New Business Owners, Don't Get Scammed!

When you start a new business, there are a lot of people that want your money.

You may have to pay state, county and even city taxes. You have to prepare for federal income taxes. Let's not forget your employees and vendors.

There's another group of people that would love to separate you from some of your hard earned dollars. They may skirt the edges of fraud, but I'll certainly call them scammers.

These are the folks that send solicitation for "services" that are disguised as government fees or domain registrar notifications.

Let's tackle the domain registrar issue real quick. If you have a website, then you should own your domain name. If you have a strong relationship with your web developer and he owns it for you, that might be okay, but make sure that either way, you know who the registrar is. (GoDaddy, Network Solutions, Active-Domain...)

Expiration Notice:
Scammers will check publicly available information, see that your domain expires soon, and try to trick you into switching to them at an unusually high price. If you get a domain expiration notice from someone other than your registrar, ignore it. If you get a notice from your registrar, have your web developer or webmaster verify the information.

Alternate Domain Names:
Some scam companies will send out letters with language that you can almost hear the frightened tone in the text, warning that your domain name is available in other endings. (We technicians call these "TLDs") Those TLDs are quite often obscure and foreign. So, you have to ask yourself, do you CARE if your domain is registered with ".asia" or ".kr" at the end? Unless you are trying to do business in areas covered by these TLDs, you probably don't. If you do, check with your current registrar or a trusted business coach to get the correct domain at the best price.

There's a variant of this with slight misspellings of you name. Registering those might be a good idea, but be sure to do it with your own trusted registrar.

Compliance Posters:
The U.S. Department of Labor and your own state government will require you to post certain information visible to your employees. You can print your own, or one of your vendors, perhaps your payroll company, might offer them for free as a bonus. You can find legitimate companies to purchase them from as well. Don't get suckered in by an official sounding letter that threatens fees or fines if you don't comply. Ask your business coach for more details.

Annual Meetings:
I know of this from a Florida specific viewpoint. Please confirm the details for your own state.

You may be required to have an annual meeting, but you don't have to pay to file it. You keep it for your records. You file an annual report each year between 1/1 and 4/30 to keep your business active. (Corporation or LLC). The cost, as of 2016, is $150.00 or $138.75. This is done at the state website, sunbiz.org.

The wording of these scams vary, but the theme is that they try VERY HARD to look like government documents. They offer you the "service" of preparing your Annual Meeting Notes. Don't be fooled. Be ever vigilant and ask your business consultant before you pay any fee that you don't recognize.

Certificate of Status:
Very similar to the annual meeting scam, there really is something called "Certificate of Status" and it costs about $5.00 or $8.00 at sunbiz.org. Companies will offer to obtain one for you at a cost of $60 or more. Quite the bargain! You may never need one anyway, but if you do, just visit sunbiz.org and get one there.

These companies stay in business because the skirt the law. They are right on the edge of trickery and fraud. If you read carefully, you may see their disclaimers.

One day soon, I'll write about those that don't care about the law and disclaimers. Those that will outright steal from you and disappear into the night.

Avoid fraud when doing business abroad

There may come a time in the progression of your business that the United States just isn't big enough for you any more and you need to reach across the border to Mexico, Canada or even across the ocean to Europe, Asia and the Middle East.

Each destination has it's own challenges. One considerable challenge is international fraud. You don't want to become a victim and you don't want to innocently get pulled into a fraudulent scheme.

Do your homework. Know the U.S. laws and the foreign laws concerning the type of business you do before you get started in the other country.

Read more about this and other issues here: Small Firms Doing Business Abroad

Buy a Giant Balloon

In Tampa, Orlando, Jacksonville or even way down in Miami, if you're looking to rent a searchlight or giant balloon, I've already written about my client, Giant Balloon Rental, where you can rent these items and more.

What I haven't mentioned is that Giant Balloon Rental also sells balloons.

My suggestion is that you start out by renting a balloon. Once you've determined the best style and size of balloon for your product and location, buying a balloon will likely save you money. Once they are deflated, that are compact and easy to store.

You can also purchase wind dancers, also called "wind tubes", to advertise your business.

If you've decided to buy a giant balloon, consider a custom made advertising inflatable to match the branding of your business.

Visit GiantBalloonRental.com for all your outdoor advertising.

Windows is the wost OS ever

...except for every other OS I've tried.

Using 8.1, there is a Lock Screen.

I changed the image on that lock screen. Great!

The time and date are displayed and clash with my chosen image.

Microsoft didn't consider the fact that MAYBE some of us might not want their time and date to appear on our lock screen. I mean, the computer belongs to me. Shouldn't I be able to do with it whatever I want?

As a programmer, it's a simple thing to give an option to TURN SOMETHING OFF!

Even editing the registry isn't doing exactly what I want.

<\rant>

CPA Monthly Write up

Small business owners tend to spend their time working for their clients, and find that bookkeeping is a time-sink that detracts them from their core tasks. Hiring a CPA to do your monthly write-ups is a good way to minimize this time commitment so you can concentrate on making a profit.

When your CPA does your monthly write-up, he or she will likely reconcile your bank account, generate an income statement and balance sheet, review and correct your general ledger and provide some consultation.

This is the bedrock of your accounting system. Ask your CPA about this and other accounting services such as tax prep, business & personal tax planing and payroll.

If you don't already have a CPA or you're looking for a new one, please visit my client's website: www.accountabilityteam.com or call Tanya Higginbotham at 813-689-6413.

Business Growth

Often, when I post information about business coaching, my focus is on those businesses that are struggling and need a business consultant to help get them back on track.

Today I want to switch my focus to those that are successfully running a business, making a profit, have healthy relationships with their employees, customers and vendors, and are considering expansion.

One doesn't just roll out of bed one morning with full plans for expansion and run with it. Expansion, if done incorrectly, can actually be harmful to your business. 

Here are some things to consider to ensure you get the results you are looking for. 

Market Intelligence

Will the market support the expansion? If your competitors are successfully expanding, it may be a good sign that your expansion will also succeed. Consider if there is a population shift that may allow you to expand into a newly populated area.

Economies of Scale

Will expansion allow you to purchase product and supplies in bulk, resulting in lower cost per unit? Consider if a higher sales volume will allow you to reduce your prices to better compete.

Cash Flow

Do you have proven numbers that your current cash flow will support the expansion, and that the expansion will positively affect your profits quickly? Purchasing or leasing a new building or renovating your current facilities can be costly. Additional equipment, supplies and product also add to your immediate and ongoing expenses. Before even considering a bank loan, plan ahead for how you will repay it. Don't expand yourself to death.

Timing

Consider how world events may impact demand for your product or service. Is your product recession proof? Will people still need your services when terrorists strike around the world? Does your business have the financial fortitude to withstand a time when demand drops off, waiting for a recovery?

Control

As you expand, you may have to relinquish control of some aspects of your business by delegating tasks you are accustomed to performing on your own. Are you prepared to do that? Do you have management in place to handle those tasks?

Experience

Do you have the experience required to successfully manage a business expansion? A business coach or business consultant can help you through this process. Cynthia Alloway, of Common Sense Business Solutions, has been through this process for a variety of clients and knows how to help you through these and other considerations and get you headed down the right path to expanded success.