Step-by-Step Guide: How to Register a Small Business in Wilmington, North Carolina and with the IRS 1. Choosing and Reserving a Small Business Name In NC How to Choose a Small Business Name? The name of your small business is the foundation of your brand and plays a significant role in growing your brand and consumer perceptions. Your small business name is usually the first element of your brand that customers will encounter. It is therefore essential that the name of your small business is memorable, original, relevant, distinctive, authentic, enduring, and resonates with your target audience. Also read the “Create and Build Up YourRead More →

How to Choose a Small Business Structure / Legal Form in Wilmington, NC The small business structure is one of the early and most important decisions a small business entrepreneur must take at startup. There are several basic business structures, or legal forms of organization, available to small business in in North Carolina; including Sole Proprietorship, General Partnership, Limited Liability Partnership (LLP), Corporation (C), S-Corporation, Limited Liability Company (LLC) and Non-Profit Organizations. The legal form of the small business affects its decision-making authority, financial liability, regulation, and taxation. Factors Influencing the Choice of a Small Business Structure / Legal Form The factors that will influenceRead More →

13 Key Questions to Answer before Selecting a Small Business Location The Importance of  Selecting the proper Small Business Location One of the biggest headaches a small business entrepreneur faces is selecting the proper small business location in Wilmington, NC or surrounding areas. Choosing a suitable location for your small business is positioning your business for success. Not merely does a good location reduces small business expenses but could prove crucial to generate sales. The saying goes, “location, location, location” and it does not help to sell that right product/service at the wrong location. It is necessary that you as small business owner dedicate theRead More →

The 15 Funding Options for Small Businesses in Wilmington NC Do you know what funding options are available to you as small business owner in Wilmington, NC? Fortunately, North Carolina small businesses have multiple funding sources for startup, sustaining operations, and for business growth. However, getting funding remains yet one of the biggest challenges that a small business entrepreneur faces when starting a new business. The best fundraising option(s) for your small business depends on several factors such as your business needs, industry, amount needed, timing, business health and/or personal creditworthiness. A combination of different funding sources during startup and as your small business grows,Read More →

Do you have what it takes to be a good small business partner? Being in business with a good small business partner is more exiting, less lonely and two heads are often better than one. However, business partnerships are like marriages and most don’t last and some end badly! Business partners spend an enormous amount of time together and must make financial, personal and emotional sacrifices to keep the business going. Unfortunately, disputes arise in from these situations. A dispute with your partner can become one of the most bitter disputes you will ever experience. To give small business partnership the best chance for success,Read More →

7 Reasons Why a Business Plan is Important for Small Businesses Most small business owners are very busy and find it difficult to justify spending the time to write a business plan. However, success comes to those who plan for it. A business plan gives you as small business owner the best possible chance to succeed in business. In other words, a business plan reduces the probability that your small business will fail, like so many others do. Whether you’re starting a small business or running an existing one, a business plan is important for your businesses.  It will help guide on your roadmap toRead More →

What is a Business Plan A business plan for small businesses is a set of documents that are prepared by/with the small business owner. The purpose of a business plan is to demonstrate the feasibility of a business idea, justification of expansion, or update strategic documents that are essential for small business success. It describes the nature of the small business and contains the business goals, reasons why they are attainable, and plans on how to reach them. A well thought-through business plan is one of the main components of your roadmap to small business success.  It provides the foundation and serves as a blueprintRead More →

Do you have what it takes to be a small business owner? As a small business owner, you must fulfill many roles, which continuously change between entrepreneurial, decision making, informative and interpersonal. You must also wear many hats, including being the business strategist, marketing expert, sales person, product/service specialist, bookkeeper and human resources specialist. There are specific characteristics of a successful small business owner that make this possible. You need the right attitude and personality. It also takes perseverance and a strong character. It is unlikely that you possess all the individual characteristics and attributes required to be a successful small business owner. Therefore, surroundRead More →

As a small business owner, you face many challenges and pitfalls today. Sadly, many small business owners do not know that small business failure is imminent until it is too late. The important question is: Why Do Small Businesses Fail? By knowing the main causes a small business fails, you can be prepared and avoid these pitfalls. Starting a small business is always a risky venture for the entrepreneur.  Regardless of the type of business, I believe that small businesses fail because they fail to plan. With no business plan, succession plan, or exit plan, you are destined to have significant problems in running, funding andRead More →