Deborah Sweeney

Author Biography

is the CEO of MyCorporation.com. MyCorporation is a leader in online legal filing services for entrepreneurs and businesses, providing start-up bundles that include corporation and LLC formation, registered agent, DBA, and trademark & copyright filing services. MyCorporation does all the work, making the business formation and maintenance quick and painless, so business owners can focus on what they do best.

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http://www.mycorporation.com/

Business Basics: Return on Investment (ROI)

Welcome back to business basics! In case you’ve forgotten, every week we take a look at a basic business concept in order to try to help new business owners better understand it. This week, we are covering Return on Investment, or ROI – a fairly straightforward, but often misunderstood, part of running a business! Though you may think you know all about ROI, you could be using it incorrectly. But first… ROI

What is ROI?

Return on Investment, or ROI, is pretty easy to grasp – heck, the definition is right in the name. It’s whatever return you get after your invest in some part of your business. So if you hire 2 new salespeople, a basic measurement of ROI will be the money they bring in, minus their wages. Continue reading

ABCs of Small Business Industry: B is for Banking

As we enter week four of our series, we decided to look at a slightly different industry – banking. Now, focusing on banking may seem a bit odd. After all, most people don’t consider banking as something an entrepreneur can even get into. And while there are loads a regulatory loopholes to jump through, plenty of entrepreneurs do start their own bank! And running a bank can be quite lucrative. So if you have experience in the financial industry, and are looking for a change, this could be just the post for you! banking

How do you start a bank?

Like any business, you need to identify a need. Most communities are served by big-name banks like Chase or Bank of America, and people gravitate towards names they recognize. But even if it feels like your community is over saturated with corporate banks, there could be a place for a small, community bank, like if you decide to focus on serving a particular section or area of the community. Some people also like being able to meet face-to-face with a high-level executive to talk about loans or their account – something they’d never be able to do at a corporate bank.

If the market looks good, you then need to work on getting everything organized. Most states require banks to have multiple directors, who then put in an initial offering to get the bank started, usually around 25% of the bank’s starting capital. Since banks need a lot of capital to run, this is usually a substantial amount of money. Most banks sell off shares to raise the rest of their capital.

When your ducks are in a row, you file for a state or federal charter. Filing this form typically costs thousands of dollars, and requires a substantial amount of preparation. You’ll need to include information like feasibility studies, applications for the directors, projected costs, projected salaries – the state or federal government effectively needs to decide whether or not you’ll be successful before granting a charter. After this, you apply for deposit insurance from the FDIC, which requires banks to prove they have enough capital to cover any risk and losses. It will take a few months before the charter application is processed and, once it is approved, you normally have about a year to start the bank officially.

What business structures are best suited for banking?

Because banks are required to have directors, executives, and shareholders, a bank has to be some sort of corporation. However, in some states, a bank is an entity in itself. Though it is run in the same way a standard corporation is.

How stable is the banking industry?

Very. Because banks have to apply for a charter, an outside organization effectively reviews their business plan and target market, and determines whether or not the idea is viable. Banking costs a lot of money, but if you get a charter, you can usually bet that you’ll be successful. The rate at which banks fail has also slowed substantially as the economy has recovered.

Interested in community banking? Have any questions about the banking industry? Leave a comment below, or give us a call at 1-877-692-6772!

Come Hangout with Us on Google+!

Have any questions about starting your own business? Not sure where to even start? Not to worry! We are proud to announce that, in conjunction with the Google Small Business Community, our CEO Deborah Sweeney is going to be fielding any and all questions about the legalities of starting your own business this Thursday. The Hangout starts tomorrow at 12:30 PM, and if you want your questions answered, you’ll need to RSVP and submit them to the moderator here.

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So don’t forget to tune in! We’re really excited about this opportunity, and look forward to a great discussion.

 

The Importance of the Domain Name: Get a Free One Today!

Domain NameAdded to the list of pros that comes along with incorporating your business is that now, when we help you out with your filing, you get a free domain name to call your very own!

Thanks to our partnering with Arvixe, when you incorporate with MyCorporation you’ll also be scoring on a great domain name deal that includes…

  • One free domain name for life (.com, .net, .org, or .us)
  • Unlimited disk space and data transfer
  • One year of website hosting, absolutely free
  • Unlimited email addresses
  • Arvixe forum support
  • Secure and reliable hosting
  • Automatic installation of software

Domain names are an important part of starting a business. Today, there aren’t many businesses out there that don’t have a website attached to their name. It’s how they’re found and, oftentimes, evaluated by customers.  The perfect website can make or break a business, and that all starts by obtaining a domain name.

Get the ball rolling by incorporating and claiming your free domain name today!

Give us a call at 1 (877) 692-6772 and we’ll be happy to help you out every step of the way.

What Kind of Entrepreneur Should You Be? (Infographic)

Do you know what your entrepreneurial style is like? Our latest infographic is a handy flowchart to help you decide if you’re a solopreneur, mompreneur or dadpreneur, social entrepreneur, or partnership. And once you figure out the kind of ‘trep you are, check out what our panel of 75 small business experts have to say about the kind of entrepreneur they classify themselves as!

What Kind of Entrepreneur Should You Be

ABCs of Small Business Industries: A is for Automotive

automotive industryWelcome to week three of our ABCs of small business industries! Today’s focus in the series? The automotive industry! This particular industry works alongside anything involving the design, manufacturing, marketing, development, or selling of motor vehicles. What’s not included here, however, are auto repair shops or any sort of gas station.

If your dream has always been to run your own vintage car garage or design automobiles, keeping the following areas in mind to ensure a smooth start!

What do you need to get started?

The biggest hump you’ll have to get over in starting a business in the automotive industry is familiarizing yourself with all the industry rules. This industry in particular has a strict list of guidelines to abide by and follow, but, luckily, the Small Business Administration has you covered. Details on emission standards, how to become a registered motor vehicle importer, knowing the ins and outs of automobile certification, and information on the automobile federal trade commission will all come in handy to keep under your belt in such a robust industry.

Additionally, make sure you have a registered agent in place to handle all of your state mail and remind you of important deadlines, a business/operating license so you can do business where you’d like, and a federal tax ID (EIN) in place if you plan on hiring a strong team to come and join you.

What sort of entity should you form going into the automotive industry?

Though every business owner has the choice of filing whichever entity he feels best suits him and his business, it is common for business owners in the automotive industry to file as an LLC, probably largely in part to the appealing nature of the pass through taxation. This means that business owners who file as an LLC will only be taxed once, whereas with other entity forms, they could be getting taxed twice at both the company level and again at the owner. An LLC is also very easy to get started as well as easy to maintain.

How healthy is the industry?

Around the world right now, there are over 1 billion cars. According to Edmunds.com, “16.4 million car buyers are expected to continue to flock to the market, taking further advantage of more freely flowing credit to refresh the oldest vehicle fleet in history.”

Being that the automobile is the primary mode of transportation around the world, we have formed a strong sense of dependency on the automotive industry – and if you’re planning on starting a business to help out those who need extra assistance with their vehicles, now is a great time to do it!

Want to put the pedal to the metal and start your business in the automotive industry? MyCorp can help you get started! Just leave a comment below, or give us a call at 1 (877) 692-6772, and we’ll help you get your licenses, DBAs, and EINs squared away! 

Experts Weigh In: What Kind of Entrepreneur Are You?

Experts Weigh In - What Kind of Entrepreneur Are YouHere at MyCorp, we know entrepreneurs come in all shapes and sizes, but how do you know what kind of entrepreneur you are? We spoke with 75 ‘treps about where they stand on the entrepreneurial scale – from solo entrepreneurs to serial entrepreneurs and even artrepreneurs and bropreneurs, find out what style suits you best!

1) “I love being a single mompreneur as it has allowed me to be there for my kids over the last ten years, while still building my business during early morning hours, while they are in school, evenings and some weekends. I recently hired my oldest daughter to help part time and we both enjoy the time we spend together working on the business.”

- Theresa Polley, Owner, Retreat in the Pines

2) “I’m a solopreneur and my favorite part is having other solopreneurs on a similar journey who I can bounce ideas off of and share experiences with. I also love being able to completely chart my own course and decide for myself what my business is going to be about.”

- Matt Becker, Founder, Mom and Dad Money

3) “My wife and I work together in our full time, award winning, photography studio. We used our wedding gift money to get started in 2009 and we’ve been growing ever since. We do about $175,000 in gross sales a year and that’s a lot considering the industry where everyone has a camera and are hiring pros less often.”

- Michael J. Molinski, Owner/Photographer, Photographics Solution

4) “I am an Attorneypreneur. My favorite part of being an attorneypreneur is that I get to think like a business person but get to help my fellow lawyers in the legal community.”

- Matt Reischer, MBA/JD, CEO, LegalAdvice.com

5) “I am an entrepreneur; well actually, I am two types, a solopreneur and mompreneur. My favorite part about being an entrepreneur is the ability to run my own business, ability to continue raising my family on my time, and being the wife and mom, I need to be. I am in charge of ethics, morals, and any other decisions to continue a smooth operating business.”

- Sedaria Williams, Founder and Sr. Publicist, Airades Public Relations

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How to Build a Solid Sales Team

It can feel odd hiring a sales team after you start your business. You were probably the only salesperson for the first few years of your company’s life, and giving up such an important responsibility can be jarring. However, if you want your business to succeed, you have to learn how to delegate and grow. Sales Team Actually having a sales team is very different than doing sales yourself. You need to trust them, and their skills, implicitly, even if how they sell is different from how you sold. With that in mind, when you first begin to hire and train your sales staff, remember to…

Look for personability

Friendliness and personability are two of the most important qualities of a successful salesperson. It doesn’t matter if someone has three decades of sales experience – if they’re pushy or irritating while selling, they’re going to lose clients. Sales has changed a lot over the last few years. Cold calling is a wash, and the best way to bring in customers is actually through inbound marketing. Your sales staff has to be able to connect with your customers and talk them through the sale, rather than throw pitch after pitch at them.

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ABCs of Small Business Industry: A is for Agriculture

ABCs of Small Business Industry: A is for AgricultureWelcome to the ABCs of Small Business Industry here on our MyCorp blog! In case you’re just tuning in to join us, each week we’ll be looking into a different industry to see what all you need to get started therein, the types of entities most popular within said industries to form, and the overall job outlook to determine if it’s going to be sustainable to you and your business or not. Last week we kicked off the posts with a look at how to get started in accounting and this week. we’re exploring agriculture and the wide world of food operations, farming, and CSA (community supported agriculture) groups in it!

What do you need to go into the agricultural industry?

Every business is run a little differently than the next, but if you plan on making and/or selling food to the public you must have a food license. This license ensures that the food you’re growing, selling, or making is wholesome and safe for the public to consume and without this type of license in place, your business could face serious consequences. Additional licenses to know about include the retail food license (for businesses selling food directly to the customer) and a food processing plant license (for wholesale use, meaning you can sell not only to the customer but to major grocery store chains and online). There are several rules in place for anyone in food operations to keep in mind before they can receive their license so be sure you meet all the requirements and personnel standards.

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Experts Weigh In: How I Think Outside of the Cubicle

Experts Weigh In: How I Think Outside of the CubicleAh, summertime. Warm days filled with plenty of sunnin’ and funnin’… but you’re marooned at your computer in the office while seemingly everyone else in the world is outside having the time of their lives. If you feel like it’s time to shake things up this summer at the workplace, take the advice of these 17 entrepreneurial pros to step away from the cubicle and get the team hiking, biking, and zip-lining!

1) “At Clarke, we have garden plots on the campus for people to grow their own veggies as snacks. People line up for the chance to weed, water, and more! We have a day of giving, where we go out as a company and do things like harvest heirloom seeds and work in soup kitchens. We just began the process of converting our campus to having a natural prairie walking path one open to the community as well.”

- Laura McGowan, The McGowan Group

2) “We’re a virtual company so we get 100% of our work done from home and encourage our full-time employees (60+ people) to get up and moving out of their home offices. This summer, our Co-Founder Dennis Najjar instituted the 150 Mile Challenge, challenging employees to walk 150 miles over the course of the summer and rewarding those who complete it with $150 prize. The challenge runs from May 1st to August 31st and nearly half the employees joined in, using FitBits, phone apps and other tracking methods to log their miles. So far we’ve logged more than 2,000 miles! We’ve dubbed it #150ADCMiles!”

- Andrea Boccard, Marketing Manager, AccountingDepartment.com, LLC 

3) “Employees of The Guardian Life Insurance Company of America (Guardian), one of the nation’s largest mutual life insurers and a leading provider of employee benefits, hosted a flash event on June 11 to show support for The New York City Police Museum (NYCPM), which, like Guardian, was displaced from its home following the devastating effects of Hurricane Sandy. However, unlike Guardian, the Museum has yet to return to its home at Old Slip due to the extent of the storm-related damages. Over 100 Guardian employees performed a dance routine at Old Slip Park (adjacent to The NYCPM’s permanent home at 100 Old Slip) for about 3-4 minutes, then quickly dispersed. The official video can be viewed on YouTube here.”

- Ana Sandoval, Manager, Media Relations, The Guardian Life Insurance Company

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