A new restaurant opened up down the street from my office, and all the local papers and blogs are raving about it, saying how great the food and atmosphere are. But there are two catches to the reviews I've read: Parking is a pain, and the location was home to five different restaurants in the last four years.

The food IS great (I tried it Friday!), but the parking situation WAS a nightmare. So is the new restaurant doomed? Is the location cursed?

It depends, says this Wall Street Journal article, which recommends learning the answers to the following questions before snatching that prime location:

• Why did the last business leave? Did new competition play a role?
• Is customer traffic in the neighborhood up or down, and why?
• Are there structural or serious maintenance issues in the space?
• Does the location have a negative image that could turn off potential customers?

The article recommends talking to the past tenant, but if that isn't feasible, try other merchants in the area.

Posted by Lena Anthony on May 12, 2009 09:42 AM

When my dad lost his job as a foreman for a brick manufacturer in 2003, he decided he was done working for someone else. After all, he had the skill set to build an entire house from the ground up, so why pad someone else's pocket with his expertise? Within a few months his home repair business was up and running, and he was making his own schedule--and it wasn't as hard as he thought. Starting your own business can be pretty risky, but it has its rewards.

Not sure if you have what it takes to enter into entrepreneurship? Check out Jennifer and Joe Remling's new book, Carve Your Own Road: Do What You Love and Live the Life You Envision. The Remlings traveled the country and interviewed 40 Americans who quit their jobs to pursue their dreams of self-employment. Take a look at the Wall Street Journal's interview with the authors, who offer a few helpful hints for those considering launching a start-up.

Posted by Megan Pacella on May 5, 2009 03:17 PM

Think right now is a bad time to start a business? Think again. With the right resources, a recession might be the best time for entrepreneurs to take a risk, according to a recent report on MSNBC. For workers like John Sweet who was recently laid off from a construction company, starting a business turned out to be easier than finding a job with another company. He used his knowledge and experience to start Sweet-Sheldon Homes in Southwest Florida—and though business was slow in the beginning, it's already starting to pick up. As Sweet discovered, some of the positives to starting a business in a recession include:

•Cheaper retail space
•Ease of finding employees due to the high unemployment rate
•Better deals on office furniture and equipment
•Opportunity to draw new customers—because people are looking to save money, they're not as loyal to companies they have done business with in the past.

While finding funding still might be the biggest obstacle of starting a business right now, banks are open to giving small business owners loans, provided they have a strong business plan and good credit. Another interesting fact? 16 of the 30 companies that make up the Dow Jones Industrial Average (McDonald's, General Electric, ect.) were started during a recession or depression. How's that for proof?

Posted by Emily McMackin on March 5, 2009 11:23 AM

In an economic recession, it's natural for people who are worried about their job security to consider starting their own business. After all, entrepreneurs can make their own hours while doing something they love, and they don't have to answer to anyone. Sounds like a win-win, right? That's not always the case, says this Wall Street Journal article. Some people just aren't cut out for business. How do you know if you can hack it as a small business owner? Ask yourself these questions and you'll know:

Can you bear a great financial risk? Roughly half of all start-ups close within the first five years, so make sure you have the finances to keep your business secure while you get it off the ground.
Do you like all aspects of running a business? Being a small business owner isn't always fun and games--you have to be prepared to balance books, sweep floors, and write marketing materials to make your start-up a success.
Can you make decisions on the fly? If you're not comfortable making spur of the moment decisions, business ownership might not be for you. Every successful small business owner knows that having a business plan is great, but knowing when and how to stray from the plan is even better.

Still not sure if you have what it takes? Read on for more ways you can tell.

Posted by Megan Pacella on February 25, 2009 03:22 PM

Yes, it's harder to get funding for your business these days. But it's not impossible. Just check out this response to a Wall Street Journal reader's question about where to find the money to purchase a competitor.

The bottom line is, banks and investors are still in the business of supporting small business, you just need to do the prep work to show them that investing in your business is a healthy risk.

For more tips on finding capital for your business, check out this collection of articles from NFIB.com.

Posted by Lena Anthony on January 8, 2009 03:50 PM

According to a report released Friday by the Office of Advocacy of the U.S. Small Business Administration, small businesses obtain many more patents per employee than larger firms.

Moreover, small businesses outperform larger businesses on several different measurements, suggesting that small firm patents are more likely to be technologically important.

“Small firms are the innovative driver of the American economy,” said Dr. Chad Moutray, Chief Economist for the Office of Advocacy. He added, “This report adds more weight to the evidence we already have that encouraging small firms is the best way to increase innovation, productivity, and jobs.”

Download and read the full report from the SBA Office of Advocacy.

Posted by Megan Morris on November 14, 2008 08:58 AM

Do you know any high school students who have started their own businesses? If so, encourage them to apply for the 2009 NFIB Young Entrepreneur Awards, where winning students receive $1,000 - $10,000 in tuition assistance to attend the university, college, community college or career institute of their choice. The program was established to raise awareness among the nation's youth of the critical role that private enterprise and entrepreneurship play in growing America's economy, and since 2003 has awarded 1,954 scholarships to graduating high school seniors totaling $2,122,000.

Students can now visit NFIB.com/YEA to apply for a scholarship online or download an application to submit by mail. The deadline to apply is Dec. 15, 2008.

Posted by Megan Goodchild on October 17, 2008 05:16 PM

Even if your business offers a top product or service, you have to have a solid company name in order to catch the attention of prospective clients. What it comes down to is this, says this recent Entrepreneur.com article: Products may come and go, but company names can last forever. Wondering what makes the perfect company name? Try these tips:

1. Be suggestive rather than descriptive. "A hypothetical example of a suggestive company name is the Sunshine Orange Juice Co.," says the article. "Sunshine suggests the nature of the orange juice that the company sells, without immediately describing it."


2. Don't pick a name that's too common. Common names lack marketing strength, so make sure the name you settle on isn't too run of the mill.


3. Have a founding story. Even if you have to make it up, make sure your company name has a story behind it. That way, customers have something by which they can remember your name.

Click here to learn more about choosing the right name for your company--after all, the right name could be your ticket to success.

Posted by Megan Pacella on September 26, 2008 04:47 PM

An economic slowdown is no excuse for putting business plans on hold, according to day's Tools and Tips article on NFIB.com. Just think: If you're scared to launch a new startup, so is everyone else--and taking the chance when others aren't willing to could give you a corner on the market. Here are a few advantages of starting a business when the economy is slow:

• Less Competition. If things are slow in the business sector, your new enterprise is more likely to catch buyers' attention.
• Slowdown coincides with development phase. Since the economy is slow, you'll have some time to work out the kinks in your new business. By the time things speed up, your business will be a well-oiled machine.
• Better deals for businesses. Other businesses will be offering deals on the supplies you need to launch your startup.

Check out the article for more information on launching a successful startup now.

Posted by Megan Pacella on July 25, 2008 03:05 PM

I have three friends who have expressed interest in opening their own business one day, but I just can't see them working together successfully. One's motivated but way too bossy, another's great with money but lazy, and the third always comes up with great ideas that he never sees through. So far their entrepreneurial endeavors are just pipe dreams, but if they're going to get serious one day they might need some group counseling. According to this article, there are seven qualities to look for when you're searching for someone to work with, including:

• The ability and readiness to work hard, for as long as it takes, to deliver what you promise, on time, with no excuses or lies.


• A burning desire to achieve that will not be denied.


• Courage, persistence, and determination in the face of hardship, obstacles, and failure.

Posted by Megan Goodchild on June 13, 2008 11:48 AM

Every business owner knows there's always a shot in the dark that their business could be plagued by some kind of emergency--but what happens when the unthinkable becomes reality? Whether it's a terrorist attack, a tornado or a lawsuit, it's important for every small businesses to have an emergency preparedness plan.

Not sure where to start? Luckily, today's Tool and Tips article on NFIB.com highlights the most important factors to consider when developing a disaster plan, including:

• Know your physical plant. Create a site map indicating all utility services, storm drains, sewer lines, floor plans, alarms, fire protection systems, exits, stairways, hazardous materials and high-value items.
• Identify all emergency contacts. Know the numbers for local police and fire departments, utility companies, electricians, plumbers, emergency enclosure providers, building managers, etc.
• Provide a business impact analysis. Determine how long the business could survive without its regular income stream.
Posted by Megan Pacella on May 27, 2008 02:31 PM

Earlier this week I received one of those annoying e-mail forwards from an acquaintance—you know, the ones with "FW: FW: omg sooo cute! read this!!" in the subject line. But instead of bombarding me with pictures of puppies in ridiculous costumes like I'd expected, my friend had actually sent me something I found interesting (and not cruel to animals): Company logos that, when turned sideways or upside-down, had rather embarrassing results.

A good logo is essential for any business, and this recent Tools and Tips article walks you through the three steps of creating a great one for your company: Conceptualizing, executing and refining the design. And when you've got your final version, be sure to look at it from all angles before printing it on pens, pill boxes and other tchockies. You don't want it to bring in more strange looks than it does new business.

Posted by Megan Goodchild on May 15, 2008 02:38 PM

With spring temperatures setting in, owners of water parks, marinas, day camps and other summer businesses are preparing for their peak season. But what about owners of ski resorts and other businesses that make their money off cold temperatures? According to this BusinessWeek.com article, the off season is the perfect time to strategize, develop marketing plans and lay the foundation for when things get crazy.

Not sure where to start? Check out this MyBusiness article about Scott Ralls. The owner of Southwoods Camp in Paradox, N.Y., used the off season to maximize his camp facility, adding sports facilities, cabins and a media center. Ralls quickly realized that he could boost his off-season business by renting the camp for reunions, retreats and weddings.

For more information about running a seasonal business, check out the tips in this BusinessWeek.com article.

Posted by Megan Pacella on May 6, 2008 10:36 AM

Not sure how to boost your sales during a slow period? According to this Wall Street Journal article, you have to set yourself apart from your competitors in order to stay on top--and in most cases that means finding a niche in your industry.

Not sure how to find your niche? It might be easier than you think. According to Gayle Clark, owner of Detriot-based Motor City Sales and Services, an automotive repair shop that created a niche by catering to women, finding your niche is as easy as paying attention to your customers' needs. “Don’t just offer whatever your service is," Clark says. “Interact with them and get to know them. They are your foundation and the reason you’re doing what you’re doing.” By taking your clients’ suggestions seriously, you can find a unique place in your industry.

Check out this MyBusiness article to learn more about how Clark created a niche for her business--and how you can find a niche for your business, too.

Posted by Megan Pacella on April 8, 2008 03:16 PM

With job concerns on the rise, more people are considering striking out on their own to start up a small business. To help new entrepreneurs find the best places to relocate, Fortune Small Business scoured the country in search of America's 100 most business-friendly towns. Here are the top ten places to live and do business:

1. Bellevue, Wash.
2. Georgetown, Texas
3. Buford, Ga.
4. Marina del Rey, Calif.
5. Bethesda, Md.
6. Portland, Ore.
7. Denver
8. Charlotte, N.C.
9. Fort Worth, Texas
10. Franklin, Mass.

Whether you're looking to plant your startup in the deep south, pacific northwest or New England, there's a town that can help your business thrive. Now that you have the perfect business location, there's no excuse for going back to work for someone else.

Posted by Megan Pacella on April 2, 2008 08:38 AM

My family loves inside jokes. Spend an hour with more than three of us and you'll likely be left wondering what we're laughing about half of the time. It's not that our jokes are private--they're just those "you had to be there" moments.

This article in a recent WSJ blog says inside jokes like that can be good for business. One company took the concept so far that they've created a fictional character, Bob Archer, who they refer to as the founder of the company. Not wanting to name the business after themselves, the real founders chose the name the Archer Group because it sounded creditable. "Bob Archer" was always thanked for paying the tab for client lunches. He even has own voice on the company's blog.

“When you’re in on a joke, it’s kind of like you’re special,” says Lee Mikles, one of the founders. “When our clients are able to feel like they’re in on this Bob Archer joke, and they can play along with it, you really feel them kind of light up, and that’s kind of neat.”

Though inside jokes are often thought to be exclusive, if you can come up with one inclusive enough for your entire client base, you might find yourself laughing all the way to the bank.

Posted by Shannon McRae on March 17, 2008 01:11 PM

When my dad was between jobs a few years ago, he decided to launch his own home repair business rather than going back to work full-time for someone else. He can build or fix anything that anyone could possibly need, and that's all that matters...right?

Well, maybe not. As it turned out, running a home repair business involved a lot more work than simply fixing someone's leaky faucet or installing a new bathtub. He was constantly worrying about customers paying their bills, people complaining that he charged too much money and trying to work around someone else's schedule. Three weeks ago he stopped taking jobs, and now he's back to working for someone else.

In my dad's case, launching a business seemed exhilarating, and although he was a great handyman, he hated running a business. If you're thinking of jumping into entrepreneurship, check out this New York Times article to make sure you're cut out for the business world.

Posted by Megan Pacella on February 29, 2008 09:29 AM

I love my best friend. I know that if I need a good book recommendation, a ride to the bank when my car is in the shop or just someone to vent to at the end of a rough day, she's the person to go to. I also know that if I'm looking for a business partner, I should never consider starting a business relationship with her. (She's the most indecisive person I know).

Luckily, I know this now, so we can avoid any business debacle before it happens. But what about small-business owners who don't know their business partner very well? Too many people rush into business partnerships, only to discover that they're simply not meant to be.

How can you avoid entering into a partnership too quickly? Read this Wall Street Journal article for tips on how to find the best partner for your business.

Posted by Megan Pacella on January 25, 2008 02:50 PM

Patricia Karter, CEO of Roxbury, Mass.-based Dancing Deer Bakery, decided at a young age that gender disparities would not limit her future as a businesswoman. Since launching the company in 1994, Karter has adopted a mission to produce quality all-natural baked goods, participate in community philanthropy and raise her bottom line.

While Karter has experienced business success in the past 14 years, like most small-business owners, she is ready to grow her business even more—seeking the help of other women to increase her capital. In her Entrepreneur’s journal for Businessweek.com, Karter explains, “It is my belief that more women controlling assets in the private sector will yield a net gain in performance and ultimately a better society for all.”

Believing that diversity creates a better business, Karter is relying on the help of female angel investors to help her bakery flourish. Read on to learn more about how small-business owners can find success through diversifying.

Posted by Megan Pacella on October 16, 2007 01:48 PM

Taking on a new franchise usually comes with training sessions, how-to manuals and other important resources, but that doesn’t eliminate the possibility of making costly mistakes. While bad business decisions can help you learn the best way to run your business, even small errors can cost you the precious dollars to need to put behind your new operation. When your stress level is rising and you’re making hasty decisions about your new business, seeking the advice of a seasoned franchisee can help you learn the secrets to starting up successfully.

While your franchisor can give you a general idea about good business practices, there are tons of little tricks of the trade that have helped other people in your shoes make it big. This Entrepreneur.com article highlights the most common and expensive mistakes made by business rookies. Read on for advice that can help you start up a successful franchise.

Posted by Megan Pacella on October 10, 2007 02:38 PM

It seems that Generation Y is taking charge of the business world with trendy ideas and the ability to quickly generate massive amounts of capital. But fear not, Baby Boomers—there is still a place for you among these baby-faced entrepreneurs. After years of working for the man and paying into huge companies, many Boomers are cutting ties with corporate life and pursuing their own business ventures.

Although Gen Y seems overrun with fresh faces earning enough capital to retire less than five years into launching a business, older generations have the greatest chance of starting a successful company. With decades of savings built up in stock accounts, savings accounts and other assets, middle-aged entrepreneurs can dig deep into their own pockets for the capital to fund start-ups.

Before spending your last dime implementing an ingenious start-up idea, check out this Wall Street Journal article for advice from successful, seasoned entrepreneurs and their take on spending strategies.

Posted by Megan Pacella on October 2, 2007 11:34 AM

Men and women are different--and driving across the country with my husband only reinforced that idea. While I wanted to turn around as soon as we thought we were headed in the wrong direction, make hotel reservations before we arrived in a town, and stop to use the restroom more than once a day--he didn't. Both of our methods for cross-country travel would take one from point A to point B--just in different ways.

So I wasn't surprised at all to see a study released last week from the SBA Office of Advocacy that found while gender doesn't affect new venture performance in a small business, several factors vary between men and women business owners, including expectations, motivations and reasons for starting a business.

Posted by Shannon McRae on September 17, 2007 08:06 AM

When I was in the sixth grade, my teacher came up with a brilliant idea that was sure to add big bucks to her teacher's salary: A battery operated steering wheel cover that would cool the wheel in the summer and heat it up in the winter. She put so much faith into her idea that she decided to apply for a patent after a few months of designing and perfecting the product. After putting hours into the project, she halted her plans to sell the creative car accessory, deciding that trying to sell the product would be too time-consuming and difficult.

Most have brainstormed about an innovative product at one time or another, but stopped after asking, “How will I sell this?” With the hassle of patenting products and appealing to executives, getting a new idea off the ground seems daunting and unobtainable. For tips about launching your brilliant idea, check out this article on Businessweek.com.

Posted by Megan Pacella on September 12, 2007 03:43 PM

With popular young entrepreneurs like Mark Zuckerburg of facebook.com gaining fame and fortune for their business ventures, many young hopefuls are vying to start their own small businesses. And why not? After only three years, Zuckerburg’s Facebook is worth more than $1 billion.

Big success stories like this make starting a business look easy, but many young entrepreneurs are learning that becoming a business-owner comes with quite a few hurdles to jump—and they can get pretty high. Although many youths have the drive and innovation to create a successful business, their young age often makes potential clients doubtful of their product.

A little adversity is no reason to throw a great business idea in the trashcan, no matter what your age is. Read this article for strategies and advice that can help young entrepreneurs overcome their frustrations and run successful businesses.

Posted by Megan Pacella on September 11, 2007 11:38 AM

On your list of things to worry about as a small-business owner, add: Comply with disability laws. Though the Americans with Disabilities Act might not be something you think about on a daily basis, making sure your property and facilities are compliant is important. If you have 15 or more employees, you must accommodate disabled employees. But even if you're just a solo owner, you have to provide accessibility for disabled customers. In this Washington Post blog entry, the NFIB Small-Business Legal Center's Elizabeth Gaudio explains how to best protect yourself.

Posted by Shannon McRae on August 14, 2007 03:03 PM

As the global community attempts to combat poverty in third world and developing countries, microedit loans have emerged as one of the most effective means of enabling the poor. As stated in this article from Kiplinger.com, microediting is a way of solving poverty from the bottom up. By focusing on individuals instead of entire nations or organizations, benefactors of microedit loans grant loans tailored specifically to individual needs. Invested with relatively small amounts of capitol, poor people are then able to start up small businesses in slums and third world countries.

Within a short time these businesses will grow, buy more goods from local suppliers and take on more employees who will in turn spend their earnings within the community. In this way, the growth of one business started by microediting can increase the standard of living for an entire community. Additionally, repayment rates among the beneficiaries of microloans are incredibly high (98 percent) because the obligation to pay back loans in a small community is so strong that it "has the double benefit of not only raising their economic standard of living but also creating a community of trust."

The success of existing microedit businesses in Thailand and Brazil bodes well for America as a stronger global market will boost American businesses even when domestic sales slow.

Posted by Grant Thomas on June 19, 2007 02:58 PM

According to a study by the Global Entrepreneurship Monitor, referenced in a recent article in The New York Times, the United States "was unusual among developed countries in having a higher business start-up rate among its 18- to 24-year-olds than its 35- to 44-year-olds." But how do so many young people get their start here vs. in other countries? What is so special about the United States? The Times looks to a book by young entrepreneur Ben Casnocha to shed some light on the subject, and concludes that "American youths are so successful at entrepreneurship in part because so many older and wealthier people are willing to help them."

Among other societal reasons, the article discusses how the philanthropic spirit of Americans fosters the entrepreneurial spirit, something NFIB is very actively involved with. The NFIB Young Entrepreneur Foundation works to educate young people about the role of small business, and helps students interested in pursuing their dreams as an entrepreneur further their education. The foundation recently announced 422 scholarship winners for the Young Entrepreneur Awards, including four $5,000 winners and one top $10,000 winner.

Learn more about how NFIB is helping tomorrow's small-business owners at the Young Entrepreneur Foundation Web site.

Posted by Megan Goodchild on June 14, 2007 02:10 PM

When I was in middle school, my biggest concern alternated between finding a ride to the mall and beating the latest Super Mario Bros. game before my friends could. I thought I was pretty ambitious, but boy was I wrong. Venture Beat has the story of 13-year-old Anshul Samar, founder and CEO of Elementeo, a startup that is focusing on a new role-playing board game designed to help students study chemistry by incorporating elements (no pun intended) of fun. And according to Venture Beat, he'd already booked 450 pre-orders as of last week.

To learn how NFIB helps support and encourage the entrepreneurial spirit in students, visit NFIB's Young Entrepreneur Foundation.

Posted by Megan Goodchild on May 24, 2007 03:27 PM

Tired of listening to everyone put in two cents about how you run your business? For many entrepreneurs, the plight of taking criticism from friends and family is almost too much to bear, but it is important to remember one thing: You have to make your own decisions about running your business. In fact, experienced businesswoman Gladys Edmunds says in her article, “There is no ‘best’ way to run a company, and there is no method to being a ‘real’ entrepreneur. You have to follow your own light.”

When running your company, you must consider what will help your business grow—and you are the only one with the authority to make those decisions.

Posted by Megan Pacella on May 2, 2007 01:42 PM

Being in business for yourself means putting up with a lot of responsibility. Not only does your and your family's well being rely on your business success, but so do your employees and their families. And not to put too much pressure on you, but your community depends on your success, too. Business is risky business, isn't it?

Not if you minimize the risk, says Steve Strauss in USA Today's weekly small-business Ask an Expert feature. "The best entrepreneurs reduce the risk inherent in entrepreneurship as much as possible. That way, when things go wrong, because things do sometimes go wrong, these small business people are less exposed to danger and are thus free to sell another day," he says.

Go check out his tips for reducing risk in your business.

Posted by Lena Anthony on March 27, 2007 01:38 PM

When you're your own boss, how much do you pay yourself? The New York Times, in an article published online today, found this to be a difficult question for entrepreneurs, especially those just starting up a business. Robert Chelle, director of the Crotty Center for Entrepreneurial Leadership at the University of Dayton, tells the Times that "people who start small businesses should not expect any money that first year" unless, of course, they obtain venture capital or start making money right away. Andrew Corbett, professor of entrepreneurship and strategic management at the Lally School of Management and Technology in Troy, N.Y., says that once your business has started to make money, you can figure out what to pay yourself. Corbett discusses with the Times a formula he's created for determining a small-business owner's salary---a formula that suggests paying yourself about 50 percent more than what you'd make working for someone else.

Posted by Megan Goodchild on March 22, 2007 12:59 PM

This article in the current issue of MyBusiness features small-business owners who had experienced enormous business growth and had dealt successfully with the challenges of growing your business. A common challenge was balancing the size of their staff with the size of their office space. They'd love to hire—or in the case of Midtown Yoga owner Sarla Nichols, would love to offer more yoga classes—but where would they put them?

They had to find new spaces. Nichols, fortuitously, was able to rent out the space next to her current studio, and others moved offices entirely, upgrading their space by several thousand square feet.

But for other business owners, like the ones featured in this Business Week article, growing your business doesn't have to be synonymous with moving into bigger, better spaces. It's not for everyone, but this article shows that you can buy your own space, continue to grow your business and reap a whole lot of benefits.

Posted by Lena Anthony on March 19, 2007 11:31 AM

One of my least favorite kinds of interviews to do is with business partners. When I'm doing the interview, I'm constantly struggling to figure out who's talking when, and when I'm writing the article, I'm constantly struggling to fit both of them—equally—into the story. It just makes me nervous. Why? Because I certainly don't want to be the cause of their demise. Now, I'm sure none of my articles have ever broken up a business partnership, but I always get the feeling that it could. Business partners are really no different than rock stars. You know, they start out as best of friends, but at some point creative differences and the like get in the way. And then it all goes down hill. Hello, the Beatles?

This article on Web Worker Daily discusses the pros and cons of mixing friends and business. Whether you're looking for a new partner or a new reception in your buddy, it's important to consider the effects on your business and your friendship first.

Posted by Lena Anthony on March 16, 2007 07:18 AM

"What did you do this weekend?" "Oh, raised $4.1 million in venture funding for my new Web site." I don't know about you, but I didn't have too many conversations like this in high school. Yet last week, investors announced they were sinking cash--and lots of it--into myYearbook.com, a site created by 17-year-old Catherine Cook that lets teens create their own digital yearbooks.

Teenagers today are proving that age isn't a barrier to the business world if you have a good idea and know how to execute it. The NFIB Young Entrepreneur Foundation hears stories of amazing young businesspeople all the time. Joe Pascaretta, a former winner of the Foundation's annual scholarship award, didn't waste his first semester of college skipping class and eating pizza. Instead, the University of Michigan freshman's landscaping firm grew more than 239 percent to gross more than $1 million in 2006. Kind of puts to shame that "B" in biology that I was so proud to earn my freshman semester.

Posted by Shannon McRae on January 29, 2007 10:48 AM

I was surprised to read the statistic that one-third of online shoppers between the ages of 18 and 34 plan to buy gifts for themselves this Christmas. Only 14 percent said they enjoyed buying for their parents, while 25 percent planned to spend on gifts for their pets.

I'll admit--I'm a member of Generation Y (though, for the record, I love shopping for my parents. My mom is the easiest person on my list.). But this article made me wonder about the future of business. What are companies doing to prepare this self-focused generation for future leadership roles?

This article in Harvard Business School's Working Knowledge newsletter helps answer that question. According to advice from Harvard Business School Professor W. Earl Sasser, talented young people thirst for challenging assignments and just want to be listend to. Smart business owners looking for possible exit-strategy scenarios, or just looking to scale back over the next few years, ought to check out these helpful tips on how to teach leadership to a younger--and much different--generation.

Posted by Shannon McRae on December 20, 2006 12:41 PM

Telecommuting is nothing new to the staff of MyBusiness. While most of us are based in Nashville, Tenn., we have one employee who has worked from Austin, Texas, for more than five years. And a few months ago, I headed West to set up shop in Portland, Ore. Even though we're the only two who actually live away from the Nashville office, all of our other colleagues are just as well-connected as we are--and could work from China if they needed to (Editorial Director Jamie Roberts loves to travel so much, she just might try it one day).

Our editor, Rex Hammock, travels a lot for business, but he stays so connected that on most days, I don't know if he's in Nashville or New York--and does it really matter? We all maintain our productivity because we're used to working as a virtual team. That's why I was so interested when TP Wire Service linked to this article from Web Worker Daily on "Seven Habits of Successful Virtual Teams." I won't bore you by tooting our horn about how we already follow most of this advice, but I will encourage you to consider cutting the ropes in your office.

Small businesses are the perfect place to experiment with virtual teams. Maybe you don't feel comfortable allowing employees to move across the country, but why not let them work from home one day a week, or even one day a month? By just barely changing the way your office operates now, you'll see a huge increase in overall productivity.

Posted by Shannon McRae on December 18, 2006 11:12 AM

Of all the things to accomplish on your to-do list before the end of the year (which, scary enough, is only about three weeks away!) don't forget to see if there are any financial moves you should make before Jan. 1 to help save on your 2006 returns. This article from the latest issue of MyBusiness outlines key steps small-business owners should take for maximum savings.

Posted by Shannon McRae on December 6, 2006 11:17 AM

Processing payroll is a tedious job--every dollar must be accounted for and deducted correctly. If you're not a CPA, it's easy to make mistakes. That's why the small-business owners in this recent MyBusiness story decided to outsource the dreaded task. Even if your bottomline is tight, hiring help (or at least purchasing software) to process internal payroll might be worth the expense. If you're tired of crunching numbers, check out these tips on AllBusiness.com about how to shop for the best solution.

Posted by Shannon McRae on October 9, 2006 11:42 AM

Finally, something from the federal government that is useful for small-business owners. Business.gov, dubbed as "the official business link to the U.S. government," relaunches today, providing one-stop shopping for business owners looking for information on how to comply with government regulations.

Managed by the Small Business Administration, Business.gov compiles information from 21 federal agencies in an effort to improve the way the federal government serves citizens and businesses.

First launched in 2004, Business.gov originally focused on resources for starting, growing and managing a business. But focus groups revealed that what business owners really wanted was help dealing with the all the paperwork and rules about running a business. The easy-to-navigate site is divided into topics and industries.

Posted by Shannon McRae on October 2, 2006 10:09 AM

Most small-business owners spend about $10,000 to start their own companies, according to results from a Wells Fargo/Gallup survey announced this week. The poll of 600 business owners found that 73% funded their business with personal savings, while the rest got loans and lines of credit.

Sometimes going into debt to start a business can make sense. For tips on how to know when it's smart to borrow start-up money, check out this recent MyBusiness story.

Posted by Jamie Roberts on August 17, 2006 04:03 PM

Having a tough time coming up with a catchy, unique name for your new baby, er, business? At WorkingSolo, consultant Terri Lonier has a few helpful ideas. She advises small-business owners to choose a name that they can grow with (limiting yourself to VCR repair is a bad idea, for instance), try out the name with friends and family, and experiment to see if it works in print. And take it from the Z list: Why not consider a name that comes earlier in the alphabet?

California entrepreneur Jay Saber, who provides companies with rooftop advertising near airports, apparently heeded Lonier's second tip: Make sure the name is easy to understand and pronounce. Learn more about Saber's sky-high business, RoofAds, in MyBusiness' August/September 2006 Uncommon Enterprise.

Posted by Jamie Roberts on August 2, 2006 11:16 AM

Megan Duckett, owner of custom theatrical drape making company Sew What? and winner of this year's Dell/NFIB Small-Business Excellence in Customer Service Experience Award, recently was interviewed by Carson McComas of WorkHappy.net.

Duckett talks about how she got started (14 years ago she didn't even know how to sew) and how she made a name for herself in such a niche market. Also serving as Sew What?'s marketing manager, she shares some marketing efforts that didn't quite work out for her.

Duckett is also featured in the August/September issue of MyBusiness Magazine, where she discusses the special technology she helped create to tackle large-scale projects, such as 60 feet wide by 30 feet high curtains for a Grecian theater house or backdrops for the stages of prominent musical or theater acts. This innovative use of technology, along with her dedication to customer service, ultimately led to Sew What? winning the Dell/NFIB award, from which she will receive $30,000 in Dell technology and services, a lifetime NFIB membership, and the opportunity to spend a day at Dell's headquarters to learn best practices from Michael Dell and other senior executives.

Posted by Megan Goodchild on July 28, 2006 02:58 PM

Having a well thought out plan can be essential to your business' survival. If you're not ready to look 10 years into the future, don't worry: planning can include thinking about any period of time in the future. On NFIB.com today, Charles R. McConnell describes business planning as encompassing six essential elements:

1. Vision. A vision statement can be a simple statement that serves as a rallying point for all employees.


2. Mission. An effective mission statement must be expressed clearly in a brief paragraph of simple language and cause people to understand why the organization exists and what its work is all about.


3. Goals. Goal statements encompass ends or conclusions.


4. Objectives. Objectives relate to milestones achieved on the way toward reaching a goal.


5. Strategy. Strategy is most simply described as a pattern of moves structured in a particular manner to take advantage of certain circumstances or avoid certain potential obstacles.


6. Action plans. An action plan describes the nuts-and-bolts process of how, step by detailed step, a particular objective is pursued.

Posted by Megan Goodchild on May 11, 2006 08:43 AM