Orange County Register

Today’s tip is from Mike McDerment CEO and founder of FreshBooks, an online invoicing and time tracking service.

Mike McDerment

Since the start of the recession in December 2007, 1.9 million jobs have been lost. US employers cut 533,000 jobs in November alone – the most in any month since 1974, according to the Bureau of Labor Statistics. The Bureau of Labor Statistics also reports that there are currently 25.7 million self-employed professionals.

With the weakening economy and more layoffs from large companies on the horizon, the number of those self employed is destined to rise. For those knocked off the corporate ladder who choose to make a go of it on their own several cost effective tools exist that will help add a level of professionalism to your venture.

Try using the following tools to cast a larger shadow for your business.

1. Invoicing and Time Tracking Service: The most essential function for any business is getting paid. It is foolish to think that clients and customers will voluntarily send payments in full, let alone on time.

Try using FreshBooks online invoicing and time tracking service to cut payment time by an average of 14 days, look more professional by branding company invoices and put an end to spending endless hours drafting invoices and searching for receipts in that old shoebox.

2. Conference Call Line: Real time collaboration is extremely important. Whenever there is a need to communicate between three or more parties, FreeConferenceCall.com offers free private conference lines and is a great alternative to fumbling around with three way calls. The added efficiency will be looked at with high regards.

3. Office Space: Although you have a lovely home it is no place to hold a business meeting. Neither is the local coffee shop for that matter, no matter how good their muffins are.

Holding meetings in communal office space is more comfortable for those involved while also limiting distractions. (Here’s some info about O.C.) With minimal costs and daily, weekly or monthly rates available these can be a great option for those looking for more routine in their work day.

4. Domain Name: The first course of business after making the decision to create your own business should be your website.

A static site that requires little to no updates will do.This page will act as your store front; provide you with a professional email domain and spell out for potential customers what exactly it is that you are offering.

5. LLC: A limited liability company is not difficult to establish and will relive you, personally, from the debts and actions of the LLC.

Establishing an LLC adds a level of legitimacy to your business and will make it easier to distribute payroll when and if you decide to hire employees.

If you have a tip, resource or strategy to help small businesses, click here to send it to me. If I use it, I’ll give you credit and link to your web site.

More business stories…

• Freeline Skates moves to Orange County
• Historical O.C. villa reopens for weddings
• O.C. florist invests to fight recession
• Do you think your toll-road transponder is ugly?
• Daily tip: Avoid cutting employee perks
• Poll: How is your company coping with economic downturn?
• UPDATE: Oh no! 9.25% sales tax on some service businesses
• Historical O.C. villa reopens for weddings
• O.C. florist invests to fight recession
• Do you think your toll-road transponder is ugly?

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