Small business

This is an archive of all of our site's past entries in the Small business category. Click on a title to read the full entry.

2 Minute timers

A couple of years ago, David Allen (of Getting Things Done fame) offered a 2 minute timer to assist people in sticking with the 2 minute rule when processing their inbox. He charges $10 for this which was $10 more than many bloggers and programmers were willing to pay for what is, apparently to them, an easy little piece of code that could be whipped out in about 2 minutes.

Hence, a number of freebie downloads. Here are 2, one for Mac and one for PC. I haven’t used the PC version since I don’t use my PC more than once a month, but LifeHacker liked it and that’s good enough for me.

Free downloads for a 2 minute timer:
Timer for Mac (click here for download page) by Cocoa developer Dan Messing at StuntBlog. This timer doesn’t make a really loud ding at the end of two minutes so you may want to have the volume turned up.

Timer for PC (click here for download page) by Blogger Avesh Jain
Who got a stylin’ write up on LifeHacker as the download of the day back in June 2006.


Is the business card on its way out?

I just stumbled across the Small Business Trends blog which had a post called Top Experts Dish with their Best Kept Marketing Secrets from last month.

The overarching theme had to do with relationships–listening and service. Gone are the days of “low prices” as the way to go.

Here’s the one that particularly caught my eye:

Scott Ginsberg, That Guy with the Name Tag – “Don’t have a business card. Have a philosophy card. In order to do so, ask yourself the question, ‘If everybody did exactly what I said, what would the world look like?’ Come up with 5-10 answers, then print them on a nice, thick, laminated card. Include your contact info, picture, branding, etc. Give it to EVERYBODY. It will be the only card they will not throw away. This marketing tool has made me well over $50,000 in new business.”

An interesting way to share with others the grand visualization of your service to the world. Nice!


Avoiding co-dependency with clients

I love this woman’s approach to consulting! Pamela Slim writes the Escape from Cubicle Nation blog (introduced here.)

This is what caught my eye in her post yesterday:
Your goal as a consultant is to work your way out of a job.

Her questions following this statement are excellent examples of real service. They focus on causes, not symptoms. Now that’s where we’ll find sustainability!


Federal EIN

Small business owners may wonder if they need an EIN (Employer ID Number, also commonly known as a tax ID number) from the IRS. As a sole proprietor, why not just use your social security number?

The primary reason a small business will get an EIN is when they hire employees.

From the IRS website “Do I need an EIN?” the primary reasons for getting an EIN include:

  • Started a new business
  • Hired or will hire employees, including household employees
  • Opened a bank account that requires an EIN for banking purposes
  • Changed the legal character or ownership of your organization (for example, you incorporate a sole proprietorship or form a partnership)
  • Purchased a going business
  • Formed a corporation (including nonprofits)
  • Formed a partnership

There are more reasons, but they mostly have to do with trusts and estates.

MyOwnBusiness.org provides a comprehensive list of various licenses and permits you may need as a small business (the page is fairly reader friendly too!) To the above IRS list of reasons to get an EIN, they have a couple of others that I think should be included here:

  • You file any of these tax returns: Employment, Excise or Alcohol, Tobacco and Firearms.
  • You have a Keogh plan.

Even as a sole proprietor with no employees you may want to get an EIN anyways. Why? Entities you do business with may require a tax id #. With the high risk of identity theft, the less you give out your social security number, the better.

The easiest way to get an EIN is online. Near the bottom of the page (after the notes on planned site shut-downs), find the link: “APPLY ONLINE NOW”.

It’s a pretty quick and easy process, but note that you can’t save the application to complete another time. You’ll be booted after 20 minutes of inactivity. If you want to see what kind of information they’ll be asking for before beginning, you can download the pdf version of the SS-4.

The online process has plenty of commonly asked questions to help you along the way. There are also many “are you sure” type of questions to confirm your entries in many steps. I almost started doubting myself they asked so many times. Happily, I got through it and haven’t come across any negative repercussions as a result =)

When done, remember to print out the confirmation letter and file it in your legal section. Mine is in a file called “IRS - EIN”.