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Starting a Michigan Business: Michigan Business One Stop

 

 

 

 

 

 

In my talks with other aspiring business owners I’m always surprised by the lack of awareness of Michigan Business One Stop.  What is it?  It’s Michigan’s online portal with pretty much everything you need to get your business up and running.  All in one location.  Talk about a time saver.

Here are just some of the things you can do with Business One Stop:

  • Learn about Financing your Business
  • Tax Information
  • Play with the One Stop Simulator
  • Find Employer Resources
  • Business Entity Search
  • Keep track of filings

The Business Start Up Tool on One Stop is a great tool for creating varying scenarios for launching different types of business.  It will help you understand the state requirements for that business, including costs and time frames.  It’s really simple to use and leaves you with a wealth of knowledge for the onset.

The site includes a online secure service for starting your business.  Right online.  Register for taxes, apply for licenses and permits.

If you’re in the process of starting a business, Michigan Business One Stop is the place to go.

Have you used Michigan Business One Stop?

 

 

 

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?

BIZMix June 24th 12-2pm

June BIZMix
“Social Media”BIZMix: FREE Education and Networking Event

Talan SBS and our social media experts invite you to join us at our June BIZMix! In attendance will be 50+ business professionals, including business owners, leaders, and representatives. We will gather for networking and learn how to begin improving our social media plans today. Lunch will be included in this FREE event designed to help you keep your business in business through education and qualified connections!

85% OF CONSUMERS DON’T KNOW YOU EXIST TODAY!

Consider this…85% of consumers want to use social media to engage with companies. Will they be able to find YOUR company?

•You need to get engaged today before there’s no catching up.
•Companies who use social media effectively know how to improve their brand. •It’s an excellent tool for two-way communication with your customers.
If you’re reading this webpage thinking: “social media is just a temporary fad, it’s too difficult and confusing to navigate. I’m going to wait for it to pass, and then get involved in the next instrumental marketing tool.” You’re wrong and based on statistics you will not be in business 5 years from now. Don’t wait any longer or you’ll be doing a huge disservice to your business:

•Using social media in a strategic, effective way is the number one best opportunity
•It’s inexpensive AND reaches a large audience.
•It’s the only marketing tool out there that effectively serves both purposes of an advertisement.
•Social networks are where people ARE tuned in today.

Register today, to start or improve your social media plan!

Leadership for Positive Change

 

With the Chick-fil-A Leadercast only 10 days away, we’d like to express our thoughts TODAY on what being a leader is (before this much anticipated event).  So here’s what we think, and what inspires us as leaders.

First of all, it’s so important that people realize that a leader isn’t just a manager, or CEO.  This being said, an entry-level employee, or someone who is unemployed can be a leader.  Leadership doesn’t just take place in a work-setting.  There are mothers and fathers who are the leaders of their families, or sports players that are the leaders of their teams.

A leader is someone who has a voice- and wants to make positive change.  As we’ve learned from CFA Leadercast speaker Seth Godin, a manager and a leader are two completely different things!  Leadership is not practical, and it isn’t everyday- leadership means helping someone grow in a vast way.  If you’re a leader you don’t just do what you’re told and wait for change, instead you’re innovative and take action now.  With technology and competition the way it is today, if you aren’t being a time-based industry leader, you will fall behind! 

True leaders don’t just think about how they can make a process run better, or treat friends, family and employees more fairly, they take action.  They demonstrate integrity and receive respect.  They aren’t intimidating and unapproachable, but rather are easy to talk to and hand out meaningful advice.

The thought that we can constantly improve our leadership mindset, working toward a common goal, and motivating employees to reach goals is what inspires us to continue and become better leaders.  We know that our presence in the small business community will help small business owners increase their confidence, expertise and most importantly passion for their companies.  Small businesses are what our country was built on, and we know it’s the root of improving our economy and patriotism for not only the United States, but Michigan made products, companies and ideas.  We need to support and invest in our local small businesses to begin positive change.

We hope to gain more insight as to what defines a leader, and how to be better leaders ourselves after attending this once in a lifetime opportunity.   Being able to hear from the world’s most influential leaders, including: Seth Godin, John Maxwell and Robin Roberts LIVE in one day, we feel extremely lucky and are enthusiastic about all we have to learn and implement in our business.  We will spread this knowledge to our clients, who in-turn can spread this knowledge to others.  After hearing more about the Leadercast from past attendants, we are certain that everyone in attendance will go home with actionable steps to improve their business, and every other aspect of their lives in order to be “a positive voice of change”.

Thank You Chick-fil-A for putting together this incredible event and allowing us to be the host-site for Metro Detroit!

“Your voice is a voice of change, and change creates new possibilities”.  Register now at: http://tinyurl.com/46ndhch

Top 10 Reasons Small Businesses Fail

Top 10 Reasons Small Businesses Fail

We recently received an article from a client outlining the top reasons why small businesses generally fail. This question and the reasons related to the top 10 regularly face us in working with entrepreneurs. While we tend to focus our blog discussions on business success, rather than failure, it is important that we talk about and identify these issues because they are very real obstacles to success. Additionally, and perhaps even more importantly, the precursor to failure is ongoing stagnation and many points listed in this article are happening in your business right now whether you recognize it or not. So the question many ask is “if these are the top 10 reasons small businesses fail how do I avoid failure?” While this may be a valid question, the real question to ask is “how do I identify if my company has any of the traits that create these issues in the first place?” While there is no silver bullet in answering the question… the simple answer comes down to assessment. In your business, for which we recommend this check stub software, you should annually be assessing the organization, asking tough questions about the how and why you do what you do, and consistently measuring the results of your actions. But you shouldn’t do it alone. Bring in an outside resource by way of a mentor or consultant. These individuals should not have a financial interest in the organization or be on its operational leadership team. They should be “outside” resources whose interest is in the overall success of the company, not telling you what you want to hear. Through this process you should look at all areas of your business, giving you a chance to see it from the outside looking in allowing you the opportunity to identify potential problems before they can damage your company. Here is a link to the article-

TOP 10 REASONS SMALL BUSINESSES FAIL- ARTICLE

Protecting Your Products From Copycats

A friend sent us the attached article which was posted in USA Today on Monday September 20th. The main concept of the article is focused on protecting your products from copycats. While this topic is directly relevant to those of you who develop, invent and create new products, the article has some very good “take-aways” for every type of business leader. At its core, the article identifies that the awareness of our competitors’ position in the market, as well as always staying connected to the wants and needs of our customers, is critically important to maintaining successful growth. We hope you enjoy the article and look forward to hearing your feedback.

Click Here for Article- http://tinyurl.com/26zr3oe

Maybe you need a Business Divorce

By Lori J. Frank

We are taught that all that matters is the sales to your customer. If you Start searching for customers and sell your product or services then you will be rolling in the dollars. This is true, IF and only if, the customer is paying you! If not, all you are doing is laying out cash to your employees and your suppliers. Most business is conducted by a handshake (either actual or electronic) and rarely is there a written contract. We mostly trust that we will get paid for our product or services.

Let’s say you and your customer have done business together for a period of time after you graduated from business colleges. At first you were getting paid as agreed, and maybe a little early. As time went on, you started to notice that the customer is not paying you as in days past. You call and ask the owner why it is taking longer to get paid than it had been. You are told, “Well we are in Michigan and my customers are taking longer to pay me”.  Is that the truth or is my customer using the bad economy as an excuse? It doesn’t matter. In either case, you should start by asking your customer for Cash On Delivery and talk to the customer about an arrangement to pay the past due invoices. Most good customers will be embarrassed but will talk to you about making good on the debt. If your customer won’t discuss a concrete plan to pay the past due invoices, then it may be time to get the divorce and cut that customer loose. Furthermore, if the checks from your customer start to resemble a basketball and bounce, then time is running out on getting paid.  This is a red flag and all deliveries should stop unless payment is guaranteed either by bank check or by a credit card.

Lori J. Frank is a contributing member to the Talan education blog series. LJ Frank PC was formed in 1996 and the firm specializes in the collection of debt. They can be found at www.collectionlaw-firm.com. LJ Frank PC is located in Southfield but covers the entire State of Michigan. LJ Frank PC is a member of:

Michigan Bar Association

Oakland County Bar Association

Michigan Creditors Bar Association

Commercial Law League of America

If your business is in a situation where your cash flow is being negatively affected by clients who are not paying as they should, contact Talan today to discuss your options for reducing your exposure to this unnecessary risk.