Tue, 1 September 2015
BAM! You found it! Your perfect business idea, along with the best name, logo, and tagline to go with it! You're pumped! You're ready to get out there and make some sales! But despite your best efforts, you end up with one unhappy customer among the thousands you've served. They're convinced you've ruined their life... and they're going for broke! On top of that, you've noticed a similar business in your niche that has the same company name and tagline. What's a small business owner to do?! No worries. Nellie Akalp has you covered. While registering as an LLC or Trademarking aspects of your business may not be first on your to-do list, Nellie shares why they're important issues to consider as soon as you know you have a viable business on your hands. On the Podcast01:15 - Nellie's Second Start-Up Press Play on the Podcast Player Below to hear from NellieNellie's Second Start-UpCorpNet is actually Nellie Akalp's second start-up! Her first business began in 1997 with her husband, Philip. They were in law school together and saw a need for an online business that provided entrepreneurs with legal filing help so they could get their businesses off the ground. Intuit acquired the Akalp's company in 2005, and after their three-year non-compete clause was up, the Akalps were still so passionate about helping entrepreneurs in this way that they started from scratch once again and founded CorpNet. Nellie and Philip have helped over half a million corporations and LLCs to get started by assisting with their document filing and streamlining the process of business formation for them. Do you have a Fictitious Business Name (We hope not!)If you've never taken steps to become an LLC (Limited Liability Company) or S-Corp, and you're not in a partnership, then you have a fictitious business name. The default business structure for a solopreneur is called a Sole Propietorship. Many businesses start out this way, but it's not wise to continue with this structure for very long. Essentially, a Sole Proprietorship allows you to do business under you own name, or a "fictitious business name". Filing this business type is called a "Doing Business As Filing" or "Fictitious Business Name Filing." So get rid of that fictitious business name, and structure your business as an LLC or S-Corp. (Note: You should always talk with an accountant and legal advisors. This article does not constitute either accounting or legal advice, but simply recommendations based on experience.) What are the Benefits of an LLC or S-Corp?The S-Corp or LLC are the best types of business entities for a small business owner to consider. Since laws vary from state-to-state, be sure to check with your accountant to determine which structure makes the most sense for you. The Benefits of an S-Corp
What are the Benefits of an LLC? Here's the best news of all! An LLC provides all the benefits of an S-Corp without all of the formalities required to file as an S-Corp. With an LLC, you have have your cake and eat it too. You get added tax benefits, additional legal protection, more privacy, and appear more legitimate in the eyes of the consumer. The only formality required for an LLC is to have an operating agreement that's executed by all of the members of the LLC and to file a yearly compliance document. What Good is a Trademark if there are Two Companies Called "Nike"?What is a trademark and why does it matter to you as a small business owner? A trademark is a word, phrase, symbol, or design or a combination of any of these that identifies the source of a product or service and distinguishes it from its competitors. Trademarks can be given for product names, company names, logos, and taglines.However, trademarks apply only to a particular category of goods and services. For example, Nike Inc. owns the swoosh mark on shoes, clothing, andsporting goods along with the name Nike and the phrase "Just do it" within the sporting goods category. However, there is also a Nike Corporation (a completely different company) who sells hydraulic lifting jacks and machinery. These two companies, both called Nike, can both exist because each is clearly distinguished within a particular category of goods and services - one in sporting goods and the other in hydraulic machinery. So what's the point of a Trademark if there can be two Nikes? A trademark keeps your brand ID safe so that no one else in the marketplace can use your name, logo, tag line, or combination of those for a similar product. Trademarks are still powerful, even though they only apply to a specific category or just a few categories. When should you Trademark? If you have a viable business name and you're planning on using it in more than one state, then trademarking your brand name and possibly logo and tag line should be done during your start of business checklist. You don't want others to dilute your brand name or logo by using it on similar products that didn't come from you. The Benefits of Registering a Trademark
Is Obtaining a Trademark Complicated and Expensive?Acquiring a Trademark can be a complicated process, but you don't have to have a lawyer to do it. However, a document filing service like CorpNet can help you along without all of the crazy expense that comes with hiring a lawyer. Below are the steps you'll go through to obtain a Trademark for your business.
This is where things may fall apart for the entrepreneur. If they're too busy and don't respond to requests for more information, the trademark application will expire and they will have wasted their application fees. Grab more information and answers to commonly asked questions about Trademarks. The $100 Investment that Turned into MillionsAfter snagging tons of technical advice from Nellie, we wanted to take things back a few years and find out what it was like to grow a start-up in 1997. Nellie was more than happy to share her story! One of the hottest trends at the time was starting a business online because the internet was booming. However, these bright-eyed, enthusiastic internet entrepreneurs often had no clue about the tedious work of filing as an LLC or S-Corp or getting Trademarks for their business. Nellie and Philip came up with the idea to help all of these start-ups with the legal filing they would need to bring their businesses to fruition. With a $100 investment, the Akalps acquired a domain name and started their business out of their 2- bedroom apartment. They worked day and night until they reached a substantial amount of sales. They were able to purchase their first home with their business, and then they acquired their own office space. The Akalps signed a non-compete clause that lasted for three years. But rather than get used to their (very!) early retirement, they decided to get right back into the business when their non-compete was up. Back to the FutureClearly, starting a business in 1997 is much different than starting a business in 2009. We were curious about the challenges of starting again. Nellie was very open about several challenges that confronted CorpNet in 2009. But clearly, she's pushed past all of them!
The Benefits of Starting in 2009
More than a Million Reasons to be ProudWe love to get inside the heads of the mamapreneurs we interview to find out what makes them tick. Out of everything they've accomplished, what are they most proud of? Nellie found it difficult to pinpoint just one thing considering everything she's done over the past 18 years, but she cited more than a million great reasons to be proud. Her company was acquired at an early age - Nellie was just 31 years old at the time, and she and her husband had built that company to be so successful that they became multi-millionaires when they sold it. (Yep, I'd say building a company to that level - along with helping many entrepreneurs along the way is certainly something to be proud of!) Nellie's Hilarious Mom MomentNellie's 4 year-old had us cracking up with one of her funny misunderstandings about how the world works. Seriously, this story is just too good! Tune in to hear it! Find Nellie's Business OnlineCorpnet.com
Direct download: Episode2010220Nellie20Akalp_mixdown20final.mp3
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