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(ARA) - Given the state of the U.S. economy, you might assume that turning your hobby into a small business right now isn't the best idea. On the contrary, launching your own small business in a down economy can be a very smart move -- if you plan in advance and set yourself up for success from the start.
Here are 10 tips that all budding entrepreneurs can follow to make their dreams of owning a small business a reality in 2010:
1. Develop a business plan
While preparing a business plan is a requirement for any small business owner seeking to raise start-up funding through a traditional loan or venture capital, every business can benefit from this practice. Your business plan should define your business, its products and services, while outlining your business goals, operating procedures and competition.
2. Consider incorporating your business or forming an LLC
While many small businesses choose never to incorporate, there are many benefits to doing so. "Incorporating your business or forming a limited liability corporation (LLC) is important because it helps protect your personal assets from business debts and liabilities," says Karen Kobelski, general manager of BizFilings, a full-service online incorporation service provider offering small business owners fast, easy and economical ways to form a corporation or other business structure online or by phone. "However, incorporating isn't just about protecting your personal assets; other benefits of incorporation include tax advantages and greater credibility with customers and business partners, which can give incorporated businesses a much-needed advantage over non-incorporated operations."
3. Select an accountant and attorney
Many small business owners seek advice from accountants and attorneys. As you research your options, get referrals from friends and family and turn to professionals who have worked with other small business owners or companies in your specific industry.
4. Get necessary tax identification numbers, business licenses and permits
If your small business will rely on employees, a federal tax identification number or employer identification number (EIN) is required. Most businesses will also require licenses and/or permits to operate in your city, municipality, county and/or state.
5. Insure your business and investigate other requirements
Some industries have specific insurance requirements -- do your homework. It's also important to research additional government tax and insurance requirements that might apply to your business, particularly if you plan on having employees.
6. Open a business bank account
When you own your own business, it's crucial to separate business finances from personal ones, so opening a business account is key. If your business is not incorporated, most banks will require a DBA (doing business as); contact your bank about requirements prior to opening an account.
7. Arrange your business accounting and apply for loans
It is critical to properly account for all business disbursements, payments received, invoices, etc., whether you use an accountant or handle the finances yourself. If you don't have enough capital to start a business, seek funding from banks or through Small Business Administration (SBA) loan programs.
8. Establish a business line of credit
Establishing business credit will help reduce the number of times your company prepays for purchased products/services and helps establish a strong credit history, a beneficial practice when negotiating vendor and supplier relationships.
9. Ready your workspace
For home-based small businesses, make sure that you are meeting the zoning requirements for your area. Non-home-based businesses will likely require office space, which could lead to the purchase/lease of furniture and office equipment. Planning for this in advance will ensure that you have enough money to cover these costs.
10. Create a brand identity and start marketing your business
To diversify your business from the competition, you should establish your company's identity and start publicizing your products and services. Consider developing a unique business logo to include on business cards and letterhead, advertising your business in the local telephone directory, and developing customer leads -- from friends, family, and business associates. These activities will help potential customers find and remember your business and should reflect the personality of your organization.
Don't put your dreams of financial independence and doing what you love on hold until the world starts turning in your favor; start planning for your future today.
Courtesy of ARAcontent
THE HOBNOB-DESTIN NEWS
6 August, 2010 Destin’s Hippest News Source
............SPOTLIGHT ON BUSINESS..............
SLOW SUMMER – POSITIVE OUTLOOK
The Destin Commons on a Friday in late July would normally be crowded with local and vacationing shoppers sampling the myriad of goods and services from this Destin Landmark destination. This day, however, the evidence of our economic slump and the impact of negative press from the oil spill is visible everywhere we look. The absence of crowds, however, has not deterred the enthusiasm of the business owners here. As we stroll the courtyard and visit with sales people and owners it is immediately apparent that they expect a rebound. All display a positive attitude that is a hallmark of our Destin community. After the unprecedented destruction of Hurricane Opal, the same stalwart mindset was apparent; rebuild with vigor! I took a few minutes to chat with Dave Del Donie owner, chief cook and hotdog handler extraordinaire, from Dave’s Dogs. Dave is one of Destin’s celebrities and has been turning out award winning hotdogs for over eleven years. No stranger to hard times, Dave is not only holding his own, he’s expanding! Yup, that’s right he’s adding a new location at Harborwalk just in time for the Destin Seafood Festival in September and launching a new website as well. His effervescent attitude is infectious and while enjoying one of his famous “it’s all in the bun” hot dogs, I too took on his positive outlook. We both think that we’ve turned the corner. With the oil well capped, little or no negative impact on our beautiful beaches, it’s time to get the word out that Destin is the place to be! Everywhere you look you’ll find great values. From the stable price of gas, to the discounted hotel rooms and entertainment deals, now is the time to rediscover Destin. Dave will be ready with his famous smile, countertop banter and fantastic hotdogs. So if you’re just arriving here or are a local, check out Dave’s Dogs on the courtyard at the Destin Commons for an enthusiasm boost, a smile to go and my favorite hotdog in the world!
Filed 05-08-2010 HobNob Dave – Reporter-at-large
As employment opportunities within these new and emerging industries continue to expand, educational institutions are taking a look at refining curriculums to provide career-focused higher education, and better prepare students for careers in specific fields.
To do this, universities are working directly with high-caliber employers to ensure their future employee needs will be met. DeVry University, for example, works directly with companies including IBM and Cisco to create these student programs. DeVry University graduates from the last five years have worked at 96 of the Fortune 100 companies.
"Students are looking to obtain the education and knowledge needed to succeed in the high-growth industries that continue to thrive," says Donna Loraine, vice president, academic affairs for DeVry Inc., and dean, DeVry University's Keller Graduate School of Management. "Our academic structure is one that allows for swift implementation of new programs and curriculum once we notice a specific need, allowing us to better prepare students for these in-demand 21st century careers."
According to the Center for Education Policy Analysis, technology is pervasive in almost every aspect of daily life, and as the workplace changes, STEM knowledge, skills and the ways in which problems are approached and solved in these subjects are important for a variety of workers.
DeVry worked closely with Cisco using the Cisco Networking Academy program to deliver curriculums that teach students how to design, build, troubleshoot and secure computer networks.
"Working with DeVry University to equip students with technical knowledge and hands-on experiences will help meet growing demand for skilled workers in a variety of industries ranging from broadband and wireless to healthcare and green technologies," says Amy Christen, vice president of corporate affairs at Cisco and general manager of the Cisco Networking Academy. "Individuals that are trained in the latest technology careers today will be well-prepared for a variety of exciting career opportunities tomorrow."
In fact, the Bureau of Labor Statistics is anticipating an approximate 45 percent growth in the computer software engineer and application occupations. Anticipating this demand, these student/employer partnerships aim to prepare soon-to-be graduates for these technology careers, while helping to fill a growing need for professionals in the emerging industries around the world.
Courtesy of ARAcontent
Joe DeLange, trades department chair of plumbing at WyoTech in Fremont, Calif., isn't surprised. "It's a flexible and stable trade, and plumbers will always be in demand," he says.
"If you like working with your hands, don't mind getting a little dirty, and want steady work in a skilled trade, it's time to take a look at the plumbing profession," DeLange adds.
While many of us are familiar with plumbers who conduct minor in-home repairs, the occupation can be very diverse. Plumbers and pipefitters can specialize in a variety of areas, including the installation and repair of potable water and gas piping systems, drain waste and vent systems, and hydronic (water) heating and cooling systems. Plumbers are also needed for remodeling and new construction projects in the residential and commercial industries.
The demand for plumbers, pipefitters and steamfitters is expected to increase 10 percent between 2006 and 2016, according to the Bureau of Labor Statistics. Much of this demand will stem from new housing construction and building renovation. The rise in popularity of green technologies like radiant floor heating, solar hydronics, condensing and modulating boilers, and tankless hot water systems is also expected to increase demand for plumbers.
In addition, many people currently working in these trades are expected to retire during the next 10 years, creating more openings for plumbers. The Career Voyages Web site also notes that from now until 2016, there will be a demand for more than 150,000 new plumbers.
"Job stability is an important aspect of any career. This is what makes plumbing so appealing as a profession," DeLange says. "There is constant work. There will always be a need for basic repair and maintenance of water and pipe systems."
In addition to job stability, plumbers and pipefitters enjoy some of the best median wages in the trade fields. In 2006, the median hourly earnings of waged and salaried plumbers and pipefitters were $20.56, and the middle 50 percent of all plumbers earned between $15.62 and $27.54 an hour. The top 10 percent of plumbers earned more than $34 an hour.
Christopher Draves, plumbing instructor at WyoTech in Fremont, Calif., explains that the freedom of working for yourself and seeing tangible results make a career as a plumber an excellent choice. "Many plumbers eventually go into business for themselves," he says.
One of the most satisfying aspects of the plumbing profession is that you see the results of your labor, Draves adds. "At the end of the day, you solve problems, clean up messes and build new piping systems. It's a very satisfying career. You can look at the results and be proud of what you accomplished."
It takes a number of years to become a licensed professional plumber. Most plumbers learn skills through a combination of education and on-the-job training through apprenticeships. Most apprenticeships require 144 hours of classroom work and then a number of years of on-the-job training. At WyoTech, students receive 720 hours of combined classroom time and hands-on lab skills.
"While the need for plumbers is constant, technology and water management systems keep changing, so there is always more to learn," Draves says. "I definitely recommend a career in plumbing to those who are interested in a stable trade."
Courtesy of ARAcontent
Online safekeeping doesn't just happen. Information security specialists are in the shadows, ensuring consumer and business data security worldwide, and providing the skills needed to track down information in criminal investigations.
Because nearly everyone is at risk from a cyber security threat, professionals in information systems security are bucking unemployment trends. Students interested in information security careers can study at DeVry University, which offers a specialized track providing the skills to help design security system procedures, standards, protocols and policies.
"I have been in the IT industry for about eight years, working on information security-related projects for most of my career," says Najmus Qazi, a DeVry University alumnus from Chicago working in the telecommunications industry. "Most recently, companies have been paying more attention to their information security due to the simple fact that there are a lot of bad guys with ingenious ways of stealing data. The constant change and evolution of my role has made it incredibly exciting."
With new methods of "capturing" volumes of personal information online, it is no wonder that the security of personal and corporate information has become a hot button issue ... and a true career opportunity. There is a real and practical need for specialists who develop and deploy systems to make sure proprietary or private information is protected.
"Despite the recession, IT specialists holding certifications in information security have actually been in demand," says John Giancola, dean of Devry University's College of Engineering and Information Sciences. "Because we have become so mobile and unwired, our personal data is accessible in so many ways - from cell phones to laptop computers - so we need to make sure our personal information is not compromised. Information security behind the scenes keeps us safe."
The field of information security is the first line of defense in preventing unauthorized access, use, disclosure and destruction of data for both businesses and individuals. But for individuals, the extra prevention helps protect them against identity theft.
The importance of this field came into sharp focus earlier in 2009 when President Obama created a cyber security cabinet-level position. This "Cyber Czar" will be responsible for integrating and coordinating all government protections of cyberspace and will lead the U.S response to any hacker attack on U.S. networks.
Five careers under the information security umbrella are helping keep the virtual world safe from would-be hackers and viruses:
* Network systems and data communications analysts are projected to be the fastest growing occupation, with projections of more than 50 percent growth through 2016. They analyze, test and evaluate network systems.
* Information systems security specialists help organizations prepare for, react to and recover from security threats. These experts develop and implement security procedures, protocol and policies.
* Disaster recovery agents work to ensure a company's data systems and networks are recoverable. They often perform and analyze disaster simulations to ensure prompt restoration of services.
* IT managers play an important role in implementing technology in their organizations. They oversee network security and direct Internet operations.
* Computer forensics specialists perform the vital task of investigating suspected fraud and criminal cases. They recover deleted, encrypted or damaged digital files and often provide expert testimony in criminal court cases.
"After spending years as an automotive service advisor, I went back to school to find a new career that offered solid potential for the future," says Marc Brown, a computer information systems student with a specialization in computer forensics at the North Brunswick, N.J. campus of DeVry University. "Studying computer forensics has exceeded all my expectations. Every day, I look forward to all my classes and instructors. It's fun when friends recognize the value of what I do from the nightly news or crimes shows."
DeVry University offers associate, bachelor and graduate degree programs in the information security field at campuses across the nation as well as through online classes. By enrolling in an accelerated program and attending classes year round, undergraduate students are able to earn a bachelor's degree in as few as three years. Learn more at www.devry.edu.
Courtesy of ARAcontent
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