Archive for the ‘Money’ Category
Home-Based Business
November 17th, 2009 | 
Author: If you have elected to have a home-based business, restrictions may not permit you to get a business license to operate in your city. You may be forced to move your business outside the home or operate outside of the law. If your family happens to be moving and you are a seasoned entrepreneur, you may wish to select your home partly on the basis of whether or not that city’s ordinances will allow you to operate your business – or any business – out of your home.
If you are thinking of living in a planned community, don’t forget to check into any restrictions that the association may have that relate to business use of your home. Even if the city will allow you to operate your business, the association may preclude that option.
The passage of the Model Zoning Ordinance did much to help protect the legalities of working from home. However, different types of businesses may be subject to special restrictions by the city or county. For instance, a mail-order business may be allowed in your home, but a direct-sales operation may be prohibited. Repair services may be allowed, but only if they do not involve the use of toxic chemicals. Food services will probable be disallowed, but the city may allow you to use your home as an administrative office for your business.
In most cities and planned communities, home-based businesses are not permitted to change the appearance of the neighborhood and, therefore, you may be prohibited the use advertising or equipment that can be viewed from the street. Very often, police or fire inspections will be conducted to see that your business does not violate any of several restrictions. Doing some diligent ground work ahead of time may eliminate the possibility of selecting a business location only to find later that it was not an appropriate and/or legal choice.
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If You Fail to File
Registering a business name is very important for your own protection as well as for compliance with the law. Registration of that name gives you exclusive rights to it. It also keeps others from filing the same or a similar name and capitalizing on the hard work and investments you have made in your business.
Unfortunately, there are individuals who lurk in the shadows waiting for just such an opportunity. About eight years ago, we had a business owner in one of our classes who had built a very successful electronics firm. However, he failed to file a DBA. Someone else discovered his error, filed under his business name and offered the option of either paying to buy the name back or ceasing to do business under that name. The business owner refused to pay the blackmail and chose to re-establish under a new name. However the continuity of his business was set back and he lost a large amount of business trying to re-establish under the new name.
The time and money required to file a DBA is very small compared to the benefits you will derive from becoming the legal owner of your business name.
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Retail Stores
If you are planning to open a “brick-and-mortar” retail store, you need to be accessible to your customers. The question you should ask yourself is, “What locations are available that are frequented by consumers who are likely to buy my particular products?” The type of retail business you are in will definitely drive your decision.
If you are opening a grocery store specializing in Latino foods, you should consider locating in an area with a predominantly Hispanic population. If you are selling music CDs, you will probably need to locate in a shopping mall or strip center that has adequate parking as well as foot traffic.
On the other hand, if you are opening a sandwich shop to service students taking night classes, it would obviously be best to see if you can actually locate in an area in the school and adjacent to the classrooms.
- If you are buying an existing retail business: The business will already have a location. Before you buy, you should determine if the present location is a plus or minus for the business.
- If you are not also buying the facility, you will have to negotiate a lease agreement with the landlord. Be sure that you understand the terms of the agreement before you enter into it. How much is the rent? How long will it be in effect? Is it renewable? Who pays the expenses (leasehold improvements, maintenance, utilities, insurance, etc.)? Generally, it is best to have an attorney look over your lease agreement so that any issues can be resolved ahead of time.
- If you are starting a new retail business: Putting your business in the right location might be the single most important thing you do. No matter how good your products are, you will not sell them unless you can get the customers through the door. Assess your situation. Make a list of your location requirements population density, traffic patterns, access, zoning and permits, affordability, etc. Then you can search for available properties that will meet those needs. You can probably do a property search via the Internet. Alternately, there are business brokers who specialize in finding available property and helping you to negotiate a lease agreement. You can also check with the Chamber of Commerce in the area in which you wish to locate.
- If you are buying a retail franchise: You should have already evaluated the franchise in terms of the concept and product. Now it is time to look for a location. It should be visible to the flow of traffic and have easy access for your customers’ convenience. The franchisor will control the area where you operate and will most likely help you to decide on and negotiate the location.
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Commonly a Non-Profit
What needs will my organization fulfill in the community? Who currently provides similar services in the community (competition)? What competitive advantages do I have over existing non-profit organizations? What will I do to create demand for my organization and sustain operations?
As you would need to start a for-profit business, you will need start-up finances. The capital will enable you meet your start up expenses as well as help you to obtain professional services such as legal and accounting. You will want to seek legal assistance to incorporate into a non-profit entity. The professional you use will also help you draft a set of corporate bylaws, which will serve as the procedure that the Board of Directors, and possibly the members of the corporation, will utilize to make decisions on behalf of the corporation. Once you have drafted you bylaws, you will hold an organizational meeting to formally create the non-profit corporation. At this meeting the bylaws should be adopted, the Board of Directors should be elected, and all other relevant business should be conducted.
Before developing your non-profit organization, ask yourself the following questions. Do I have the necessary skills and experience to operate a non-profit organization? What managerial and financial resources do I have access to? Who will make up my Board of Directors? Where will I locate my organization?
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Become a Social Entrepreneur
You can start a business by becoming a social entrepreneur. A social entrepreneur recognizes a social problem and uses entrepreneurial skills and traits to start a business that will address the social problem and make a significant change. Success for the social entrepreneur is measured by the impact they have on society as opposed to financial measures.
Your vehicle as a social entrepreneur will most likely be a non-profit organization. Social entrepreneurship is becoming so popular that a growing number of colleges and universities are establishing programs focused on educating and training social entrepreneurs.
Creating a non-profit organization is like creating a for-profit business. Just as you would do when creating a for-profit company, you will need to do some extensive planning before you start filing incorporation papers and applying for your tax exemption from the Internal Revenue Services. Running a non-profit organization will take more that just compassion. Much like starting a for-profit entity, you will have to conduct research and ask yourself several questions.
What non-profit am I interested in starting? What products and/or services will be offered through my organization?
