There is no doubt that Orange County, California, is one of the centers of the overseas Vietnamese community in the USA. Doing business here gives our clients access to a healthy local market and offers undeniable access to international business opportunities. However, this unique cultural mix also presents our clients at Lan Quoc Nguyen & Associates with certain challenges.
You have established a successful small business in Westminster and built up a strong customer base. Yet recently you notice that you have been losing business to a new rival company that just opened up a few months ago. You start hearing that it offers services very similar to yours, and then you drive past one day and are shocked to see that its logo and name are nearly identical to yours! Can it do this?
Most people in California’s Little Saigon area know what it feels like when somebody takes credit for their idea or work. Whether it is a childhood incident done to gain favor or an adult incident done to gain money, it hurts. And it makes you angry. Whether you are an artist, techie or entrepreneur, your work, or intellectual property, is your own. Unless, of course, you work for someone else. If that is the case, the company is the one who owns the IP. But the hurt and anger are still the same, and it is still wrong to use another’s ideas or work.
Faulty records have been the downfall for many a business owner. Fallout from recordkeeping mistakes is no respecter of business size either. Large corporations, small establishments, mid-size companies - all California organizations and their leadership must prioritize stringent documenting of business transactions.
As a small business owner in Westminster, you need to take full advantage of every resource at your disposal in order to stay competitive. That includes the unique ideas, processes, symbols or brands that are used in your business. So what happens when one of your competitors copies one or more of those unique elements and starts incorporating them into its operations? Can it do so without your permission or having to compensate you for their use?
For Vietnamese business owners in California’s Little Saigon/Westminster area and beyond, setting up or restructuring your company as an S corporation has some advantages to consider. This business form limits the number of shareholders and offers some appealing tax benefits as well. Here is a brief look at some of the pros and cons of forming an S corporation.
Whether you are looking to grow your start-up or are looking for fresh talent to add to your booming California business, utilizing investors is an excellent way to gain access to industry knowledge, strategy and financial support. While it is critical that you find investors, who share your passion for your product or service, it is equally as important to look at other details that will greatly support your mission and success.
America is home to countless families who sought better opportunities and better lives. For generations, the country has been recognized for its diverse and success-driven mentality; it is this mentality that has driven immigrants from all over the world to work toward a better future. California is just one of many places to welcome communities such as these with open arms.
They seem to appear on every corner and in nearly every city, and are a hub for shoppers and beauty queens alike: nail salons have long been an important part of America's thriving businesses, but many Californians are unaware of their unique Vietnamese roots. Yet just as with any business, these salons can run into their own types of difficulties.