All posts by Billy Strawter Jr

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: How to Structure a Business Plan

Planning is important in any business.  A business plan is a tool that keeps on giving.  Providing guidance when necessary and answering questions when you stray off the beaten path.

A business plan can help you woo investors, get bank financing, identify potential markets, point out potential competitors, and ultimately gives you a clear path and direction for your business.

Quite often business owners skip this phase when launching a business.

As we move forward in our Starting a Michigan Business Series, this weeks focus is on how to structure a business plan.

1. Executive Summary

An overview of your business. Even though this will be at the beginning of your business plan, it should be written last, after you’ve evaluated other areas of your business.

2. General Description

Explain the type of business your in. If it’s an existing business give a history of the company. If it’s a start-up focus on the qualifications for starting the business. Note why the business is needed and it’s chances for success.

3. Products and Services

What are the unique features of your products and services.  Use this section to describe them and how they will attract customers to your business.

4.  Marketing

Specify your target market.  You should be able to show that there are specific market segments that will pay for your products or services.  Outline what your strategy (marketing) will be to attract customers.  List your competitors giving an honest evaluation of their strengths and weakness and how you will compete against them.

5.  Management

List the people that will be active in your business.  Showcase their skills and experience.  Think abbreviated resume.

6.  Legal

What will the structure of your business be?  Corporation, Limited Liability Partnership, S or C Corp?  Will there be patents or trademarks involved?  What sort of agreements are in place between owners?

7.  Finances

List the business’ financial needs and where you expect to get these funds.  Be sure to project revenue, expenses and profits.  Going through this section to create a financial statement will help you understand cash flow, the life blood of every business.  It addition you’ll understand your break-even point and how sensitive your business may be to market fluctuations.

8.  Operations

What systems or process will be used in your business?  Where will your business be located?  What type of facilities will you require?  Do you need supplies?  Where will be the be obtained?  What will the hours of operations be?  Use this section to explain operational process for your business.

Your executive summary is going to be the most important part of you business plan.  Most investors won’t get pass this point, so be thorough when crafting it.  Focus on drawing the reader in, give them a reason to move past this section and on to your overall plan.

Remember the depth and complexity of your plan will depend on what type of business your launching.  No matter what, it’s an important exercise in getting insight to your business pre or post launch.

What do you think, is a business plan still a important part of launching a business?

 

 

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.

Starting a Michigan Business Series: How to form a partnership

In our inaugural post for the Starting a Michigan Business Series we looked at the difference between a partnership and corporations.  This week we’ll focus on how to form a partnership.

Most partnerships are formed with little to no planning.  Two people get together, form a business, lost in the discussion of how cool and how fun.  It’s not until the honeymoon is over that the lack of ground rules or some semblance of structure comes back to haunt them.

Fortunately with some pre-launch planning, you can avoid the common pitfalls that have plagued many a business partnership for which they will also be using a PayStubCreator software.

First you and your partners need to sit down and ask some very pointed questions:

  1. Are you and your partners aligned in values, goals, and ideas?
  2. What will each partners role be in the business?
  3. How much financially will each partner contribute to the business?
  4. Will compensation be dictated based on contributions or other factors?
  5. What happens if a spouse wants to join the business
  6. What happens if a partner wants to leave the business

While it’s a mood killer for the excitement of starting a business with a friend or family member, hashing these details out will be much appreciated in the case of conflict.

Partnerships are fun and CAN work.  Each partner brings something unique to the table.  One may have the business contacts, another might handle the day to day operations, while another may handle sales and marketing.  Clearly outline expectations while establishing a routine for communications.  What will day to day communications look like? Quarterly?

Through the process you may realize that a partnership isn’t the right fit.  Issues during the discussion phase may indicate conflict once you work together.

Now lets get your business up and running.  You’ll need to download your forms HERE.  They will need to include the following:

  • Name of the limited liability partnership, which must contain the words “Limited
  • Liability Partnership” or the abbreviation “L.L.P.” or “LLP” as the last words or letters of its name.
  • The address of the partnership’s principal office
  • General nature of the partnership’s business

As of this post the registration fee is $100.

Be sure to enlist a lawyer and accountant. You’ll need to establish a partnership agreement in writing.  This is an important step, no matter who your partners are. And if you are planning to start a business out of Michigan, hire the most credible resident services officer to help you manage your compliance, legislative and regulatory requirements.

For those in established partnerships, what suggestions do you have for someone just starting out?

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?