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From Mark Fletcher (again) we get 10 more commandments for your business startup. The best:

1. You will have at least one catastrophe every three months.

5. People will think your idea sucks. They’re even probably right. The only way to prove them wrong is to succeed.

7. Being an entrepreneur requires a healthy amount of ignorance. Note I did not say stupidity.

10. Abject Terror. Overwhelming Joy. Monstrous Greed. Embrace and harness these emotions you must.

Continue reading the article here.

 

From Mark Fletcher, the founder of Bloglines, Onelist and other companies offers these 15 startup commandments:

1. Your idea isn’t new. Pick an idea; at least 50 other people have thought of it. Get over your stunning brilliance and realize that execution matters more.
2. Stealth startups suck. You’re not working on the Manhattan Project, Einstein. Get something out as quickly as possible and promote the hell out of it.
3. If you don’t have scaling problems, you’re not growing fast enough.
4. If you’re successful, people will try to take advantage of you. Hope that you’re in that position, and hope that you’re smart enough to not fall for it.
5. People will tell you they know more than you do. If that’s really the case, you shouldn’t be doing your startup.

Continue reading the rest here.

In a great post from Codswallop, the 100 Best web applications for freelancers and small businesses are listed and categorized (including us! – thanks!). From project management to writing and design, check out this list of great applications for ideas on how to run your business better.

Entrepreneur.com has a good article on the steps you need to do to prepare to sell your business:

1. Get a business valuation…
2. Get your books in order…
3. Understand the true profitability of your business…
4. Consult your financial advisor…
5. Make a good first impression…
6. Organize your legal paperwork…
7. Consider management succession…
8. Know your reason for selling…
9. Get your advisory team in place…
10. Keep your eye on the ball…”

Of course, a well-managed small business would have most of these steps taken care of and be ready to sell at any moment.

(Via BizzBangBuzz)

Most business owners don’t know how long they should hold on to old records. According to the IRS, here’s how long you should keep those records:

Permanently:

• general ledgers and journals
• payroll records, including W-2s, 940s, 941s
• year-end financial statements
• tax returns and supporting documents
• articles of incorporation, bylaws, meeting minutes, etc.
• retirement plan records
• mortgages and deeds

10 Years:

• bank statements and cancelled checks
• AP & AR documents
• invoices and billing information (customers and ventors)
• leases
• contracts with clients and suppliers

7 years:

• expense reports
• employee agreements/contracts/termination records
• documents related to litigation
• inventory documentation

3 years:

• employment applications
• employee disability and illness benefit records
• expired insurance policies
• general correspondence

This information is helpful but our favorite rule of thumb is to “save everything” and keep anything older than a few years in storage. Unless your business deals with mountains of paperwork, that method will be the easiest way to keep it simple and safe.

If you are a Corporation or LLC, then also make sure that you are complying with record-keeping, minutes and annual reports. Click here to learn about our ComplianceLock™ service which can automate these tasks.