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Discover the Power of Story Telling for Your Small Business

tell them your story 253x250 Discover the Power of Story Telling for Your Small BusinessOne of the most important tools you have as a small business owner is the power of storytelling. Your story makes the difference between someone buying from you, and someone buying from someone else.

Not directly mind you, but indirectly. All of the marketing you do, all of the people you hire, and yes, all of the reasons you’ve started your business, they all matter to somebody, often to you.

What story gets passed down from generation to generation? That your company had another record year in 2008? Or that your company was founded in 1997 by a single dad looking for a better way for his son not to have to play baseball by himself because Dad came home after working a 16 hour day as a mid-level manager in a non-descript company, and he felt guilty about missing so many baseball games? Obvious, don’t you think?

Take the time to think about your stories. Some of the best stories might be about:

Why you started your business

Why you hired your first employee

What your promise is (and why your customers should care)

Who you are and what you stand for

How you knew you needed to do what you do every day

Stories impact clients and prospects in many ways. They give them content to connect with. They give them context to see them in our business. And most importantly, stories humanize the business brand, helping move from a logo and a building, to a cause, a reason for being, and a greater good. A well told story allows customers to get lost in your story, to see where they fit in your story, and most importantly, they help them see how your product or service can help them make an even better story than without you.

Practice your stories. Write about your products, your services, your brand, yourself. Figure your stories out and then share them with your world.

YOUR TURN: What’s YOUR best story about your company? Share a link or a comment below and let’s get the story telling started.

Using Legal Experience In Entrepreneurship

law for small businesses Using Legal Experience In EntrepreneurshipWhen you’re starting a business, one of the most valuable assets that you can have is a great lawyer. However, when a business owner is first getting started, it’s also quite helpful (and cost effective) to learn as much as possible about law and possibly to even obtain a bit of legal education.

Those with a background in law have an advantage because they can avoid fines and penalties, perform much of the legal paperwork themselves and take advantage of as many tax breaks as are legally available to them.

There are many laws that businesses will need to be familiar with, including zoning laws, licensing laws and trademark and patent laws. For example, there are restrictions on which businesses can be established in which areas. Most businesses also need to be very familiar with employment laws.

But one of the areas that would benefit small businesses the most are knowing the tax laws. Tax laws influence how much taxes the company will have to pay and also allows the company to avoid paying large fees for improperly filing their business taxes.

The structure of the business plays a major role in the size of the tax bill that a business has to pay at the end of the year. There are four main types of taxes that businesses have to pay:

  • Income tax
  • Self-employment tax
  • Taxes for employers
  • Excise taxes.
  • How the entrepreneur reports these taxes is largely determined by the structure of the company. For example, sole proprietorships report their personal and business taxes on the same form while the owner of an LLC has separate forms for his business and personal taxes.

In addition to the potential tax deductions that business owners with legal background can receive, another major benefit of having a legal background is that the entrepreneur will understand the type of personal liability that the business needs to have, which is based on the typical risks that the type of business faces. While the lawyer may not be specialized in this area of law, having a general understanding of legal principles gives a business owner an advantage over competitors.

For those business owners who do not have a legal background, there are fortunately resources that are available. LexisNexis lawyer marketing is one of the most reputable resources for legal professionals who are interested in pursuing business opportunities and also has valuable resources for those who do not have a legal background.

The best time to start thinking about and legal needs taxes is yesterday. The second best time is now.

Disclaimer: I am not an attorney, and don’t play one on TV. I strongly recommend you consult an attorney before doing anything legal (or illegal). Actually, just don’t do anything illegal, ok? Thanks!

Find Your Why

One of the big differences I see between successful business owners and unsuccessful business owners is one word:

why Find Your Why

WHY

Successful business owners know their why, or at least are on the path to their why.

Your business and personal WHY can be found in the answer to these 2 questions:

Why do you get out of bed in the morning to do what you do, day after day, week after week.

AND

Why do your customers care, or really, why does ANYONE care?

These are tough questions to ask, to be sure. But if you can answer them, and if you can continue to move towards your own why AND help your customers move towards their why, you can get and remain successful.

Simple? You bet.

Easy? Heck no.

So here’s a video that shows some examples, and hopefully inspires you to take action, inspired action, and find your why, today, or at least, this week, or this month.

At least it should inspire you to start looking.

Video link: Simon Sinek – How Great Leaders Inspire Action

It’s your turn: Have you found your why? How did you do it? Any tips for those of us still on this journey?

Image credit: http://www.flickr.com/photos/openpad/3718789722/in/photostream/