Blog

Tips from Experienced Entrepreneurs on Owning a Business

A recent article on http://www.about.com offers advice from entrepreneurs on starting a business, buying a business and keeping the small business running and prospering after you start it. It offers advice about strategy, creativity, perseverance, intellectual property, trademark advice and whether or not you should hire a business or intellectual property lawyer when starting your own business. For more information contact Charles Internicola New York and New Jersey Business and Franchise Lawyer at 800.976.4904 or visit his blog at http://www.newyorkfranchiselaw.com

Why Buying a Small Business in a Recession Has Advantages

Information on the advantages of buying a small business in a recession.

Becoming a Successful Entrepreneur: What Makes an Entrepreneur Successful?

Starting your own business or franchise or buying a business or franchise all require something similar in order to be successful and profitable - a successful and knowledgeable entrepreneur.  So what is an entrepreneur?  An entrepreneur by definition is a person who has possession of a new enterprise, venture or idea and assumes significant accountability for the inheret risks and the outcome.

A person who starts or purchases a business or franchise needs to make sure they are first a successful entrepreneur and have the experience necessary in both the type of business you are investing in and knowledge of how to run a business successfully. 

One story in a recent news article explains how a guy ended up becoming an entrepreneur accidentally.  By this he means that he just fell into being an entrepreneur.  He did not plan on becoming the owner of his own business one day but he ended up owning his own business based on doing something that he really liked. Because it was something that he really enjoyed doing and had an interest in he developed a knowledge of that particular type of business. A person who has an interest or great understanding of a particular service or product and also has the skills and knowledge needed to run a business are prime canidates for owning businesses or franchises.  They have a true interest and understanding of every essential needed to own a business. 

There is much more that goes into the process of owning a business and purchasing a business but these areas are where it all starts.  If you have not yet made the move that you have been considering making to become a business owner and are interested in either starting or purchasing a business or franchise the first thing you will want to do it to start gathering information on what it takes to be a business owner and put yourself in a position to succeed.  Charles Internicola Staten Island business lawyer would like to offer his book "An Entrepreneurs Guide to Purchasing a Business" to you at no cost if you are considering purchasing a business.  This book will offer insight into what it is to be a successful business owner and what you need to know when selecting a business to purchase. 

State Resources Available for New York Small Businesses

Every entrepreneur who is considering starting a small business or buying a small business in New York knows that it can be rough in today's world to find the resources necessary for many things including financing.  Additionally, most entrepreneurs are looking for outside resources to help guide them on many issues that they will encounter throughout the business purchasing process and throughout owning a business.  

Governor David A. Paterson accepted the Final Report of the Small Business Task Force on Monday.  The report includes proposals to address increase access to capital, reducing red tape, providing regulatory reform, strengthening and enhancing training and technical assistance for business owners, employees and entrepreneurs.

In addition to accepting the Final Report the Governor also announced the launch of the New York State Small Business Lending GuideBuy which is another online free manual geared towards helping entrepreneurs and those considering owning a small business with alternate banks and credit unions that are lending to New York small businesses. 

For additional resources if you are considering purchasing a business in New York or New Jersey request a no cost copy of Charles Internicola Staten Island franchise and business lawyer's book "An Entreprenuers Guide to Purchasing a Business".  This book will offer insight into the ins and outs of purchasing a business and will help guide you whether it is your first time purchasing a business or your third time. 

Additionally, if you are looking for a business lawyer to represent you in your New York business purchase feel free to contact Charles Internicola at 718.979.4300 or toll free at 800.976.4904 or fill out our web form.

State Resources Available for New York Small Businesses

Every entrepreneur who is considering starting a small business or buying a small business in New York knows that it can be rough in today's world to find the resources necessary for many things including financing.  Additionally, most entrepreneurs are looking for outside resources to help guide them on many issues that they will encounter throughout the business purchasing process and throughout owning a business.  

Governor David A. Paterson accepted the Final Report of the Small Business Task Force on Monday.  The report includes proposals to address increase access to capital, reducing red tape, providing regulatory reform, strengthening and enhancing training and technical assistance for business owners, employees and entrepreneurs.

In addition to accepting the Final Report the Governor also announced the launch of the New York State Small Business Lending GuideBuy which is another online free manual geared towards helping entrepreneurs and those considering owning a small business with alternate banks and credit unions that are lending to New York small businesses. 

For additional resources if you are considering purchasing a business in New York or New Jersey request a no cost copy of Charles Internicola Staten Island franchise and business lawyer's book "An Entreprenuers Guide to Purchasing a Business".  This book will offer insight into the ins and outs of purchasing a business and will help guide you whether it is your first time purchasing a business or your third time. 

Additionally, if you are looking for a business lawyer to represent you in your New York business purchase feel free to contact Charles Internicola at 718.979.4300 or toll free at 800.976.4904 or fill out our web form.

What You Should Look for When Buying a Small Business in New York

Making a decision to purchase a business in New York may be a great idea but you will want to make sure you have all of your grounds covered and all of your questions answered before you decide to make a move on purchasing a business. 

Many people decide that purchasing a business is a better choice for them then starting up a business from the ground up.  Purchasing a business may cost more to money during the beginning phase compared to starting a business sometimes but the business will come with certain things that you would of had to start from scratch with if you started your own business. 

Here are some questions you will want to get answers to before you make a choice as to what New York business you want to purchase more than likely you have already decided by this point a general idea of what type of business you want to purchase which would be the initial step in deciding which New York business you so here are the next few questions you will want to determine the answers to:

• What size business are you looking for.  The size of the business you are looking to purchase is very important to you as a potential business purchaser.  You will want to decide what size building you are looking for when purchasing your business.  For example if you are looking to purchase a restaurant in Staten Island are you looking for a small size building that sells pizza or are you looking for a mid to large size restaurant.
• What location will allow your business to be profitable.  Deciding what location you want to purchase a business in is extremely critical to how well the sales for your business will be.  Do your research and find out if the business currently gets a decent amount of customers and if they generate a good amount of profit.
• Determine why the current owner is selling the business.  As part of your due diligence you will want to do some research and find out why the current owner is selling the business.  If it is because it is not in a profitable location or for another reason that could possibly affect your business you  may want to reconsider the business location you are considering.

Aside from these three important factors you will also want to take other things into consideration such as financing and hiring business experts to help you through the process of purchasing a business in New York.  Some of the key people you will want to hire or speak with are a mortgage broker, accountant or CPA and a New York business lawyer all of these professionals will play specific roles in your business transaction and will help ensure that the process goes as smooth as possible.

Congress May Ask Banks to Raise Loan Cap for Small Businesses and Franchisees

Congress will be faced with the decision as to whether or not they will ask banks to raise the current cap on small business loans from $2 million to $5 million.  In a recent speach by President Obama he presented an idea to Congress that would help small businesses and franchisees be able to receive higher loans. 

The request to Congress was sparked by the recent slowing down in entrepreneurs purchasing businesses and franchises because of the difficulty a lot of people have been facing recently when attempting to take out business loans.  Business owners, franchisees and those looking to become a business owners or franchisees are currently only allowed to take out a maximum small business loan of $2 million which often prevents entrepreneurs who are interested in expanding their business, purchasing a franchise or purchasing a business from doing so. 

This request to Congress is being made in hopes that it will generate more business growth and job opportunities.  Franchisees who already own a franchise business will possibly be presented with the opportunity to purchase additional franchise locations. 

When faced with the already tough decision of purchasing a business, purchasing a franchise, or expanding a business you will want to make sure you not only have the necessary funds to move forward by securing a loan, if necessary, but you will also want to make sure you have a knowledgeable business or franchise lawyer to represent you in your transaction.  You will want to make sure that your best interest are being protected and represented during your transaction.  If you need help with your business transaction or with purchasing a franchise contact Charles N. Internicola New York business and franchise lawyer at 718.979.4300. 

Staten Island Business Attorney | Staten Island Business News: Pathmark to Open in Hylan Plaza

The Staten Island Advance is reporting that Pathmark reopened in the Hylan Plaza at 2660 Hylan Boulevard, Staten Island, New York.

The Pathmark, which had closed in January 2008 and was bought by King Kullen, reopened under new management and had renovations done inside before reopening.  The supermarket now features new modern decor and colorful artwork and signs.  The new Pathmark will also features a full service pharmaceutical department.

If you are considering a business purchase in Staten Island or Brooklyn New York you will need a Staten Island Business Attorney to assist you in your transaction.  Charles Internicola, expert New York Business and Franchise Attorney, can be contacted at 718.979.4300.

New York & New Jersey Franchise Attorney | Childrens Lighthouse Centers Franchise is Expanding Nationwide Due to High Demands in Tough Times

The Children's Lighthouse Center Franchise, a child care and development franchise, is expanding rapidly despite the tough times the economy has seen over the past year.

Up until recently Children's Lighthouse Centers Franchise has only been based out of Texas, North Carolina and Florida, but recently they have decided to expand to California, Colorado, Georgia and New Jersey. 

The franchise says they are opening more child care franchise locations in response to the high demand they have been receiving due to the way the economy has been over the past year or so.  They explained that with the need for more homes to have both parents working the demand for child care has grown immensely.

If you are considering purchasing a child care or child development franchise contact Charles Internicola, expert New York and New Jersey Franchise Attorney.  Charles Internicola is located in Staten Island, New York but excepts cases nationwide.  For more information call 718.979.4300 or call toll free at 800.976.4904.

New York & New Jersey Business Transaction Attorney | New York Officials are Creating Business Opportunities for Entrepreneurs

The New York City counsel has decided to allocate $1 Million to jump starting an opportunity for entrepreneurs who want to start a food based business in New York. 

The New York City counsel is working together with the Economic Development Corporation to set up a large space in East Harlem for entrepreneurs who would like to open a restaurant.

The 4,000 sq. foot space which will be shared with other entrepreneurs of the same field consists of ovens, ranges and other cooking equipment.

City officials will be determining which entrepreneurs will be considered for the use of the building space by reviewing each possible candidates application and business plan. 

The entrepreneurs chosen will be given the opportunity to occupy the building for a year in order to get their restaurant business started. 

If you are interested in purchasing a restaurant in New York or New Jersey contact Charles Internicola, Staten Island New York Business Attorney, at 718.979.4300. 

If you are undecided about whether or not you should purchase a business we ask that before you do anything you read "An Entrepreneurs Guide to Purchasing a Business" by Charles Internicola. 

Staten Island & Brooklyn New York and New Jersey Business Attorney | Some New Jersey Businesses are Looking to Credit Unions for Financing

NJBiz.com is reporting that some New Jersey business owners are now turning to credit unions instead of to banks for commercial loans.  A lot of businesses are doing this because they feel they have more of a change of being approved for a business loan than they would have with a bank.

James Griffin, Vice President of sales and marketing for the North Jersey Federal Credit Union, says that the mechanics of applying for a commercial loan through a credit union are not much different from that of a bank. 

Typically requirements include personal tax returns, business tax returns, financial statements and sometimes the company's business plan.

Staten Island & Brooklyn New York Business Attorney | JP Morgan Chase Plans on Selling 23 Office Properties, Some of Which are In New York City

JP Morgan Chase is reportedly looking to sell 23 of their business buildings which are no longer being used by them and are unoccupied due to the economy. 

The buildings are located throughout the nation with some of the business properties being located in New York City such as a building on One Chase Manhattan Plaza and Four New York Plaza which are for sale. 

The business properties for sale as a whole could potentially raise more than $1 Billion or so.

What to Do When Involved in a Partnership Dispute in New York and New Jersey

It is important from a legal standpoint to know what to do when involved in a partnership dispute in New York or New Jersey.

Selling a Business – It’s All in the Preparation

When you make the decision to start a business, you spend countless hours preparing.  Often you put your own savings and hard earned money into the company to get it off the ground.  Selling a business should also incorporate an adequate amount of thought and preparation.  If you run your company with the idea that you will eventually sell, you will be able to make business decisions that will help increase your organization’s value.

There are some actions you should take that will help you when you eventually sell your business.  Hiring a good management team will make your company more attractive to buyers, because they will see that the business’s success is not solely dependent on you.  Another way to boost the value of your company is to get rid of product lines or services that are not profitable.  By doing so, you should be able to increase your bottom line.

Before selling a business in New York or New Jersey, you should focus on keeping accurate, up to date business records, which include cash flow statements, accounts receivable and so on.  You should also avoid filing for a tax extension. 

A New York business lawyer will be able to help you when selling your business.  If you are considering a business sale, contact the law office of Decker, Decker, Dito & Internicola, LLP today at 718-979-4300 or 800-976-4904 for legal advice.

How to Prevent Partnership Disputes

A partnership dispute can lead to the demise of an otherwise successful business.  There are some steps you can take to help prevent a partnership dispute.

It is important when working with a business partner that you both share the same vision for the company.  For example, you need to discuss the company’s objectives and targets, so that you know where each partner is coming from in their ideology.  If you don’t talk about the company’s future, problems can arise down the road.

During the establishment of the partnership, it may be beneficial to assign unequal ownership.  When the ownership is equal, it can make crucial business decisions difficult to make if there is a difference among opinions.  You can help avoid partnership disputes by creating un-equal ownership.

Communication is essential in a business, especially a partnership.  You should set regular meetings that will cover current business matters and plans for the future.  These meetings will also be a good forum to share opinions and ideas for the company.

The partnership agreement is vital in the business arrangement and if drafted properly, can eliminate potential disputes among partners.  A knowledgeable New York business lawyer can ensure that all of the necessary items are included in the agreement.

If you are currently dealing with a partnership dispute, contact a New York business attorney at the law office of Decker, Decker, Dito & Internicola, LLP today at 718-979-4300 or 800-976-4904 for legal advice.

How to get your New York or New Jersey business funded

National Venture Capital Association (NVCA) total venture capital investment for the first quarter of 2009 is down 47% from the fourth quarter in 2008.  Despite the drop in total venture capital investment that has occured the past quarter the co-founder and chief executive of YouNoodle, a San Francisco company that tracks startups, has announced that in the past month they are still seeing a lot of activity everyday as far as new businesses getting fundeded is concerned. 

From March 15 to April 15 YouNoodle tracked 149 venture capital deals worth 1.55 billion dollars.  This dollar amount was divided up as follows: 26% was invested in biotech and medical devices, 16.5% was invested energy and clean tech, 14.3% in consumer internet, 11.5% in hardware, 11.2% in finance, 6.2% in software and the remaining 14% consisted of mobile phone services and education. 

So while the total venture capital investment for the first quarter was down compared to last year it did show a lot of activity beginning to pick up in towards the end of the first quarter (more specifically the months of March and April). 

Most of the money being given to companies for funding are based around those who are offering technological advancement as you can see in the percentages shown above. 

When trying to get funding for your business it is important to understand your product and the impact it can have on technology since funders are primarily looking to fund businesses who will have this type of impact. 

If you are interested in purchasing a business in New York or New Jersey contact Charles Internicola Staten Island business lawyer. 

Changes needed for Chryslers bankruptcy plan

ABC is reporting that consumer advocacy groups like the Center for Auto Safety have taken Chrysler back to bankruptcy court.  

Consumer advocacy groups are claiming that Chrysler is trying to avoid their responsibility to car owner who may sue in the future due to product liability.

In the event of one of their cars malfunctioning Chrysler would not be liable for the damage done to the vehicle or for any personal injury sustained by the car owner.   The Center for Auto Safety has decided that this needs to be changed.  

Currently Chrysler would is only liable for fulfilling the warranty of cars that have already been sold and are still under their existing factory warranty. 

This case will be reviewed and decided by a federal judge on May 27, 2009.

For more information on business and franchise matters visit Charles Internicola, Staten Island franchise and business lawyer on his blog at www.newyorkfranchiselaw.com

Teens offer tips on starting a business

USA Today recently released an article on teen entrepreneurs offering advice to their peers on starting a business.  

Even though times are tough and some businesses are struggling, these teens are offering sound advice on what helped their businesses to succeed in spite of the economy.  These teens are offering tips anyone seeking to start a business, but their main target is their peers.  

These teen entrepreneurs are encouraging their friends and other teens who have a dream of starting their own business  to do so but are also warning them that this process is not easy, it is one that you have to work hard on and be diligent about.  

Here are some tips that they are offering if you are considering starting a business:

• Don't let your shortcomings prohibit you from your dream
• Make sure you are interested in the services or products you are offering 
• Create a formal business plan
• Price your product wisely 
• Save all work related receipts - this will help you when filing taxes for your business
• Create a detailed and smart financial plan of what you will do with your profits
• Don't over invest in supplies and equipment
• Promote your business - this is one of the main ways to get your business to grow.  One of the most effective ways to do this is through the web.  Other alternatives are posting up flyers or ads.
• Know the rules - this is important especially for teens.  You want to make sure you are informed about the laws concerning youth working for you.  
• Make sure you have time for yourself - if you are getting too busy with your new business you may want to consider hiring employees to work for you.
• Stick with your dream 

Systemax wins bidding for bankrupt Circuit City

Systemax, a consumer electronics company that sells electronics to stores like CompUSA, has won a bid to purchase Circuit City which was forced to liquidate and declare bankruptcy last November after a deal for the sale of the company fell through.  

Systemax is reported to have won the bid at $14 million for the e-commerce business and intellectual property of the bankrupt Circuit City.  

Systemax believes that the purchase of the business will allow them to continue expanding their online marketing of electronic supplies and grow their industry and profit in the long run.  

Other leading bidders for the purchase of the bankrupt Circuit City had included Gordon Brothers Brands and Hilco Consumer Capital, but were eventually outbid by Systemax.  

If you are interested in purchasing a business contact Charles Internicola, Staten Island franchise and business lawyer.

Also, for more information on purchasing a franchise or business click here - www.newyorkfranchiselaw.com

The Importance of an Environmental Study When Buying a Gas Station

Charles Internicola, Business and Franchise Lawyer and publisher of the New York Franchise Law Blog discusses the importance of an Environmental Assessment / Phase I Study when buying a gas station.  As Charles points out to his readers, this study is necessary even when you are only leasing property.

How Specialized Lawyers Deliver Client Value

In his franchise and business law blog, business lawyer Charles Internicola discusses the importance of delivering "client value", how client's should evaluate the services delivered by their attorneys and important factors to evaluate.  Most significantly, Charles discusses why many large firms cannot match the business counseling offered by a a specialized lawyer.