Posts Tagged ‘Accounting’

Searching for Patents and Trademarks

August 10th, 2009 by Ben Hwang

Patent-&-Trademark-Office-Plaque M Whether you’re searching for web based accounting or just name searches on things such as Merchant’s Mirror, there is always a need for small businesses to do a patent or trademark search.

Mainly, it’s to make sure that you’re not infringing on someone else’s work and to do your due diligence if you’re seeking to apply at the US Patent and Trademark Office. While filing through a patent attorney is probably not a bad idea, you can do all of the work yourself. Last I saw, I believe a trademark ran about two to three hundred dollars. Patents were a bit different depending on what stage you were in and what you were patenting.

Either way, you still need to make sure that you’re doing the right research. There are several searches online that you can use, and some are better than others, but I would definitely recommend from a preliminary standpoint to first check Google Patents. This is the quick and well-known text search method similar to their usual search engine. Pretty remarkable look. From there, I would go to the USPTO and be definite that you’re not missing anything. While Google makes the effort with updating their databases, there’s nothing that screams finality than going directly to the source.

There are other methods of searching, some are a lot cleaner that allow complex regular expression, but overall, I would recommend at the very least doing the two above. That way, you’re at least covering yourself and making sure that your business won’t be forced to change its name in the future because someone forgot to do the legwork.

Increase in Self-Employment

August 3rd, 2009 by Ben Hwang

money_in_air Are we really surprised that there has been an increase in self-employment, a percentage that has doubled the numbers from a year prior in the same quarter?

Think about it. With all of the large corporations tightening their belts and getting rid of crucial professionals, there are many more of those that are striking it out on their own their their respective industries as independent firms and consultants than trying to look in the dried up job market. In fact, if you’ve been job hunting for a little bit you would be quick to recognize that there are not as many of the positions there as you’re lead to believe and while those large corporations are actually laying people off, they still have work to do that cannot be done with staff on hand. Thus, consulting and small businesses are still needed by these larger businesses.

If you take that into consideration, then you’ll also realize that while it’s no easy task to go out on your own, it’s also something that is very fulfilling and allows you to learn things about your business that you might not have necessarily knew about before. This gives you insight on how corporate structure works and eventually be able to look at things in a different light. Obviously, going out on your own means that you would need a little business acumen since you’ll be running everything from your own accounting software to marketing and advertising. When you’re self-employed, you will also need to buy what’s right for your company without over-extending your budget. Finding more cost effective solutions such as web based accounting is a definite need in the consultation world. In the end? There will be more people that adapt to owning their own businesses than ever before thanks to how global economics are panning out.

Keeping Costs Low in a Small Business

July 13th, 2009 by Ben Hwang

MerchantMirror_logo One of the ways to keep your costs in check when you begin with a small business is to get acquainted with web-based products. There are many out there to choose from and the brilliance of it is that what it requires from you is an Internet connection. This way, you can conduct your business from any computer, anywhere in the world. If the computer that you were working on crashes, you probably won’t have to worry since the data is safely stored on the Interweb.

Having been a small business owner, I can definitely tell you the amount that I have saved in using web based services is incalculable. One of the cost effective moves I made was to move a lot of my administrative costs such as email and business office tools like my small business accounting to web services. This allowed me to conduct my business anywhere in the world while I traveled and didn’t have to carry a heavy duty laptop. Instead a netbook, or mobile device was all I needed to keep on top of the business while at conferences and meetings. And you can find Internet service pretty much anywhere in the world through hotels, coffee shops and Internet cafes.

Online services in the end provide a way to streamline your business costs into manageable amounts a month instead of huge fees that hit you on an annual basis. And when your monthly service fees multiplied by twelve are less than your previous annual fees, that’s when you realize that there are products out there that you should be avoiding unless there’s an absolute need for it by your business.

Starting an eBusiness

July 6th, 2009 by Ben Hwang

MerchantMirror_logo When you start an Internet based business, there are several steps that you have to make sure that you follow. Don’t get me wrong, there’s a lot to do, but these are a few of the major things that you should never miss out.

The first is to incorporate your business. This will make you official with the state. Being official also means that the state is now tracking where you’re going and if you will owe taxes and such.

I would also recommend getting an EIN number from the IRS. This is like your social security number for your business essentially. So it’s very important not to just toss this number anywhere and keep it safe just as your social security is used for documentation and forms but you don’t put it on your checks.

The next thing I would do is to find out what taxes and business licensing you will need. Depending on if you’re in retail or not, will determine what taxes you need to pay and licenses you need to obtain for operation of your business. You should probably determine what sort of small business accounting software that you use at this moment since it’s important to keep track of everything in your books in case the IRS comes knocking with an audit. Then you have evidence of how you spent your money getting the right documentation and such which hopefully will reduce your risk of any fines.

Finally, I would look at the tools that are needed to start the eBusiness itself. Most of the time, you’re better off with a lot of the free or open source tools if you understand how to manage them. If you do not, there are many inexpensive and/or free services out there for business use. From email to collaboration suites, it’s all out there. These keep your costs low and allow more of your funding to go towards establishing your business itself.

Recessions Create Small Businesses

June 22nd, 2009 by Ben Hwang

MerchantMirror_logo Every business has to start somewhere.

What’s interesting is that with all of the doom and gloom news of layoffs by large conglomerates, there actually is a silver lining in this dark cloud. And that’s the creation of many small businesses. While skilled individuals are getting beaten down and told that they’re not part of some corporate family anymore, they have to drag themselves out of that depression. If not just to put food on the table for their own families.

It’s more risk, but also a necessary economic move. People cannot just depend on the government nor can they just disappear because they have no jobs. So with that comes the creation of consultancies and other small businesses. And by law in the United States, every business must account for their financials. Be it through small business accounting or other means.

So if your life has been affected by a layoff, it’s okay to stop and fuss over it for a little while. But pick yourself up and look around. Perhaps it’s time for you to seek out owning your own business.