Low Cost Tips to Launch Your Business

Here are some tips to help setup your business and keep costs low.

 

1) Register your business name at your local County Clerk's Office (est. cost: $200)

 

2) Contact the IRS to get an EIN (Employer ID Number) (est. cost: free)

 

3) Setup your bank checking and savings accounts. Try Chase, Capital One or TD Bank. They have great small business packages. (est. cost: $100+ to open accounts)

 

4) Be sure to keep all your business expenses separate from your personal expenses. Business expenses are tax deductible, so keep good records.  You can use Quickbooks or try this spreadsheet for Small Office / Home Office Businesses to stay organized. (est. cost: free)

 

5) As your earn revenue for your company, always invest, save and pay your salary! Try to invest & save 30% of earned income. Keep the right Financial Order of Operations. (est. cost: Pricele$$)

 

Note:

Once you have about $5,000 in your business accounts and things are up and running, we'll talk about getting incorporated as an LLC (Limited Liability Corp).  Check out The Company Corporation or www.LegalZoom.com. (est. cost $1,000)

 

As you manage your new business, use the right Financial Order of Operations.

Check it out.

 

All the Best

  

Victor Lloyd Smith

Millennium Lyon Asset Management

 

 

Legacy Capital: The Driving Force of the American Dream

Get your copy: Amazon.com, Barnes & Noble, Audio Series, e-Book  

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It Takes Leadership to Become Great

It Takes Leadership 

 

The right leadership can inspire a team and an organization to greatness.

If leadership could be summed up in one simple thought, it would be setting an example for others to follow. It's an important concept, especially in tough economic times, when companies are struggling and employees are worried about their careers and their next paycheck. When uncertainty is pervasive and the future lacks predictability, employees need reassurance that their interests, as well as those of upper management, are valued and being protected.

"The only safe ship in a storm is leadership," says Faye Wattleton, president of the Center for the Advancement of Women.

-full article

 

Did Unemployment Really Drop?

U.S. Jobless Claims Drop to Lowest Level Since 2008

 
Fewer Americans than anticipated filed claims for unemployment benefits last week, pointing to an improvement in the labor market that will help sustain economic growth next year.

 
Initial jobless claims fell by 22,000 to 432,000 in the week ended Dec. 26, the lowest level since July 2008, Labor Department figures showed today in Washington. The number of people collecting unemployment insurance fell in the prior week to 4.98 million, and those receiving extended benefits jumped.

-Bloomberg

U.S. Mortgage Rates Rize

Mortgage Rates in U.S. Rise to Highest in Four Months

 
Mortgage rates in the U.S. rose to the highest since August, raising the prospect that the budding housing recovery will stall as home buying becomes more costly.

 
The rate for 30-year fixed U.S. home loans rose to 5.14 percent for the week ended today from 5.05 percent, mortgage finance company Freddie Mac said. That's the fourth consecutive weekly increase. A record low of 4.71 percent was reached in the week ended Dec. 3. This week's average 15-year rate was 4.54 percent, the McLean, Virginia-based company said today in a statement. 
-Bloomberg
 

The Call for Financial Reform

Reform of financial system needed immediately

 

Dire forecasts at the beginning of 2009 predicted the demise of one or more major banks in the country. Despite threats to financial institutions, none of the large banks failed, thanks partially to emergency measures from the government. However, risks remain, and emergency efforts are not a viable solution moving forward, according to this Washington Post editorial.

- Washington Post