Annual Report: Does Your Business Need To File One? |  |
- Annual Report: Does Your Business Need To File One?
- Payroll Cards Offer Alternative for Businesses and Employees
- How to Create a Facebook Fan Page
- Pinterest Contemplates Sponsored Pins
- Should You Allow Damage Insurance in Place of a Security Deposit?
| Annual Report: Does Your Business Need To File One? Posted: 30 Sep 2013 04:00 PM PDT
Once you've formed an LLC or a corporation for your business, your operational and administrative obligations are going to be higher than a sole proprietor's. While an LLC involves significantly less paperwork and formal administration than a corporation, both business entities generally need to file an annual report with the state. Here's what you need to know about this important filing to keep your small business in corporate compliance. What is an Annual Report?Also known as a Statement of Information, the annual report is typically required by the state so they can keep up to date with your company's vital information. For example, you may be asked to submit information about directors and officers, and the registered agent and office address of the company. In most states, there's also a small filing fee associated with the report. All states except Ohio and Alabama require some kind of annual report. When is the Annual Report due?Specific due dates vary from state to state. In some cases, the deadline falls on the anniversary of your business’ incorporation/formation date. In other cases, it’s when your annual tax statements are due and in some cases, it’s at the end of the calendar year. Be sure to know your specific filing deadline by checking with your state's secretary of state office. What Kind of Information Do I Need to Include in the Annual Report?The annual report will generally ask you for basic contact and operational information. The type of details you provided when you first filed to form your corporation or LLC. The specific details will vary by state and business type. For example, an LLC in California will need to provide the following details in its annual report:
What is an Initial Report?In some states, LLCs and Corporations are also required to file an initial report shortly after the LLC/Corporation is formed. Like the annual report, the initial report contains basic information about business activity (registered address, directors, etc.). At present, the following states require an initial report filing:
What Happens if I Don't Turn in My Annual Report/Initial Report?These reports may seem like a trivial paperwork, but they're actually quite important. Missing the deadline can result in late penalties and fees (and there's no reason your business should pay a dime more than it ought to). In the worst case scenario (i.e. if you've skipped your annual report for multiple years on end), your company can be suspended or dissolved. In addition, you need to think about keeping an LLC/corporation in good standing in order to maintain its "corporate shield." One of the biggest advantages of these formal business structures is that they minimize your personal liability (shields you from the activities of the business). But if your business happens to be sued and the plaintiff can show that you haven't maintained your LLC/corporation to the letter of the law (i.e. your annual reports aren't up to date), your corporate shield might be pierced and you can be personally liable. As a small business owner, I know just how hectic your schedule can be. But be sure to set aside some time to address your business' administrative obligations. Know your deadlines and get your paperwork in on time. It's a relatively easy task and will make sure your business stays in compliance (and you won't have to pay any hefty fines). Report Photo via Shutterstock The post Annual Report: Does Your Business Need To File One? appeared first on Small Business Trends. |
| Payroll Cards Offer Alternative for Businesses and Employees Posted: 30 Sep 2013 01:30 PM PDT
Employee debit cards offer a convenient alternative to paper checks. A payroll card allows businesses to avoid higher payroll fees. It also gives employees who may not have a bank account an easy way to access their money. An estimate suggests $68.9 billion will be loaded onto payroll cards by 2017, reports MSN News. So you will be in good company, if you decide on this option. But beware of state and federal wage rules when putting a debit card payment system into place. The American Payroll Association and the National Consumer Law Center share some cautions. Keeping these rules in mind can help you avoid legal hassles down the road. Things to Watch with Payroll Card ProgramsFirst, be sure employees can access their wages in cash without fees at least once a pay period. Some debit cards have fees connected to withdrawing money. But “free and clear access” to funds is required by many state wage and hour laws. Any payroll card program you put into place should allow this access in any one of a number of ways. They could include things like ATM withdrawals, convenience checks, cash back at point of sale services or bank teller transactions. Always Provide a ChoiceSecond, make sure employees have a choice other than a payroll card if they prefer it. According to the American Payroll Association and the National Consumer Law Center, employees cannot be forced to take a payroll card as their only payment option. Direct deposit might be one option. However, some state wage and hour laws my also require a paper check option. For example, a McDonald’s franchise in northeastern Pennsylvania was sued recently. The issue was a payroll card one former employee claimed had too many fees, the Huffington Post reported. The employee also claims the restaurant offered no other payment options. Make sure you have all the information before starting a payroll card program in your business. Payroll cards can work effectively so long as you follow all the rules. Card Photo via Shutterstock The post Payroll Cards Offer Alternative for Businesses and Employees appeared first on Small Business Trends. |
| How to Create a Facebook Fan Page Posted: 30 Sep 2013 11:00 AM PDT Among social media networks, Facebook is the undisputed king. A whopping 3.2 billion likes and comments are posted on the social media site daily, according to data collected by Media Bistro. Facebook now has 1.15 billion users per month with about 699 million people logging on daily. Here’s how to leverage these users with a Facebook page that will build fans and customers. How to Create a Facebook Fan PageCreating your Facebook fan page is the first step in Facebook marketing. Create a Facebook Fan Page as a way to keep in touch with your customers. Use the channel to build your brand and to gain the ability to respond quickly to customers' comments, feedback and questions.
Here's a feature overview (courtesy: Facebook Pages). When completed, your Facebook fan page should look like this:
Your Facebook fan page should be a dynamic and interactive digital hub for your brand. Here’s how to get started. Step 1: Choose a Category and a Page NameChoosing the right category and page name helps your fans, customers, and prospects to find you easily. It also lets those who don’t know about you discover instantly who you are and what you do. Picking the right category and page name also helps with SEO (search engine optimization) and allows for extra visibility and traffic from search engines. Here are the six types of fan pages you can choose from on Facebook:
Marketing site MarketingGum has more on what each type of page means and how to choose the right one. But unless you are an artist, musician, public figure or in the entertainment industry, you will likely be choosing one of the first three. Important: You can change the name and category of your Facebook fan page later on, but you can't change the type of page, so choose carefully. Step 2: Add Logo and Other Images to Your Fan PageNext, you’ll want to load your logo and some images. Assume you have been marketing your business for some time across multiple channels. You’ll want to keep your logo consistent. Your photos should give visitors an instant understanding of your business and the products or services you provide. Check out how major brands like Windows and Coca Cola have used logo and photos to build their brands. Step 3: Fill in the Details. Let the World Know What Your Page is AboutFill in the basic information about your business and add your website URL. Think of Facebook as a social window to your business. What you write here helps create first impressions. So use the right personality and voice to represent your business well. Step 4: Tweak the URL for a More Memorable Facebook AddressFacebook automatically gives you a dedicated URL for your Facebook fan page. However, the original one (default URL) is a mishmash of numbers, characters, and weird symbols no one would ever remember. Instead, claim your Vanity URL and change the address of your page to be more descriptive of your business. This will make it easier to remember and to promote later on. Step 5: Work on a Cover PhotoThink of cover photos as flexible billboards. You can change the photo as many times as you like. The standard size for the cover photo is 851 by 315 pixels. And it will be the first impression visitors get of your brand on Facebook. Here are some of the choices you might consider:
Want more inspiration? Check out these creative examples of Timeline cover photos from Social Media Examiner. Get to Work on Your Fan PageBuilding Your Timeline and Writing Your PostsThe Facebook timeline on your fan page is at the heart of engagement and brand building for your business. This is where it all starts. Andrea Wahl has a few good examples of how some businesses use timelines effectively. Facebook has added some new features such as the ability to "pin posts" and to showcase larger stories with extra large photos, videos and links to drive more engagement.
You can add a "star" to highlight important stories or you can hide/delete stories if you decide not to display them on your timeline.
You may even set milestones to define your key moments in history: Your startup date, your achievements, new branches, etc. You also have the ability to add specific milestone photos (843 by 403 pixels) as a way to use visuals for image enhancement.
Keep Track of EngagementAs you go about posting information, tips, and updates, photos, and milestones and responding to comments from your new fans, you'll also want to keep an eye on how your engagement progresses over time. Facebook provides you all the tools you need to study engagement. To start with, your friend activity snapshot gives you an overall look into how many of your friends like your page. You might choose to invite more people on your network when you think they'll benefit from it. On your "Friend Activity" feed, you'll also get to know what others have to say about your business.
Your Facebook fan page admin panel will look like the snapshot below, with notifications, messages, insights at a glance, new "like" or "fan" notification box, and a separate link to view your page insights in detail (discussed below):
Facebook also provides you with a way to manage your posts and content over time. You could manage all your posts (including the ones you choose to hide) from a central location. You can filter stories by year or type, or edit, delete, or star posts. You can also choose to review timestamps and make sure your posts accurately show up under respective milestones.
Promote Your Facebook Fan PageOnce your Facebook fan page is live, it's time to let the world know. Facebook gives you several ways to promote your fan page. You can "invite friends" or "promote your page" using paid advertisements targeted to other users. Your Facebook fan page, like any other digital property you own, has value by itself. So, it makes sense to promote and market your fan page just like you'd promote a website. Justin Wise of Social Media Examiner reveals 20 different ways to promote your fan page. The folks at Under30Ceo.com have another 7 ways to promote your fan page without spending a dime. Ann Smarty also has some advice to help promote your Facebook fan page and get lots of fans in a post at Search Engine Journal. Of course, you could go full-steam ahead on promotions (discussed in detail below): Do guest blogger outreach programs, launch webinars, give away free reports or whitepapers, get into conversations on other Facebook fan pages. You can join groups within and outside of Facebook, "like" other sites in hopes they will come back to “like” your page, and even use offline promotions to get the word out. Promotion > Exposure > Fans > Reach and engagement > Business. Super Tips on Facebook Fan Page PromotionIt's easy to set up a fan page but it's incredibly hard to grow your fan page to reach a level where you benefit from engagement, conversations, and the community. It's all about building on the "like" button. Here are a few “super tips” to help promote your fan page. But before you get started, it's important to realize this: We live in a trust economy, as Gary Vaynerchuck of VaynerMedia puts it. To earn customers' trust, you need to give them value first (often for free). Use Webinars to Boost "Likes" and EngagementWebinars aren't for selling. They are for providing information and value. They are to motivate, educate, and train. Use webinars to "wow" your audience with information and value. Then ask them to “like” your Facebook page afterwards. Cross-PromotePlace social media buttons or links within every email campaign. Print out links for your Facebook fan page on all your offline marketing campaigns. Be sure to include links for Facebook fan pages on your podcasts and videos. Guest Blog for “Likes”Marketers have taken to guest blogging as a form of outreach because you can leverage visibility on another popular blog. That often means that guest bloggers get extra traffic, credibility, exposure, and even conversions. Guest blogger outreach programs have been used for promoting blogs, businesses, and websites. But using a guest blogging opportunity to drive traffic to your Facebook page is another option. Distribute traffic equally to your fan pages and your website properties to get a better return from your guest blogging campaigns. Launch Offline EventsLaunch events on Eventbrite and start launching events locally on the subject of your expertise. Be sure to promote your Facebook page at the event and encourage those attending to visit and “like” it too. How to Make Facebook Fan Pages Stick: Adding Bells and WhistlesAnother great way to promote your business using Facebook is to use contests, videos and giveaways to drive engagement on your page. You can take a DIY (do-it-yourself) approach or find some special apps to make these events easier to hold and promote. Below is a list of tools that can help: North Social
North Social has varying plans with apps including mobile sweepstakes, mobile coupons, and mobile signups (to leverage the fact that Facebook is big on mobile too). The regular apps include Instagram, deal shares, video channels, showcase, "show and sell", "Twitter feed", " sign up page", pages to make those "first impressions", and much more. Note: There’s a workable plan here for just about any fan page. If you have more than one fan page to manage, you'll have to look at special plans for large companies or agencies. Heyo
Heyo, once called Lujure, provides an app that helps you launch promotions, deals, and contests. Using a drag-and-drop wizard, you can create fan pages that engage, interact, or maybe even dazzle your fans. Social Candy
Social Candy has apps for running quizzes and sweepstakes, sharing content and coupons, and holding photo contests. WildFire
WildFire features interactive campaigns, large-scale analytics, and targeted advertising. Though it works for many kinds of businesses, it is clearly meant for companies and agencies that manage multiple brands. MarketingGum
Marketing Gum has apps enabling email opt-in, surveys, sweepstakes, photo contests, and many other features to liven up your fan page. With a far more affordable pricing plan, it's a budget alternative for bloggers and small businesses. Use Metrics to Measure SuccessFacebook provides you with Insights – its built-in metrics tool – to help you check on the progress, engagement, and growth of your fan page. Diana Urban on Ustandout.com provides a helpful post about how to use Facebook insights to measure and analyze your fan page. Often, you'll need more than just Facebook insights. A huge suite of free and paid tools are available. They include PageViral, Social Crawlytics, and many others. The post How to Create a Facebook Fan Page appeared first on Small Business Trends. |
| Pinterest Contemplates Sponsored Pins Posted: 30 Sep 2013 08:00 AM PDT
If you have a business with an online presence, you may already use Pinterest to market your brand. The social site lets users “pin” images of their favorite things, but it could soon include Pinterest sponsored content too. This is probably not surprising to anyone who’s watched the development of other significant social media properties over the years. Facebook, Twitter and most recently LinkedIn have all moved to sponsored or promoted content models as at least one potential way to ultimately monetize their operations. But Pinterest seems especially cautious about its monetizing strategy. In a recent post on the official Pinterest blog, company CEO and co-founder Ben Silbermann tried to reassure users:
The video below explains how Pinterest works: Pinterest Sponsored Pins: Tasteful, Transparent, RelevantInstead, Silbermann promised users of the site any advertising would be tasteful, transparent and relevant. He also said Pinterest would take users’ feedback into account to improve the promoted pins over time. To start, Silbermann says Pinterest will likely try some test pins in the site’s current search results and category feeds. But he stressed these promoted pins will not actually be sponsored by anyone. They will simply be tests to gain some feedback from the community. Silbermann explained one specific example of how this might work would be promoting, say, a Batman costume under a search for the term “Halloween.” The Importance of TransparencyPinterest is probably right to be cautious. Last year, the company’s experiments with Skimlinks, an affiliate linking service, caused a bit of a stir. Enough so that Silbermann took time to clarify the company’s position and add some new disclosure language to the Pinterest site. The lesson is a good one for all small businesses. Many comments on Silbermann’s most recent post were supportive of the site’s need to eventually advertise. The important thing is to be transparent with customers about what you’re doing and why. The prospect of Pinterest sponsored pins also raises important opportunities for businesses already using the site for marketing. It will be important for those businesses to keep watching as Pinterest ventures into the world of paid content. Image: Pinterest The post Pinterest Contemplates Sponsored Pins appeared first on Small Business Trends. |
| Should You Allow Damage Insurance in Place of a Security Deposit? Posted: 30 Sep 2013 05:00 AM PDT
I own a vacation condo on Lake Erie, just outside the town of Geneva-on-the-Lake, Ohio. Like half of the people who own apartments in the building, we rent out the property on a short-term basis when we are not using it. If you rent property to someone else, you face the possibility that the person renting will damage it. That means that I, like the many people around the world who now rent properties online through sites like Vacation Rental by Owner (VRBO), Owner Direct and Flip Key, face an important decision about how to protect themselves from losses from renter-caused property damage: require a security deposit or ask renters to purchase damage insurance? Damage Insurance Versus Security DepositThe field of economics has a very clear answer to this question. When you rent property to someone else, there is asymmetric information. Because the owner does not know how well the renter will treat the property, charging a security deposit is a good idea. Renters will have an incentive to take care of the property to recoup their security deposit. If you are renting a condo for the weekend and you have paid a $500 refundable security deposit, you'll think twice about having a wild party or leaving your kids unsupervised – one broken table could double the cost of your stay. However, many of the vacation rental websites offer damage insurance as an alternative to a security deposit. For a $49 fee, Homeaway, for example, offers $5,000 worth of damage protection to short term renters of vacation properties. In my condo building, several of the owners allow renters to purchase damage insurance instead of paying a security deposit. Their reasoning is that the insurance provides more damage protection. If a renter causes $4,500 worth of damage to their condo, they may be able to recoup all of their loss from the insurance company, but if they take a $500 security deposit, they know they can only recoup up to $500 worth of damage from yhose funds. Moreover, because the decision to return the security deposit resides with the homeowner, some potential renters balk at putting up $500 against damage for a stay of similar cost. As an economist, I am surprised by my neighbors' approach. With insurance, the owner is giving up the right to decide the validity of damage claims. If you've collected a security deposit and someone breaks a television, you can just deduct the cost from the security deposit, which is already in your possession. If you go the route of insurance, however, you run the risk that the insurance company will decide that the renter wasn't responsible for the damage and won't pay the claim. More importantly, the choice of a security deposit or insurance demonstrates a classic moral hazard problem. Moral hazard is the idea that people will take more risks if they don't bear the costs of their actions. For example, if you have a security deposit you want back, you will be more likely to tell your kids not to use the table in the living room as a piece of gymnastics equipment than if you have paid for insurance that covers damage resulting from their gymnastics show. Over the years of writing for Small Business Trends, I have learned that many people who read my posts know a lot about the topics I discuss. Therefore, I am sure there are many readers who have a lot of experience with the damage insurance question. So tell me and the other readers of this column: If you were renting out a vacation condo, would you insist on a security deposit or would you allow renters to purchase damage insurance instead? Jumping Photo via Shutterstock The post Should You Allow Damage Insurance in Place of a Security Deposit? appeared first on Small Business Trends. |
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