With companies like Sargento, Carmex, and Oshkosh B’Gosh calling the state home to their branding headquarters, Wisconsin ranks at #41 on the Forbes best states for business list and is noted for its manufacturing, healthcare and agricultural industries. As far as its namesake for dairy goes, Wisconsin is noted for producing a quarter of the nation’s cheese, making it number one in the United States for cheese production and second for milk and butter production.
Your business needs a website – end of story. In 2014, only 53% of small business had an active website, and yet 97% of consumers reported searching online for products or services. That discrepancy is absolutely insane! The most commonly given reason for not having a website is that the business doesn’t need one which is far from true: a small business without a website will fail to reach a huge part of its market. So if you don’t already have one, you need to start building a business website now. We can’t tell you what to put on that site, but we can help you plan it out by covering four things your site should have.
This one is pretty obvious – you need a domain name if you’re going to build a site. Anyone without a site is already late to the game, but as long as your business’s name isn’t too common – i.e. John Smith Flowers or Jane Smith Tires – you should be able to grab a domain name that’s fairly close to your DBA name. However, if you’re too late and your desired domain is taken, you can choose a domain that doesn’t directly match your ‘Doing Business As’ name. You just need to remember that it’s now your job to make it clear what business your customers are dealing with, so make sure your DBA name is clearly seen on your site.
Famous for white water rafting, coal mines, and the Appalachian National Scenic Recreational Trail, we’re taking a closer look at how to incorporate in West Virginia today, and all the great benefits it has to offer small business!
Home to West Virginia University, the 95th best public university in the country, and to Morgantown, a city ranked by Forbes as #10 for being one of the best small cities in the country to conduct business in (ranking from 2010), West Virginia also has a corporate income tax rate of 7%, which has been scheduled to be reduced to 6.5% in 2014.
If you’re a west Virginia resident, there’s a good chance you’re involved in the coal business. In terms of coal-producing, West Virginia is ranked the second biggest coal-producing state in the U.S. (first place goes to Wyoming). So if you want to start a business in the coal industry, West Virginia could be the perfect place for you and your business.
Want to start a small business this summer, but aren’t sure where to begin? Here at MyCorporation, we researched the six biggest business trends taking off in summer 2014 in our latest infographic. From barbecue and grill sales to ice cream trucks, we’re exploring the annual growth of each of these industries, yearly revenue, and plenty of cool facts that you’d have never guessed otherwise. (Who knew Saturdays are statistically proven to be the busiest day of the week for car wash facilities?)
It’s the last week of our entrepreneurs by the ages series here on the MyCorp blog! From teen entrepreneurs to entrepreneurs in their 20s, 30s, 40s, and 50s, our final post celebrates entrepreneurs in their 60s and beyond as they share with us their stories about starting up a small business, the obstacles they’ve encountered, and the rewards that being an entrepreneur has given them.
1) “I began my professional career as manager of a Coronary Care unit and a Non- Invasive Cardiology Unit Supervisor in local area hospitals. In my free time I developed an interest in the science and art of chocolate. Gaining chocolate making skills through a blend of personal exploration and formal education I attended a Master Chocolatier certificate program that enabling me to learn techniques with Master Chocolatiers of the Tuscany region of Italy. My journey to becoming a Chocolatier led to my founding Donna & Company in 2005 and establishing my own chocolate brands, CocoaBee® Honey Caramels and Donna Toscana® Tuscan Style® Chocolates and Fundamental. My chocolates have appeared on the NBC TODAY Show, in the New York Times, New Jersey Monthly, Dessert Professional, Park Place Magazine and numerous other media outlets. I was named Best Chocolatier by NJ Monthly magazine and Local Hero, Food Artisan of 2010 by Edible NJ magazine.”
- Diane Pinder, 61, Chocolatier/Founder, Donna & Company
2) “I’m an entrepreneur who is 74. I started my business at 55. After a long career in management in the public, private, and nonprofit sectors, I was working as a consultant in a small firm. After several years I realized I had learned the “business” and was actually good at product development, marketing, and sales. My younger sister who had started her own business a few years before was my inspiration. So, as we say, ‘I stepped off the cliff and grew wings on the way.’ Over the past 19 years, I’ve reinvented my business several times as the needs of my markets have changed. I’ve added professional speaking, writing books, webinars, and digital products to my mix of face-to-face consulting. The best parts of being an entrepreneur at my age are: being able to use my creativity to craft new products and services for my customers and wider market, thus staying mentally active; creating my own work schedule to accommodate lots of physical activity including yoga, Tai Chi, and walking to stay physically and mentally fit; and living a life that is fulfilling on every level. I have cut back on my road warrior travel and allowed technology to help me communicate around the world more. I will never be isolated because I have made friends around the world and I keep up business and personal relationships with them. I have no plans to retire. I’ll just keep innovating, reinventing, and tapping into my imagination until it’s time to go.”
- Rebecca Staton-Reinstein, Ph.D., 74, President, Advantage Leadership, Inc.
3) “Most of my career, I worked in administration. I am almost 70, and have now become a designer. I designed a protective bag, BORSAbag. I am in an unknown environment. The way I describe it is I feel as though I’m in a vast field of tall grass with a machete. I just keep whacking away to find my path.
At this stage of my life, I have accumulated some savings and am in a better position to finance my design. I feel secure in taking that risk, mainly because I am married, and know that if I lose my investment, I will still be okay. I have more peace of mind to take the necessary risks. I constantly think about my product, how to improve it, additional uses for various sizes, and how to introduce BORSAbag to everyone. The downside of being my age is I can’t afford to take too much time to make decisions. I must think about it, address it, and decide, and then move on to the next step. I have made sure that my infrastructure is strong, I have my inventory, and now I must make an announcement from the highest mountain to get my word out there. Time is of the essence.
BORSAbag is a simple, yet very unique product. It can be used to protect anything. The key is: Always Inside Out. The small pouch stays clean and dry, and can be stored safely in pocket or purse even though the large protective bag is wet or dirty. The Bag For All Seasons; The Bag For All Reasons®”
- Diane Piper, 69+, President/Designer, BORSAbag LLC
We decided to do something a bit different with our weekly business basics post this time around, and instead look at a new service we’ve just started offering – business license compliance packages. We’ve covered business licenses before, but we thought it’d be a good idea to revisit the topic and explain why we decided to start offering this service to our customers. Our team kicked around the idea for awhile, trying to figure out whether or not there was any demand for this type of service, and we realized that there were three questions we’d have to be able to answer before launching.
Why offer business license compliance packages?
MyCorporation has always aimed to meet all of the needs of new business owners. The next logical step after creating your business is to apply for all of the licenses you need to legally open your doors. Without the right licensing, you’re effectively dead in the water. So expanding our offerings to include licensing just makes sense.
Here at MyCorp, we love profiling small businesses that have incorporated with us and we’re excited to introduce you to the founders of Vintage Iron Garage LLC, Jesse Vaughan and Ken Brown, on our blog!
Jesse and Ken are factory Mercedes-Benz trained technicians that completed their apprenticeship under one of the top 30 Master Guild Mercedes-Benz technicians in the country. This created an unprecedented foundation built on doing work with a high level of quality, service and attention to detail that few ever reach. They took those core values, combined them with their vast and ever expanding knowledge base and skill level and adapted them into the classic/vintage car industry. Both were born with a huge love of classic cars and were involved with building one-of-a-kind custom cars since they were big enough to hold a wrench!
Vintage Iron Garage strives to educate the public on the value, and equally important, fun aspects of vintage automotive ownership. Classic cars aren’t just utilitarian modes of transportation, but are members of the family to which a lifestyle is often born. Their business works with the customer step by step to ensure everything they need is provided for a completely positive experience.
If you ever find yourself in a position where bankruptcy is your best option, it’s critical that you’re prepared. The following are three things you should know about sole proprietorship and bankruptcy and what it means for you and your business.
1. You and “the business” are not separate entities.
You may wonder if it’s possible to file bankruptcy for the company and not involve your own credit in the process. In short, the answer is no. Even though you have a license from the city for “doing business as” you do not get to sever yourself from your company entirely in times of bankruptcy. While corporations and LLCs are able to keep their personal accounts out of their business, as sole proprietor you are not. Make sure to check all of your finances and consult a bankruptcy attorney to see how your decision to file will affect you in both the short and long term.
If you want to form an LLC or incorporate in Washington, you’ve got quite a few perks on your side. The Evergreen State is noted for its marine climate, with high levels of rainfall, forests that cover 52% of the state’s land area, and scenic mountains for a beautiful backdrop. It’as also the home to where many of the world’s biggest brands got their start including Microsoft, Starbucks, Boeing, and Nordstrom.
Big business aside, the state is also just as good to the small business. Ranked with Forbes as #9 on the best states for business list, Washington doesn’t levy personal income tax or collect corporate income tax or franchise tax. The state base sales tax is currently at 6.5% (though in Seattle it’s at 9.5%), but businesses may still be subject to specific forms of taxes from B&O (business and occupation) tax to gross receipts tax and even excise tax for any company that sells alcoholic beverages, cigarettes, or gas.
Thumbtack.com ranks the state with a B- in overall friendliness and gives it an A- in ease of starting a business – and we can make that even easier to get your start with our tips on how to form an LLC or incorporate in Washington!
After spending three weeks with teen entrepreneurs, twentysomething ‘treps, and entrepreneurs in their 30s and 40s, we’re taking a look at savvy entrepreneurs in their 50s! Our 30 professionals profiled today have plenty of pearls of wisdom that come with being in business including opting for triads over partnerships and that there is no glass ceiling when you work for yourself.
1) “So I’ve done a LOT! I’ve worked for companies, I’ve owned companies. The best part about being an entrepreneur at age 53 is that I’m in control of my destiny. Many of my friends are worried about their retirement accounts, for me, being an entrepreneur is like early retirement with a cash faucet! I can work as much or as little as I want or need. I don’t plan to retire, I do what I love and plan to keep on doing it.”
- Karen Yankovch, 53, Owner, Social Media Brand Strategist
2) “The best part of being an entrepreneur in my 50s is that I’ve already made a WHOLE LOT OF mistakes. I also have learned that nothing is quite as good or quite as bad as it seems, so I’m less panicked and more stable in my thinking. I’m also much more focused on working smart not hard, but often still do some of both!
Many people require structure and need to be told what to do and have goals set for them. The biggest challenge with being an entrepreneur is time management and making sure I get the stuff done that I don’t like doing, before I get into the fun stuff. It’s a scheduling thing, but here again, I’ve been doing it for quite a while, so I know when I need to just hunker down and clear off the desk.
One last word of advice for entrepreneurs – think triads, not just partnerships. While partnering with like minded and complementary businesses is great, developing triads is even better. If I can get two people together that can help each other, it’s easy for me to tag along, because if it’s helpful, they both have a reason to include me where appropriate. Win-Win-Win is better than Win-Win.”
- John Schaefer, 59, Founder and President, Schaefer Recognition Group
3) “After receiving my MBA in Finance I worked on Wall Street for about 20 years as a fixed income trader and proprietary equity trader before leaving to open up a company that originated commercial mortgage loans and then sold them to banks who turned them into bonds. When Lehman Brothers failed and the market seized I had the opportunity to open a title insurance firm which I jumped on. Six years later and we are doing great.
The best thing about being an entrepreneur at 50+ is the autonomy it provides to do and run things the way that you think best. The issue with being an entrepreneur at 50+ is the fact that if for some unforeseen reason the business does not work out, prospects for getting hired in the conventional job market are dicey. For that reason I just have to make sure that we succeed!”
- Mike Haltman, 54, Owner, Hallmark Abstract Service