Is It Time to Remodel Your Business

 I'm hearing a lot these days about business reinvention. And it certainly seems like a great idea. But I think that a complete business overhaul is not only unjustified much of the time, but can be a risky move.

So instead, I'd like to propose the idea of a business "remodel", which is more along the lines of a home remodel. When you remodel your home, you generally keep the existing structure and foundation. The changes are distinct for sure, but do not involve knocking down your entire home. Rather, the remodel may involve adding an addition, repainting a room, finishing a basement, etc.

Likewise, you can remodel your business in distinct and powerful ways that cause a huge shift in your delivery of services, income stream, target market, or visibility as an expert. But a business remodel needs to be justified, strategic, and executed in such a way that the remodel doesn't cause too much turmoil in your business. When you remodel a home, for example, it needs to be done in a way that causes the least disruption to your living environment. Yes, you are willing to suffer some inconvenience in the short run knowing you will wind up with a beautiful newly remodeled home. But you wouldn't plan a remodel that forces you to live in absolute chaos unless you can move out during the construction and find another place to live. Easier said than done!

With your business, you can't necessarily find a new business "home" while conducting a business remodel because you still need cash flow. Sure, there are exceptions for those business owners that saved a ton of money to fund a remodel, but even in that case, it would mean dropping out of the business for a temporary period, which is not going to leave you top of mind with your target market.

So what is the best way to approach a business remodel and what might it include? Here are some tips and guidance.

• Take Stock - Approach your business remodel in a strategic manner by taking stock of where you are in your business at present, and where you'd like the business to be in the future. Assess what you love about your business, what is working, and what brings you and your clients success and results. Also, pay serious attention to what is no longer working, what you have outgrown, and what your clients don't seem to need or want anymore. Only when you have done this business assessment will you be in the right frame of mind to determine what shape your business remodel will take.


• Blueprint the Remodel - Just like you would with a home remodel, you need to draft a blueprint for your business remodel. Add what the remodel will include, how long you expect it take, what players need to be involved, how much money you need to finance the remodel, etc. Consider getting assistance from a trusted advisor during this stage. Approach the blueprint like you would a business plan so that it can serve as the framework for the remodel during the weeks/months/years of the remodel.


• Add On - One way to remodel your business that is safe and smart is to actually add onto it. This can be in the form of an additional income stream like a new service offering, product, or program. It can also be achieved by partnering with another business owner to engage in a joint venture together. It can take the form of offering or joining an affiliate program. The list is as long as your imagination, and what is the best fit for your business.


• Take Away - A business remodel can also include taking something away from your business that you know is not working, is draining your energy or your bank account, is not a big seller, or you just plain don't love offering anymore. In business, we often keep saying yes and piling up things. But a smart business remodel can be about saying no and streamlining or micro-focusing on what truly works, and brings you and your clients great results.


• Thing Big, but Start Small - Once you get the idea of a business remodel in your head, it is hard not to get excited and maybe a little carried away. It is great to be excited and have passion around your business remodel. In fact, go ahead and think big! But then come back down to reality, and start small. Take the remodel one step at a time. Don't bite off more than you can chew or your remodel will crash and burn.


• Mind Your Existing Business - Another common problem with a business remodel is that while you are in the process of remodeling, you neglect your overall business. Make sure that you are still "minding the store" while remodeling. It is easy to get caught up in the remodel, as it is very exciting and usually evidence of where your future lies. But unless you have unlimited funds and a celebrity status, your clients most likely still want to buy from the business you have now. If you absolutely want to be free of the business you have now, then realize that you are not just remodeling, you are reinventing your business! And that is a horse of a different color. If that is what is truly happening, then you will be following a different path. You may need to close shop altogether, sell your business, completely revamp or rebrand it, or get employees or independent contractors to run it for you.


• Roll Out Your Remodel- At some point, your remodel will either be complete, or at least far enough along, that you want to officially roll it out and shout it from the rooftops. But consider that you may want to go public with your remodel even sooner than that. Getting people involved in your remodel can be a great strategic decision. In fact, you can engage your clients in the remodel by asking them to assist in some way. For example, let's say the remodel is to add a service offering. You can survey your clients (and warm prospects) well in advance to see what service offering is missing from your business that they desperately want and need. There are many other ways to get others involved in your remodel, but make sure you do so wisely so you don't scare your clients into mistakenly thinking that you may be jumping ship or abandoning them.


• Enjoy the Remodel Results - If you approach your remodel wisely and execute it strategically, you will be able to enjoy the results - and so will your clients!

Starting a Business in Texas - A Basic Overview

Starting a business can be both exciting and stressful to any business owner. Many businesses who do not have the proper funding and appropriate planning frequently fail within their first year. This statement can either frighten a business owner or push them to plan better for the rough times ahead. Often the most successful businesses have good business plans and are prepared for any complications that may arise. One way of preparing is by deciding which type of business entity you will own. There are different types of legal structures or entities available for business owners in Texas. Here is a list and overview of each entity:

Sole Proprietorship

This type of business entity exists when one individuals owns the business and all the business assets are under the business owners sole ownership. In Texas, a sole proprietor is liable for all debts of the business. The business owner is also liable for any debts incurred by the business, meaning there are no personal debts and there is no need for the business to file a separate tax return. All profits and losses are the owners responsibility. The business ownership is also non-transferable and cannot be sold to another person. Most businesses are listed as operating under the name of the owner in Texas. When a business wants to use a name other than the owner's, it must complete an Assumed Name Certificate and file it with the county clerk in their area. The county clerk in each county uses different forms but the information needed for each certificate is the same. Each business must provide a business name, address, city, state, zip, business type and expected period of operation. The personal information of each owner is also required. Again this business structure makes no separation between business and personal debts or liabilities.

General Partnership

A General Partnership exists in Texas when two or more individuals or businesses form a business. In Texas, A general partnership creates a separate business entity for the business, that is separate from the owners. However, creditors can still reach the partners personal assets to pay for any outstanding debts. In most general partnerships, each general partner is given an equal share of assets and liabilities in the company. A separate tax return is filed by the partnership and each general partner is responsible for the debts of the business. In Texas, a general partnership can operate under the owners names or it can chose a different name that must be registered with the county clerk. In Texas, all general partnerships must file an Assumed Name Certificate with the county clerk. Using the Assumed name certificate is also known as a d.b.a (doing business as). Each general partnership must file this with the county clerk where the business will be maintained or conducted. The information required is the same as the Assumed Name Certificate in the sole proprietorship section.

Limited Partnerships

In Texas when a partnership of two or more persons or entities combine to have one or more general partners and one or more limited partners, a limited partnership is formed. A general partner is defined as a partner who shares equally in the assets and liabilities, but a limited partner only has limited liabilities or debts. All limited partnerships in Texas must be registered differently than general partnerships or a sole proprietorship. In Texas, each limited partnership must be filed directly with the Secretary of State

Limited Liability Partnership

In Texas, a partnership may also file its business structure as a limited liability partnership that allows certain partners to be limited in their liability towards debts of the business. Again this type of business must be registered directly with the Secretary of State.

Limited Liability Company

In Texas, this type of business entity is unincorporated but does have certain aspects of both an S corporation and limited partnerships. The LLC has protections set for the owners and has certain tax benefits not given to the S corporation. Limited liability for owners and pass through taxation are the biggest advantages of this type of formation. Owners are protected from most personal liabilities but there have been cases where the courts can find the owner using the company as an alter ego to elicit fraud and may find the owner liable personally. Business owners need to follow specific rules regarding their personal assets and business assets.

Online Resource For Small Business

Small business online refers to resources available to small business owners via the Internet. Many financial companies provide information on funding resources, business laws and terms, and management advice for small businesses. These sites enable business owners to make sound business decisions to increase the likelihood of their success.

One of the main reasons individuals looking for business online resources is to find information on ways to finance a start-up or existing business. Most lenders, including commercial banks, the Small Business Administration (SBA), and non-traditional financial companies, now provide detailed information regarding the different funding options provided. With these sites, business owners can find out if they qualify for a certain loan and compare loan terms to other available financing options. These lenders typically provide secure online loan applications as well, making the approval process faster. However, for loans that require any documentation, these may have to be faxed or mailed to the lender before the approval process can begin.

Small business online lenders also provide financial management advice to growing small businesses. From other financial websites, entrepreneurs may also be able to access glossaries of common business terms, lists of business laws, and the most up-to-date news, including stock reports. Many of these websites may provide forums that allow entrepreneurs to connect to others with similar interests to exchange ideas, opinions, and advice on business matters. Connecting to fellow business owners can help entrepreneurs to make better business decisions.

A small business online resource is a website designed to aid small business owners in every aspect of entrepreneurship, including finances and management. Most lenders, including the Small Business Administration (SBA), commercial banks, credit unions, and non-traditional loan providers, offer websites to inform business owners on different types of loans and their requirements. Other websites are run by financial companies who specialize in assisting businesses with financial counseling and management tips and advice.

A lender's small business online resource typically lists all available loans and the requirements needed to apply for one of these loans. These websites may also allow business owners to apply via a secure online application to accelerate the approval process. However, if a loan requires financial documentation, these may have to be faxed or otherwise sent to the loan provider before the approval process can begin. If a business owner already receives funding from a lender, he or she may be able to access information regarding that funding online. Borrowers can check interest rates, repayment plans, and the amount still owed.

Other small business online resources provide financial counseling and management tips to help businesses succeed. These websites offer step-by-step guides for accounting processes and business plans, glossaries for common business terms, and hundreds of articles with ideas on how to improve profitability. Business owners may also be able to join a forum to give and receive feedback amongst fellow entrepreneurs.