Archives June 2011

5 Social Media Tools for Your Business

 

 

 

As a business owner you wear a large number of hats, so the idea of adding social media manager to the mix can be a bit daunting.

The following are 5 social media tools for business to make your job a bit easier

1.  Hootsuite

Hootsuite is a social media management tool.  It allows you to monitor several social networks, including Twitter and Facebook.  Other benefits include scheduling posts to Twitter and Facebook.  You can even respond to questions all without leaving Hootsuite.  We like it because it’s in the cloud, meaning you can use it several different devices like your iPhone.   Best of all, it’s FREE.

2.  WordPress

In addition to being a blogging platform, WordPress is considered a content management system.  Entire websites have been built around the WordPress platform.  If you’re considering blogging for the first time you can start one for free at WordPress.com or integrate it into your existing website.

3.  StumbleUpon

StumbleUpon is a social bookmarking service that allows user to “stumble” upon web content.  By submitting your content here, people interested in the topics you discuss on your blog are able to find your content.

4.  Social Mention

Social mention is a search engine for conversations.  Search forums, Twitter, Facebook and other social networks for your keywords of choice.  You can also use Social Mention to discover conversations about your business.

5.  Google Analytics

Google analytics allows you to see how people are finding your website.  You’ll be able to see if what content is the most popular, how long visitors stay on your site, mobile tracking, and location.  You can even create custom reports based on your own requirements.

There are plenty more tools for managing social media, however, if you’re just getting started with social media for small business, these are 5 worth taking a look at.

What would you add to the list?

 

Starting a Michigan Business Series: Forming a Corporation

It’s Monday, which means only one thing.  Starting a Michigan Business time.  This week the focus is on Forming a Corporation, what you need know, where you need to go, and how to find the documents you need to get started.

First things first.

1.  Choose a name.

Have you settled on a name?  Make sure you name is not already taken by visiting  the Michigan Corporation Division Name Availability Search.

You’ll also need check the list of restricted words. These words are not allowed in your corporate name:  List of Restricted Words

2.  Determine if your business is subject to special licensing or permits.

No need for surprises.  You can check online here:  michigan.org/medc/services/license.  You may also want to check with your local county, city or township clerk for local requirements.

3.  File Paperwork with the State of Michigan

Be thorough when completing the paperwork.  Be sure to have the proper corporate form, filled out completely.  Forms are returned if not properly completed.

4.  Register for a federal Employer Identification Number (EIN)

You can apply for an EIN number by faxing your SS-4 (Application for Federal Employer Identification Number – EIN) to 859.669.5760 or calling 800.829.4933

5.  Register for Michigan Taxes

You’ll need to complete Michigan Taxes Form 518 and return to the Michigan Department of Treasury and fax to 517.636.4520

Corporation Advantages:

  • Shareholders (company owners) have personal limited liability
  • Access to capital is easier than with other structures
  • Profits can be divided between owners and the corporation which reduces taxes and offers lower tax rates
  • Perpetual existence. Upon death of an owner (stockholder) the corporation continues to exist
  • Tax benefits for employee fringe benefits such as medical, dental, and disability

Corporation Disadvantages:

  • Fees. It costs money to incorporate, plus recurring annual corporate fees
  • There are formalities that MUST be followed. There is no flexibility here
  • Profits paid to owners are subject to double taxation
  • Can be complex to set up and maintain
  • Dissolution does not automatically happen

A great resource for starting a business is Michigan Business One Stop.  It’s an online portal with access to FAQ’s and necessary documents for starting a business.

If you have questions you can call the DELEG (Department of Engery, Labor & Economic Growth, Bureau of Commercial Services, Corporation Division) at 517.241.6470.  Or visit online at michigan.gov/corporations

It’ never a bad idea to seek out the services of a lawyer and accountant when launching a new a business.  While these steps will get you on your way they should never be considered a replacement for legal advice.

5 Social Networks for Small Business

Social networking in one form or another has been around since the early days of the internet.  As it has evolved into it’s current form, so the number of network have increased.

How do you choose the best fit for your business?

We list 5 social networks that are key when integrating social into your marketing strategy. For more business tips, you should check the new software on the market, find out more today using the link.

1.  LinkedIn

LinkedIn has matured into a great network for business.  With the primary focus being on professionals, your message doesn’t need to compete with pictures and status updates about family and kids.

TIP: Spend time researching relevant groups to join.  Engage in the discussion. This sets you apart as a knowledgeable expert in your profession.

2.  Facebook

The numbers clearly show the masses love Facebook.  Over 200 million people access Facebook from mobile devices. While Google was the starting point for the web in the past, Facebook is quickly becoming the first stop in the morning.

TIP: Create a landing page tab.  This allows you to control the message new visitors see on your Fan page.

3.  YouTube

As YouTube turns 6 this year, it’s hard to ignore the sheer numbers.   YouTube boasts 3 billion daily views. With a “B”.  Since we tend to recall 50% of what we see and hear, YouTube is a great way to get your message across.

TIP: Answering FAQ’s and Tutorials do well on YouTube.  Use the video to let your company culture and personality shine.

4.  Twitter

Twitter is a real-time network that sometimes get’s ignored simply because of information overload.  For many it doesn’t make sense.  Now that Google, Bing, and other search engines have started to integrate shared content via tweets into search, it may be worth rethinking getting on Twitter.

TIP: Share content you’ve generated from Facebook or your blog.  Those who follow you on Twitter see those results in search engines.

5.  Quora

Quora is a continually improving collection of questions and answers, organized by it’s users.  Questions are sorted by topic such as insurance, accounting, business mortgages, start-ups, etc. Answers are voted up by the users.

TIP: Like LinkedIn, you can use Quora to set yourself and your company apart from the competition. Find relevant questions to your business, answer and share those answers on other social networks.

The five we listed are just the tip of the iceberg.  There are a plethora of social networks you can join.  These 5 offer the best bang for your buck because they are FREE.

Remember that social networking should be an integrated part of your social strategy.  If you would like to learn more about using Social Media.  Join us June 24th for our June Biz Mix.  The event is free.

Starting a Michigan Business Series: Corporation or Partnership?

As an entrepreneur you end up wearing quite a few hats.  This doesn’t always leave time for finding relevant information for your business.  Were do you even begin when it comes to starting your small business?  The Starting a Michigan Business Series will be designed to answer FAQ’s related to launching a business in Michigan.

First up in our series is Corporation or Partnership?  Is there an advantage to one over the other?

Quite simply, it depends.  Not quite what you were looking for.  Yet it really is determined by your situation.  Each has an upside and downside.

Let’s take a look at the differences.

Corporation Advantages:

  • Shareholders (company owners) have personal limited liability
  • Access to capital is easier than with other structures
  • Profits can be divided between owners and the corporation which reduces taxes and offers lower tax rates
  • Perpetual existence. Upon death of an owner (stockholder) the corporation continues to exist
  • Tax benefits for employee fringe benefits such as medical, dental, and disability

Corporation Disadvantages:

  • Fees. It costs money to incorporate, plus recurring annual corporate fees
  • There are formalities that MUST be followed. There is no flexibility here
  • Profits paid to owners are subject to double taxation
  • Can be complex to set up and maintain
  • Dissolution does not automatically happen

Partnership Advantages:

  • Pooling of resources, expertise and strengths
  • Fewer formalities than other business structures
  • Does not pay Federal income taxes
  • Liability is spread among the partners
  • Investment can come from partners as a quick easy loan. This creates interest income for the partners and a business deduction

Partnership Disadvantages

  • All partners are personally liable for business debts and liabilities
  • There may be unequal commitment (think time and finances, click here)
  • Can be difficult to attract investors
  • Partners may have differing opinions on how to run the business

If you’re a current small business owner, what has your experience been with these business structures?  What would you recommend to an entrepreneur just getting started?