When to Hire a Small Business Lawyer

by Philip Akalp

1 May 9th, 2012

When to Hire a Small Business Lawyer
For most small business owners, “Budget” is the first key factor in deciding whether to hire a small business lawyer. Obviously, we’d all prefer to hire the toughest law firm, equipped to handle any kind of case or transaction, staffed with a team of attorneys that will respond to our needs immediately.

For most small businesses, however, we just can’t afford this “full-time legal dream-team.” So, we compromise: we hire a lawyer who is experienced in business matters, local to our business, with affordable legal rates. Hopefully, we can find a lawyer we actually like.

What’s my comfort level with legal matters?
Another important factor is: “what’s your comfort-level with contracts and legal matters?” Certain tasks are quick and simple (e.g. drafting a letter of resignation or an independent contractor agreement) whereas other may be very difficult for the layperson (e.g. responding to legal pleadings, drafting a patent application).

Why do I need to hire a small business lawyer?
The key is to at least have a relationship with a business lawyer BEFORE you get sued. An attorney experienced in small business matters should be able to assist you with things like selecting a business structure (i.e. incorporating or forming an LLC), executing a lease for office space, hiring and firing employees, registering your trademark, and more. Read More→

Categories Choosing A Business Structure, Running A Small Business, Starting a Business
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Raise Your Glass to Raising Your Prices

by Philip Akalp

1 February 23rd, 2012

Wayyyyyy back when the Internet was “new” and you could still register a one-word domain name, my wife/business partner and I were leading pioneers in our industry: Business Filings / Incorporation Services.”. The Internet was BRAND NEW! Our industry was BRAND NEW!

Quick! Before the Money Stops Flowing

With the growing number of people getting a PC or signing up for an internet connection growing each day, we experienced PHENOMONAL GROWTH! We were in the business of starting businesses… so I’d speak with new business owners each day. I remember one customer who summed up the sentiment when he said: “I can’t slow down! I’m afraid that one day I’ll wake up and all the money will stop floating around.”

From my perspective, that is exactly what has happened. Whether you want to call it a recession or a depression, or a Bear market, it’s hard to argue with the sentiment that the money machine of the late 90s and early 2000s has definitely stopped printing money. Read More→

Categories Business Tools, Choosing A Business Structure, How To Incorporate a Business, Marketing Your Business, Running A Small Business, Starting a Business, Startup, Uncategorized, Women In Business
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Starting a Business? …During a Recession?

by Philip Akalp

1 July 9th, 2010

starting a business in a recession

According to Kimberly Palmer, writing for US News & World Report, “going against the tide and starting your own business in a recession not only lets you escape from the corporate grind, but it also can be easier than it would be during boom times.” Looking back through recessions past, she may be right.

Starting a Business During an Economic Downturn

Several once-small companies now considered giants in their fields started during economic downturns:

Burger King and Sports Illustrated magazine both started in the recession of 1954.
Trader Joe’s opened its doors in 1958.
LexisNexis and FedEx, Corp. began in 1973.
Microsoft Corp. in 1975–when unemployment was 8.5%.
The ubiquitous MTV started up in 1981, on a shoestring budget and a risky idea.
Then, there’s Revlon Cosmetics. Founded in 1932 during the Great Depression, one product helped launch the company into a multimillion dollar corporation less than a decade later: Nail Polish.

Rebounding from the Recession

Many industries are expected to rebound from the recession. In USA Today Jayne O’Donnell explains that because people continue to use–have to use–cars, appliances, furniture, and apparel they tend to replace these items, sometimes during, but especially after tough economic times. Some companies, such as Starbucks, Hershey, and Netflix, are doing well now, in spite of the recession. The NY DAILY NEWS reports that the health care, home appliance rental, and video game industries are also thriving.

Should I Wait or Should I Go?

So, should the out-of-work and underemployed simply wait for the economy to turn around and for other companies to get on their feet?

For Stacy Perman, who covers small business and entrepreneurship for BusinessWeek, the answer is, maybe not. She admits a strong case can be made for starting up a start-up now. Other business reporters agree there are several reasons why starting a business during a recession is not only a good idea, but makes good business sense:

Protection from layoffs
Income self-determined
Easy to find partners
Low start-up costs
Less competition
Work is more gratifying

Philip and Nellie Akalp, an attorney husband and wife team and founders of CorpNet Incorporation Services, an incorporation service that helps small business owners get their businesses off the ground, also agree. In addition to assisting entrepreneurs with incorporating or forming an LLC (services that start at only $49 plus state fees), they offer tips for anyone considering starting a business during a recession:

Tips for Starting a Business in a Recession

First, choose a home-based business, using existing equipment and resources.
Research the industry and develop a business plan, both of which can easily be done with an Internet connection.
Only hire those individuals or services absolutely necessary to get business up and running.
Use the advice, expertise, and hands-on assistance of family and friends where possible.
Keep advertising costs minimal: generate word-of-mouth referrals with the use of family, friends, neighbors, colleagues, and coworkers
Set up a website and blog, both of which can be done cheaply.
Take advantage of free online social networking sites such as Twitter and Facebook.

Fear and Apathy are the Ttrue Enemy

Little is needed, it seems, to launch a good idea into a successful business. According to a study of 549 company founders by the Kauffman Foundation, the most commonly named barrier to entrepreneurial success was a “lack of willingness or ability to take risks.”

Philip K. Akalp C.F.O. – Corpnet, Incorporated. Corpnet.com

Categories Marketing Your Business, Running A Small Business, Starting a Business
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Marketing with Social Media and Blogs

by Philip Akalp

1 June 25th, 2010

The Small Business Budget

The U.S. Small Business Administration (SBA) suggests setting your marketing budget at between 2% and 10% of sales, depending on business size and whether your company is established in the market place or a startup. However, it is possible to market your business on less than $1,000.00 per year and even a responsible move to do so. Whether you’re at the helm of a startup, a small business owner, or in charge of marketing at a larger company, thriving in this still uncertain economy often requires a rethinking of marketing tactics. Reigning in the budget may be the best way to move forward.

Traditional Marketing is Costly

Traditional avenues such as direct marketing (leaflets, brochures and catalogs mailed, emailed or otherwise distributed directly to consumers), telemarketing, television and radio commercials, infomercials, and trade shows are costly and, in a down turned economy, not always effective. However, one traditional avenue that continues to prove beneficial in its rate of return, and costs little to no monetary investment, is advertising via word-of-mouth.

New School: Word-of-Mouth

Yelp, Citysearch, Angie’s List, and even YouTube offer opportunities for new clients or customers to find information about your business quickly and easily through product and service reviews. Additionally, established clients or customers feel more connected to the success of your business by simply having the opportunity to provide the reviews.

Entrepreneur.com provides several articles on how to maximize social networking sites such as Facebook, Twitter, and LinkedIn, as well as pay-per-click search engine advertising such as Google AdWords. Updating your website, linking with others, writing a blog, creating an online comic, and launching an iTunes play list are also effective ways for increasing your online presence, which translates to online advertising driving more business your way.

Old School: Word-of-Mouth

Respecting what your target market wants, knowing your competition, and sculpting brand building efforts to reflect niche specialties are well worth the research time invested in order to excel at each. Building relationships with potential customers, face-to-face, has also, once again, become a skill worth cultivating.

Miller Farm, in a time when traditional farming practices do not make farmers rich, has grown to almost 2 million dollars in annual sales in less than four years strictly through word-of-mouth advertising. CorpNet.com, a document filing service, has helped entrepreneurs on a tight budget get their businesses off the ground by embracing both a strong web presence and old-fashioned, relationship-based customer service.

Gain Word of Mouth through Social Media Activites

In short, combining new school internet with old school relationships adds up to word-of-mouth marketing worth so much more than the $1,000.00 per year you might spend.

Categories Marketing Your Business, Running A Small Business, Starting a Business
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In Business, Nothing is Free

by Philip Akalp

1 June 22nd, 2010

In Business, Nothing is Free

The best things in life are FREE, right? Well, maybe not. At least, not when it comes to finding quality products and services designed to improve and enrich life. Oh, great deals do exist but, “great deal” rarely equals “free.” And most deals, unfortunately, come with a catch.

What’s the “Catch”?

Below are some examples of how many service providers and retailers take advantage of those out to find a great deal. Don’t get caught falling for these “gimmicks:

Bait and Switch

The purpose of the bait and switch is to lure the potential customer (ahem, you) by advertising low prices for a specific service or product, then pushing the customer (you again) toward more expensive deals because A) the item is sold out, B) the sale just ended, or C) the higher quality (priced) service is actually a much better deal than the lower priced (quality) service.

Technically, this method of marketing is illegal. Truthfully, it happens.

Ironically, many legal and document filing services use the bait and switch technique. For example, ads are often floated that claim to provide incorporation services for free. What’s really free? Information. To follow all of the appropriate steps for incorporating, you’ll have to “buy”, er, choose another package.

The Upsell

The upsell induces the customer to upgrade or buy add-ons for an item or service already purchased, or encourages the customer to consider additional purchases–often more profitable items or services–through deliberate exposure. Almost all car dealers, computer stores, hair salons, and restaurants engage in the upsell. You wanted the factory alarm, accounting software, moisturizing shampoo, and fries with that, right?

Banner Advertising

A banner ad is a web site link displayed as a box, usually containing graphics, sometimes animation and, almost always, an enticing deal. Clicking on the banner–called a click through–takes you from the publisher’s web site to the advertiser’s website, where the advertised deal may no longer exist (or is not really all that enticing after all). But wait! You’re at the site, so you might as well have a look around at other “deals.”

Free Trials

“Risk free” offers are rife with risk. No matter how, where, or when whatever-it-is is advertised, there is almost always a hefty shipping and handling charge attached to trial offers. Also, should you take advantage of a free trial you may unknowingly enroll in automatic shipments or get charged for the product later unless you cancel within a certain period of time. (See the fine print. Sometimes, see the really, really fine print.) And canceling can cost you: return shipping fees, restocking fees, time, and aggravation.

Selling your Personal Info to Third Parties

You can opt-in or opt-out of having your personal information sold to third parties, whether you’ve purchased a product or service, simply asked for a quote, or filled out a “Yes! Send me more information!” form. By law, this option of opting in or out has to be made available to you. Of course, many companies claim they do not sell your information to third parties, but may “trade” it to third parties (who, in turn, sell it).

Some companies, like ListGrabber, actually advertise that they grab and sell personal information from places such as online directories (i.e., the Yellow Pages), association websites, and memberships directories–networking services often provided to you for “free.”

NOT FREE, but it’s an honest transaction with good value.

There are companies that offer great products or services at great prices, companies that advertise truthfully and operate ethically. CorpNet.com, a (legitimate) document filing service operated by a husband and wife legal team, is one of those companies. Incorporating or forming an LLC with CorpNet starts at $49 plus state fees. And they say as much right on the front page of their website.

You get what you pay for.

In the end, no matter what product or service you seek, you get what you pay for. Any company worth your time and money will ethically seek your business and tirelessly work to keep it. Any other sales tactic means that company is just, well, just not that into you.

Categories Marketing Your Business, Running A Small Business, Starting a Business
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Author Archive for Philip Akalp

When to Hire a Small Business Lawyer

Raise Your Glass to Raising Your Prices

Quick! Before the Money Stops Flowing

Starting a Business? …During a Recession?

In Business, Nothing is Free

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