricky. As usual, there are two ways to register for a trademark: do it yourself or hire a lawyer. This is one of those areas in which you can reasonably do it yourself through one of the online services like LegalZoom and sidestep high legal bills. The first step (which you ... More »

I'd like to learn what phrases like gross profit margin, net ...

I have a successful business employing about 20 people, but not much time as a result, so the simpler and more accessible the book the ...

Kevin's Answer:

David, for my money, Wikipedia is a great place to learn basic terms - and it's always around when you need it. But of course, there are plenty of books on the subject, such as "Wow, I'm in Business!: A Crash Course in Business Basics" by two lawyers at Nolo, a California publisher that specializes in advice to legal do-it-yourselfers. But I couldn't let this question go without offering up a few of my absolute fave business books. So, here are my top five (for the moment, anyway): -- "Total Leadership: Be a Better Leader, Have a ... More »

Would it be smart to silently follow the path of a ...

I can offer you my business service with my eyes closed (Event Planning), but because of the economy I had to re-think the way I operated ...

Kevin's Answer:

I love this question, Kimberly, because you are pushing several hot buttons. I gotta also admit I'm impressed by anyone who can run a business with her eyes closed; you must have amazing listening skills (and I say that only half-jokingly). So, let me offer some thoughts on where your question took me. Should I learn quietly or approach the owner of the company you admire? The short answer is yes and yes. Business is all about learning and you've put your finger on two great ways. First of all, there is so much great information out there ... More »

What types of small business loans are available for women?

Kevin's Answer:

The good news is that there might be more resources available for women than for any other group. The old-boy network is rapidly being replaced by the old-girl network. So, Amber, you just have to find the dollars. I recommend starting with the Office of Women's Business Ownership, which is part of the federal Small Business Administration. The office helps to run the Association of Women's Business Centers (http://www.awbc.biz/), which has locations around the country for to help train and counsel female entrepreneurs. Another great ... More »

I'm starting a digital shirt printing service from home, ...

i do have the money to make the purchase, but the seller is pushing for a lease...they say i would risk less by not putting up all the ...

Kevin's Answer:

Pachimus, I am a big fan of leasing -- to a point. In this economy, where credit-card issuers are cutting back and banks are examining their loans with new scrutiny, leasing can be a game-changer. The interest rate will often be lower than on credit cards and suppliers are eager to keep their machines in use. In addition, from an accounting perspective, there can be tax advantages to leases that turn into purchases, since the leased equipment can be depreciated. (I am not an accountant, so I would recommend you get more details from yours.) ... More »

I am starting a small business and am wondering how to ...

Obviously, most people starting a small business are hoping for success and anticipating that their hard work will pay off. But, what if the ...

Kevin's Answer:

Drew, great thinking. A friend of mine at the Kellogg Graduate School of Management, Lloyd Shefsky, likes to say that entrepreneur is spelled O-P-T-I-M-I-S-T. We live and breathe just knowing that we have the right idea and that we'll hit the jackpot. But we often don't, of course. According to the SBA, more than half of all businesses fail in the first year and 95 percent die within 5 years. How's that for optimism buzz kill? So, the trick is to stay optimistic and positive while also recognizing that you have obligations. For instance, ... More »

I'm a new mom and want to start a baby-centric business ...

Kevin's Answer:

Owen's Mom, you are part of what may be the most powerful part of the workforce, women who want to work at least part-time and still take care of their children. I have built businesses in the past using almost no workforce except working moms eager to keep their home lives as well. And we've never been in a better time to do this, with technology giving us unlimited access. For instance, there are call-center companies now that offer customer service exclusively with work-from-home staffers. Yet those of us calling in would never know. ... More »

I am disabled and looking to make money at home , what would ...

Kevin's Answer:

Erik, I'd be better able to help with more specifics - your skills, interests, etc. - since that's where successful business come from. But I think I can guide you to some good resources for working from home. Since unemployment rates are far higher among the disabled, many choose to go into business for themselves. Federal statistics show that disabled Americans start companies at twice the rate as their non-disabled peers. There are many good resources online, in particular Entrepreneur magazine's list of home-based opportunities: ... More »

What will Obama's health care reform, do to new business's.

Will it be harder to start a new business after health care reform?

Kevin's Answer:

The sands are shifting quickly on this issue, FFW, so it's hard to know where we're going to end up. Clearly, there is huge momentum to create a workable plan to insure the staggering 46 million Americans who currently don't have health-care coverage. Just about everyone agrees at this point that having one in six people in the U.S. lack insurance is a problem. But... how to fix it? As it currently stands, the proposed health-care overhaul would mandate that small businesses provide some form of coverage for employees. If the business ... More »

Is it more effective to communicate company financial and ...

It seems the more a company tells employees, the more employees get restless, but when they're kept in the dark, or given limited ...

Kevin's Answer:

The hard-line answer to this is tell them very little; after all, the argument goes, employees will quit or be hired away and you don't want them to know too much. Conversely, the touchy-feely answer is to share all, that employees who are in the know will be better engaged and help your bottom line. I tend to come down somewhere in the middle, with a bias toward more openness. It's a bit like Supreme Court Justice Potter Stewart's take on obscenity: "I know it when I see it." While there is no bright-line test, a few guidelines that I ... More »

I have my own interior design business. How do I get more ...

I started the business last year and expected a slow start not no start. I sell mostly high-end products and I need to get the message out ...

Kevin's Answer:

Kerry, I call your situation the Mercedes Problem: That brand is targeted largely at the affluent but the company doesn't want to ignore folks with less disposable income. After all, they can be clients too - and who knows might even become rich later in life. So, Mercedes created the C-Class, an entry-level line that sells for around $30,000, not cheap but about one-third the price of the larger, better-appointed S-Class. (There is an A-Class line that sells outside the U.S. for even less, but you get the picture.) Think about your ... More »

What is the best and most cost effective online marketing ...

I am about to launch a high-end Project Management training course which will cost about $1,000.00.

Kevin's Answer:

This is a hot topic, Scott, so let's get started. There are tons of ways to get yourself noticed on the Internet - and lots of companies eager to separate you from your marketing dollars. But I think a few very inexpensive basics can make a huge difference: First, make your own site as professional as possible. No typos, no goofy images. All your other efforts will bring Web users back here, so make your site informative, visually clean and reflective of the business image you want to portray. Think of it as your storefront; if it doesn't ... More »

Is it possible to get a small loan with not so great (ok ...

Kevin's Answer:

Yes, but the terms will be tough. While credit has become much tighter, Missionface, there are still ways to do this, including credit cards and subprime lenders (those who are still breathing). Most commercial banks won't touch this kind of deal and I can't blame them. Even with collateral that appeared safe, like houses, they were burned so often in the recent downturn that they helped fuel the credit debacle. So, in short, I'd probably recommend against another loan. As Roman author Publilius Syrus said 2,000 years ago, "Debt is the ... More »

S Corp vs. LLC taxed as an S corp.

I want to incorporate my business and I'm wondering: Are there tax and or liability advantages to incorporating as an LLC taxed as an S ...

Kevin's Answer:

We've had that question in several forms from a number of our visitors, so let me use yours as a way to answer it. As you know, you're wading into the turbulent waters of the tax code - and all its varied loopholes - but I think I can help. A quick primer: an S corporation and LLC each let you pass through income onto your personal tax forms, letting you sidestep double taxation of a standard C corporation. Beyond that, I tend to like the LLC since it is flexible and uncumbersome; for instance, S corps require profits to be split equally ... More »

How much savings should a person have before attempting to ...

There should be little overhead as it is a consulting/at home business. There would be cost for printer, paper, business cards, and ...

Kevin's Answer:

Kathy, the folks at Startup Nation (http://www.startupnation.com) have come up with a smart list of categories relating to your question. Basically, there are six categories of costs you need to consider: Cost of sales Professional fees Technology costs Administrative costs Sales and marketing costs Wages and benefits The great news is that by working from home you will cut your administrative fees, as well as several other costs. Typically, I advise new companies to have a year of expenses as a cushion. This ... More »

I would like to obtain a Tax id number and not sure how to ...

owner or as an LLC. Will use license to buy merchandise wholesale and begin selling retail first thru online. I will specialize in Licensed ...

Kevin's Answer:

RN, this is fairly simple to do. You need a federal tax ID, called an Employer Identification Number, which you can get by applying on the Internal Revenue Service's website, http://www.irs.gov. (You can find what you're looking for in the bottom left of the home page.) The agency has created a well-designed Q+A that helps guide you through the registration process and generates a number at the end. Easy as can be. Next comes your decision about sole proprietorship vs. LLC. The best way to make this decision is to look at your personal ... More »

Small restaurant. Having trouble paying bills.

Is there somewhere to get assistance through the state( PA ), to help manage the bills until they get caught up. On a week to week basis ...

Kevin's Answer:

Well, Pixie, I can see you're in a world of hurt. I can't tell you the specifics of borrowing in Pennsylvania (the secretary of state's office could), but I want to take a step back anyway. I actually don't think borrowing short-term is the way out of your problem; negotiating with your creditors is, along with slashing your costs to the lowest level you can stomach. You can pull out of this crisis, but getting a new infusion of loans that just create more obligation down the road isn't a strategy I'd pursue. Your goal should be to decrease ... More »

Would making an offer to pay off an old debt be ...

The business owes a former contract bookkeeper $1700. No payments have been made for 3 years due to no extra cash. I want to make an offer ...

Kevin's Answer:

Mr Pickle, you don't say whether you had an actual contract with this bookkeeper, which could impact the legal side of this. But either way, you have an obligation to pay those you have hired. Believe me, I understand that paying someone in arrears for previous work always feels wasteful when you're trying to build a biz. That said, it's an ethical matter - you hired, you should try to pay. I suggest making the $600 offer, if that's what you have now, then creating a payment plan of, say, $100 a month for the next 11 months. If you ... More »

When is it wise to expand a growing business with hired ...

We have a small DJ business...during the summer we stay booked every weekend and could book double or triple but during the off season we ...

Kevin's Answer:

First of all, LazyC, I hope you realize how much you've achieved to be in so much demand. Congratulations on that. With regard to your question, actually there's a third option that could work perfectly here: freelance or contract employees. Find a few people you can train to work for you on a gig-by-gig basis; that will allow you to expand without killing yourself and to keep quality high. By bringing in so-called 1099 workers, you won't have to worry about standard employee issues such as benefits or vacation scheduling or most ... More »

I run a small business that just opened in December. How do ...

After years of planning, we had the misfortune of opening in the middle of the worst recession in 70 years. The business is a children's' ...

Kevin's Answer:

Jungle, it sounds like you've worked hard in the past few months to build your business. So, you've laid the foundation for growth. Now, the trick is to build on the often hidden successes. The best marketers for your business are, of course, the folks who have already visited you. I would start with them at the center of your bulls-eye and build from there. I wouldn't spend a lot of money marketing to new potential customers; instead focus on those who already like you and get them to be your "sneezers," spreading the virus of your ... More »

How much time should be spent improving my product/service ...

Kevin's Answer:

Andrew, no doubt those are two of the most crucial areas in business. But I'm not sure I would describe them in such differentiated terms. In fact, each will help you with the other. Think of those Venn Diagrams we learned in junior high, you know, the ones with the overlapping circles. Your current and potential customers should be guiding you toward improving your products and services at every possible turn. Are you asking them "how can we make our widget better?" or "is our account rep providing what you need?" That feedback is crucial ... More »

We are often asked to sponsor community activities, when do ...

Kevin's Answer:

You put your finger on a pet peeve of many small business owners (and plenty of big ones too). We are often perceived as being the folks who should be "helping" the community with nonprofit events, from concerts to lectures to charitable causes. And to some extent, that perception is right; we do play an important role in the community and we should be great citizens. But that doesn't mean we should be patsies. So, it helps to set standards for how and when you'll spend on such activities. I recommend coming up with a certain dollar ... More »

what type of business to get into in thse hard times?

I was thinking of a novelty shop

Kevin's Answer:

Somewhat counterintuitively, tough times can be good times to open a business. We all know that consumer and business spending are down (and frankly are likely to continue to slide or at least remain flat). But recessions can be a great time to rent space (lots of vacancies), hire great people (plenty on the market) and convince suppliers to work with you. That said, caution is the buzzword: I don't advise launching any business that isn't filling a need, as opposed to a want. To that end, your idea of a novelty shop is a puzzler to me. ... More »

Is it necessary to hire an accountant as opposed to using ...

Kevin's Answer:

Margaret, this is one of those age-old time vs. resources questions. Quickbooks is obviously the cheaper option, but it will cost you in time. Vice versa for the accountant, who will be more efficient for you, but cost more. You get the picture. So, I tend to sort this out with another metric -- by expertise and my needs. If your business is small enough that you don't need special financial counsel (and you have a little time), go with the software and save the money for marketing or other critical spending. But I've found that the ... More »

I have a small business that will soon be home-based. How do ...

Kevin's Answer:

Well, for starters the IRS doesn't care where you are based, in an office, at home or on the back of a camel. As long as you file properly and they know where to find you, the agency is fine with businesses being housed wherever. From a local perspective, you have two matters to think about, one legal and one social. Most home-based businesses have no problems with either one unless they are either employing a bunch of people (in which case, legal issues can rear their heads) or you run a chainsaw-testing company (in which case, your ... More »

For a e-commerce is it possible to offer a website with news ...

Kevin's Answer:

I actually think that's the best strategy, one in which the 2 sides can play well off each other. Consumers want advice and information. If you can provide that candidly it will help build traffic for your e-commerce business. Beyond that, news and information will keep your site active and lively. The trick, though, is to not sound like a shill for products you're trying to sell. Nothing will cripple this venture more quickly than a lack of credibility about your news. Be candid and informational and my guess is success will flow. More »

if you could pick one well-know business person to have as a ...

Kevin's Answer:

Fun question, and it got my mind racing to consider the possibilities. Because it's hard to pick just one, I'll do it like the Miss America Pageant, saving the drama for the end (but without the swimsuit competition). Fourth Runner Up: Seth Goldman of Honest Tea. A brilliant, young entrepreneur who built his (very successful) tea and lemonade business on great values like using healthy, natural ingredients and sourcing them in ways that pay the farmers a living wage. His job title: Tea-E-O. Just sold the company to Coca-Cola. Third ... More »

i've heard rumors that one of my employees may leave to work ...

Kevin's Answer:

The easy answers focus on the traditional money and even ownership stake. Managers have tried to buy off good employees forever (see Wall Street both pre- and post-bailout). And clearly there is a base of compensation - ranging from pay to benefits to ownership - that needs to be there. The deeper issue, though, is harder: what's your company culture? In our dynamic, service-oriented economy, let's face it, most of us can work in lots of industries and jobs. The marketing expert at Verizon can easily shift those marketing skills to Home Depot ... More »

How do I do more with less?

With economic difficulties, more demanding clients, fewer employees, and lower morale, how can I motivate employees to perform better and ...

Kevin's Answer:

Welcome to running a business in 2009, a more-with-less environment. The good news, though, is that entrepreneurs do this better than anyone else. We are accustomed to running lean operations, not hiring unless we need to, and using all the resources at our disposal. That said, working in that environment when the heat gets turned up even more makes for some uncomfortable times. Clients know they can be pickier and ask for more; that can be frustrating for all. Before I get to my advice, let me tell you a story about my family. One year, my ... More »

How much payroll should I have in the bank?

I am running a new business and am about to hire a few people... How many weeks/months of payroll should I have in the bank before taking on ...

Kevin's Answer:

Mike, I'm not sure why you're differentiating between payroll costs and other expenses. You need enough capital to run the business until it becomes cash-flow positive, in other words until you are taking in more than your expenses. But there are a whole host of items that fill that expense bucket, from taxes to equipment to office space to travel costs and beyond. And some of those are contractual in ways that payroll is not, hence taking precedence in court should you run into trouble. I'm simply pointing out that I wouldn't single out ... More »

How should my wife and I handle partnership responsibilities ...

My wife is a partner in a not profit business w/ another woman. They have difficulty determining on who should be "in charge". My wife and ...

Kevin's Answer:

Ah, the control issue. You've touched on a pet peeve of mine, one that usually rears its ugly head from manager to subordinate not between partners: the senior person needing to exercise control by appearing smarter. Marshall Goldsmith, the outstanding career coach and author, argues that providing "the right answer" might be the single most unempowering activity a manager can do. What happens, of course, is that the "smart" manager ends up sucking the creativity right out of the team. "Why bother," the rewritten folks end up saying, "when ... More »

Is it a good idea to buy a pre-packaged business plan?

I am in the research stage of starting a small business. In the industry I am interested in, there is a site that offers a "canned" ...

Kevin's Answer:

Kim, as you've probably seen already, you'll find plenty of business plans online, but most of them are generic. For instance, the Small Business Administration (http://www.sba.gov) has a very solid program on how to write a business plan. These are great if you are creating the type of business in which a canned plan isn't available. I'm not usually a big fan of spending precious cash on non-revenue-generating items like business plans, but the investment is so small and if it moves you down the planning path faster, those would be dollars ... More »

Is leadership in your DNA or can it be Taught?

Kevin's Answer:

In short, yes and yes. We all know people who have the tag of "born leader," the folks who step into the breach whenever there's a vacuum. It's the kid in Little League who wants the ball in the big game, the girl on the volleyball team who declares "I'm the setter." Those people are born with an "it" factor in their DNA that I'm not sure can be taught. That said, I think that's only one style of leadership - and by the way it's not mine. My method of leading focuses on how to foster the most successful work from my team, not through my urging ... More »

I can't afford to hire full time employees yet, but need ...

How/whee can I find qualified people to work on a contract or per-job basis?

Kevin's Answer:

You're thinking smartly about this. One of the ways that small businesses can grow rationally is to turn fixed costs (including full-time people) into variable costs (part-timers). That offers you so much more control over how much payroll you face on a monthly basis. My 2 favorite talent pools are retirees and bored mothers. I think those 2 groups offer incredible talent at reasonable prices, as they are usually filled with educated self-starters who are eager to work. In fact, I've found that they often get more accomplished in a ... More »

What are some creative ways a small business can foster ...

Kevin's Answer:

For help with this, I turned to my friend Alicia Mandel, who has run learning and leadership groups for companies including American Express as well as for the United States Olympic Committee. (She and I met at the USOC, when I was part of a team that helped Alicia think through a new leadership academy, Olympic University.) Alicia is about to become the vice president of organization development at Apollo Group, the parent company of the University of Phoenix. Alicia's advice: Professional development rarely happens in a classroom. In ... More »

Challenges when employing family and friends.

I'm one of the many small business owners who employee family and friends. I run a medical consultating and billing company. I share office ...

Kevin's Answer:

Remember that book "All I Really Need to Know I Learned in Kindergarten?" Well, add in high school for the relationships piece of the puzzle and I think the picture is complete. I grow weary of employees complaining that management is playing favorites or likes someone better, just like back in high school. Well, duh. Who among us likes everyone the same? Get over it. That said, the trick for managers is to make sure that motivation isn't sapped. I think it was Notre Dame coach Lou Holtz who once was asked, "How do you motivate your ... More »

Should I mandate pay cuts across-the-board, reduce headcount ...

I run a company with 16 employees. The execs have already taken deep pay cuts, but more is needed. We're at the point that we either need ...

Kevin's Answer:

There's an old saying in the entrepreneurial world: You haven't really run your own business unless you've missed payroll at least once. So, unfortunately, Summer, you have plenty of company feeling your pain. For my part, I've lived the whole range of cuts, furloughs, periods without pay and even closing down a company. None of it is fun. Here's my suggestion for your situation: If you don't expect business to rebound when the economy emerges from the Great Recession - in other words, if you are in an industry that is on the wane - you need ... More »

In the service industry, what is the best form of ...

As a tailor, I don't think running ads continuously is the best use of advertising money. It's a service you look for when you need it! ...

Kevin's Answer:

The best form of advertising - or any marketing that uses your time and money - is the one that brings the customers to your door. That may seem painfully obvious, but we often get derailed into looking at other factors. Take the tailoring business, for example. You mention the phone book, but I haven't looked for a tailor in the phone book for a decade. Instead, I open my laptop and search online. Or, because tailoring is such a localized business, I drive past one in my neighborhood and try it out. Where does that leave you? Well, the ... More »

I want to saturize a market, and in doing so, can that hurt ...

I want to start a business in a booming industry, u dont hear much about, yet is there such a thing as "over advertizing"?

Kevin's Answer:

Sure, there is such a thing. It's a simple metric: Does the advertising bring in enough sales and recognition to cover my costs and help build the business? In general, it can be a great idea to stake out the "mindshare" (to use a horrible buzzword) when launching a product in a consumer industry. But the costs can be huge, and that's what you must balance. Here's my favorite strategy: Decide the characteristics of the perfect customer for your product. (For instance, well-educated women ages 40-55 who live in urban areas and worry about ... More »

What are the trends in perceptions of costs and benefits of ...

A small business that goes beyond the expectations of its stakeholders ( clients, vendors, community ) often do so at a financial cost. ...

Kevin's Answer:

I think I can slightly simplify your question by putting it this way: When should a business go beyond what the law requires and into a realm that is even more moral or ethical? I think the answer lies in 2 places: -- First, is it good for business? As I was walking around New York earlier this month, I noticed that an increasing number of dry cleaners were pitching their business as "greener" than the competition. Clearly, the owners had recognized an environmental backlash against their dirty industry and were trying to either blunt the ... More »

Would you recommend to start my home based business through ...

I'd like to get your opnion what's the advantages and disadvantages going into this type of business. The type of business is 100% ...

Kevin's Answer:

I have two answers. The first is one word: Yuck. The second is four words: I 'm not a fan. Put aside the charlatans and other scamsters who lurk in the world of multi-level marketing. While there are plenty of legitimate folks in this arena (I buy Amway soaps from time to time), there are simply too many empty promises and outright frauds for my taste. That said, Angie, if you are hell-bent on this organic coffee business (which, by the way, is increasingly available not just at specialty stores but at the local grocery), I'd urge you to ... More »

I have hired four people since my business launched in 2006, ...

Since my circle of business contacts is almost exclusively white females, how can I expand my recruiting pool?

Kevin's Answer:

This may shock you but you're more typical than you might think. Research shows that women-owned businesses tend to be less diverse than male-owned ones. That said, you're likely headed down an unhealthy path, not just for your team but for your business as well. It's easy to argue that it's "the right thing" to bring diversity into your team - in fact, as right for a woman to do than for the more stereotypical white male undiverse work force. But let's take it out of the touchy-feely realm: Are the women who work for you reaching enough ... More »

we have bad credit but have a successful business started ...

Kevin's Answer:

I'm assuming that you - like many others who have asked questions this week - are wondering about how to improve their business credit score. That's a different process from the one you'd use on your personal credit. (If you're interested in improving your personal credit score, this piece on MSN Money is just one of the many out there: http://articles.moneycentral.msn.com/Banking/YourCreditRating/7FastFixesForYourCreditScore.aspx). Probably the best list on how to improve your business credit score comes from the folks at Experian, one of ... More »

What ideas do you have for a small restaurant to do to stay ...

Kevin's Answer:

KJS, your question focuses on the restaurant business, but I think the advice can be more universally applied. Remember that during recessions, flat is the new up. In other words, just staying even when others around you are shrinking or failing is the goal. Leave growth for another, happier time. The first 2 steps are tough but crucial. First, you have to get your costs in line with your revenues. That may mean ruthlessly cutting anything that is not central to how you run the restaurant - people, marketing, any frills. Take a hard look ... More »

How can I present a positive face to my employees when I am ...

Kevin's Answer:

Entrepreneurs are, by definition, optimists. But even the most bright-eyed optimists have down moments and it feels like you're going through one of those now. My take is that your employees need a little bit of optimism and a much larger dose of honesty. They read the news like you do, they see the downers of layoffs and foreclosures that you do. So, don't baby them. I once did a project running the internal news operation for a major beverage company. The business leaders had this antiquated perspective - one that is shared by many ... More »

What resources will help me inspire and motivate "the team" ...

A recent victim of corporate downsizing, I'm determined to put my highly marketable skills to use for me, instead of a new employer. I have ...

Kevin's Answer:

I like to call this the spinach question. You sit down in front of your wonderful dinner of steak and mashed potatoes, and it's mighty easy to eat. But you can't complete the meal (or give your body what it really needs) until you eat the spinach. (If you actually like spinach, try substituting Brussels sprouts; you get the picture.) In other words, there are elements of any job that none of us likes doing, we just have to do them. For me, it's tech support. When I worked in big companies, if my computer froze, one call triggered a savior ... More »

Getting noticed on the web.

My business partners and I are currently finishing up our new website and we have no idea how to market it to the masses. We figure the ...

Kevin's Answer:

David, I'm going to quickly challenge you on "how to market it to the masses." Unless you have mass amounts of money, you aren't marketing anything effectively to the masses. Instead, you need to be thinking about your most likely buyers and how to reach them first. Start with the people who need your product and service the most and use your limited resources trying to connect with them. Marketing guru Seth Godin recently posted this story on his site: Be micro-focused and the search engines will find you. My friend Patti Jo is an ... More »

What is the best way to determine monthly sales goals for a ...

I want to start a computer repair shop. What is the best way to determine monthly sales goals and the amount of employees i need to hire and ...

Kevin's Answer:

I'm thrilled you asked this question, Hammad, because it's often a process that small companies spend too little time focused on. It tells me you're thinking about your company strategically. Michael Gunther, who writes the Bottom Line Business Blog (http://www.collaboration-llc.com/our-blog/?Tag=sales%20goals), explains that the best way to set initial sales goals is to take a hard look at the sales process. His concept is fairly simple and smart: To set quantifiable goals, you need to first understand your company's unique sales process. ... More »

How do you keep your team motivated and those with a bad ...

With cutbacks, layoffs, no raises and bonuses, and employees becoming less and less enchanted by the increased workload that has occured, ...

Kevin's Answer:

Leadership in good times is a joyful sharing of prosperity. Unfortunately, we're in quite different times here in 2009. This is a flat-out tough stretch to manage a team of colleagues. As you point out, more work is piled onto employees (and managers), bonuses can be nonexistent and raises are slim to none. That said, you've got some things working in your favor, the biggest one of course being that your employees aren't out job hunting, as in good times when it seems many pastures are greener. OK, on to the meat of your question: How to keep ... More »

what can you do to accomplish a successful small business, ...

I'd like to know how you can have a successful home business, then hopefully grow, I'm looking to own my own computer business, anybody ...

Kevin's Answer:

Well, Angelo, it sounds like you're starting at Square One, so you'll need to get an education in the nuts and bolts of starting a business. The good news is there are a raft of great tools online to help you. My personal favorite is Inc.com, the online version of Inc. magazine. If you go to the Startup drop down menu, it will guide you to a string of smart step-by-step articles on how to create a business plan, the basics on getting financing, how to decide on the right legal classification, etc. You can find the page here: ... More »

Using direct mail postcards what's a good rule to use in ...

Direct mail postcards are my main avenue of promoting a course I teach. My goal is about 30-45 students per class. How many postcards should ...

Marci's Answer:

Well put, Kevin. But I'd like to encourage you, Teacher, to think of marketing your class online in addition to or instead of through direct mail. Postcards involve printing costs and postage. And if you're marketing by email, you can bring those costs to almost zero. If you use your own email program and spruce it up with some color and graphics (not too fancy since you want people to be able to read it on a mobile device as well as on their computer), you can reach an unlimited number of people for free. I've taught a writing class for ... More »

Is it a good idea to leave a full time job to concentrate on ...

Kevin's Answer:

Just to add a bit to Marci's thoughts: This question goes directly to your tolerance for risk. But here's an idea on how to mitigate some of that risk. I typically advise people to have a five-year plan for starting and operating their companies. Included in that plan should be financial modeling for both your company and your home. You'll want to include your current job in those models, then start figuring out whether and when you can bail out on the consistent salary. Be very honest in the models, probably even overly conservative if you ... More »

What are the most important factors in determining whether a ...

We are focused on community awareness, assessing our operating costs, developing a budget, and exploring all fundraising opportunities. ...

Kevin's Answer:

Molly, I love that you've asked your question on the small-business Yahoo! Answers board. That reflects your recognition that you need to run this nonprofit with smart business sense. Too many nonprofits fail to see past their mission, putting them on unstable financial footing and jeopardizing the very mission they want to achieve. I have been on a number of nonprofit boards, from the large (Atlanta Habitat for Humanity) to the startup (East Africa Children's Education Fund) and here are a few of the elements that smart organizations ... More »

Is a virtual assistant worth the money?

Trying to keep costs to a minimum causes a lot of stress when I have to be everything to everyone. Is it worth the investment to use a ...

Marci's Answer:

Ditto everything that Kevin said. But I want to address the merits of a virtual assistant. I had a technology assistant for several years and I hired her for many of the reasons Kevin pointed out. I wanted to focus my energy on writing, speaking, and teaching -- three things that take a lot of time and required me to travel often. But in order to keep the new opportunities coming in, I also needed to make sure that my online presence was top notch and that I was ahead of the curve on all the technology people are using in my field, things I ... More »

What is the one thing you wish an expert had told you before ...

Kevin's Answer:

One?? I gotta limit this to one?? Fuhgeddaboudit. But, Bishop, here are my top 5, countdown style: No. 5: Fire bad clients. Life is too short to work for obnoxious people. As I said to a business partner once, I'd rather work for a large corporation as a meaningless cog than work for this jerk of a client. The first time you fire a bad client, you'll fret over the lost revenue. A day later, you'll be the most relieved entrepreneur you know. No. 4: Figure out what you love to do and do more of that. This goes to the outsourcing/virtual ... More »

What are some ways that a new business owner can make sure ...

Owning and running a business takes so much time and energy and it�s very hard to leave work at work, especially in the start-up phase. ...

Kevin's Answer:

First of all, maybe it's time to bury the "work-life balance" phrase once and for all. The image of a teeter-totter or a scale needing to be in perfect balance is a total non-starter for me. I wouldn't bring this up unless I felt that terminology was an impediment to a healthy flow to your work life. To use Marci's writer's life as an example, I don't think it's rational that she can be "balanced" -- her friends are part of her work life and her work is integral to her friendships. Why would she even want to "balance" that? With that as the ... More »

What are some ways that a small business can be socially ...

Everything socially responsible (packing materials that are environmentally friendly, donating money, etc) seems to cost so much money! My ...

Kevin's Answer:

Coley, in a price-conscious world, your question is a great one. Many consumer decisions center on price alone, with no attention paid to how goods are produced or other negatives triggered intentionally or inadvertently by companies and consumers. As consumers, we buy engagement rings never thinking about whether young African children might have been enslaved to mine for those diamonds -- and of course without thinking about how that might have been OUR children if we'd grown up in a different culture. That's consumer behavior; now let's ... More »

I own my own restaurant. What is the best type of ...

I am a single parent and do most of my own advertising. This has been a really rough year.

Kevin's Answer:

Patty, you don't have to work very hard to convince me that it has been a really rough year in the restaurant industry. One look at the vacancies in strip malls and other properties with "for rent" signs tells me all I need to know. Chains are closing outlets, franchises are shutting down, expansion plans are being mothballed. The problem, of course, is that in the Great Recession, consumers are cutting back spending and dining out is one of the first "luxuries" to go. To answer your question directly, I wouldn't spend much time with newspaper ... More »

Which is the best form of legal entity for my business: C ...

Kevin's Answer:

Without knowing what type of business you are running, that's hard to say. Generally speaking, LLCs are a very good structure for smaller enterprises, while S corps are good when you've grown a bit. If you are planning to have a bunch of investors, a C corp might be the ticket. If you are a visual learner, here is a smart little video that explains the basics: http://www.simplesubjects.com/tax/llc-vs-s-corp-vs-c-corp-the-3-minute-version.html Either way, you definitely want to check this with your personal and corporate accountants who know ... More »

Using your home equity loan as your business fund

In this day and shrinking economy, is suing your home eqity as yoru business fund a good idea? I know for a fact that most if not all banks ...

Kevin's Answer:

You know that feeling you get when you've eaten too many onion rings and the sourness starts to bubble up? I'm getting that feeling now. I am an entrepreneurial zealot; I love small business and I love small-business owners. But, I get very squeamish when I see people mingling their personal and professional funds. The one slab of advice I stress more than any other when I counsel entrepreneurs: Never put your family at risk, not through personal actions, not through your business. Tempting as it is to go "all-in," I only advise that for ... More »

I'm tring to make a purchase for my company and the seller ...

What should I do to prove that I am legit and serious as well as capable of following up on my interest?

Marci's Answer:

Kevin has summed this one up perfectly, but I'm going to chime in as I have also had way too many instances where people make it difficult for me to spend my money with them. I'd encourage you to do everything in your power to find a new seller rather than suck it up. There are few situations where a seller is the only provider of what you need. One thing you can be nearly certain of -- if this is the treatment you're receiving when you're trying to become a customer, it can only become worse once you're already on board. More »

WHEN STARTING A SMALL BUSINESS, HOW LONG WOULD YOU GIVE IT ...

HOW LONG WOULD YOU CONT. IF YOU WERNT MAKING MONEY?

Kevin's Answer:

I feel your pain, Rosemary. Several years back, a media company that I co-founded had consumed all of its cash -- mine and the other investors'. Our three-member leadership team split on what to do: two of us decided we couldn't make this business work and felt wrong asking additional investors to come aboard; the other partner really didn't want to let go of the dream and insisted we continue trying to raise additional funds. Our debates became increasingly polarized and contentious until finally the two-against-one rule held. With ... More »

People copying my new business idea

I have a great idea for a new business but I fear that if I put money into starting it up, someone will copy it right away as I've seen it ...

Kevin's Answer:

Karen, Marci's advice is smart -- see if you can patent or trademark your idea and do it. But, whether you succeed or fail in the trademark process, move on very quickly. I actually think most entrepreneurs spend too much time worrying about exclusivity. Most decent ideas are solutions to problems -- and ones that many people are thinking about solving. Not to diminish your idea, but it's probably been thought of before. This would all be just an academic debate if the stakes didn't matter. First, it's rarely the first mover that makes the ... More »

how will you advertise a small business by not spending for ...

because of the present economy, we need some great and creative ideas?

Kevin's Answer:

Beyond Marci's tips on PR, there are many ways to garner free Internet mentions. Those can help when people are searching for your industry or product. Join conversations about your industry. Look for ways to help those in need of information about your service. Post comments on others' blogs and think about creating your own. Create a Facebook fan page for your service. You get the idea: The Web is a great way to spread the word and it's free (except the cost of your time). The trick, I think, is not to promote your product or service but to ... More »

How much financing does a SB need to get themselves up and ...

Kevin's Answer:

Shaun, there is no hard and fast rule for amount of capital, partly because businesses are so varied in their requirements. Obviously, a work-from-home service business -- say, creating a consulting enterprise with no employees -- is going to require far less cash than manufacturing a new type of stucco, which would require factory space, etc. You need to figure this out with a solid business plan (note: do not cheat on the planning step), one that helps you realistically see how/where your company is headed. The Better Business Bureau has a ... More »

How do you get started in opening a small store?

I would like to open a store that sells adult party supplies being there is a demand for it.

Kevin's Answer:

I think Marci has highlighted almost all of the questions I would ask. But I would pose one other: How would you possibly differentiate what you carry from the Targets or Wal-Marts of the world? Pondering that question, I figure you have one of two things in mind: Either you will carry the wackiest party supplies in America or you really do mean "adult" as in X-rated. Without either of those differentiators, I'd be very very cautious about opening a party-supply store without knowing how much pent-up demand there is in your community. More »

What is the best way to reach the teen market online?

Teen consumers seem to be all over the place online. Is there any particular tactic that would be most effective?

Kevin's Answer:

With 20+ million American teens online, I can see how this might be a tempting market for you. Other estimates peg teen consumer spending at $170 million a year. Either way, Jonathan, you can see the sales potential. Problem is, it's far from an undiscovered market. According to some estimates, kids (including teens) are exposed to roughly 5,000 ad impressions each day. Breaking through that clutter is tough work. Where to start? First, there has been some great research into teen consumerism, from this smart piece on teenaged psychology ... More »

Are banks still giving loans to start a small business?

I am thinking of going into business for myself but I don't want to go through the whole process of putting together a business plan if I ...

Kevin's Answer:

I can't blame you, Chaquita. In this recession, no one wants to waste time and it certainly feels that the banks have shut the spigot; loans backed by Small Business Administration funds were down more than 30 percent in the past year to less than 45,000 loans. But recent months aren't nearly as bleak. While banks continue to look hard at their current loan portfolios as well any new loans, cash is starting to flow again. With federal stimulus dollars feeding the SBA's 7(a) loan program (the largest one for small-company lending), the amount ... More »

Is it legal to run a small business from an apartment?

Kevin's Answer:

Rocketdrone, you're smart to consider building a small company from the already-covered overhead of your apartment. Keeping that fixed cost out of your liabilities will help your business reach liftoff (that's my pun on Rocketdrone. Sorry). One thing I'd add to Marci's sound advice: If you'll be receiving lots of mail and packages, you'll want a P.O. box; no need to annoy your neighbors with those. By the way, P.O. boxes are a good idea, too, for those moments when the occasional irrational complaining buyer wants to come see the business ... More »

I'm considering making crafts at home to sell for an ...

sculpture dolls, stuffed animals and some cross stitch work. Without having to resort to the expense of renting space at a flee market or ...

Marci's Answer:

Lois, the best low-cost ways to advertise your work would be to do it online, which is where many artists are spending their time these days. And since you've come to Yahoo! Answers for advice, I'm guessing that would feel comfortable to you. {Have a look at this article I wrote for the New York Times about artists exploring new markets for their work: http://www.nytimes.com/2008/11/27/business/smallbusiness/27shift.html?_r=1} eBay and Etsy are two sites that are very popular with artists. There's no middleman between the artist and the ... More »

What are the financial benefits, if any, to hiring family to ...

Marci's Answer:

I couldn't resist this question as it brings me back to my childhood, growing up as a part-time worker in a family business. While my parents must have thought about putting the kids to work as a financial matter, I don't think that was their main motivation. And I wonder whether it should be yours. Here's how it played out for me. I was just entering my teens when my parents bought their first motel, which was both a business and our home for about five years. Helping out in the business wasn't presented as an option; my parents didn't ask ... More »

What are some ways that a new start-up or small business can ...

Every big company is on Facebook and Twitter (etc). What are some ways that a small business owner use the power of these social networks ...

Marci's Answer:

Coley, you're instincts are correct that you can take advantage of social networking sites to build your business without hiring a consultant. The beauty of these tools is that they are free (at least for now) and work best when used by real people who are using them to connect with other like-minded real people. Here are a few ideas to get you started. Facebook Start a fan page. This article by Katie Hellmuth Martin will walk you through how it's done: http://thatitgirl.blogspot.com/2008/04/how-to-make-fan-page-in-facebook.html Spread the ... More »

Can I maintain my COBRA coverage after I become ...

I was laid off in April and began COBRA coverage at a very good rate due to the stimulus package subsidy. I am about to become ...

Marci's Answer:

This is an excellent question and one I imagine others will be wondering about as thousands of people decide to invest in themselves rather than try to find a job in the current market. The good news is that you can keep your COBRA coverage until your business offers a health plan of its own. Zachary Hummel, an employment lawyer with the firm Bryan Cave explained the limitations on COBRA in an email to me: If an individual who elects COBRA health insurance continuation coverage obtains another job and is eligible for group health insurance ... More »

I'm a personal assistant starting out, need marketing tips ...

I tried Craigslist and the local paper to no avail, I'm at a loss as to where I should turn to now? Any help would be appreciated. thank you ...

Marci's Answer:

Adele, you don't say whether your business is providing virtual or in-person services, but either way, I'm going to assume that you plan to start a consulting practice where you will serve multiple clients rather than just one which would feel more like a job than a business. For help with this question I turned to Emily Morgan, a virtual assistant who has been so successful at marketing her business, Delegate Solutions, that she now has a partner and is providing a range of virtual services through a new subsidiary, Corporate Admin ... More »

How to build credit

I am a 19 year old. College Student, Author, and hope to get into opening a business in the next year. How can I build a strong score and ...

Marci's Answer:

Given what has gone on with many of the grown-ups in this country stemming from bad credit habits, it's refreshing to hear from a young person who is determined to build good credit from the get go. If I could distill my thinking on this into one sentence, it would be this: "Don't charge it if you can't pay for it when the bill arrives." But it actually isn't that simple. While it's good for your credit score to pay off your balance each month, there's more to it than that. According to Manisha Thakor, one of my favorite financial gurus, the ... More »