Good Reasons You Should Take A Small Business Course

Many of us are attracted to the opportunity of starting our own business for many reasons. To become our own boss, manage our own time and do what we love to do are just a few of these reasons. The process of putting up your own company could be easier than what you thought. This is why most budding entrepreneurs don't think of taking a small business course before they even join the industry.

However, maintaining a constant profit that will get the bills paid and the whole business rolling could mean another thing. And if you are not quite prepared, you might get into actions that might do your venture more harm than good. In this article, you will get to know the various benefits of studying such a course in preparation for running a successful company.

Knowing The Legal Processes

No customer would want to deal with some fly-by-night companies. They would rather deal with certified establishments who can provide the products and deliver the services they need even at a higher cost. Striving to be one of these establishments would definitely be a great chore on the business owner's part. There are a lot of rules and regulations to follow before they get permitted to operate. Finishing a small business course would be a great help.

Procedures on advertising, running your business, getting payments and paying your taxes are just a few of the things you need to learn. When you think that you know them all, changes on the legal requirements start to take place. In cases like this, would it not be wiser to have knowledge about these from the very start?

Knowing Money Management

Although entrepreneurs, in general, have quite reliable skills in marketing their products and services, not all of them are skilled in handling the money that goes in and out of their businesses. We know for a fact that companies cease to operate when the required amount of profit is not achieved. With this, money coming in must be properly allocated over different expenses.

By getting small business training, you will know the basic accounting and management of expenses and tax breaks. You will also learn proper strategies on spending your money and paying your monthly responsibilities on time to avoid any unnecessary fines. You will learn in details what percentage of your income must be allocated for expenses and what percentage must be added to your initial capital as an investment.

Knowing Proper Business Management

This starts from writing business plans, observance of the rules and regulations for daily operations, handling people who man the operations, marketing, making sales, testing opportunities for expansion and much more. Of course, you can hire an expert to do all these, but it is more advisable if you have knowledge on how to execute all these yourself even if you are just to oversee everything.

How To Finding Cheap Ink for Your Business?

Savings costs in these hard economic times seem to be imperative for most businesses. Finding cheap ink for your business will obviously result in huge cost savings. However, the printer ink market is very tricky. If it is not the astronomical prices of manufacturer's ink, then it maybe the low-quality third party ink. The perplexing thing is that while the inkjet printer is cheap, the prices of ink are very high. A user may thus be tempted to think that buying a new printer, which comes with free ink, would be a cheaper option. However, this would be wasteful. The truth is that you can save a lot of money by investing in cheap ink.

With the unsurpassed riches of information and products in the internet, you can be sure to find good quality and cheap ink. Buying online will not only allow you to compare the multiplicity of cheap ink vendors in the market, but you will also be able to read customer reviews. Make sure you compare ink prices and deal with authentic dealers. Even when buying cheap ink for your printer cartridges, quality will be of utmost importance.

The original equipment manufacturer's ink is very expensive. A major argument is that the manufacturer sells the printers at comparatively low prices, and then tries to offset the costs by selling the ink expensively. The only way to buy ink cheaply from the manufacturer would be in a sale or by using coupons. You can either get the coupons online, or while on the brick-and-mortar store.

However, the truth is that when buying the manufacturer's ink, you are just buying the brand name. If you want to save on ink for your printer cartridges, then you should opt for compatible cartridges. Compatible cartridges offer the same quality but at low prices. When buying cartridges, it is advisable to buy them in a value pack. This is because buying them in packs will cost much less than when buying the cartridge as a single unit.

Another alternative would be to invest in a refill kit or remanufactured cartridges. However, this will require you to follow the refill instructions to the letter in order for it to be successful. If you cannot find compatible cartridges, then you can invest in remanufactured cartridges. These cartridges have been previously used. They present a cheaper option, with good quality.

Even after buying the ink, it is imperative to use the ink wisely. For example, if the printer allows you to adjust its resolution, then it will be wise to lower it to about 300 dpi. This slows down the rate at which the printer uses ink, while at the same time giving a quality print. You will also need to use the preview option before printing. This helps to avoid unnecessary prints. It is also necessary to invest in a printer with lower ink costs. Finally, to save on costs, it is advisable to really reflect on whether you really need what you are about to print. You will be surprised at how much you can save from on ink costs.

Should I Incorporate My Business? How Benefits of Incorporating?

At some point during the life of a small business, you'll face the question of whether or not to incorporate your business. Incorporation does carry a few extra costs, such as generally higher startup fee and some continuing state and federal tax responsibilities -- but for many businesses, the pros of incorporating far outweigh the cons.

Let's take a look at some of those pros so that you can decide whether they might benefit your business and offset the costs involved in incorporating.

Limited Liability Protection

Probably the most highly sought-after aspect of incorporating is the limited liability protection a corporate business structure provides. Without incorporating, the owner of a business is personally liable for any debts or contractual obligations of a business; if the business defaults on a loan and cannot pay it back, the owner is responsible for that debt.

When you incorporate, however, your business becomes a legal entity, capable of entering into contracts and taking out loans on its own. There's a layer of protection between you and the business, known as the Corporate Veil, and as long as you're running the business properly, keeping careful records, and following federal and state rules and regulations, the courts can't seize your personal assets to pay for any defaults of the business.

Reputation

Incorporating your business means you're able to put that valued "Inc." or "Corp." at the end of your business name (sole proprietorships, in most jurisdictions, are not allowed to add a corporate ending that indicate a business structure other than the one they have), and this means the public can see at a glance that you're serious enough about your business to step it up to the next level.

There's nothing wrong with being a sole trader, doing business under your own legal name. But some customers have a higher level of confidence in registered corporations. It may not be fair, but it's human nature, and by incorporating you can use this to your marketing advantage.

Longevity and Structural Integrity

When you incorporate, your business takes on a life of its own. If, God forbid, you should pass on, your business can continue to survive and be passed on to other owners.

How Role of Leadership in Business?

Do you know that great leaders who create great business are made and not born? And you know why? It is because of true leadership traits that are not developed automatically but are willingly learned. The role of leadership in Business is indisputable. Leadership is an essential character in any business traits. Understanding the meaning of leadership is equivalent to lead success in any business activities.

Leadership has so much of influence in our life that aligns our productivity to the success of bigger purposes. Teams have high potential synergies and if motivated and directed in a right way will surely achieve success. Without leadership, organization works slowly, remains directionless.

The absence of leadership can be dramatic leading to adverse effects, as leadership & business walks hand in hand. Leadership is a process by which individual influences the attitudes, behaviors and thoughts of others. It sets a direction for the team and defines goals to be attained. Leaders help their follower to visualize things which they may have overlooked. Without Leadership in Business, the team quickly degenerates into conflict or arguments and struggle with accomplishing regular business operations. Leadership has the capability managing people and getting work done.

A leader should possess traits such as he or she must be able to express their vision clearly and in convincing manner so that people get engaged easily. His communication skills should be good enough in reaching out to his people or team. A true leader is easily recognizable. It is not only his words, his actions too sends message to people across the organization. A leader can't be excited one day and impassive on the other. People judge their leaders through commitments and their works.

The first responsibility in any Business Leadership is to have great vision. A leader who is clear about what needs to be achieved, he will with ease able to channelize the potential of his team in that direction. A visionary leadership must create unique concept of what the organization can achieve. A leader with a plan and a plan with a leader is enough to attain any goal. A leader should also be a motivating factor in the entire process of teamwork in order to help an organization evolve, grow and adapt in any changing circumstances.

Effective communication helps to facilitate successful exchange of information within or among leaders or employees. Without effective communication skills, Leadership in business can be dramatic. Assessing the situation, identifying the areas of concern, evaluating the alternatives at disposition and coming up with a plan. A leader needs to be proactive and strategically sound enough to come up with effective solutions.

Some Tips to Follow When Moving Your Business

According to a 2011 survey by the Centre for Economic and Business Research, more than 30% of all small business owners in the UK are thinking about moving their business to a different location.

If you are one of these businesses, here's a to-do list to make sure your move goes as smoothly as possible:

1. Give yourself at least a year to prepare. When you move your business, you're not just moving furniture: You'll be moving employees. You're going to be affecting your accessibility to your current clients. You're going to need new utility lines, new phone and Internet providers.

And ideally, you're going to have to accomplish all these things without stopping operations for more than a day. In effect, you'll be doing a feat like a bus driver loading and unloading people without ever stopping his bus.

This needs a lot of preparation, planning, human and logistic resources. This will need a lot of time. Give yourself a year to do it.

2. Give your employees and clients time to prepare. As we said before, you're not the only one moving here. Warn your clients and employees of your plans way ahead of time. This will give your employees a chance to find a new place to rent, if necessary.

Some of your clients will not be able to go with you. If so, they will appreciate the advance warning that allows them to find somebody to replace your services. In return for your courtesy, they just might refer you to somebody to replace their business in the place you're moving to.

Or they just might figure out a way to retain your services despite them move. They will be more inclined to do that if you warn them ahead of time.

3. Schedule the best date. You're looking for a weekend when it's least likely that you'll have existing projects being disrupted. Most companies whose business is not in retail sales choose the Christmas or Easter season to make the move.

4. Prepare a budget, and then add 20%. What will you need to spend on? Well, there are removal fees, layout and installation of facilities for the new location, removal and transport of existing furniture and machinery, site de-commissioning and disposal, and backfilling of activity shortfalls, and dilapidation costs for your old office.

And then, there's the fact that no matter how well you prepare, there will always be unexpected problems, which translate to unexpected costs. That's what you need the extra 20% for.

5. Hire a relocation company to help you make the move. This may sound like extra cost at first, but when you consider the amount of time and effort professional services can save you, you will realize they are well worth their pay.

How Big a Problem Is Hacking?

Statistics where hacking is concerned are hard to come by for a couple of reasons. First, most companies don't like to admit that they have been hacked. Such an admission can lead to public backlash and loss of trust among a company's customer base, so usually, only the very highest profile cases make the news.

Second, because oftentimes, unless the intent of the hacker was to outright destroy data, the successful incursion may never be detected at all, or if it is ultimately detected, it could be weeks, months, or even longer before anybody in the company even knows about it, much less figures out what information was viewed, copied, or taken.

Taken together, this makes gathering statistics on the number of hacking attempts worldwide a pretty daunting task, but the best information we have on the topic indicates that a successful hacking attempt occurs about every twenty seconds. By the time you finish reading this short article on the topic, half a dozen or more companies will have been hacked, and of course, that only estimates the successful incursions.

Unsuccessful attempts are vastly more common, and occur at a rate many times higher than the rate of successful breeches, which begs for the question to be asked: How safe is your system? How safe is your company's data? How confident do you feel in the network security you have in place, to ward off all but the most determined attacks?

Perhaps it is a thing you've not spent much time thinking about, and if that is the case, and if your company's web portal and your network as a whole are of some import to you, then I would urge you to have an independent evaluation done as soon as you can, and at least once a year thereafter. Once every twenty seconds. Don't let the next victim be you.

How Important Is Your Web Portal to Your Company's Business?

There are a great many companies for whom their web portal represents a significant percentage of annual sales. In fact, for some companies, their web portal represents their entire sales channel (think Amazon, and most of the eBay Power Sellers).

If you are among this number...if your website represents a significant driver of your company's total annual sales, then protecting your website is equivalent to protecting your business as a whole. Lose the website, and you've just lost your primary sales vehicle.

At the other end of the spectrum, there are a number of companies for whom the primary purpose of their website is merely to provide customer information. Dealership location, in the case of most auto companies. Specifications and particulars about your various makes and models, and for these companies, not many sales (or perhaps none at all) are derived from the presence of the website itself. For these companies, should the website go down, it would be more a matter of inconvenience and perhaps embarrassment than an actual impact to the bottom line.

In either case, some thought should certainly be given to the role your company's website plays in your overall sales picture, and the more important that portal is to your bottom line, the more care that should be taken, and the more resources that should be invested in ensuring that your business website is as safe and secure as you can make it.

Especially for smaller businesses (though as the Amazon example illustrates, not JUST for smaller businesses), a company's website can be a major component of annual sales, and should the company site be hacked, or brought down by a sustained denial of service attack, it can spell real financial trouble.

Don't allow yourself or your company to fall victim to such attacks. Take the time to implement strong security protocols and software driven solutions, then have your site audited periodically to ensure that the level of protection you've got is sufficient to the task of keeping the site safe.

How Taking Care of Business?

An alarming number of business owners believe that when they're building a business they shouldn't pay themselves a salary. They sacrifice their own income for many years to get their business up and running. Venture capitalists call this "sweat equity". I call it working for nothing and being a fool.

The inability to pay yourself a reasonable salary is a red flag that your business is not working. Making loans to the company so you can pay yourself, and not charging the company rent if you own the building, are equally foolish. If your business doesn't allow you to pay yourself a living wage, what are you doing wrong?

Of the more than 6,000 businesses I've worked with, I can't think of a single one that failed because the owner paid himself or herself a decent salary. You've got to take care of yourself first. There's a pervasive belief among small business owners that "One day I'll get mine." These are good people raised with the simple edict that you should work hard, treat people fairly, and be patient. THERE ARE NO RICH MARTYRS! When they have a bad year with no profits, they take a second mortgage on their homes so they can afford to pay their workers a holiday bonus. It's nice to treat people fairly, but not at your expense. The only thing you're going to end up with is a large amount of personal debt.

Always work to make a good salary. THEN cover the expenses. Not the other way around. And if things are tight, don't be the only one to take a pay cut, everyone should make adjustments. 5% pay cuts all around and if you fear employees will leave, let them. If they're that uncommitted to their job, why would you want them to stick around? You are not in business to be a benefactor. You started your company to make money and build wealth. Why work for free so others don't have to tighten their belts?

I have established a rough formula for how much salary business owners should pay themselves, before profit distributions.

FORMULA: Pay yourself 3 to 4 cents on each dollar of revenue for doing the job of CEO. If you have a ten million dollar business, the ownership, should be receiving $300,000 to $400,000 in total salary.

Remember, after you and the owners pay yourselves salaries, your business should still be making profits equal to the top quarter of your industry, not the bottom half. If you can't afford to pay yourself the first few cents on every dollar, there's something seriously wrong with your business model and you need to fix it.

Paying yourself is not just a way of keeping check on the health of the business. If you're sacrificing yourself and scaling back on expenses for yourself and your family, you're not in the best position to lead. Take care of yourself first so you can stay sharp and become the kind of boss you need to be to take your business to the next level. You can't lead the way if you're behind the pack. And then by all means enjoy the good life.

5 Ways to Simplify Your Life As a Small Business Owner

Most small business owners decided to start their own business because they believed it would allow them the freedom and flexibility to set their own schedule, make their own decisions, and only work as much as they wanted to. They might have thought that running a small business would give them more personal time and the opportunity to explore other activities outside of work. However, the nature of running a small business is such that most small business owners quickly discover that their business is controlling their entire life, and that they are working much harder than they ever did at any previous job. This is why it is always crucial for business owners take a step back and consider ways in which they can simplify their lives, practice better time management, and be more focused on the issues that are truly pressing at their business.

Here are five tips that will help you if you find yourself in this predicament:

1. Quit Sweating the Small Stuff

Don't let the minutia of owning and operating a business get in the way of you working effectively to achieve larger goals. While the small details of your business are certainly important, you can't let them hold you back from the more large-scale projects and tasks that you must accomplish. The lesson applies to perfectionists too: you will either have to let the small details and problems wait, or you will need to expand your staff to take care of them for you.

2. Set Concrete Goals

One way to deal with the issue of having too many projects to deal with at the same time is to set concrete goals and follow timetables. Once a week on Monday mornings, or every day - if necessary - write down a list of the goals you hope to accomplish that week or day. Keep your goals realistic. Remember how much time you have and who is helping. No matter what issues may arise, ask yourself a few times every day, "Am I doing what I need to to accomplish my goals for the week?"

3. Stop Planning, Start Doing

There is at least one new study, blog entry, book, or Podcast published every week to help small business owners achieve success. Especially when it comes to small business marketing - a rapidly evolving and expanding field - it seems like there is way more information out there than any small business owner could feasibly comprehend and follow. This is why it is more important to take a look at what has actually worked to produce money for your business, and to use this knowledge as your own framework for success. You know your own business better than any author does, no matter how reputable they may be.

4. Allocate a Certain Amount of Time To Your Personal Life Every Week

No matter how pressing the issues confronting your business may be, there is nothing more important than your own health and happiness when it comes to running a business well. Balance is extremely important. If you are feeling overworked, exhausted, or overly stressed out, your emotions might begin to affect the way you work and the people with whom you work. There is nothing worse than snapping at a staff member or a customer because you aren't tending to your own well being. Give yourself a certain amount of time every week to spend with people you love, or doing the things you love, to help clear your head from all the work-related stress.

5. Make Your Workplace Your Happy Place

Regardless of how much you choose to follow the preceding four tips, the fact remains that, as a business owner, you will be spending a very large portion of your daily life in your workplace. This is why it is crucial to make sure that you enjoy your surroundings as much as possible. Hang up pictures of the people you love, bring some of your favorite or most sentimental pieces of art from home, or decorate in whatever other way makes you feel comfortable and at peace. Buy yourself a comfortable chair or invest in a nice sound system to play your favorite album (if the nature of your business permits it). Personalizing your work space and making it somewhere you like to spend your time will reflect in your work ethic and attitude more than you may realize.

Five Must Follow Trends for Your 2012 Events

Individuals have become digitized now-a-days with the emergence of various social media websites, interactive online games, and smart mobile devices. The present age of information and technology has provided them with new ways of connecting, interacting, and sharing their thoughts and ideas with other like-minded people. The emergence of the internet has, therefore, made organizations use the above-mentioned online channels to promote their events and activities to reach out to even more audience.

In this article, I have discussed the 5 must-follow trends for organizing events this year as well as for the upcoming ones.

Registration Software

The registration software lets you easily create and publish event registration forms online. You don't need to buy, install, or download any software or hardware to use this solution. All it needs is a PC and an internet connection to get started with the sign-up process. Since the solution is Cloud-based, anyone, sitting at any corner of the world, can access your event registration portal to complete registering their names. Moreover, this web-based registration software comes with an integrated payment option to let you easily pay the registration fees using credit cards, PayPal, and similar other standard payment gateways.

Webinars

Webinars refer to meetings and seminars hosted over the internet. You no longer have to be physically present to attend these programs. Several social media tools (Skype and so on) have made it possible for organizations to set-up an important conference from a remote location. You can even conduct multiple webinars simultaneously via the video conferencing facility. You will get to see all the participants as well as carry on live discussions and file transfers without any problem.

Social Media Networking

Organizations can use a range of highly popular social media websites to promote their products and programs online. Social media websites, such as Facebook, Twitter, LinkedIn, and others have millions of account holders. You can make use of these sites in your marketing ploy to make the event or product details visible to numerous people from various geographical boundaries.

Create an Application for Mobile Phones

Large to small businesses can use applications for mobile phones to market an event and keep the potential attendees engaged. Organizations can start using these mobile phone applications to send updates of their present and upcoming events to their attendees' handset.

Introduce Online Games

As an event planner, you can introduce some online interactive games for your attendees to play during an event. Through these online video games, you can create an environment where your guests will get a chance to interact with each other. It can also lead to exchange of business cards as well as have some fun and relaxation after a relevant meeting or seminar.

How Way to Get More Clients?

In a recent survey I conducted, 56.8% of the service providers surveyed cited "how to get clients" as the #1 challenge they face in their business. 34.7% of them said that the lack of "how to do it" marketing skill was the primary obstacle holding them back from success.

I'm going to address both issues in an effort to demystify this topic and help you get more clients, more easily. (I didn't say faster. More on that in a moment.)

A few weeks ago, I presented a webinar about getting more clients. In the webinar, I talked about how to create a "solar system" of things that slowly and gently PULL clients into your world. (The emphasis is on the words slowly and gently.)

That's key.

Why?

To answer that question, let me tell you a short story.

Right now, my wife is pregnant with our sixth child. She's a midwife, so I know a lot more about the birth process than probably 99.9% of men on this planet.

It is truly amazing when you understand the thousands and thousands of things that are going on as a little one grows from a tiny little spec into a full grown baby.

Perhaps the MOST amazing thing, however, is that the instructions and blueprint for that entire being are included right from the getgo.

Just like a plant growing in the garden, the course of its entire development (environmental influences aside) is programmed into that tiny seed.

The Same Thing Can Be Said About Your Clients

When your clients show up, they too contain just about everything for their development as a client of yours.

Where do they get their programming?

From your marketing of course. They get it from the system you use to attract clients.

If you have clients that balk at your fees, are annoying to work with and just make your life crazy, then take a look at your client attraction process.

Something in there led them to believe that their current behavior is acceptable to you.

Something in there attracted those folks to you.

You have to find out what that is and change it.

It all begins with...

The Care and Feeding of Leads

It's easy to get frustrated when you're trying to generate leads.

I'm sure you can think back to a time when you were talking to a prospect on the phone, everything seemed great, and you were 110% sure you'd get the business.

And then the business just up and disappeared.

That stinks.

Understand this: leads are just like plants. They require time to grow.

You don't just generate leads, you grow them.

You don't "get" clients, you grow them.

Think of yourself planting a garden. (This is hard for me because everything green I touch seems to die a very quick death. Hopefully you fare better with the plant kingdom.) When you plant your seeds, you don't expect to wake up the next day and find a beautiful garden.

In that case, you know that you have to provide the food and care required for the seeds to grow. If you rush things, you run the risk of killing the plants before they even have a chance.

It's no different with leads.

The process of generating a lead and having that lead become a client can take a long time.

It can require phone calls, and many, many touches where you deliver value to your prospect.

There is nothing wrong with this.

In fact, a long process is often preferable. If you force things, you become an obvious salesman in the eyes of your prospect.

If you don't force things, it is easier to cement yourself as a professional in the mind of your prospect.

As the leads come in, don't put pressure on yourself to "sell them." Simply take them as far as they will go and then put them on your follow-up system (you do have a follow-up system right?).

Some of the leads will close right away and others won't. This is how you fill your pipeline with business at various stages of development.

Then, you allow your systems (email, direct mail, public speaking, etc.) to provide the food and care required to grow them into a client.

But What If You Need to Get More Clients Fast?

I repeat: the best clients are the ones that slowly and gently end up at your doorstep, NOT the ones you beat over the head and drag back home. (As if that's a smart way to get a client anyway.)

My recommendation is to give up on the idea of getting clients fast. It can happen, it does happen and it will happen, but to make that your goal is not going to allow you to attract the quality clients you really want to be working with.

You have to have a SYSTEM. (Don't freak thinking this sounds complicated. A system can be one simple thing you do consistently.)

Three Ways to Feed Your Business Positively

I really enjoy feeding the birds this time of year. I set up a bird feeder in our backyard. The problem is that squirrels love bird seed, too.

I waged war on the bird-seed-stealing squirrels one winter. I borrowed an air rifle and looked for the squirrels as I walked by our bay window. I even put our younger daughter on alert-"Honey, let me know if you see a squirrel on our bird feeder."

That is, until one day she said, "Daddy, we used to look out the window for pretty birds. Now we look for ugly squirrels."

It's easy to stop looking for the beautiful qualities in your business these days, to cease listening for the lovely songs of the cash register cha-ching or the relieved look on a customer's face when you solve a problem; to miss the brilliant colors of the relationships you enjoy with employees and clients alike.

Here are three ways to look for the beautiful at work and feed your business positively.

Abstain from negative conversations

Choose your conversations carefully whether on the phone or in the hallway. Listen actively. Redirect quickly when the conversation spirals downward into negativity without a suggestion of course correction. Attempt to reframe-"Yes, and yet..."-if the redirect is ineffective. Remove yourself with "I must go" if the redirect or reframe fails.

Words impact our perception of reality. Think about how you feel after hanging up or what you're thinking as you walk away from conversations. Positive exchanges lift dark clouds and energize you. Negative words do the opposite.

Deal with conversations quickly. Ask yourself, "Where is this going? Do I want to participate?" and choose accordingly.

Allow for interruptions

You're goal-focused with a prioritized list for the day's activity. That's great-focus on the positive and do those things that increase your profitability most effectively.

Also, allow for interruptions which happen regardless. A customer appears suddenly with a situation you can resolve. A client calls in with an opportunity for more work.

It's easy when these detours appear on the day's path to get frustrated, and sideways in your mental model. Such a reaction prevents you from feeding your business positively.

Instead, anticipate interruptions. Deal with them positively, quickly, and effectively. If resolution is achieved in a matter of minutes, do it. If not, promise to get back with the person and get your Work Positive dream team on it.

Then return to your schedule with a renewed interest sustained by your expectation of interruptions.

Access news/information positively

When you watch TV and listen to radio news, you abdicate your editorial license to someone with a negative agenda. Your filters are down and you simply absorb. These are "push" media that will shove their spin into your mind...as you let them.

You Must Recruit Talent Now

Alright, so you're in charge of recruiting employees for your business. You want to recruit stars, but how? Well, there are a few things you need to do: understand their expectations, identify talents, define the job, prescreen candidates, and involve current employees. Recruiting stars is tough work but well worth it.

The first thing you should do is simply understand the expectations of talented employees. What's the salary? Benefits? The job environment? You should be upfront and honest during the interview: candidates expect you to be forthright about what it will be like working at your company.

Before the interview itself, though, you need to define the job. Don't just provide a vague title and description. Instead, go into detail about what the job entails, but still leave wiggle room for the candidate to bring their talents to the table. After all, stars are stars because they are unique! Here's a few tips to write great job descriptions:

    Job Title
    Start with a very typical job title and spruce it up a little bit. Read a few blog post about how to write magnetic headline and applies your learning here.

    About Our Company
    Prospect should understand what you do in the first two sentences. The rest of the paragraph would ideally describe: work environment, company mission, key statistics about the growth or success of the company, how big the company is, who are the executives and underlines the company values (with meaningful exemples only).

    About the Job
    Start with one or two sentences on why this is a great job. Is it about the people, the technical challenges, the manager, the growth or importance of the role inside the company, the travel, the pay: what is it that makes this job great?

    Requirements
    This is the absolute bare minimum requirements for the position. Keep it short. If you come up with 10, there's a problem and you should re-think your definition of requirements. 4 or 5 is good.

    Nice to Have
    This is where you can list all the things you'd like to see in a perfect candidate. It won't happen, but if one relates to 4-5 elements of your 10 items list, this is a pretty strong signal he might be in a good spot.

    Tone and style
    This is key. By reading the job post, a candidate should have a feel of either the company as a whole (works only for SMB) or the hiring manager style. The reader should be able to tell the type of person he/she will be working for from the style of writing: funny, laid-back, very corporate, precise, detailled, etc.

Now once a candidate applies, identify their talents so that you can cover this in the interview. Don't be afraid to check their Facebook profile or run a Google search. You can also identify talents through prescreening; that is, meet the candidate at a place like a coffee shop before the interview. This provides a chance for you to meet the candidate in an informal setting, which will allow the candidate to open up more.

How Warren Buffett Makes Money

Warren Buffett, a brilliant business man, one of the richest and most charitable people in the world, was being interviewed on CBS's "Person to Person". The premise of the show is to give viewers a glimpse into the lives of some of today's most important artists and newsmakers.

We got a tour of Buffett's office. I have no doubt that it was straightened up a bit before the cameras rolled but this is what I saw.

- An inviting room with a lot of natural light.

- A large desk with a lot of working space.

- A phone front and center.

- A small pile of reading material on the desk.

- Pictures on the wall representing some of the most influential people and moments of his life.

- And most notably... NO computer.

For the most part my office is a lot like Mr. Buffett's (okay, it's not quite as big). I have a lot of natural light. A nice, large desk. A small pile of paper on my desk of things that I'm currently working on and pictures around me of the most important and influential people in my life. The real difference is that my phone is a little left of center because my computer and monitor take front and center stage in my life.

How could Buffett not have a computer anywhere in his office? He's a gazillionaire and has made most of his fortune in the stock market buying and selling on information. I spent 15 years working on Wall Street. I know there HAS TO BE a computer and a TV. How else could he know what's going on in the world every single second?

Ahh... but that's just it. One of the things Buffett said during the interview was that he is happy if he makes one good decision a year. He does his research by speaking to people (on his phone) and by reading reports and other information (mostly on paper). He takes his time to study the landscape, make a few solid decisions and act on them. And when he acts he sticks with his decision. He is known for buying stock in a company and holding onto it for the long run.

I am positive that Buffett has missed out on a lot of opportunities with his way of thinking but at the same time his strategy has done pretty well.

Granted, he has many people working for him that consolidate information for him and present him with what he specifically wants, but he does not spend his day distracted by all of the incoming email and the second-by-second news headlines. He gives himself the space and permission to focus his attention on his decision making process and what works for him.

Here are my top seven takeaways from Mr. Buffett's interview.

1. Make one really good decision a year you're golden.

2. Don't try to do it all.

3. If you miss something it's okay.

4. When you take your time and make a solid decision stick with it and see where it goes. The day to day fluctuations aren't the concern it's performance over the long run.

5. It's all about connections. The most important thing in Buffett's office is his phone.

6. Don't forget what made you who you are and what's important to you. In addition to pictures of family, Buffett has his Dale Carnegie Speaking Class diploma on his wall. He swears that this $100 class is what led him to where he is today.

7. Remove the distractions. Move away from the computer when you need to really focus on something (or at least shut off the "you've got mail" notifications!).

Ways to Get Your Sales Career Up and Running

Who do you know that like sales people? There isn't anyone, right? The most common picture of a sales person is someone who is abrasive, pushy, uncaring, self-centered, and lying in wait to pounce on the next unsuspecting person in need of a particular product. The best example of this is the illustrious car and/or insurance sales person. Like it or not this is the stereotype that you have to overcome if you want to be good at your chosen career of sales.

The best way to know if a sales career is something you want to pursue is to understand what it is that would attract a customer to you. The most important fact of selling is that since there are usually large numbers of the same product on the market the choice for the customer is not what to purchase, but where to go to make their purchase. So, if you take the product out of the equation, what are they actually buying? The answer is you.

Yes, you are the integral part of the transaction and in order to be successful in the selling process there are certain things you need to know. There is an old adage that the customer is always right. I hate to be the one to tell you this but that's not necessarily true, but certainly the customer should always come first. Since you have now put them as your top priority, the most important practice is to LISTEN very carefully. You will be able to find out everything you need for that sale by this one rule. So your role is two-fold, ask questions and listen. You also need to have an in-depth knowledge of your product to discuss the positive features with confidence, describing how the product you are proposing would meet all their needs. By learning your product, you will also learn how to overcome the normal objections that come with the territory.

Know what those objections are and practice what you are going to say. Get family or friends to help you do some role play so that you will begin to know what works. Once you have experienced overcoming objections, find a way to add them into your conversation so you can address them in the beginning and not combat them at the end. Find that one person in your office or store who has the most successful track record and ask if they would mentor and train you. Do exactly what he or she is doing. Adapt it for your own personality, but never change the content. That will put you on the fast track toward a successful sales career.

Air conditioning with the temperature of the control circuit

We are talking an increase in temperature is accompanied by some form of reverse cycle air conditioning. One of the most common forms of system control Phoenix air conditioning and they work. Basic control with reverse cycle air conditioning Phoenix with a thermostat that reads the temperature of AC. Typically, the temperature is read by the controller itself, or in general of the unit is roof exhaust filter box interior space. If the temperature is reading on the air filter housing back, sometimes not an accurate representation of the temperature in the room. The room itself is very cool, but when the air is distributed to the return air box can be heated much, which means that the AC was running. In this situation, the device will still work, even if the cold. However, there are two ways to combat it. In the first place, the temperature of the control circuit, in which the device faster. It must be remembered that the temperature set on the controller mostly accurate, but it works like a scale.
Some people put a link channel to remain constant in their rooms in the lattice. This constant, as the name suggests, is always active. In this way the AC to easily return to the case of clean air return of the group, which helps to turn off the power cycle. Constant ventilation will directly reflect the grid, the machine cycle, and ultimately, save money in management costs. Control of temperature compensation actually work the same way with the Phoenix HVAC system. A controller is read in every room and the temperature, with the slats open or close to the correct temperature or air flow to cool the room. The temperature difference between the full, is that all the control temperature, not a few rooms will be executed. This will complete temperature-controlled air conditioning offers comfort, as individuals will be able to create their own desired temperature in their habitat. To speak for more tips, contact the manufacturer and as many questions as possible.

How To Build Business Relationships That Last?

Having spent over fifteen years in the sales arena, I have learned a few things about successfully building top sales performance consistently. While there are many things to keep in mind when looking to create winning territory or district, one thing more than anything stands out: building strong relationships.

Whether you are in traditional inside ales, out in the outside sales arena cold calling on small, medium or even large corporations, creating relationships that will st the test of time and competition is more important than ever before and here are three things to keep in mind:

1) Establish rapport. The number one mistake I see sales reps make is that they go into a new situation with both guns blazing, They are so fired up about pitching their products, pushing their message, and getting someone else to hear what they have to say, that they lose sight of the fact that the number one way to building and establishing rapport is to pay more attention to your prospect and less time talking. It has been said that we should be listening twice as much as talking, and I believe that makes good sense for a lot of reasons.

First, people feel important when you take the time to not only hear what they have to say, but can then reiterate much of hat they said with conviction. You should never be thinking about what you are going to say when someone else (especially your prospect) is talking because it shows that you are more concerned about yourself, your agenda, and yourself than them. Always be listening is the golden rule to keep in mind when meeting with a new prospect (or anytime you are meeting with a potential customer).

2) Find out what their 'pain' is. Everyone (personally or professionally) has things going on in their world and by taking the time to effectively probe for information will show them that you are not only a good listener, but it will help you come up with great solutions to whatever is ailing them. When you listen closely to their troubles, needs and wants you are better positioned to articulate back to them their situation and then present viable solutions that they will be happy with.

The Art Posture in Sales and Recruiting

One thing I've learned and observed over my 25 year career in business ownership and sales is posture is everything. Without utilizing posture from beginning to end in the sales or hiring process, you are setting yourself up for mediocre results. What makes matters worse, is that every time you lack posture in a business transaction, it makes it harder and harder to fix yourself. You are living bad habits and making it the norm in the business culture you are creating for yourself and your team.

I have learned the art of posture in business the hard way...trust me. I'm not talking about body language and the way I sit or stand; although that can certainly aid you in a sale. I am talking strictly about attitude. In the early days, I would be just so excited to have someone to get in front of to sell to, that I would let them direct the conversation and ultimately, the whole sales presentation. Without posture, there were too many objections and caving on my part.

Who is in charge of your actions, feelings, emotions and efforts? You are! Posture, is the key to your success.

Now for me, it begins the moment I first talk to a prospect or a new recruit. It is nothing fake. I genuinely feel and believe that what I have is what they need and want. They need me...not the other way around. Always!

If I am booking a sales appointment on the phone, I never give the client the time they are available. I always tell them what works for me; even if that's the only appointment I have all day. I am putting into that client's mind that my time is incredibly valuable and I dictate my schedule.

If you were to call a doctor's office to book an appointment, you do not tell them when you are available. You take the one or two options they offer you. Same attitude here.

I have had some call that arrogance; but you will not see me or my agents do it any other way. So it begins with the initial contact, and continues into the sales appointment next. If I am meeting a client in the home, I sit where I want, not where they offer me a seat. I am bold and tell them what they need to hear...not what they want to hear. I ask direct sometimes uncomfortable questions so can get to their real needs. Because I put my clients first, above my needs for a commission, it is important to know what the client really needs. If thee is no need for my services, or they cannot afford what I have, I don't push for a needless sale. However, if they do have a real need for what I have, I am very forward. I tell them I need them to get their checkbook and photo ID. The reason we do not get many, if any sales objections during the sale, is solely posture based.

Crazy thing is, that once I go down that path, I gain a ton of respect from my clients. I have no issue delving into their personal finances and telling them straight up that they are making so big mistakes. Where I am successful is that I can make fun of myself for having made those same errors in judgement in the past. I TELL them that I care about them and at they need to makes changes now for their own good.

Most people have never had anyone even take the time to dig deep and have a real conversation about things like that. It is appreciated and respected. I am bold, because I care about my clients. What's the worst thing that can happen? They ask you to leave...which is very, very rare. Their loss! I can always look at myself in the mirror and say I gave it my all for their benefit. If they didn't see that, then it's not on my conscious if in the future financial distress occurs due to their stubbornness or even stupidity. I did my job!

So that's sales...

Now how does that translate into my hiring process? Same, exact way.

They need what I have, not the other way around. It's amazing to me how many "Big Egos" are out there. Even in this economy, some of the people I interview have such a sense of entitlement, because they USED to earn hundreds of thousands even millions of dollars a year "a while back." They feel that they are entitled to instant success here without the work. Give me a "hungry" guy or girl who wants to work for their dream...and is humble and teachable.

What Makes Good Sales People Great?

Have you ever thought about what makes good salespeople great?

I started thinking about this last weekend and created a list of qualities that, based on my observations and experience, make good salespeople great.

The difference between being ordinary and being extraordinary is actually quite small.

Consider the difference between winning the Kentucky Derby and finishing in second place.

Consider the difference between winning the Indianapolis 500 Race and finishing second.

In both instances the difference can be quite small.

Winners do make a difference especially if you're a sales professional.

There's nothing scientific about this list. It's just 12 qualities that most great salespeople seem to have.

Here's your list:

1. Great salespeople always seem to be smiling. You may not realize this but a simple smile acts as an attractor factor. Your smiling immediately warms up the environment you're in. And since your smiling creates an involuntary reflex, it forces your sales prospects and customers to smile too.

2. Great salespeople always seem to have a "Can do attitude." They don't recognize the words "Can't" and "Impossible." Whenever they are challenged they always figure out a way to get the job done, especially if it involves one of their customers.

They never "Whine" about anything!

3. They're also good listeners. They always pay close attention to their sales prospects and customers. Their eyes are like laser beams and not easily distracted when talking with their customers.

4. They also ask good questions. They prefer to ask open ended questions because these questions are the best to get their prospects and Customers talking.

5. Great salespeople are always focused on solving problems, not just making a sale. They realize the key to making more sales is solving more problems for their prospects and customers.

6. They never talk too much because they realize the less they say the smarter they'll sound. Talking too much often puts the brakes on building rapport and credibility. The best substitute for talking too much is asking questions and attentive listening. Attentive listening usually means taking good notes.

You can assess every one of your sales calls easily by examining your notes after your sales calls. The more notes you have is the best indication of how much listening you did throughout the sales call.

No notes simply means you're talking too much.

7. Great salespeople are slow to commit and quick to deliver. They seldom overpromise, which gives them the opportunity to exceed customer expectations. Over promising is one of the quickest ways to underwhelm your sales prospects and customers.

Let me give you example. When I take my car in for an oil and filter change they always tell me it will take at least one hour. So when the service manager brings my keys to my car in about 25 minutes how you think it makes me feel? Of course it makes me feel really good because they exceeded my expectations.

And don't forget this - in this case the service manager established the expectations.

8. Great salespeople are always on time which means they arrive early for all appointments. Look at it this way. Being on time means you're late. So always be early for every appointment you make.

9. They're always enthusiastic. They love their work. They're passionate about their products and services. They exude positive energy that can be felt whenever they walk into a room. This is not something people are born with. If enthusiasm doesn't come naturally to you fake it. I'm serious! It's important if you want to become a great salesperson.

10. Great salespeople are extremely goal oriented personally and professionally. They always have written objectives for every customer sales call. They don't make routine sales calls because they know it's simply a waste of valuable time.

They live every day with purpose and passion and so should you.

11. They never make assumptions about anything. They deal with facts and reality. They also treat their sales prospects and customers the way "They" want to be treated.

The Golden Rule says you should treat people the way you want to be treated.

The platinum Rule says you should treat people the way they want to be treated.

Think about this for a minute and let it soak in a little.

12. Great salespeople seem to have an attitude of gratitude. They appreciate your business and will often tell their customers that.

Face To Face Selling

Face-to-face communication often involves selling; face-to-face selling always involves communication.

Even outside the sales presentation environment, it is no secret that the ability to convincingly communicate one-on-one is a bonus. In career terms, it can be the tie-breaker between employees of otherwise equal ability; on the social scene, it can mean the difference between popularity and obscurity. So in my selling skills workshops, we get right back to basics, always beginning the journey with a thorough revision of the three 'Vs' - verbal, vocal, and visual. Our verbal skills - using the right words in the right context - and our recognition of the key visual signs - sending and receiving the critical body and facial language signals - are obviously high on the agenda, but we can never overlook the importance of the vocal aspects. Let's take a quick look at some of them here...

Vocal signs are conveyed by inflection, accent, tone, volume, and perhaps most importantly, the timing of our speech. In the English language, these elements can often override the actual words used, changing meaning and intent, sometimes to the point of implying the opposite. Even so, we should be content with our lot. Compared with people living in multi-lingual environments such as Europe, we need to master only this one language, so we really should be pretty good at it. Yes, as professional communicators, salespeople should be nothing short of superb with the use of their native language. However, before we get carried away with the idea, there is a real case for a bit of conservatism.

For example, although varying the volume of our speech can be an effective tool, particularly a deliberate lowering of the voice which implies importance, inclusion, secrecy - even intimacy - we should be careful not to overdo it. We know that if we want to smell something better we sniff harder; if we want to feel something better, we touch harder; if we want to see something better, we can focus harder; but short of holding a horn to our ear, it is physically impossible to hear harder. Vital meanings in our whispered message could be lost, particularly if our listener is one of the surprisingly large percentage of people who are hard of hearing, or there is distracting background noise.

Again, my workshop exercises reveal that an alarming percentage of people struggle a little in the hearing department, and the situation is not likely to get better any time soon. Degenerative hearing impairment is becoming much more widespread than generally recognised, particularly as our population is ageing due to the effects of the post WWII 'baby boomer bubble' combined with longer life expectancy. Added to this is a higher incidence of actual hearing damage. Among the younger generations, this is growing alarmingly, with high-volume use of personal MP3 players often pumping an unreasonable level and intensity of sound direct to the eardrums. This is now surpassing industrial noise as the main culprit.

The reality is that most people are too embarrassed to ask us to repeat what we have said, so the risk of miscommunication is unnecessarily high. In a normal discussion, it is better to be a bit too loud than too soft. Of course, it is important to avoid the dreaded monotone pitch, but we can rely on our carefully chosen timing and inflections to do that. They can provide all the emphasis, even the pizzazz, we will ever need, but first we need to be heard.

Speaking too quickly is another common pitfall, often prompted by nervous excitement or anxiety. It can be caused by urgency to close the deal because we are running behind time, or we are feeling the pressure to press home a key point. Mostly we are quite oblivious to it. When we are 'on a roll', we simply don't realise we are speaking too fast. To make matters worse, we inevitably speed up even further to compensate for the waning interest of our listener, which ends up turning them off completely. Our greatest challenge is to try to foresee circumstances that are likely to prompt this, recognise it in time, and maintain our discipline of speaking slowly and clearly.

This is where thoughtful use of the pause can help. As well as controlling our own flow of adrenalin, silence is the ultimate attention-grabber... it can be used to succinctly prompt our listener to absorb what we just said or to signal that something important is about to come. That is why the well-timed pause is such a vital control tool for those experienced in chairing meetings or MC-ing conferences. They know that the engaging silence makes them appear more confident and more sincere. Salespeople too, should recognise the importance of timing, and remember that pacing ourselves with our customer, rather than raising our intensity or galloping off ahead, contributes enormously to the building of both trust and empathy.

How About Business Rules And Regulations?

Business rules and regulations are going to vary from state to state, city to city and even county to county. If your in the process of planning or well underway in opening a brick and mortar business then your going to need to sharpen your pencil and do your home work. Small business rules and regulations are getting tougher and tougher for the Mom and Pop operation because they are increasingly geared toward the large corporation or franchise. These business entities have deep pockets and at the swipe of a pen can easily pay for all the new commercial building code bylaws.

When is comes to business rules & regulations you have to be aware that what you see allowed and practiced today may no longer be regulation. Many business's that have been opened for any period of time are grandfathered in and may not be required to update to current codes. In almost all cases when a business changes hands or opens from scratch, you can count on having to jump through the hoops of updated business rules and regulations to come into compliance to even be issued a business license.

In my own experiences there has been a series of inspections and each of these departments have a different purpose. At a minimum you can count on the building and zoning inspection, the fire department inspection and if your serving food the health department inspection. You will have to pass all of these to be given the green light to open. Be sure to check with your city and they should be very helpful in giving you all the guide lines required to open up your new business from a store front.

Remodeling is a different animal than opening from scratch but the business rules and regulations still apply. This may be even more difficult because your operating and conducting renovations at the same time. Be ready to upgrade any electrical, plumping, handicap and landscaping requirements that may not have been on the books when you opened. Be prepared to have thick skin during this process and you will undoubtedly spend $1,000.'s on what you think is wasteful or unnecessary.

The cost in today's times to open a business and keep current up with the business rules and regulations can be astronomical. Keep in mind that your are going to spend a fortune while your trying to make one. Be sure to crunch the numbers and figure out how long it will take you to get your seed money back before you even make a dime. This will be a real eye opener when it could take many years to even get back to zero.

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levereleve

Every Small Business Should Set Up An Advisory Board

When people think about setting up a small business they often think they are going at it alone against the world. Everyone wants to start the next one man business that will end up ruling the world and become the next Apple or Walmart.

The reality is that the companies that are household names now did not start out on their own, they had help. Not just staff and workers but people giving them advice on different parts of their business.

Advice and opinions are not the same thing, everyone has opinions on everything. Whether it is the weather, politics and religion or sports everyone you meet will be able to share their opinion on the subject.

Advice that is valuable and will help move your business forward can be harder to come by but that is exactly why every small business owner should seek it out. The expression "I can't see the wood for the trees" is much used and it really does apply to most small companies.

We all get so used to our own working environment that we sometimes miss opportunities to improve and expand our business. By inviting other business people to look at our work we can have a fresh set of eyes who may well be able to find a better way of doing things.

Fear is often the main reason that businessmen give for not inviting others into their business, people are scared that someone will steal their ideas and set up in competition. Fear is not a good way to run a business, it is a limiting emotion.

If you surround yourself with smart associates who want to share their experience you will find that you can all grow. This is exactly where an advisory board comes into its own, by making it an official part of your company you are showing how seriously you are taking the matter.

You do not have to pay people to be a member of the advisory board, although it is a good idea to get the best people you can and if you can afford to pay for them then do so. When you are just starting out in business you will probably have to rely on the goodwill of others, choose people with real life experience that is relevant to your business.

Top Three Profitable Choices With Web Based Business

The internet is a very useful tool. More than keeping people connected, it has given rise to a lot of home based jobs and businesses. Through the help of the internet, it is now possible to earn income within the confines of your own home starting with just three things: computer, reliable internet connection and a small capital money. There are many ways to start a web based business and here are the top 3 profitable choices available today:

1. Affiliate

Affiliate programs are on the road to getting bigger these days. Affiliate business is probably one of the best online business ideas because it doesn't require so much technical skills or specific knowledge on IT or business.

Home based affiliate business is pretty much like internet advertising. These affiliate programs work by paying commissions as high as 75% to people who promote the products they offer. Websites such as ClickBank, PayDotCom and PaySpree are affiliate programs that are free and easy to join, without even having to start a website.

Look at it this way, say you have your own blog and you'd want to start your own business through it, all you have to do is sign up for an affiliate program, choose one of the products in the program and start talking about it in your blog. Each time someone purchases the product because of the link in your blog, you get a commission. Choose more products, blog more and you could be well on your way to one of the most successful internet businesses!

2. MLM

As Robert Kiyosaki, author of Rich Dad, Poor Dad puts it, "The richest people in the world look for and build networks, everyone else looks for work."

MLM or Multi-level marketing is also sometimes called Network Marketing. Whilst some may argue that this kind of entrepreneurship idea is a scam, the DSA or Direct Selling Association's data would say otherwise. Out of DSA's 200 members, 94.2% use multi-level marketing in 2009. Companies we know and trust such as Avon, Tupperware, Electrolux and Kirby are just a few examples of businesses making use of MLM.

Money is earned in MLM through direct selling, sales from other recruits and so on. MLM has taken a step forward by using the internet for networking and marketing the products they offer. In most cases, you might have to get training and attend several workshops to get started on this business venture. There are ample MLM business link exchange sites and web rings to help you get traffic and connections fast.

3. Travel

The travel industry has tapped the use of the web. To start a web based business with travel as a specific industry in mind requires passion for travel, alertness for legitimate offers and promos internationally and skills at relating to people.

Industry experts would suggest starting your own website along with the start of this business but free blogs would do. One of the best ways to build credibility is to start a blog on your personal travel stories, post pictures and reviews. After all, people will want to ask your help for finding the best travel deals once they see how you enjoyed seeing the world yourself, don't you think?

Some Types of Business Organizations

When you decide to operate a business, the first question to be addressed is what legal form the business will take. There are three typical ways in which you may carry on a business: as a sole proprietorship, a partnership, or a corporation.

Sole Proprietorship

The sole proprietorship is the simplest form of operating a business. Only one owner is responsible for making all of the business decisions and, therefore, earns all the profits, but also assumes all of the risks and obligations.

Most sole proprietorships tend to be small and localized. The advantages commonly associated with carrying on a sole proprietorship are the following: (1) ease in which to commence and dissolve the business; and (2) modest start up expenses.

There is, however, a significant disadvantage which may lead you to decide against choosing this business form, namely, unlimited liability. The owner is personally responsible for all of the debts and obligations incurred by the business. The owner is thus liable to the full extent of his/her personal assets for all of the liabilities and losses which are incurred by the business. Also, the owner is liable for the actions of employees in the course of their employment.

Most jurisdictions require that sole proprietorships register with the relevant government department or authority under the trade name it is operating under.

Partnership

A partnership is a relationship between two or more persons carrying on a business with a view to making a profit. The organization is usually more complex than that of a sole proprietorship and there is more than one owner to share in the profit and/or losses.

Some groups of individuals choose a partnership as the manner in which to carry on a business because of its ease of formation and dissolution, as well as its overall lack of formalities. However, like a sole proprietorship, one of the primary disadvantages to choosing a partnership as your business form, includes the unlimited personal liability of each partner for all of the debts and obligations of the partnership. In other words, every partner is liable for all the debts incurred by the other partners while acting in the course of business, regardless of the capital contribution of individual partners.

Corporation

A corporation (also called "company") is a legal entity that has its own legal personality which is distinct from its owners (called shareholders) and the individuals who manage and run its affairs and business (called directors and officers). The creation of a corporation occurs following the proper filing of Articles of Incorporation (also called a Charter or Certificate of Incorporation) with the relevant government department or authority.

Every corporation is comprised of shareholders, directors and officers. Shareholders, as the name implies, are the ones who hold (i.e., own) the shares in the corporation. By reason of the votes that are usually attached to the shares, the shareholders control the corporation. If there is only one shareholder, that person has absolute control of the corporation. If the corporation has numerous shareholders, control of the corporation depends on who has a majority of the voting shares. However, the shareholders do not directly manage the corporation. They exercise their influence by electing and removing directors and approving or disapproving major corporate decisions.