How to Choose a Law Firm for Your Small Business

As the owner of a new small business you’ll be taking on a lot of responsibilities. In your role as boss, it will be your final decisions that impact your staff and the direction you want the business to take. While it might feel at times as if you’ve taken the weight of the world on your shoulders, you can (and should) add to your team with a qualified attorney. Developing a working relationship with an attorney who understands your business will be vital to your success. The following are some helpful hints to help you pick the right law firm.

1)      Start With a Recommendation

When you open up your business you’ll be entering into a community of your peers - other business owners who have been through your situation. These fellow owners can are great resources for solving any challenges that you might face. This network can answer any business related questions that you might have. Start by asking about the law firm they use. Getting recommendations from business owners is the best way to start researching the law firm that will be perfect for your needs. Keep in mind that just because someone recommends a law firm doesn’t mean you have to hire that firm. You’re just asking for names.

2)      Write Out Your Vision

You might have created some sort of business plan for your investors, but your vision of where you want your business to go is something less formal. This is a document that you can use to strategize with an attorney. This vision can help you choose the right law firm based on that firm’s experience. For instance, you might want to franchise your business so you should be looking for a lawyer with expertise in that field. The same holds true for expanding your business globally. Does the law firm have offices in other cities or countries?

3)      Research

Just as your business will need a website, every prospective law firm you’re looking into will have their own internet presence as well. This will be your first impression of the law firm and can tell you a lot about how they handle their business. Once you enter into discussions about retaining the services of a law firm you’ll be given the opportunity to follow-up with their references. Make those calls.

4)      Factor In the Costs

Billing practices vary from one lawyer to another. Many new business owners have gotten quite a shock from their first legal bill when they are charged for a quick phone call or email response. Remember that lawyers make their living through billable hours. When you develop a strong relationship with a law firm the “nit-picking” of hours charged might not become such a big issue. However, you should be aware of all the fees up front and what a lawyer expects to bill you for. Additionally, all these fees should be in writing.

Even if you are a freelancer or a home business, there will be a situation where you will need to use the services of a corporate lawyer. This could range from needing legal advice, or it could be to draft up contracts and agreements. Either way, it's always a good idea to retain the services of a corporate lawyer in case any unexpected situations come up.

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5 Startup Lessons I Wish I'd Known

If someone can develop an app that provides “hindsight” they would truly make a fortune. Sadly, most startup businesses stumble out of the gate only to embrace valuable lessons too late in the game. Can you benefit from any of these lessons learned from startup entrepreneurs?

1.      Line Up Early Investors

Operating capital is essential in any business whether it’s just starting or has been around for generations. For the new business, it is important to have working capital on hand to not only cover the day-to-day operations but also as a “cushion” for any unforeseen circumstances. Too often new business owners look for the big investors who want to minimize their risk by only investing in a proven entity. This means they won’t be interested in a first position investment. Instead, look for contributions from eager investors who are willing to come in early. It might mean smaller amounts from more investors but it could pay off in the long run.

2.      Bank Your Content

If content is king, then do you know where all your content will be coming from? A lot of excitement can be generated by launching a new website. All the social media networks will be lined up and you’ll get started with a powerful push by providing tons of fresh content. Unfortunately, that fresh content could quickly dry up if you don’t prepare for the long haul. You should treat content fulfillment just as you would with any other type of fulfillment: it has to be delivered on a consistent schedule and maintain the standards you set for the company.

3.      Be Smart With Your Marketing

There are many valuable resources to tap into in terms of online marketing campaigns. The real question is do you know what you’re doing? Just because you set up a Facebook page and Twitter account doesn’t mean you’re work is done. Set aside some of your marketing budget (yes, you should have a marketing budget) for online consultants with a proven track record of success. Let them be your guide.

4.      Reach Out

No company should be an “isolated island.” You should be forming business partnerships as an ongoing function of your operations. Suppose you are setting up a web business to sell custom sneakers. Wouldn’t it make sense to partner with a shoelace company? Think about how you can expand the reach of your business through these partnerships.

5.      Manage Expectations

Every new business startup dreams of fast success. The same can be said for anyone buying a lottery ticket. Just because you think you’ve got it all figured out doesn’t mean your business will perform according to plan. Expect the unexpected and understand that a business is meant to endure. Your six month plan is every bit as valuable as your five year plan and both should be grounded in realistic expectations.

5 Great Female Entrepreneurs

Successful entrepreneurs come in all stripes. Each story is an inspiration for other small business owners who hope to reach those same pinnacles of success. For women who are involved in starting their own companies, there are certainly prominent role models to learn from. Here are 5 great women entrepreneurs who succeeded against all the odds.

Anita Roddick

As the founder of The Body Shop, Anita Roddick has turned a passion for environmentally safe cosmetics into a global phenomenon. Roddick created her first line up of products from ingredients she had in her home. There were only 15 products in her first shop and she needed to put part of the small restaurant and hotel she and her husband owned up as collateral. From that first store, The Body Shop now boasts 1,980 retail outlets with over 77 million customers around the globe. Using the success of The Body Shop as her platform, Anita has managed to become a leading social activist campaigning in support of human rights and the underprivileged around the world.

Mary Kay Ash

Sales were always a part of Mary Kay’s life. While her husband was serving overseas in WWII, Mary Kay sold books door-to-door and racked up an amazing $25,000 in sales in just six months. When her husband returned, they divorced and Mary Kay went on to work for Stanley Home Products becoming one of their top sales directors. Upon her retirement in 1963, Mary Kay decided to start a new business. She invested $5,000 of her life savings into a 500 square foot store in Dallas. This was the start of sales empire that has grown to over 350,000 beauty consultants all working under the Mary Kay Inc. banner generating over $1 billion in sales.

Oprah Winfrey

While it is true that Oprah hasn’t necessarily created a product or opened a retail store, she is still considered one of the most successful entrepreneurs of all time. Starting out as a local news reporter in Baltimore, Oprah went on to star in her own talk show. Over 18 seasons, Oprah won dozens of Emmys and had a viewership estimated at over 30 million. The success of that show allowed Oprah to form her own production company which in turn has lead to the creation of a monthly magazine and her own cable network.

Debra Fields

Imagine turning a family recipe into a fortune. That is exactly what Debra Fields did when she created Mrs. Fields cookies. At the young age of 20, Debra convinced a bank to lend her money to finance her business. The first Mrs. Fields opened in 1977 in Palo Alto, California. Flash ahead to the present and you’ll find there are over 600 Mrs. Fields franchise business with over 450 million in annual sales; all from cookies!

Estee Lauder

Yes, Estee Lauder is a real person whose brand now controls close to 45% of the cosmetics market in the United States alone. All of this began as Estee learned from her chemist uncle John the basic components of cosmetics. Her first line of cold cream was sold at a counter in Saks Fifth Avenue. Estee Lauder also sells products in 118 countries with $3.6 billion in sales.

How to deal with stress when starting your small business

Congratulations! You’ve just got your brand new small business up and running. It took a lot of hard work and planning but you can finally see your dreams coming true. Does this mean that all the stress associated with your start-up is now over?

Sadly, not likely.

As you settle into the routine of operating your small business you’ll be introduced to a whole new set of potentially stressful situations. Number one is family-related stress - the concern that you’re spending too much time at your business and not enough time with your family. Finding a way to strike that balance might be the key to alleviating that stress. Don’t let the excuse of “I don’t have the time” stand in your way. Make the time!

Other than family, here are some more stress busting tips you can start using today:

·         Get Physical: As in exercise. If you didn’t work out before you started your business then this is the perfect time to start. Join a gym and devote some time to sweating it out. This doesn’t mean turning into a gym rat but even a 30 minute cardio workout 3 times a week can help loosen up your muscles and clear your mind.

·         Have a Laugh or Cry: Bottling up your emotions is not healthy. That holds true whether you’re a business owner or not. Watching a funny movie and allowing yourself to laugh is going to release certain chemicals in your brain which will generate good feelings. It’s like giving your brain a “break” from all the things it has to deal with. Likewise, crying can also be stress reducing. This doesn’t mean standing in the middle of your business and breaking down in tears. However, if you can find a quiet moment and the tears do come, let them flow freely. You’ll feel better!

·         Stay Organized: As you embarked on your small business start-up you probably put together a business plan. You need to apply that same level of organization to your new day-to-day routine. Yes, there will be the occasional time which will cause you to deviate from that plan but having structure allows you to be flexible. Perhaps the most important “meeting” on your daily schedule is dinner with your family. That’s one item you shouldn’t neglect.

·         Treat Yourself: Being a business owner means you are suddenly in charge of a lot of people’s economic well-being. You’ll be constantly tending to your staff and your clients. But what about you? Often stress builds up as a result of not taking care of your own needs. As you plan out your week, carve out some special time to do whatever it is that brings you pleasure. It might mean going to the movies alone or spending time in the garden or just sitting by the shore watching a sunset. Whatever that moment is, include it in your schedule. Don’t wait for stress to overwhelm your life.

Top 5 Ways Email Marketing Can Help Small Businesses

The success of any business is built on the strength of its customer relationships. While loyal return buyers are always a goal, a business can’t thrive unless they continue to expand their customer base. Using an email marketing campaign is a direct and cost effective way to accomplish both of those goals. The following are the top five ways that an email marketing campaign can help a small business.

1.      Direct Sales

In the world of e-commerce, the mailing list is gold. Before email came along, direct mail campaigns were used to entice customers. Businesses were happy with a 1% or 2% return rate. But even that measure of success was hard to track. Today, an email marketing campaign can invite customers directly to your website where they can instantly make purchases. You’ll be able to track a spike in sales to the delivery of those marketing emails as a way of judging the success rate.

2.      Increase Brand Awareness

The internet version of “junk mail” is referred to as “spam.” These are the email messages that are unsolicited and are often quickly deleted. With a small business email campaign, you could be sending directly to customers who have requested information about your business. This makes them a more attentive audience. It also helps promote your brand. Not every email needs to be about a hard sale. You could include a newsletter which promotes part of your company history or tells the personal stories of your staff. It’s all about making a positive connection between your business and your customers.

3.      Special Promotions

Every savvy shopper is always on the prowl for a good coupon or special sale. An email marketing campaign can incorporate those special promotions to generate significant sales. While you’ll want to promote holiday bargains, there is no reason why you can’t have ongoing discounts throughout the year. When a customer opens an email with a special offer, they might be inclined to act immediately especially if you put a “ticking clock” on that offer.

4.      Customer Surveys

A marketing email could include a customer survey. This will help you determine what your customers might be looking for in terms of products. It can also give you a glimpse into their thinking about how your staff handles customer service. Everyone likes to give their opinion especially if it can be done on their own time and if there is an incentive for it (as opposed to a phone survey).

5.      Introduce New Products

If you have millions to spend on television advertising you could reach a wide audience to introduce a new product. However, most small business don’t have those kinds of disposable marketing funds. An email blast can literally reach those same millions of potential customers in a fraction of the cost. Keep in mind this will be a captive audience that won’t be able to “zap” through the email like they would a TV commercial!

Small Business: How to Create a Good Team

In order for a small business to thrive and survive, productive teamwork is the key. No matter what type of business you are starting up or investing in, building a great team requires strong leadership on your part. It’s not just about hiring the most qualified individual. You have to consider the bigger picture of how those individuals on your staff will work together as a team. In other words, you can’t always put together a group of workers and hope they’ll “figure things out” on their own. Some personalities simply work better together than others. You need to stay on top of your team to see how those dynamics are playing out.

 Here are some helpful hints that can lead you towards building that effective team.

1)      Establish the Goals: What is your definition of success for your business? That should be the goal that everyone on the team is striving for. It can’t just be about “getting through the day” but about expanding and growing. If that means adding to your customer base or your product catalog then your team should be focused on those goals. You should also set obtainable benchmarks to track the progress of achieving those goals. It all comes down to keeping your team’s “eye on the prize.”

2)      Fix Problems Fast: There is no guarantee that your “dream team” is going to get along all the time. Before any conflicts crop up, you should establish the ground rules for how they are to be resolved. This might mean clearly defining the management structure and who on the team will handle complaints. If an issue can’t be resolved quickly, then as the boss you need to step in and get the problem fixed fast. You don’t want a disagreement to be blown out of proportion and cause a distraction to everyone.

3)      Include the Team: This seems like a no-brainer but it’s often easy for one or two staff members in a small business to dominate discussions or meetings. You should strive to be as inclusive as possible of all your team members. A simple approach is to turn a question back onto the team members. Ask someone who doesn’t always speak up how they might handle a particular situation. This will empower everyone to be a more active participant in the business. Nobody should be working “under the radar.”

4)      Reward Hard Work: There are many businesses that use bonuses as a way of inspiring staff members to fulfill their goals. While this is a proven method it might also set up some unwanted competition and create bad feelings among the staff. This is especially true if someone gets a bonus on the back of somebody else’s hard work. Try to find a reward which benefits the entire team like a dinner or happy hour celebration.

5)      Be the Boss: A strong leader takes in the opinion of those around him but ultimately has the final word. You need to establish that in the end you’ll have that final word in your business. This doesn’t mean micromanagement but taking on the major decisions. Often a staff at a small business develops into deep friendships that extend outside of work hours. However, as the boss you need to maintain a certain distance when it comes to those personal relationships. There is no reason why you can’t have fun with your team but always remember they will be looking up to you for leadership. Keep your relationships with your team professional.   

How your business can benefit from the iPad

Between watching movies on the go, playing games and reading books you can certainly have a lot of fun with the new iPad. However, for small businesses the iPad is a very serious device that provides a wide range of support. Consider these practical benefits used for the iPad to improve your business:

1.      Portable Information: All of your company’s vital information can be stored in a wide array of document applications available for the iPad. Anything from inventory lists to PDF legal contracts can be downloaded onto the iPad for easy access and review. Keep in mind that these documents aren’t just for reading. Depending upon the application, you’ll have full access to edit, copy, create and email any document you’re working on. The iPad can also serve as your “virtual secretary” by providing scheduling and business meeting reminders.

 

2.      Communication: Just because the iPad isn’t a phone, doesn’t mean you can’t stay in constant contact with your business associates and staff. The built in Face Time application will allow you to have a live video conference with any other iPad user. For a company that provides its staff members with their own iPads this can be an extremely effective communication tool. You also have full access to email accounts and Skype. An application like WebEx allows you to set up a web conference for multiple users.

 

3.      Productivity: Just as you would find with surfing the internet on your desktop PC, there is a vast amount of research information available on the iPad. That information will keep you on the cutting edge of any new developments for your business. The iPad allows for extensive note taking whether you’re in a business meeting or flying in a plane. Whatever notes you take on your iPad can be instantly uploaded onto your desktop computer which cuts back on the time it would take to make copies. A good one is called Bamboo Paper.  There is even a whiteboard app which lets you use your iPad as platform to brainstorm through drawings and doodles. If you have a need for your business, there’s going to be an app for that.

4.      Sales on the Go: If your business involves any type of direct customer sales, you can plug in a credit card swipe to any iPad using Squareup. This will allow you to take an instant payment for any service or product. It also provides you with instant inventory records and accounting. Clearly, this is much easier than carrying around a cash register!

 

5.      Standardization: The iPad you’re using is the same system being used by clients halfway around the world. Aside from some language issues, the iPad is a universal device being used in the same manner by businesses everywhere. Once you become a member of the Apple community you’ll discover a legion of helpful users who will always have a great new app to share. 

Video Series - Belvada Cosmetics

Belvada Cosmetics - Trademark Registration and Document Filing

 

 

Belvada Cosmetics is known for its innovative and creative product development in the cosmetics industry, and prides itself on using advancements in technology to improve consumer experience with cosmetic purchase and use. For instance, Belvada has designed a revolutionary one-handed mascara wand making it easier for women on-the-go to apply to their lashes anytime and anywhere.

Belvada has grown considerably since it was founded in Canada, expanding into the US and UK markets but the company still uses CorporationCentre.ca to register trademarks for all their product designs. With the paperwork in CorporationCentre.ca’s hands,  Belvada can continue to focus on coming up with new ideas and designs to improve make up use for women, knowing that their trademark registrations are being taken care of quickly and efficiently.

Watch the video above to find out more about Belvada and CorporationCentre.ca services!

For more information on Belvada Cosmetics, please visit www.belvada.com.

Tips on How to Generate a Great Business Idea

There are some that say that business ideas are a dime a dozen. The real challenge is finding a business idea which can translate into success and profit. Even a professional think tank whose sole mission is to create great ideas don't always hit them out of the park every time. Coming up with a great business idea is really a matter of trial and error. The most powerful lesson you can learn could be from your failures. The following are some helpful hints that can allow you to develop a proactive approach towards generating great business ideas.

·         Listen hard: A lot of the great business ideas come from a source that is available to everyone and that is listening to what other people have to say. This doesn't necessarily mean conducting surveys asking the question, "What's the one thing you need that would make your life better?" Instead it could mean just being aware of the people around you are saying. Take the occasional ride on the subway or bus and listen in on conversations between workers. Take lunch outdoors by yourself surrounded by an other workers to hear what they have to say. Is this eavesdropping? Of course it is but as long as you're in a public place you’re not breaking any laws by listening in on a conversation that someone is having right next to you.

·         Write it Down: There’s no telling where or when that next great idea might come from. You could be woken up in the middle the night with inspiration or find it sitting in a traffic jam. The important thing is not to let that idea escape. If you don't have access to a notepad and pen there are plenty of cell phone apps which allow you to dictate a random thought. At the end of the day or week go over your notes or record of memos and see if there's anything worth developing.

·         Walk Away: During the brainstorming process you could be put yourself under some self imposed pressure. If you say, "I have to come up with a great idea by five o'clock today", there's a very good chance you won't come up with any idea! If thinking about a project has you hitting the proverbial brick wall then get up from your chair and go for a walk. Take a shower. Go shopping. Do anything that will give your brain a rest and allow other sensory inputs to flow in. Once you clear out the stress you could discover that you're now free to create.

·         Don't Hesitate to "Borrow": The famous writer Tolstoy once said that every story idea is either a stranger that comes to town or a man embarking on a journey. If that is true, then every storyteller has essentially borrowed from every other storyteller; it's just a matter of putting your own spin on a variation of a theme. That same principle can be applied to generating a great business idea. Check out what the competition is up to. Maybe you could be doing the same thing only better. This kind of research could also inspire you to go off into an entirely different direction. Great business ideas don't happen in a vacuum.