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Tax Traps To Avoid When Incorporating a Business
As a general rule, you can incorporate your business with no tax cost as long as you contribute all of your business’s assets and liabilities to a corporation you control.A sole proprietor who incorporates his or her business, therefore, should be able to incorporate tax-free. So should a partnership. And a limited liability company that makes an election to be treated as a C corporation or as an S corporation should also be able to make these “incorporation” elections tax-free.But all rules, including general rules, can be broken. And when it comes to incorporating your business, three big tax traps await unwary business owners, managers and entrepreneurs.Incorporation Tax Trap #1: Goofy LiabilitiesIf a shareholder transfers liabilities to a newly minted corporation and there’s no business purpose to support all of the transfers or if the liabilities are transferred to avoid taxes, then all the transferred liabilities are treated as boot. And that can be a disaster because the boot can be taxed.In general, liabilities incurred in the normal course of a business’s activities should easily pass the “business purpose” and “no tax avoidance” tests. But if you transfer personal liabilities to a corporation (like a personal credit card balance), you’re in trouble. Similarly, if you transfer business liabilities that were really used to fund personal expenditures (like a business credit line drawn down to pay for a daughter’s college tuition), again, you’re in trouble.Incorporation Tax Trap #2: Excess LiabilitiesIf a shareholder contributes both assets and liabilities to the new corporation

repreneur. I knew that entrepreneurship could be likened to climbing. The prize isn’t just the tangible rewards, it’s the feeling of achievement that one has from meeting challenges along the way, and reaching the top only leads to recognition that there are other summits to surmount in a lifelong journey.

Media Training: What it is and Why It Just Might Save You
Let’s start with what Media Training is not.It’s not spin.Media Training isn’t designed to teach those in the public eye how not to deal with the obvious, avoid blame or dance around difficult truths.What media training DOES do is help level the playing field for those facing the media, either for themselves or on behalf of others. To those outside the process, media training may seem like a way to “manage” the media. In fact, those inside the process know better than to think the media can be managed. The goal of media training is to teach management of your message to the public through the media. Managing the message is not the reporters’ job—It’s the job of the subject being interviewed.In truth, saying what you want to say in the way you want to say it to a reporter is not an easy thing to do. No matter how substantial your title, how great a record of success or your level of confidence, it’s not easy to face a reporter’s questions. Every reporter has a war chest of stories of supposedly “slick” interview subjects coming unglued over the idea of the public learning what they just said, rather than what they meant to say.As the subject of the media interview, you don’t control the context, the questions asked, or what others might say about you, and for those used to being in control, that’s not a pleasant prospect. That’s why there are so many examples of executives, managers and even very public figures who simply avoid speaking to the media directly. Others who can’t avoid it sometimes try to manage their communications by selecting only those reporters, subjects and situations deemed “friendly”. At bes

Are You Good at Climbing?

I climbed out of my crib very early, and proceeded to live a very hyperactive childhood, so I have been told by parents, aunts, elder cousins, and others who have known me my entire life. I have noticed that whenever these individuals relate this story, their pupils dilate. According to some researchers and body language experts, this means that they either find me attractive as a person, or that I am a source of anxiety. I certainly hope for the former interpretation, as it would be emotionally unhealthy for these individuals to hold a grudge, now that I have reached adulthood.

Within a few months after I escaped the confines of my crib, I was climbing the stair-stepped configuration made possible by opening drawers in certain pieces of furniture. I attempted to scale the side of our refrigerator, and almost made it. Unfortunately, the shiny coffee percolator I grabbed to pull myself up wasn’t bolted securely to the top of the refrigerator (a parental oversight, given that almost everything else was tied down, cordoned off, or roped shut). I tumbled down and landed with the spout of the percolator impaling my chin. That’s the source of one of my earliest “good scars.” As just about everyone knows, an ample collection of these scars serves as a great way to break the conversational ice at social gatherings.

It was not too long until I was climbing the sides of hills, houses with gutters or other hand-holds, trees, and anything else with a summit worth conquering. “Cats in my neighborhood were never stuck in trees—they were afraid to go near them,” because of me (so they say). I believe that sounds a bit like an exaggeration, which in my opinion should be dismissed as family folklore.

Within a few years, I was climbing trees for money. I had begun a lifelong journey as an individual whose entrepreneurial roots could, ironically, be traced to trees. I had discovered an income source around the holiday season each year—mistletoe. Mistletoe is a parasitic plant that grows on oak and other hardwood trees; if it is ingested by humans it will make them very sick, and can cause death. There are numerous myths and customs associated with mistletoe. However, the most important of these, relative to my enterprise, had to do with the tradition of kissing under the mistletoe (which derives from ancient beliefs about sexuality and fertility that are associated with the plant—which was of little interest to me as compared to comic books, at the time).

I harvested mistletoe by climbing trees in woods nearby my home, portioned off small bundles, and sold them door-to-door. I later expanded my product line with another agricultural product, kindling wood for starting fires. This product came from aged heart pine (stumps and limbs), which I often came across in my forays in the woods searching for mistletoe. It contains a sticky concentrated resin that can easily be ignited with a single match. If I was somehow rejected in my first effort aimed at selling mistletoe in a prospective customer’s doorway, I could switch their attention to my “delightfully convenient and easy to use kindling wood—sure to warm your hearth, and your charming home.”

As I matured, I became less interested in the business of mistletoe and kindling wood sales, and more interested in using charm and mistletoe for reasons associated with its traditional purposes around the holiday season. However, by then, I had already learned my first valuable lessons as an entrepreneur. I knew that entrepreneurship could be likened to climbing. The prize isn’t just the tangible rewards, it’s the feeling of achievement that one has from meeting challenges along the way, and reaching the top only leads to recognition that there are other summits to surmount in a lifelong journey.

Think Before You Choose
Now is the time to launch that new product in the market together with the new face of your business. And what better way to do it than to give out brochures? Brochures are fun, colorful and eye-catching.You may think that brochures would only take a small amount of time because of its size. But to come up with an excellent brochure that would really attract attention would definitely take a lot of time.There are a few things you may want to consider to include on your brochure. One would be the pictures that you would be including in the brochure. You would need to decide which ones are worthy of getting a page. You should not put every image that you have on the brochure to leave some for personal viewing.Choose only pictures that you are sure would definitely get your audience’s attention and would lure them to going to your store. As mentioned, do not put every representation of you have so visitors could still be surprised.You may want to put in images of those products you have on sale or those with lowest prices. You may also include those new products that you want to introduce as well.Always keep in mind that you have a limited space available. You cannot cram every image that you own to fit the brochure you are coming out with. This is why you have to choose them very carefully.After you have finished with which pictures you would include in your brochure, you know have to choose the words you are going to use to promote the pictures. Using a lot of adjectives and describing the products in a fun way would be a definite eye-catcher. Don’t just stick to the usual descriptive word like cheap, mode

tely, the shiny coffee percolator I grabbed to pull myself up wasn’t bolted securely to the top of the refrigerator (a parental oversight, given that almost everything else was tied down, cordoned off, or roped shut). I tumbled down and landed with the spout of the percolator impaling my chin. That’s the source of one of my earliest “good scars.” As just about everyone knows, an ample collection of these scars serves as a great way to break the conversational ice at social gatherings.

Upselling to your Customers - How To
One of the most important facets of marketing and sales is the ability to win long term relations with your customers while selling your customers multiple products. If companies only rely on new customers to buy their products every time, they would continually have to spend more and more money and time. This applies to you as well, a repeat customer is always easier to obtain than a brand new customers.The more sales you can make from an individual customer, the more time you will save and the more money you will earn! It is a well known fact that people who have already bought from you once before would be much easier to upsell to “top up” or upgrade their order, resulting in a brand new sale for you. Image how much more profit your customer can garner if your customers trust you and your company and made at least 3 purchases from your webpage over a period of time.One of the greatest times to get people to make their second purchase is right immediately after they have placed an order. These people would already be sold to your site and have a certain degree of trust of your website, which is why they purchased your product in the first place. Therefore, it is wise to spent more effort convincing them to purchase another of your product or to top up their order. Now is the best time, seize the chance and give your after-sales sales page the attention is deserves.Ok, so how do we make this sale? Its actually fairly easy. After your customer has placed an order, redirect your customer to a thank you page where you display a fantastic offer where you offer only to your customers and to give them this superb chance to obtain

thin a few years, I was climbing trees for money. I had begun a lifelong journey as an individual whose entrepreneurial roots could, ironically, be traced to trees. I had discovered an income source around the holiday season each year—mistletoe. Mistletoe is a parasitic plant that grows on oak and other hardwood trees; if it is ingested by humans it will make them very sick, and can cause death. There are numerous myths and customs associated with mistletoe. However, the most important of these, relative to my enterprise, had to do with the tradition of kissing under the mistletoe (which derives from ancient beliefs about sexuality and fertility that are associated with the plant—which was of little interest to me as compared to comic books, at the time).

The Interviewable Resume
It is rumored that the only word William Shakespeare wrote on his resume was “Available.” We’ll probably never know if that is true. But it raises an interesting question. How much information is too much and how much is too little when dealing with resume copy?The resume is a vital piece to any job search. As companies scramble to find the ideal candidate, they use the resume to screen candidates. Done right, a resume builds an instant connection with the reader and helps steer the course of the interview in your favor. If you submit a resume that piques the curiosity of the reader, he or she most likely will ask questions based on the information you provided on the resume as opposed to relying on a pre-packaged questionnaire. That’s how you know you have an “interviewable” resume, when it assists in shaping the course of the interview.The challenge is, How does one create an “interviewable” resume, one that isn’t boring or sterile? How does one write a resume that motivates the reader to give you a call?Write with the employer in mindCast aside the belief that the resume is about you – because it isn’t. Though the resume is your “story”, the heart of it should focus on the needs of the employer. When developing your resume give thought to the person who will be reading it. What are his or her immediate concerns? How will you be able to solve that person’s problems?Though it may be difficult to pin down a company’s immediate concerns before an interview, the reality is that organizations recruit candidates for one of the following reasons: they need to replace an unproductive employee, a peak performer was pro

-door. I later expanded my product line with another agricultural product, kindling wood for starting fires. This product came from aged heart pine (stumps and limbs), which I often came across in my forays in the woods searching for mistletoe. It contains a sticky concentrated resin that can easily be ignited with a single match. If I was somehow rejected in my first effort aimed at selling mistletoe in a prospective customer’s doorway, I could switch their attention to my “delightfully convenient and easy to use kindling wood—sure to warm your hearth, and your charming home.”

Commit to Excellence!
The potential for success lies within you. Granted you must be brave, committed and flexible; you also must remain clearly focused on your goal. Whether that goal is to build a small customer base or you intend to capture a large market share, your commitment to excellence in relation to your customers and your product or service can be the key ingredient to your success.Remaining compassionate while staying on track can be a bit of a trick. While at times a valued customer may have special needs and you might want to go that extra mile for them, you must clearly distinguish when and where to draw the line. Yes, be flexible but don't get taken advantage of. Give them anything you can while remaining true to yourself.If a customer needs to be a little late for an appointment or requires an extension on the pay-by date and you can accommodate them do so with stipulation. Help them to recognize there is a limit to your understanding and generosity. Don't just blindly let them slide into a bad habit.Sometimes the hardest thing to do is “fire” a customer or client. You may consider that impertinent, or even unrealistic, however if a customer or client is overly demanding, constantly late, or in any manner inconsiderate, you don't have to continue to service them. They may ultimately wind up costing you more than they are worth.Recently, I read about a young woman who had built a thriving company. She permitted her biggest client to constantly stretch their pay-by date and when her client suddenly filed bankruptcy she was faced with down-sizing her business. The end result of the loss of this business client forced her to i

Lessons Learned From a Former “Mistletoepreneur”

Nascent entrepreneurs are individuals who are trying to start a business, but are still new and fledgling in their efforts. My earlier business had one tremendous advantage: a product with no inherent cost other than the cost of harvesting and packaging the product, which was miniscule. The great California gold rush was similar in this regard: minors staked their claims and began to harvest a precious metal kindly provided by Mother Nature. If you are looking for a product, consider one that is free, or one that has a very low cost. Although there are now eBay and Internet sellers who offer products such as kindling and mistletoe, and the gold rush is long since over, there are other products that fit this no or low cost criteria, waiting to be claimed.

I like the idea of recycled products, as an example of a low cost product. Humankind continues to create tremendous pressure on the environment, and some individuals have found ways to harvest the things that others throw away. Whether we are speaking in an industrial context such as scrap materials that can be transformed or otherwise reconstituted, or a consumer context such as vintage clothing, entrepreneurs continue to prove that the adage, “One person’s junk is another person’s treasure,” is true. For that matter, cleaning up messes and hauling things away can be a business unto itself. Now that eBay has created the world’s largest garage sale, people have found that they can sell just about anything. However, some individuals do not have the time, interest, or technological proficiency to use eBay, and these persons offer a potentially rich and virtually endless source of products which you could acquire and sell (or sell on their behalf, for a fee).

You needn’t give up your entrepreneurial ambitions based on the notion that you must have a low cost product. But do keep in mind that low product costs, and low startup costs are a definite advantage. At the very least, you must have an adequate profit margin, such that overall, you are self-sustaining. People must accept a product as something that they want and are willing to pay for.

Another alternative is to broker or represent a product, which I mentioned above. Among my various present day entrepreneurial endeavors, I am involved as an independent consultant for a network marketing firm. Customers purchase products through a Web site, and these products are shipped directly to them under what is known as a drop-shipping arrangement. This is really a very efficient system for all concerned, and I was convinced to become involved because I did not have to carry inventory or make deliveries (which can eat up an entrepreneur’s time like crazy, besides increasing inefficiencies, which ultimately impact consumers).

You need to sell a hot product. If you have ever used kindling wood, you may have noticed that it crackles and burns very quickly, which is why it makes an excellent fire starter. You may initially think that I am about to tie in the aforementioned fire with “hot products,” by using some sort of lame analogy. Lame analogies are always way too obvious, however. By “hot,” I mean a product that is sold to a customer who is excited about the potential benefits of using the product, and who is overcome by a desire to have the product for his or her own use.

Have you ever noticed how some sellers go about creating a sense of urgency about a particular offering? While it can be observed that retailers have gone way overboard with “one day” sales by having one practically every day of the week, they at least have the sense of urgency concept down correctly. Every year for the past several years, millions of shoppers have been coaxed out of bed prior to the crack of dawn to shop at sales events offered on the basis of a similar appeal based on urgency, on the day after Thanksgiving.

The fact that someone is willing to compete to be the four-hundred-and-sixty-seventh person in line suggests a sense of urgency has indeed been created. I think that

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It is almost impossible to survive in business without an effective advertisement campaign. Successful companies do invest a large portion of their earnings in advertisement.

Its true. Theres a fortune to be made in advertising...especially now it won't cost you a penny!

Advertising in the paper works for many people in business. The astute merchant understands the newspaper’s weaknesses and works to avoid them whenever possible.

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