I Just Started a Company. What Should I Do Now?

At DWG, we support a lot of start-up businesses with their digital marketing and online presence.  Owner’s often have a lot of financial questions so when I saw this article from our bookkeeping service, I thought it could be of help.  Thanks for letting us repost, Maya.  You may want to see SolvencyNow.com

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I get asked this question all the time, and the answer is – it depends. Let’s say you just started a company and you are not making any money, yet. First things first – do not stress. The IRS cannot take money you have not earned. So, there is nothing to worry about, and you don’t yet have to go  “What tax structures should I have? Should I incorporate?”

You do not have to go into any of that until you start earning money. Once you’re making over $100,000 in revenue and over $50,000 or $60,000 in profit, you need to consider tax structures. Just start making money. If you have something to sell, a product or service, start selling it and bringing in money.

Yes, you should track it. You should get bookkeeping software or an Excel spreadsheet to track the money in and out. You should have a bank account. A personal account will do, but use it only for business in and out. Keep it simple.

You don’t have to go get a DBA. DBA stands for “Doing Business As” and it is a legal term used if a person or company does business under another name than their own. In order to get one, you would fill out a form and send it to the Secretary of State or similar government position in your state. A DBA can be used for opening a bank account. When you need it, a DBA is easy to get; you could sign up through Legal Zoom or similar websites. Or you can ask your Bookkeeper or CPA to file for you. Otherwise, just ask your customers or your clients to write checks made out to you, (even better, have them send money online straight to your bank account.)

You don’t have to do anything more until you are making more money. But, do keep track of money coming in and what you’re spending.

My motto is: “Keep it simple”. Keep it as simple as possible until you’re making over $100,000 in revenue, at which time you will want to look at incorporating as an S Corp. That is usually the best way to go.

At the point where you are hitting the $100,000 revenue range, a good CPA will be your best friend and help you plan your tax structure in the best way to achieve your goals.

After you incorporate, you will want to get a business bank account and to set up payroll, but that comes later.

To recap, if you just started, the first thing is don’t stress the legal structures, tax structures, and IRS. Don’t worry about any of that. Build your business; do what you need to do and make some money.

Sincerely,
Maya Weinreb | Founder & CEO
813-336-1574

How can we help? E-commerce? Virtual Interaction? Questions?

Now is not the time to profit – so please know in advance that our consultations will be free and our pricing will be at sustainable rates for our team.

DWG understands how dramatically your business/life/business-life have changed in the last few weeks and perhaps, minute-by-minute.  Perhaps we can help….24/7.

Do you need online access to your business such as selling products online, updating your clients, hosting your digital messages?  DWG will brainstorm and implement promptly.  We stand ready to be your digital support whether you are a long-time client or someone with a new need.  Let’s talk.

Phone:  818.610.3316
Email:  dreambig@dreamwarrior.com

LaMae and Nami

Corona / COVID 19 Web Thoughts

Clients / Friends / Humans:  First, let me take this moment to wish you health and well-being in every way.

Those of you who are our maintenance clients have already heard from us about how we can help you communicate your message.    Dream Warrior is happy to pitch-in during this chaotic and critical time.

Here are some thoughts and recommendations to consider (and we know most of you have already done this):

  • Put a pop-up or popover on your site so you patrons and customers can readily find information.
  • Designate a new and separate  advisory webpage that you can update and change as information changes.  That should be the place where everyone can go to for current information – which will help your internal team as well as clients.
    • Include the latest updates regarding programs / services
    • Include the best local and national resources for information such as WHO and CDC.
    • Put best personal care practices as a service
    • Let them clearly know what you are doing on a schedule and maintenance basis — we are cleaning in this way or here is our refund/exchange policy.
    • Update them on the best way to reach you — phone lines and emails are very busy…explain that.
  • Then pass this information and page everywhere…
    • Post on social media
    • Create a link on menu
    • Include a link in email footers (of course send an email as well)
    • Consider your PPC or retargeting campaigns – how can you adjsut them to best serve your customers.  Do you need to change your ads letting them know of cancellations?  Can you give the options to work with you during this process – alternatives to refunds?

Please call us if we can help:  818.610.3316 x1

As for us, we are keeping safe and helping the best we can.  I am off to New York this weekend to speak at the Arts Reach conference – I expect there will be plenty of seats on the plane.  I will be careful and keep you updated.

LaMae

CCPA is now in effect

The CCPA (CALIFORNIA CONSUMER PRIVACY ACT) law, is now in effect.  California legislators increased individual rights over their personal information and what the companies how companies can collect and use that information.

CCPA is by far the most comprehensive privacy legislation anywhere in the US (American Bar Association: https://www.americanbar.org/groups/business_law/publications/blt/2019/10/ca-consumer-privacy/).  Under the new law, your customers can demand transparency from you where the use of their information is concerned. They can request to know what information you have and how you are using it.

Consumers also have protection from retaliation.  This means that the level of service or pricing cannot be modified because the consumer has exercised her right under the law.

What Businesses will be affected?

If your business falls into any of these three categories below you better be ready to comply by no later than July of 2020:

1) Your business has annual gross revenue in excess of $25m,

2) Annually trades (Buy, Sell, receive or share) in personal information of more than 50,000 consumers,

3) Get over 50% of its annual revenue from sales of personal data

Lack of compliance to a request from consumer within 45 days can lead to fines up to $7,500 per violation.

For further information you can also read this great article at VOX.com which describes this from the consumers perspective and how it may impact those beyond California.  https://www.vox.com/recode/2019/12/30/21030754/ccpa-2020-california-privacy-law-rights-explained

Here’s an article from Business News Daily that discusses how business impacted can prepare.  https://www.businessnewsdaily.com/10960-ccpa-small-business-impact.html

 

Website Design in 2016

Web design moves quickly, especially with Google pushing it along, and customers looking to ROI parameters from their designers. In the past year, we had emphasis on responsiveness, code security, and optimization, and flat design. In the coming year we may well see these trends take hold:

1) There will be much more attention to information design than ever before. Your User Interface, how it is coded, it’s accessibility and logical flow will become of paramount importance.

2) Losing hard earned eyeballs to unnecessary scroll or click is no fun. Optimizing scrolls and clicks will become as necessary as the images being used on?the site. The ROI for design is on top of everyone’s mind now a days, as a result we expect to see even more emphasis on coherent UX, optimized click throughs, and scrolls.

3) About a decade ago, many of us began the quest for creating a modular yet object oriented environment for design based on a grid system. With the success of Wix, commander and the like, it seems this may be the year that everyone will accept modular design in a grid system as the bedrock responsive design.

4) Flat design is all the rage now, and we don’t see that changing for a while.

5) We have forever recommended the use of better quality imagery and iconography and following the expansion of personalized photography in the past year, the trend toward quality should continue.

6) The influence of app design on web design will be even more pronounced, with form factors (e.g. full screen forms), and movement (horizontal scrolling – ONLY) that more closely resembles the app users’ experience.

7) The new applications such as JustinMind or Axure for Rapid prototyping, and Sketch for design and their online cousins such as inVision have become very popular, and we see even a bigger trend towards the use of these new tools for rapid prototyping and design of sites in 2016.

Overall everything will get faster, flatter, more streamlined, and more secure.