A business name can say a lot about you and your company. Even though it’s probably only one or two words, some very powerful first impressions may be drawn simply by reading the name. A good business name conveys what a company stands for, its values, and why it is distinct from other business entities.

Sometimes, for one reason or another, the proprietor of a business wishes to change the name of their company. Before doing this however, there should be a lot of thought put into the reasons for the wanted change and how a name change might affect the business. The name change decision may hold some repercussions that you as a business owner may not be equipped to handle.

If you have decided to change the name of your business there are specific actions that you must take which depend on the type of business organization that you have chosen for your company.

Sole Proprietorship

The name of a sole proprietorship may be changed by sending a letter notifying the IRS of the intended name change. The letter, which must be signed by the owner or an authorized delegate, should be addressed to the same destination where the owner files his/her return.

Corporation

The name of a corporation may be changed by filling in the appropriate information on the current year’s tax return form. If the name change occurs after the current year’s return has been filed, a letter, addressed to the same destination where the corporation files its return, can be sent notifying the IRS of the name change.

Partnership

The name of the partnership may be changed by filling in the appropriate information on the current year’s tax return form. If the name change occurs after the current year’s return has been filed, a letter, addressed to the same destination where the partnership files its return, can be sent notifying the IRS of the name change.

This information applies to the three main types of legal structures.  There are others available.  MetroAction recommends that you consult with you attorney and/or accountant before changing your business name. 

For more information, please go to www.irs.gov.

Choosing a business organization is one of the most important decisions you will make when starting your own company. It is, therefore, imperative that you understand the rules and regulations that are exclusive to each specific entity. It is also important that you clearly define every aspect of your business. By doing this you ensure that you will pick the correct business organization for your company. (more…)

When it comes to growing a business, whether you are a new business owner or you have been in the game for some time, there are many models and strategies that can be used to help you expand your business. But which one is the right one? After all, there are many different types of businesses and many unique entrepreneurial styles.

Before fabricating or adopting a growth strategy, there are a few steps that should be taken that will yield valuable insights about you and the future of your business: where you are and where you want to go.

The I.D.E.A. (identify, develop, evaluate, and act) method is a great way to help you plan the growth of your business. With the completion of each step a clearer picture will begin to form that will help you create and execute a plan of attack.

Identify – Before anything else, you must identify exactly what type of business growth you wish to achieve. This could be anything: the desire for more clients, higher sales, expansion projects, a more diverse product line etc. The sky is the limit. Write down what type of growth you want to obtain.

Develop – In order to arrive at the desired destination there must be signs along the way that will continually point you in the right direction. This is the development stage: constructing milestones or a series of objectives that will help you reach your ultimate goal. These objectives must be specific and they must all successively lead to a higher level of achievement until you reach your final terminus.

Evaluate – In order to stay on the right path you must evaluate your every move. This will help ensure that you are where you need to be and that you are going where you need to go. Without employing this step it is very easy to veer off the correct path. However, the proper use of this step will help you understand exactly what needs to be done and what adjustments need to be made in order to keep your plans on target.

Act – This final step is simply making the necessary adjustments that the 3 previous steps have directed you to make. But keep in mind that you should not become over zealous when it comes to adjusting your plans. Make sure that you leave enough time between the adjustments to see the results. This will help you determine what is and isn’t working.

This exercise is a great starting point for any entrepreneur who is looking to grow their business. Hopefully these steps will help you come up with a plan to get your business where you want it to be.

So, you’ve done it. You’ve finally made the commitment and decided to go into business for yourself. But have you stopped to think about how you’re going to let people know about your new company or the products and services that it offers?

If this is you, then now is probably the time to begin thinking seriously about a marketing strategy. To some this may be an intimidating thought. After all, there are many different types of marketing and finding a mix that fits your business may seem like a daunting task. Fortunately, marketing is not as hard as it sometimes appears and there are many different avenues that can be taken in order to achieve marketing success.

So what is marketing? Even if you don’t know the dictionary’s definition you probably have an idea of what it is and if you have been in business for any amount of time you’re probably already engaged in some form of marketing, whether you realize it or not.

Many business owners (novice and veteran alike) think that marketing is an extravagant and expensive campaign that is comprised of billboards, television spots, mass emails, and countless phone calls (to name a few). It is true that marketing involves these things, but it is so much more than that. Simply put, marketing is everything that goes into selling a product or service. Everything in between the transfer of a good or service from the seller to the buyer is marketing.

What makes a marketing project work is how a business arranges all of the different types of marketing to form a unique message that captures the attention of the consumer.
In order to do this, there are a few things to keep in mind.

Simplicity is the key to a good marketing strategy – Everything, from a slogan to a logo, should be kept simple. The simpler it is the more likely people are to remember it.

Don’t think that one form of marketing is enough – Do everything you are capable of doing to get the word out about your business. This means go beyond stuffing mail boxes with brochures and start incorporating some different things. Build relationships with people, set up a website, advertise etc.

Don’t think that marketing is a quick fix – Creating and implementing a good marketing strategy is one of the best things you can do for your business. But it will not solve all of your problems. Just keep in mind that marketing is not an end, but a means to an end.

Don’t wait – The sooner you begin marketing your business the sooner you will be established in the minds of your target market as someone who provides what they want.

There you have it: a few basic steps to better your business and improve your chances of success.

What is the key to a successful business? Many would argue that there is not a definitive answer to this question. They say the answer depends on the circumstances and situations of a given venture. Some businesses come and stay while others come and go. But there is no formula, no unquestionable set of rules that, if followed, will yield a winning enterprise.

So why is it that some businesses succeed while others fail? It would be fair to say that this question does not have multiple answers, but one answer which is made up of multiple components, all of which are vital to the success of any business. Keep in mind, however, that some of these components are more sensitive than others (i.e. there is a big difference between a good business idea and having readily available business capital).

So here it is, a few highlighted components that, when fused, make for a great business foundation:

• A Good Business Idea – Every business begins with an idea for a product or service. But every good business begins with an idea for a product or service that satisfies a specific need or want for consumers.
• A Business Plan – Once an idea is recognized, a plan for action is the next step. This plan should include a concise summary of the business, timelines, marketing plans, a general business operations breakdown, and financial information. Use MetroAction’s Business Plan Outline as guide when developing your business plan.
• A Business Structure – Businesses can take many forms: sole proprietorship, partnerships, corporations, and limited liability companies. It is important to choose the right one for your business.
• Funding! – All of the previous components are basic preliminary steps for starting a business. But until the necessary funds are obtained the business will remain just an idea.  MetroAction provides up to $50,000 in small business funding to both start-up and existing businesses.

That’s it. Those are the basic components that answer the question “what is the key to a successful business”. Of course, there is more to it than that, but these steps will help build a solid core for a winning business.

MetroAction staffer, Christina Hitchcock, recently gave a presentation on Grant Writing at the Success by Six Early Childhood Education Leadership Conference. 

The presentation focused on the grant writing process, the components of a grant proposal, what grant reviewers look for, common grant terminology and tips to improve your grant proposal.  

The program was attended by child care organizations across northeastern Pennsylvania, including directors, assistant directors and key teachers.  Success By 6 works to improve the quality, affordability and accessibility of early care and education programs for children so that they enter school ready to learn and with the essential “building blocks” for success throughout their lives.

MetroAction is commited to improving the quality of affordable child care in northeastern Pennsylvania.  Learn more about our Child Care Initiative and the impact of our programs.

MetroAction has partnered with the United Way of Lackawanna County’s Success by Six Program and the Old Forge, Carbondale Area, and Scranton School Districts to provide the Kindergarten Readiness Nutrition Education Program.

With funding from The Blue Ribbon Foundation of Blue Cross of Northeastern Pennsylvania, the program will educate local childcare providers and low-to-moderate income families on changes in nutrition habits and ways to foster healthy eating as children transition from daycare/home care to kindergarten.

Twenty (20) childcare providers across eight counties and 200 families in Lackawanna and Wayne Counties will benefit from this program. Learn more about how MetroAction is committed to improving the quality of child care in NEPA.

Sanderson State Street Salon, located in Clarks Summit, was presented with MetroAction’s Small Business Spotlight Award for their participation with various local community organizations and events. In particular, they were recognized for their “Get Pinked” campaign benefiting the American Cancer Society and breast cancer awareness. Named the “Best Salon of NEPA” by the Electric City for the past four years, Sanderson State Street Salon offers a multitude of services ranging from cuts and color to waxing, spa services and wedding packages.

Each month, MetroAction presents the Small Business Spotlight award to a local business that is dedicated to giving back to their local community.  Learn more about the award and nominate a deserving business today!

Pictured at the award presentation are from left: Desiree Ranella, business development specialist, MetroAction; Tiffany Carroll, stylist, Sanderson State Street Salon; Erin Tully, manicurist, Sanderson State Street Salon; Alexandra Fitzsimmons; Joanne Cummings, owner, Sanderson State Street Salon; Steven Russell, manager, Sanderson State Street Salon; Theresa Collins, district manager, First Liberty Bank and Trust; Patty Fitzsimmons, stylist, Sanderson State Street Salon; Danielle Vinskofski, stylist, Sanderson State Street Salon; Catherine Slish, stylist; Sanderson State Street Salon; and Lorrie O’Brien, office manager, Sanderson State Street Salon.

Our staff has been presenting Small Business Resource Clinics at community sites throughout our 8 county service area .  These free, informative seminars are designed to take the mystery out of developing a successful small business.  So far, we’ve been to Milford, Wilkes-Barre, Honesdale, Scranton and Hazleton and the feedback has been phenomenal!   

We have plans to visit Tunkhannock, Gibson and Pittston in the very near future.  Check our upcoming events listing for dates and times.  If you are thinking about starting a small business or if you have already started and realize you still have questions, the Small Business Resource Clinic is what you need. This program reviews the steps needed to develop a successful business and links you to valuable resources to help you grow your business.

Receive quick and easy tips for writing your business plan and recommendations on how to use your plan to obtain financing, focus ideas, identify specific business objectives, and chart and manage growth.

The Small Business Resource Clinic will also take the mystery out of financing your business.  Learn how small business loans work, what documents and information are required, and review the requirements to qualify for small business financing. The clinic also explains about small business grants, what lenders look for, and how you can improve your chances of qualifying for a small business loan.

This seminar is designed to point the new or potential business owner in the right direction, providing an overview of:

• Developing a business plan
• Helpful community resources 
• Financing options for your business 
• What lenders look for and much more!

If you’ve attended one of our clinics, we’d love for you to share your thoughts.  What did you find most helpful?  What resources have you utilized so far?  Post your comments here!

Over the past few months, MetroAction staff has been presenting Small Business Resource Clinics at various locations in our 8 county service area (click here for a current list of upcoming events).  In the clinics, we’ve referenced a great guide to entrepreneurship.  To make it easier for business owners to access this helpful resource, we’re posting a link on our blog.  The Entrepreneur’s Guide to Starting a Business in Pennsylvania is great resource for anyone in business or considering starting a business in Pennsylvania.