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May 20, 2021 by Greg Underwood

How to File a Foreign LLC in New Jersey

Entering the world of entrepreneurship sets you up not just to establish a sole company but also to reach as many possible customers as you can and expand your business.  For a first-timer, this can be an overwhelming thought but it is something possible to achieve.

If you feel that you are ready to take your business to the next level, you need to equip yourself with the necessary know-how. If for instance you have formed your business in New York and would like to expand in New Jersey, you need to know how to file a foreign LLC.

Foreign LLC

Foreign LLC happens when a business is formed in one state but registered or set up to do business in another. Contrary to what the term indicates it is not business outside of the country. It is referred to as foreign since there are different laws that exist in each state. 

If for instance your business was formed in Washington but you are aiming to do business in New Jersey, then your company becomes a foreign LLC in New Jersey. This means that your business has a foreign qualification in New Jersey.

Foreign Qualification in New Jersey

To put it simply, foreign qualification is asking permission to the state, in this instance from New Jersey, to do business legally. However, there may be some questions on how “to do business” is defined since each state is governed by different laws.

Some states, like New Jersey do not have a clear definition of what “doing business” is, which can be a bit confusing and problematic. Activities relating to doing business are evaluated on a case-to-case basis.

Generally, you will need to set up a foreign LLC if you are to do activities in New Jersey that involve selling goods and services, hiring employees, establishing an office, and deriving your income within the state. These are activities that qualify as doing business in New Jersey.

Filing for a Foreign LLC in New Jersey

If the activities you will be doing falls under the definition of New Jersey’s “to do business”, then the next logical step is to file for a foreign LLC. To start the process, you would need to file a Business Registration Application with the New Jersey Department of Treasury.

The Business Registration Application is the same form used to file for all business entities, whether domestic or foreign, in New Jersey. The application will require you to input basic information regarding your business, which includes the following.

  • Your LLC name (and an alternate name, if the name is unavailable in New Jersey)
  • State and date of the LLC’s formation, along with the effective date in New Jersey
  • A detailed description of the business purpose in New Jersey
  • Principal address
  • The New Jersey registered agent name and address (A P.O. box address will not be accepted)
  • An authorized signature

The filing fee for this is $125 and you also need to include a Certificate of Good Standing from the state where the LLC was formed or referred to as the home state.

Indeed, it’s truly rewarding when your business is growing and is finally capable of expanding. For once a newbie in the business world, expansion is considered as a milestone. To avoid any problems, make sure to adhere to the state’s policies where you will be filing as a foreign LLC.

June 2, 2019 by Greg Underwood

Dealing With Competition

One of the main challenges of running a business is dealing with the inevitable competition. If you’ve identified a gap in the market, it’s almost inevitable that others will have as well. You need to make sure you’re ready to defend your share of customer’s revenue, and today we’re looking at the ways you can do just that, to ensure success and prosperity for your brand.

Getting the Edge

If you’re going to make decisions that lead to success for your brand, you need an edge over the competition. If you don’t have some insight into the decisions they’re likely to be taking, so you can plan around them, you might find it difficult to differentiate yourself.

If you find you’re launching a new product on the same day as your rivals, or begin an advertising push for a big sale that overlaps with their own discounts, you’re asking your customers to choose between you, and you’re undermining the distinctiveness between your two brands.

To be successful, you need to be communicating all the different ways you are distinct from your rivals (especially the ways that are most relevant to your customers), and ringfencing your time in the year to showcase your offering. This helps customers form loyalty to your brand and prevents it from being lost in the background noise of the marketplace.

Fortunately, market research agencies can do more than survey customers for you. They can also analyse the other businesses in your market and get you that vital competitive intelligence you need to make your plans around your competitors and confidently commit to new product development.

Building a Unique Business

The best way to withstand competition is to ensure your customers have plenty to recognise and latch on to with your business. Working with the same market research agency to find out what customers value about your brand, and leaning into it over time can give you a real advantage that less distinct competitors will lack.

This is the hard work of creating a brand – a personality for your business built out of dozens, if not hundreds, of tiny decisions, that lets customers have a personal relationship with your business – and the effort you put in, if you succeed, will repay you many times over.

You need to base your brand decisions on data: picking a voice for your marketing communications isn’t something that should be done lightly, and rebranding is a costly exercise that doesn’t always have the desired effect. Market research companies can use tools like Brand Trackers to make sure you’re building a brand that will stand up to the competition and appeal to customers for long term success!

October 23, 2018 by Greg Underwood

4 Tips To Growing Your Business In An Efficient Fashion

Starting a business and making it profitable to a point is tough while growing as business can be equally as tough. This can take a larger personal investment or taking on investors which changes the power dynamic of a company totally in certain cases. The best thing that a company can do is to consistently provide quality products/services to retain their current clients. Client retention can really help when it comes to picking up new clients that you love to work with. Taking any client that comes through the door is not always wise as nightmare clients can tie up staff and kill margins. The following are tips to grow your business without breaking the budget in the most efficient way possible.

Content Marketing

Content marketing is extremely important when trying to grow a business as search engine rankings can make a huge difference in growth. Companies that are ranking on the 3rd or 4th page for their main search terms could be missing out on thousands of possible customers a month. Creating content that other industry sites and publications can link back to as a resource is a great way to do this naturally without risking a Google penalty. Content can come in various forms whether it is written, recorded in the case of a podcast, or put in video form. People like to consume content differently so do not alienate one part of the demographic simply due to laziness and not wanting to delve into another content form.

Partnering Up With Other Relevant Brands

Partnering up with other relevant brands to sell your products or while label your services can be an incredible opportunity. A great sales team at another company white labeling your services can lead to more customers without the headache of dealing directly with the customers. Partnering up with influencers in certain niches can help grow a business but not all influencers deliver a return on investment depending on the trust they have built with their followers.

Drop Shipping

Drop shipping can be a great tactic to growing an online business that has already has success. This will not involve having to ship or store any of the new products that are offered on an ecommerce site. Partnering with a wholesaler can be tough as not all companies are willing to set up a drop shipping arrangement that truly works. Other companies are more than willing to get their products in front of the most eyes possible. You need to make sure the wholesaler is reliable as being out of stock of a popular product can have negative impacts on your site.

Scour Industry Functions For New Customers

Millions of dollars are done and long term business relationships can be formed at conferences and other industry events. This is a great chance to sign new clients and having so many people in such a dense area can make it easy to meet with dozens of people over the course of a week. Building this personal rapport is important as a client is much more likely to be patient with a new vendor if they got to know them personally. Do not be a person that corners people constantly trying to sell but rather have staff discuss random industry happenings showcasing their knowledge. In most cases signing a deal or two will cover the cost of the conference so it is well worth it in the end.

September 20, 2018 by Greg Underwood

What does it mean to be a good leader in business?

Source

The world is always in need of charismatic personalities who can influence the masses and drive to accomplish something great. Maybe even more so in business because there is a lot of money involved. People who are good at managing other people and achieve results are invaluable to any given company. But what does it mean to be a good leader?

Why it may not be all about the profits, managers who can take care of a well-oiled, money-making machine, stimulate everyone around and keep stakeholders happy will have no trouble finding employment. Being the right man for the job is just that. It’s all about the performance and smart managing the workforce and available resources. Another question is whether certain qualities that would make an excellent front-runner are something you have to be born with or is it more like an acquired feature of a hard-working executive. The curious case of Steve Jobs, famous Apple CEO, could be brought as an example. The enigmatic chairman is now one of the most commonly mentioned names of great business leaders, but his road to success and later legacy was a little bumpy.

Although it seems possible to learn the trade along the way, certain predispositions for the job won’t hurt. Running a prospering enterprise is more of a team effort, but the power of individuality cannot be underestimated. Some would even argue that real leadership has to start from within to indeed inspire. Therefore, the natural candidate represents some of those valuable qualities. They should have a vast knowledge and experience, especially working with people. They should be confident in their abilities, but self-aware in recognizing their strengths and weaknesses. A leader is also somebody with integrity who has an enthusiastic approach to the role, creativity and imagination. When dealing with others and subordinates, they act with caution and fairness.

Source

In life, good intentions are usually not enough. The qualities people represent must be supported by decisive actions. That’s also true in business where what we do matters, and sometimes, can have significant implications. In essence, you can tell a lot about a leader by looking at his behavior. First, they should have a deep understanding of what they are doing and what is expected of them. They know the company and its mission, how things work around there and what the people involved are capable. They can put together a dedicated team of workers, know how to motivate them while treating them with respect and listen to what they have to say.

August 23, 2018 by Greg Underwood

3 Successful Online Businesses Founded by Women for Women

Female entrepreneurs have historically faced economic and social obstacles when attempting to launch their own businesses. In many parts of the world, women still lack the financial independence to establish credit and are less likely to be approved for bank loans. Much of the labor women traditionally perform is unpaid, and women who work outside the home still perform more domestic duties and childcare than their male partners. Running a business while raising a family, especially as a single mother, is a balancing act that would put any funambulist to shame.

The rise of ecommerce, however, has created opportunities for women to enter a global marketplace with minimal startup capital. Through platforms such as Shopify, Facebook Marketplace, and Etsy, they are able to monetize work or hobbies they would otherwise do for free. With increasing access to high-speed Internet, women can operate their businesses out of their homes and set their own hours but still engage with customers through social networking.

While many women run successful fashion Shopify stores, some use their platforms specifically to address the problems and needs of women like themselves, creating products, business models, and social movements that benefit underrepresented female demographics. Here are three women-owned businesses with the potential to change women’s lives.

  1. Negative.

Peruse the racks of any lingerie store, and it’s obvious that women’s undergarments are designed with the eye of the beholder in mind. Those push up bras, corsets, garters, and thongs may make women look sexy, but they can feel like Medieval torture devices (and not in a fun way).

Negative is a brand of bras, underwear, and sleepwear that puts women’s comfort first. Founders Lauren Schwab and Marissa Vosper didn’t have to create fictional buyer personas; they spent a year trying on undergarments themselves in stores all over New York City and surveying real women to identify their struggles with flimsy materials, poorly fitting bras, and irritating straps and panty lines.

The company describes its approach as “operating in the negative space. We focused on the essentials and ditched the rest. No lace, no padding, no bows, no decorations.” This functional, minimalist approach has earned high praise from Vogue and InStyle, and fans include celebrities from Gwyneth Paltrow to Miley Cyrus.

  1. Black Girls RUN!

When runners Toni Carey and Ashley Hicks began attending races, they found they were the only women of color present. Other runners stared, ignored them, or asked if they were lost. Tired of being ostracized, they created a Facebook group to encourage other Black women to join them, and Black Girls RUN! was born.

In an interview with Shopify, Carey and Hicks describe how the revenue from their online store allowed them to quit their day jobs and focus on running BGR full time. Their merchandise included t-shirts, mugs, fitness accessories, and downloadable playlists for running.

Now with more than 160,000 members, BGR is open to all women, but outreach focuses primarily on African Americans, 80 percent of whom are overweight or obese and at increased risk of heart disease, stroke, and diabetes. Its mission is to improve those statistics by empowering Black women to prioritize their health and fitness. The Atlanta-based organization holds annual races and health conferences, while regional ambassadors organize running groups across the country.

  1. R.Riveter.

While we honor those who serve our country, the sacrifices their spouses make also deserve recognition. Because military families move so frequently, non-enlisted spouses, most of them women, struggle to find work. Employers are less likely to hire an applicant with a resume full of rapid-fire job changes and equally reluctant to promote an employee who will be leaving in a year. Consequently, the unemployment rate of military spouses is four times higher than the national average, and employed spouses make 38 percent less than their civilian counterparts.

Cameron Cruse and Lisa Bradley knew military spouses like themselves needed a flexible and mobile source of income. Although they had no prior manufacturing experience, the two women taught themselves to sew handbags, sold two, and used the money to buy materials to make four more. When their spouses were transferred to different military bases, Cruse and Bradley kept the operation going by dividing up tasks between them, planting the seeds for the manufacturing model that would become R.Riveter.

Named for the WWII icon Rosie the Riveter, the company contracts with military spouses across the country to handcraft components of its handbags and other merchandise, from signature leather backpacks and dog leashes to military insignia jewelry and throw pillows. R.Riveter also employs teams to assemble the finished products at its workshop in North Carolina. A successful Kickstarter campaign and an appearance on ABC’s Shark Tank led to the opening of their first retail location.

What other entrepreneurs are empowering women through ecommerce? Give your favorite women-owned online store a shout out in the comments.

August 22, 2018 by Greg Underwood

6 Ways to Win Over Your New Clients

Once you’ve won a new client’s business, you’ve also won their trust. Using a good business proposal, proving your expertise, and having a cost-effective retainer helped you land the job, but you were also chosen because the client felt they could trust you.

As with any relationship, trust is an integral factor to helping both sides work together to achieve objectives. This is especially true in professional collaborations with clients, especially at the outset. Here are six ways you can win over your clients right from the start, and ensure a long-term, mutually beneficial partnership.

Be professional

This is a given, but it’s always good to be reminded about the basics of acting professionally in a business relationship. For example, show up to meetings on time; getting there before the client does is even better. Also, communicate clearly and in a timely manner. When the client calls, pick up the phone. When they email with a question, respond as quickly as you can with a well thought-out response. When a deadline has been set for a project, be sure to do everything you can to meet it. If you see that you might need more time, ask for it with as much notice as possible, as it might impact other people’s schedule.

Be a true partner in their business

When business is good, life is good and everybody’s happy. But when the going gets tough, that’s when the client needs to know you’re there to support them and that you’ll do what it takes to deliver results.

There’s really just one approach to achieving a true partnership, and it’s to have the client’s best interest in mind with whatever you do. Don’t just be a foot soldier waiting for orders; be proactive and see past what’s in front of you. For example, show dedication with the project you’re working on, but also have an eye on the future with regard to the client’s bottom line.

Moreover, ask probing questions that show the client you are genuinely interested in their business and the many ways you can help. Counsel them when needed, as you were hired to be an expert in certain areas of the business that they’re lacking.

When you’ve become a true partner with your client, their problem becomes your problem, but their success hopefully is a direct result of having you on their side.

Get as much face time as possible with the client

A proven way to get in the same mindset as the client is to spend time at their office. We’re not talking about normal face time during weekly and monthly meetings, but actually working on-site at the client’s. Set aside a few days each month to do so, especially if your office is close enough to the client’s that you can drive there. By immersing yourself in their day-to-day operations, you can benefit from spontaneous conversations with other employees that can help you do your job better.

Think like the client

Acting like a true partner with your client is one thing. Before you know it, you’ll start thinking like them – and that’s a good thing. Developing a client-oriented way of thinking demonstrates that the client can trust you with their operations. Be proactive with ideas and suggestions about a project you’re working on, and certainly take the initiative to bring up a potential problem that needs to be addressed. Eventually, you won’t be anticipating the client’s next thought – you’ll just automatically think it! When you get to this point, the client will recognize it and view you as more than a contractor, but a true ally.

Follow through on your promises

Winning the client’s business was the easy part. The real work began once you signed the working agreement. Always be mindful of what was in the RFP and the responses you gave in the business proposal, as these are the promises you made to the client should they award the job to you. If you don’t follow through on your promises or go against what you discussed in the business proposal, the client will think twice about whether they can actually trust you to do the job.

Be accountable – especially when you make a mistake

Mistakes are still bound to happen, no matter how organized and detail-oriented you try to be. This could be anything from missing a project deadline to a clerical error with billing. It’s simply human nature to mess up every now and then, so clients are willing to forgive an infraction as long as it wasn’t done maliciously. So, we suggest owning up to any mistakes you make as soon as you or the client discovers it, making sure to be transparent when discussing it with the client. Moreover, view the mistake as a learning experience for you and your team, so that it doesn’t happen again.

While winning a client is one thing, keeping them in their good graces is another thing entirely. However, if you’re able to stick to the commitments you set at the start of your engagement, winning over your new clients isn’t as hard as many imagine it to be.

July 31, 2018 by Greg Underwood

Leadership Has To Start Right From Within

Leadership was affected by the global recession, making the already existing influence of competition, market and geographic location even stronger. Leadership is said to be vital for the success of any organization but it is hard to actually promote leadership or even identify it. Boris Blanche highlights that some people are naturally better at being leaders but this does not come out of the blue. Leadership has to start from within the individual and the business.

There comes a time in the life of any company where leaders need to be changed. Sometimes this is due to necessity. In other cases it is because of natural attrition. Any such moment needs to be seen as an opportunity.

Finding Leaders Within The Organization

The first resource that should be considered is the talent pool already employed by the organization. There are normally many individuals that could become great leaders. Unfortunately, in few cases companies have a way to actually nurture leadership skills.

No matter what many believe, leadership skills have to be grown. It is really important to have programs in place through which those with potential can be identified. Then, proper training should be in place. A failure to do this can lead to losing talent that is really valuable for the organization.

After the staff members are assessed and there is a belief that nobody can be promoted to a position of leadership, now or in the future, it is time to look at other available resources. In most cases the leadership will need to come from somewhere else. However, this does not mean that internal tools are not used in order to assess and keep growing skills and leadership traits in an employee.

Finding Leaders Outside The Organization

Talking more about finding leaders outside the organization, we should highlight the fact that simply because someone established himself as a great leader in another company does not mean that this will also be the case in yours. Every business has a specific culture that is present, established and grown. For instance, people might already be used with a stricter leadership style. If you bring in someone that allows a lot more freedom there is a pretty good possibility that the person is not going to be able to deal with current staff members.

Final Considerations

The bottom line is that it is really important to focus on within when referring to leadership. Those employees that are the best inside the company at the work that they do should be considered for leadership positions. However, it is important to understand that this does not come as a natural thing for many. It is vital to be sure that the person can be a leader and this can only be done when a plan is in place.

If all fails and no leaders are already available, it is time to move to the outside. There is no shortage of available leaders on the market but you need to be sure they will match company structure, goals and aspirations.

July 8, 2018 by Greg Underwood

Here’s How to Survive the First Few Months of Your Start-up business

The first few months of your new business can be equally exhilarating and nerve racking. A lot of the time, you are part confident and part scared shitless. This is not surprising as statistics show that only 75% of new businesses ever make it past the first year. And with millions of businesses starting up every year, it is obvious that the odds are not exactly stacked in your favor. However, there are a few things you can do to even the odds up a bit. Read on for some tips on how to survive the first few months of your new start-up.

Remind yourself why you started out in the first place –

Very few people can gather the confidence needed to walk away from the security of a paying job and start up a business. It takes a lot of guts to do that. These same guts can keep you going even when you hit a rough patch in the early months of your business. The secret is to constantly remind yourself exactly why you chose to go into business. Let everything you do revolve around this singular purpose. This will carry you whenever you begin to doubt your sanity.

Surround yourself with the right people –

It takes having the right kind of people around you to succeed. This includes your employees and those you see advice from. No matter how much you know, there will come a time in the early days of your business when you will encounter things that baffle you. This is where you will experience the importance of having a mentor. People who have gone ahead of you in the industry once passed through what you are passing through; don’t be ashamed to ask for assistance.

Keep your expenses low –

One of the major problems startup face is the lack of enough capital. In fact, as you journey further in your business, you will realize that you can never have too much money. It is therefore vital that you keep you expenses as low as possible so that you don’t get insolvent. There will be certain things you will have to do without during the early days of your business. If you can comfortably run your business out of a 12 by 12 room, then you have no need for something bigger. However, as much as you are trying to reduce expenses, it should not affect your business offerings.

Make the right partners –

“No man is an island” should be the maxim for new entrepreneurs and startups. The truth is that in the early days of your business, and even as the business continues to grow, you will need the right kind of partnership that encourages scalability. For instance, partnering with similar businesses will help you enjoy economies of scale. Similarly, you also need the partnership that provides adequate coverage for your fledging startup in the event of that you hit one of the many potholes you are bound to hit as you journey in business.

Make customer king –

The purpose of starting a business is not necessarily to make a great product or to create an empire; it is to offer value to your customers. These are the people that would make your business grow. As long as you focus on providing customer satisfaction, you will have the satisfaction is surviving the first few months of your startup business.

June 6, 2018 by Greg Underwood

How to Plan to Start Your Own Business

Many people want to start their own business, but they have no idea how to go about it. The first stage of any business venture is to plan, but you need to plan in the right way. Here are the three most important steps.

Work Out What You Want to Do

First and foremost, before you can even begin thinking about how you will go about setting your business up, you first need to work out exactly what it is that your business will be based around. Of course, there are innumerable things your business might do, but in general a solo business venture will be based around specialist knowledge, or a unique idea. In other words, you need to have something to offer people that they can’t easily get themselves.

Some people know that they want to start a business, but they don’t know exactly what they want to do. If this is the case for you, don’t be afraid to take a step back and get a bit of work experience before you commit to anything. Everyone has talent, skills, and knowledge, it’s just a case of working out how you can combine them in a relatively unique way.

Map Out Your Path

Planning ahead makes everything go so much smoother. You should work out, in as detailed steps as you can manage, how you will go about getting from where you are now, to operating your planned business. Laying out all of the steps in this way will allow you to reassure yourself that you know what you are doing and will also give you a chance to examine and think about your chosen path.

If you are uncertain how to proceed at any point, your best bet is to take a look online and look for resources relevant to the field you hope to one day work in. For example, if you want to ultimately open a salon, or perhaps see clients as a personal stylist, Beauty Pros can help you identify the right schools and career path for a career in cosmetology.

Work Out Your Budget

So, now that you know what you want to do, and how you’re going to get there, the real fun can begin! And by ‘real fun’, I of course mean ‘rudimentary accounting’. When you are just starting out with your business, there will often be little, if any, distinction between your personal funds and those of the business. It is therefore imperative that you take the time to work out exactly how much money you have.

You also want to work out what your weekly/monthly income and expenses are. If you aren’t sure, take a month to record every dollar that comes in or goes out, then review your data. Once you know how much surplus money you have every month, you can set some of it aside for the business. Making a budget and sticking to it is an important skill for an entrepreneur to have.

Once you have finished the above steps, you should have a clear idea of how you need to proceed in order to achieve your dream. At every stage of your entrepreneurial career, look to the above steps as a blueprint for how to proceed. First, you work out what you want to do, then how you will get there, and finally you assess what resources you have at your disposal to achieve it. If you do it right, starting your own business is a very rewarding journey.

April 10, 2018 by Greg Underwood

SKILLS YOU NEED TO RUN A SUCCESSFUL BUSINESS

As an entrepreneur, owning and running a business is demanding. The success of the business rests solely on your shoulders with your employees, partners and clients often looking up to you to provide direction and leadership during all times.

How is the success of a business determined? Of course, the profits come first. You won’t be able to pay wages and salaries and handle operational costs if you aren’t making profits. To make profits, you need to have and keep your best employees while at the same time providing quality services and products to your customers.

The following skills are important in running a successful enterprise:

Here are a few tips for running a successful business that involves losing the fear of failing.

Decision making

Many situations are going to present themselves where you need to act fast and decisively. As a business owner and/or manager, you need to make important business independently and firmly.

Leaving decisions pending for a long time will result into mental fatigue as you mull it over several times. It may even cost your company some ripe business opportunities and your subordinates may see you as a weak leader.

On the other hand, you should not rush in your decision making without any thoughts, considerations and consultations.

Communication skills

Communication is one of the most important business skills that every entrepreneur must possess. Whether you are pitching to potential investors or recruiting personnel for your business, you need to clearly sell your vision for the company so that everyone who wants to be involved with the company sees passion and a sense of direction from your end. For this, you need to sharpen your communication skills continuously.

Furthermore, you need to not only give directions to your employees but also inspire them to provide the best services to your customers.

Dynamic

The business environment is dynamic and as a business leader, you need to keep up. You should be open to changes and new ideas if you want to keep your business afloat and successful.

You need to read widely on business strategies and be updated on the latest business trends and current affairs (view article). Always be on the lookout for the latest information and technology that could take your business to the next level; consumer trends, market dynamics, competitor information, etc.

Most successful businesses are those that support research and innovation. Put in place systems where employees and other stakeholders can bring forth ideas for new business strategies and products.

Leadership

Leadership is a skill that can be learned and developed. As an entrepreneur, you need to embrace the leadership style that gets the best out of your employees and keep things running in the company.

An effective leader is not necessarily the one who bellows commands at his employees. You need to find a balance between being firm and providing direction and allowing your employees to use their skills and creativity freely. You’ll get the best out of your employees when you inspire and motivate them.

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