Naming a new business is a crucial step, one that should be given careful consideration. Your name can help customers find and remember your company. It can evoke your mission, your products and services, or that intangible “something” that draws people to your door.

On the other hand, your company’s name can leave you lost in a sea of too-similar names (First State Bank), evoke little or nothing (AirTran, Comerica and Vonage are oft-cited examples), or bring undesirable images or ideas to mind (such as BookGoo and Fairtilizer).  Read more... (387 words, estimated 1:33 mins reading time)

“Good, fine—now do it yesterday.” That sums up the reaction to President Obama’s latest plan to spur job growth among small businesses.

Under the plan, small businesses receive an extension of tax incentives authorized in the American Recovery and Reinvestment Act, or ARRA. The plan also extends the suspension of fees and the promise of larger guarantees for Small Business Administration loans—all good things for small businesses.

Announced on December 8, the plan is part of the Administration’s strategy to create jobs, expand business investment, and create greater access to capital. And to hear the reactions of most small business CEOs, the plan itself isn’t the problem—it’s the pace of Congress in approving it.  Read more... (297 words, estimated 1:11 mins reading time)

When a habit begins to cost money, it’s called a hobby.—Jewish proverb

It’s great to have a hobby. It’s also great to have a business. And proverbs aside, either one can cost money or make money. But once you get to the point of declaring it at tax time, you have to choose—are you pursuing a hobby, or running a business?

You won’t be surprised to hear that the IRS has very particular ideas about where to draw the line between a hobby and a business. It’s all about your motive—specifically the profit motive.   Read more... (406 words, estimated 1:37 mins reading time)

Business Owner’s Toolkit^®, one of the web’s most popular small business resource sites, is announcing its new podcast.

If you’ve been a fan of the radio show, never fear–Greg and John are still here to impart their business wisdom each week, but now they’re 100% digital!

Business Owner’s Toolkit is the country’s hottest forum for the one-in-five Americans who already own a business and the two-thirds of Americans who say they want to start their own business. Each show delivers topics relevant to business owners and features guests who are subject matter experts in their fields. Listeners tune in to hear hosts and guest experts dispense practical wisdom that can be put right to work.  Read more... (181 words, estimated 43 secs reading time)

How many times have you heard “location, location, location—it’s the most important factor in starting a business.”? So how important is location for your business in an era where people telecommute, shop online, and research just about everything online first before even leaving the house?

It depends on what type of business you have. Obviously if you have a restaurant or boutique retail-type shop, location is critical. Common sense really still applies to location selection if you intend to have a business that relies mainly on foot traffic.  Read more... (374 words, estimated 1:30 mins reading time)