Business Owner's Toolkit, Leading Provider of Need-to-Know Information on How to Start a Business, Offers the Key to a Successful Year-End Startup
With the balance of 2008 at hand, entrepreneurs still have time to launch a new business
Riverwoods, IL (PRWEB) November 10, 2008
www. toolkit. com -- Becoming the president of an international corporation used to take a lifetime of hard work. Now, it can be done with a PC, strong entrepreneurial spirit, and the remaining balance of 2008.
Downturns in the economy are actually a great time to start a business (https://www. bizfilings. com/BOS/app/ServiceOptions. aspx? src=fq&vendorid=BFI&sp=0&bhcp=1) that runs more efficiently than competitors, said Troy Janisch, publisher of Business Owner's Toolkit. This is because companies are examining every expense for ways to save. If you can offer a better price than their current vendor, Janisch said you will have a decent chance of winning their business -- and growing your new company rapidly.
"It's never been easier or less expensive to start a company," Janisch said. "The key is to avoid the common mistakes and ensure that your new venture has the necessary advantages to succeed." Since Q1 and Q2 promise to be the busiest time for many new businesses, he said it's important for entrepreneurs to lay the groundwork now:
Write a Business Plan
Even though a business plan isn't required for starting your corporation, Janisch said it's not a bad idea -- In this economy, it's an essential one. Based on a study by Jessie Hagen of the US Bank, most businesses fail due to a combination of four factors: poor business planning, poor financial planning, poor marketing, and poor management.
According to Hagen's study, in the Business Planning category, 78 percent of businesses fail due to lack of a well-developed business plan. Business planning software isn't required -- but it's advantageous, according to Janisch. Creating a business plan by yourself is an intimidating task. As a result, Janisch said it's a mistake not to use software and free business planning resources to develop an effective plan. That is why he said Business Owner's Toolkit provides a free business planning webinar and content for Planning Your Business (http://www. toolkit. com/small_business_guide/sbg. aspx? nid=P02_0001).
Gain Asset Protection
With a winning business plan in place, Janisch said one of the next steps is to form the legal entity for your business (http://www. bizfilings. com/products/incorporate. asp). To reduce the potential risks to your personal assets, you'll likely want to form an LLC (http://www. bizfilings. com/products/llc. asp) or corporation. Both have their advantages and disadvantages. Corporations, for example, make it easier to raise capital by selling stock. There are two types of corporations: S Corps and C Corps. Each has its own advantages: Income from an S Corp, for example, can be rolled into your personal taxes. C corps provide better structure for multiple owners. LLCs are more flexible than corporations in most respects. However, structure can be a good thing when it comes to business.
Build Brand and Infrastructure
When it comes to developing a company's brand (logo), marketing materials, and web site, Janisch recommends working with experienced professionals. By making a modest investment up front on professional materials, he said you're likely to have a stronger brand, more professional image, and less headaches overall. He also encourages business owners to use turn-key solutions for basic infrastructure items such as telephone, internet, and marketing-related resources.
Signing up for a free membership at Toolkit. com (http://www. toolkit. com/) provides business owners with free trials and discounts from leading vendors such as RingCentral, Register. com, VistaPrint, Constant Contact and GoToMeeting.
Many entrepreneurs start their first company while they're still employed, said Janisch. This provides them with cash flow, health insurance, and the confidence they need to make a gradual transition to full-time self employment.
ABOUT BUSINESS OWNER'S TOOLKIT
Business Owner's Toolkit (www. toolkit. com) provides total know-how for small business. The Toolkit website helps business owners start, run, and grow a successful small business by providing more than 5,000 pages of free step-by-step advice, instruction, and ready-to-use business templates. The site also offers free business webinars, business news and one-to-one advice to business owners by email. The Business Owner's Toolkit also partners with StartupNation to provide free entrepreneurial advice via a national syndicated radio show.
The Business Owner's Toolkit is a part of Wolters Kluwer, a leading multinational publisher and information services company. Wolters Kluwer has annual revenues (2007) of €3.4 billion, maintains operations in over 33 countries across Europe, North America, and Asia Pacific and employs approximately 19,500 people worldwide.
###
