Spiegel & Utrera, P.A. is aware that being a successful entrepreneur is not an easy task. Within the first year of opening your business, 18.4% of private sector businesses in the U.S. fail and after five years, 49.7% have faltered.

Click on the 5 steps below to increase the chances of your business succeeding long term.

Step 1. Get Educated On Everything To Do With Your Industry

Step 2. Make A Business Plan

Step 3. Consider Efficiency And Specificity In All You Do

Step 4. The Secret To Surmounting Competition: Customization And Innovation

Step 5. Steady Growth – Don’t Over Do It!

STEP 1. GET EDUCATED ON EVERYTHING TO DO WITH YOUR INDUSTRY BACK TO TOP
Many businesses begin as a personal passion project without much consideration for current market trends. Is your business’s service or product something that only you need, want and derive satisfaction from, or does it have a much larger demand online or in your local community? This is the time to do a side-by-side comparison of your entrepreneurial desires vs. the economy, the market and the community. Take the time to reach out to your preferred customer base to consider, ask, and analyze their needs, questions and concerns. It is much easier to satisfy an existing need rather than create one and convince people to spend money on it. The first step to any successful business is research; research the current market, your competitors, the level of demand and saturation, and who and where your target audience are. Expand your inquiry beyond your specific domain to the larger industry in order to set yourself ahead of upcoming trends and innovations. As the saying goes “measure twice, cut once.” Take the time to collect your data in a specific and measurable format. This information will not only assist you in developing a business plan but support the development of you company down the road.

STEP 2. MAKE A BUSINESS PLAN BACK TO TOP
The goal is to make it as detailed and thought through as possible, so that once the work begins, your business is set on that pre-planned, professionally organized trajectory. A thorough business plan should contain the following (a) an outline of achievable goals for your business (b) how your business can meet these goals, including possible problems and solutions (c) quantifiable demand of business/service based on research and surveys (d) costs and inputs needed for the business (e) outline of strategies and timeline for short-term and long-term implementations for the company.
If you’re overwhelmed as to where to begin or what to consider, you may want to consider our General Counsel Club service. The service provides unlimited legal and business advice from an attorney over the phone. If you are currently a member, call (800) 734-9900 to get advice on having a successful business.
STEP 3. CONSIDER EFFICIENCY AND SPECIFICITY IN ALL YOU DO BACK TO TOP
Reduce expenses, losses and “busy-work” by targeting your business to the right customers in the right way. Businesses with predominant sales online aught to invest in updated servers and professionally designed websites to create a positive impression upon the customers. Businesses which rely on foot traffic should consider if they are in an ideal location for the type of customers sought. Consider in all ways where your target market is and how they would search or come across your service. Market and advertise your services through the medium your audience is most captivated by. Few businesses can grow or survive on word of mouth and referrals alone in the progressive and transitional markets of today. Technology, social media, and a professional digital media presence are a requirement for any business. Active and up-to date digital store-fronts provide customers with a sense of professionalism and security in doing business with you. Additionally, clients are offered a level of transparency and familiarity into the brand, services and current events of your business.

STEP 4. THE SECRET TO SURMOUNTING COMPETITION: CUSTOMIZATION AND INNOVATION BACK TO TOP
In a saturated and competitive market, a new business can gain notoriety and market share by customization and innovation. Customize the way you do business in comparison to your competitors in a mode that is an improvement and one of a kind. Moreover, new businesses who imitate established businesses – with their corporate funding, years of R&D and teams of specialists- will struggle to produce an equally competitive and curated product or service. Find an opening in the market by fulfilling an unmet need and innovate a new service or product that your competitors don’t have. This will give your business a reason to stand out from the rest. Innovation reduces competition!

STEP 5. STEADY GROWTH – DON’T OVER DO IT! BACK TO TOP
A thorough market analysis and detailed business plan will lay a solid foundation for a company to begin successfully. With customization and innovation companies do not necessarily need to compete with competitors but can focus on forging their own path and market share. Enormous energy and resources are devoted to beginning a company and expansion is no different. Growth exposes a business to new scopes and focuses that may not be fully understood. Planning for steady growth includes further research into untapped areas and markets of the business, building a larger team of professionals and resources, and assessing your finances. When a business expands too fast and doesn’t take care with research, strategy and planning, the financial drain of the overexerted business can sink the whole enterprise.

There’s more!

Visit AmeriLawyer’s YouTube Channel to get valuable information on starting a business, business model development, building business credit, marketing and lead generation plan.

Learn more by reading some of our Entrepreneurial Posts or Business Posts on Spiegel & Utrera, P.A.’s blog.

 

 

MAINTAINING YOUR ENTITY RECORDS IN 2022
Avoid Late Penalty Fees and possible loss of your entity name.
If you incorporated your business prior to 2022, now is the perfect time to avoid possible late penalty fees and to start thinking about the maintenance of your entity records. With the new year beginning; Corporations, LLC’s and Partnerships formed in previous years will be filing annual reports, biennial reports and or making annual tax payments. Many important due dates and deadlines depend on the your Corporation, LLC or Partnership’s state of formation, fiscal or calendar year and your entity’s formation date.Failure to maintain your Corporation, LLC or Partnership records may impact your entity negatively by putting your entity in “no good” standing with the Secretary of State. Later, when trying to reinstate your Corporation, LLC or Partnership back into good standing, you will be faced with penalties and reinstatement fees. As a client of Spiegel & Utrera, P.A., we want to help you avoid costly reinstatement fees by assisting you with the maintenance of your entity’s records.Submit your details here for assistance and answers to all your filing requirements and to avoid possible late penalty fees and even possible loss of your Corporation or LLC name.

 

Watch Our Video on Special Funding and Benefits for Minority-Owned Businesses in 2022

The following is a description of certifications that your business may be eligible for.

Minority Owned Businesses (MBE) Certification
A minority-owned business is a for-profit enterprise, regardless of size, physically located in the United States or its trust territories, which is owned, operated and controlled by minority group members. “Minority group members” are United States citizens who are Asian, Black, Hispanic and Native American. Ownership by minority means the business is at least 51% owned by such individuals. Further, the management and daily operations are controlled by those minority group members.

You select the Certifying Organization. Choose from any of the individual states in the US, any county in the US, National Minority Supplier Development Council, Disadvantaged Business Enterprise Certification, Small Business Administrations 8a Certification or Federal Small Disadvantaged Business designation

Contact Us to Get Minority Owned Businesses (MBE) Certification

Women Owned Businesses (WBE) Certification
A women-owned business is a for-profit enterprise, regardless of size, physically located in the United States or its trust territories, which is owned, operated and controlled by women members. The women who qualify the business must be U.S. citizens. Ownership by women means the business is at least 51% owned by women. Further, the management and daily operations are controlled by those women members.

You select the Certifying Organization. Choose from any of the individual states in the US, any county in the US, Women’s Business Enterprise National Council, National Minority Supplier Development Council, Disadvantaged Business Enterprise Certification, Small Business Administrations 8a Certification or Federal Small Disadvantaged Business designation.

Contact Us to Get Women Owned Businesses (WBE) Certification

Veteran Owned Small Business (VOSB) Certification
The Veteran Owned Small Business Certification is available for small businesses that are majority owned and managed by a veteran who is directly involved in the day-to-day operations. With this certification, veterans gain a competitive edge for winning government contracts and attracting customers. As a business group that is considered ‘disadvantaged’ in the U.S., certifying your business can help in your present and future operations.

Once your business is certified, you can join ConnXus’ database of diverse suppliers. This searchable platform makes it easy for large companies to find and select your business for their product and service needs. The next time a Fortune 2000 company is looking for a certified-diverse business, you’ll be in the best position to meet their needs.

Contact Us to Get Veteran Owned Small Business (VOSB) Certification

Service Disabled Veteran Owned Small Business (SDVOB) Certification
The purpose of the Service Disabled Veteran Owned Small Business Certification is to provide procuring agencies with the authority to set acquisitions aside for exclusive competition among service disabled veteran owned small business concerns, as well as the authority to make sole source awards to service disabled veteran owned small business concerns.

In order to be eligible for the Service Disabled Veteran Owned Small Business Certification, you and your business must meet the following criteria: the Service Disabled Veteran must have a service-connected disability that has been determined by the Department of Veterans Affairs or Department of Defense; the Service Disabled Veteran Owned Small Business must be small under the North American Industry Classification System code assigned to the procurement; the Service Disabled Veteran must unconditionally own 51% of the Service Disabled Veteran Owned Small Business; the Service Disabled Veteran must control the management and daily operations of the Service Disabled Veteran Owned Small Business; and the Service Disabled Veteran must hold the highest officer position in the Service Disabled Veteran Owned Small Business.

Once your business is certified, you can join ConnXus’ database of diverse suppliers. This searchable platform makes it easy for large companies to find and select your business for their product and service needs. The next time a Fortune 2000 company is looking for a certified-diverse business, you’ll be in the best position to meet their needs.

Contact Us to Get Service Disabled Veteran Owned Small Business (SDVOB) Certification

If you are interested in any of our business certification services, please reply back with the best phone number and time to reach you. 
We will have one of our attorneys reach out to you to discuss the certification process in more detail with you.

Keep in mind that the fee for the firm’s work to getting your business certified is $750.
Contact Us to today to get your women owned, veteran owned or minority owned business certified.

Members of Spiegel & Utrera, P.A.’s General Counsel Club have unlimited access to an attorney to get their legal, business, credit and tax questions answered. General Counsel Club Members can call (800) 734-9900 or email us at ClubAssist@AmeriLawyer.com to discuss getting special funding for your business.

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CORPORATION OR LLC REINSTATEMENT
Reinstating a company is the process of returning a company that is in default or revoked status back to good standing within the entities state. Normally, a Corporation or LLC loses “good standing” because it has not filed it’s annual report, biennial report or not paid necessary fees to their state of formation. When a Corporation or LLC is not in good standing, the entity is not permitted to conduct business, other than the business of dissolving the entity or reinstating.Reinstatement is an option for owners that want to continue using the same entity and it’s bank accounts and Federal Tax ID number. In addition, by reinstating your  entity, you will  continue to have the liability protection of a Corporation or LLC.If your Corporation or LLC is not in good standing, Spiegel & Utrera, P.A. can assist you with reinstatement of your entity. We can include special resolutions and provisions in your Articles of Reinstatement authorizing an Indemnification Agreement which would trigger important protection requiring the Corporation or LLC to indemnify and hold harmless Shareholders, Directors or Officers of the Corporation or the  Members or Managers of the LLC from any actions taken on behalf of the Corporation or LLC during the period of time the Corporation or LLC was not in good standing and after reinstatement.Spiegel & Utrera, P.A. can assist you with the reinstatement process. If you have questions or need assistance to reinstate your Corporation or LLC, click on one of the following links to Reinstate Your Corporation or to Reinstate Your LLC.

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ACCURATE CORPORATE OR LLC RECORDS AND PERSONAL LIABILITY
The most important reason to incorporate or form a company is to protect yourself from personal liability. When you form a company, you are forming a legal entity that is separate from yourself as an individual. The Corporation or LLC has powers vested upon it that allows it to make all the decisions that an individual may make. For example, the Corporation or LLC may enter into leases, may borrow money, it may buy goods and services on credit, and in all cases you are not personally liable for the transaction. If a problem arises, the only recourse would be against the Corporation or LLC, similarly, if anyone were to ever file a lawsuit for an action arising out of the business of the Corporation or LLC, that party would not be able to go after your personal assets such as your home, or car or boat etc., as long as you comply with the formalities of a Corporation. Therefore you have the peace of mind knowing that your personal assets are safe.

WHAT SHOULD CORPORATE OR LLC RECORDS INCLUDE?

Your Corporation or LLC records should include: The Articles of Incorporation or Articles of Organization, Corporate Bylaws or Company Regulations, Organizational Minutes, Annual reports, stock/membership register for keeping track of stock/membership transactions or a membership register for keeping track of membership transactions, Minutes of all shareholder and director meetings or all member and manager meetings, including the annual meeting.

Corporate or company records help to substantiate that the Corporation or LLC is a different entity from yourself and that all formalities are being maintained. In addition, corporate or company records provide evidence to substantiate significant tax deductions, regardless of whether your Corporation or LLC makes a profit. Even if a Corporation or LLC does not make a profit, it may still generate significant tax deductions for you on your personal tax return. Corporate or company records provide a significant defense against anyone who would seek to pierce the Corporation or LLC veil and attempt to impose personal liability on you.

To comply with the formalities of a Corporation or LLC, you will need to keep accurate entity records.
If your Corporate or LLC Records are incomplete (e.g. missing notice & minutes from prior year annual meetings) or even lost, submit a request for a duplicate, new or replacement Corporate or LLC Records Book and Seal at https://www.amerilawyer.com/411/duplicate_new_replace_book_seal.htm

As a member of Spiegel & Utrera, P.A.’s General Counsel Club, we can advise you on how to comply with the formalities of a Corporation or LLC. If you need assistance with maintaining your entity records (preparation of annual minutes or to replace an entity records book and seal) call the General Counsel Club line at (800) 734-9900

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WHAT ARE THE BENEFITS OF REGISTERING A FEDERAL TRADEMARK?
You often spend days and weeks coming up with a name for your business or products. Branding and working on the overall feeling and experience of your company is very much part of the concerns of every business today which wants to grow and prosper.With the internet and social media advertising exploding into a common marketing tool that every business today has to at some level consider and implement into their business model, trademarks, the name and logos you use for conducting your business are ever so important to protect. They are associated with a certain level of product or service.Owning a federal trademark provides several advantages

1. You give public notice to the world that you claim to be the owner of the trademark and/or logo.
2. You are able to use the trademark exclusive of anyone else’s use, the presumption is that you are the owner and therefore to use it, someone else would have to seek permission and compensate you.
3. You are able to bring an action in federal court if someone infringes on your trademark.
4. The U.S. registration can serve as a basis to obtain registration in foreign countries.
5. The ability to record the U.S. registration with the U.S. Customs and Border Protection Service to prevent importation of infringing foreign goods.
6. You have the right to use the federal registration symbol, the R in the circle.

Spiegel & Utrera, P.A. can assist you with all your trademark questions. If you are considering registering a trademark and have any questions about the process, call the General Counsel Club line at (800) 734-9900. Alternatively, trademark online at www.amerilawyer.com/trademark and when you speak with an attorney over the phone, you will be able to discuss your trademark.

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There are some mistakes in business that will cause the occasional headache. Then there are some mistakes in business that will keep you up all night for days, weeks and months at a time. Avoid those mistakes by seeking strategic business and legal advice from your General Counsel Club Team of Attorneys. We are here to help you sleep better at night!

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“START, EXPAND, BUY, SELL YOUR BUSINESS TODAY”
on the air with Larry Spiegel and host Joe Castello.

LISTEN to our latest radio show at https://www.amerilawyer.com/radioshow

Larry Spiegel and host Joe Castello answer questions from entrepreneurs about starting, expanding, buying or selling their businesses. Questions include: Topics include: Independent contractors vs employees, whether to form an S Corp vs LLC, hiring temporary help, how does a non-compete agreement stand up in right to work states, keeping funds separate in personal and business accounts, the difference between a 501c3 and a Non for Profit organization, how to decide which state to form an LLC, how to start a Non Profit organization, how big a business needs to be before forming an entity, buying a Church with a 501c3, whether or not to carry liability insurance, how divorce effects LLCs and more.

If you have a question business or legal question that you would like answered on the air, call toll free at 800.520.7600 or email the show at radioshow@amerilawyer.com

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Claims, Disputes, Mediation & Arbitration and Litigation – Submit Your Details Below – No Cost or Obligations!
Select the link below that you think most closely fits your situation. Once we receive your inquiry, we will promptly telephone you to discuss your particular situation. As always, any communications with Spiegel & Utrera, P.A. is strictly confidential.Business Commercial Matters    Accident / Injury Matters    Family Matters

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