ABCs of Small Business Industry: G is for General Contracting

This week we’ve chosen to cover a very important sub-sector of the construction industry, general contractors. Now we did previously cover construction companies in an ABCs of Small Business Industry post. And you may be asking yourself if there are any differences between the two – don’t worry, there are. General contracting is a very specialized industry, with its own host of regulations and policies to follow. So how do you start a general contracting firm? general contracting

First, you need to be a licensed general contractor

Contractors are licensed, typically by the state. And without that license, you can’t offer your services as a general contractor. Licensing requirements vary from state-to-state, but most states maintain a database of active licenses, which the public can search through. Most of the companies looking for a general contractor will also want to see some sort of college training. Continue reading

Experts Weigh In: How does your business celebrate Halloween?

Halloween pumpkinThe cotton cobwebs are popping out, you can buy just about anything in a pumpkin flavor, and “Creative Costume Ideas” is the number one Google search these days. That’s right, Halloween is in the air. MyCorporation likes to celebrate by dressing up and having a spooky-themed pot-luck for lunch (complete with Mummy Pizza and a bubbling Witch’s Punch).

We asked some of our small business experts how their businesses were celebrating the holiday and this is what they had to say!: Continue reading

Experts Weigh In: What did you sacrifice to start your small business?

20 Ways to Kick Stress to the Curb and Have Fun with Your StartupEvery small business owner needs to make some sacrifices to start the business of their dreams. Luckily, as most entrepreneurs will tell you, the things that you give up often have a way of finding their way back to you once your business finds its groove.

From time, to money, to missing their own wedding party, these 45 small business experts let us in on what they had to give up to get where they are today.  Continue reading

ABCs of Small Business Industry: C is for Construction

The construction industry has had a rough few years. After the economy dipped and the Great Recession began, a lot of construction and housing projects were suspended or shut down, and the industry was easily one of the hardest hit. Because of this, many are apprehensive to start their own construction firms, and while construction is slowly picking up, one of the biggest concerns entrepreneurs in this industry have is how to protect themselves if the economy dips again. Construction IndustryBut if you start off on the right foot, and take a few precautions, you can run a successful business in the construction industry.

How do you start a construction company?

Construction is a bit different than other industries. For one, you can’t just file for a ‘Doing Business As’ name and start building houses. Continue reading

Business Basics – Estimated Tax Payments

Estimated tax payments are one of the biggest shocks for new business owners. They know that they have to pay taxes, they just don’t realize they have to send in a check four times a year! Most businesses that expect to more than $1,000 – or $500 if the company is incorporated – in taxes have to make estimated payments to the IRS. And, since the next quarterly payment is due on September 15th, we thought it’d be a good idea to do a quick rundown of what estimated tax payments are.

Estimated Tax Payment

What are estimated tax payments?
Exactly what they sound like. These payments are simply what you’d normally owe on your income. However, since you don’t have an employer to withhold and send in what you owe, you have to do it instead.
Continue reading

Experts Weigh In: How is Your Business Transitioning From Summer to Fall?

Back to SchoolJust as it’s time to take the little ones back to school, it’s time for the adults to “go back to school” in a way as well. The summer is typically a time for fitting in vacation where you can, and taking it a little easier due to the slow season. But with fall quickly approaching, small businesses everywhere are figuring out how to make transitioning from summer to fall as seamless as possible.

We asked our panel of small business experts about how they’re making the transition, and this is what they had to say! Continue reading

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

Continue reading

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

Continue reading

Experts Weigh In: How I Keep My Business From Burning Out

How I Keep My Business From Burning OutSummer is finally here, and for small business owners everywhere this is the time to relax and take a breather from last winter’s busy season, keeping up with resolutions from New Year’s, and filing taxes in the spring. But for some entrepreneurs, stopping to take a breather can easily mean just stopping… period. Before you burn out on your start-up, let our panel of 23 professionals fill you in on what you can start doing this summer to pump up your business and have a lot of fun, while beating the summer heat!

1) “We are based in gorgeous Santa Monica, CA, and are a walk away from the beach which means some of the most stunning work breaks you can think of. Given that this summer is the World Cup and we are a very diverse company, we encourage everyone to wear their country’s jerseys and will be showing major games in our movie room. We will also be sponsoring different meals based on the soccer teams playing that day! Every Friday during the summer, we break out the cocktails or head out to our local winery (bodega wine bar) to talk about the week over some yummy drinks for happy hour. For bonding, we have a monthly poker tournament which works well especially since we are growing and adding new faces often. It gives our team a great opportunity to bond with new members over a game of all in or fold.”

- David Daneshgar, Co-Founder, BloomNation

2) “We’re taking advantage of our green rebranding efforts to keep everyone psyched about coming into the office. Aside from bagel Fridays and get-to-know-your vendor meetings, Shoplet is instating an office-wide Share competition, whereby we motivate employees with fun, summer-friendly prizes to participate in our latest social media campaign Care. Share. Grow. (For each Share of a social media graphic, Shoplet plants a tree with Trees for the Future). The latest winner of our Share competition won tickets to a Yankees versus Red Sox game this September! In a way, the competitive spirit around the office unites us. It generates chatter and revs up excitement for our green initiatives.”

- Tony Ellison, CEO & Founder, Shoplet

3) “One way I plan ahead for the summer is by offering my employees a finder’s fee for each employee they refer. My argument is that there are no better headhunters than those who already work for you, especially because they are entrenched in the fast-paced environment every day and understand your business’ nuances, thus know whether the person they are referring can handle the pressure. After any prospective candidate is hired and works successfully for two months, I offer the finder employee a cash incentive of $50. It’s a tactic I’ve used for years and found that it’s been incredibly successful at combating summer turnover.”

- Dan Sacco, Owner, Pancheros Mexican Grill

Continue reading

10 Declarations of Entrepreneurial Independence

Small businesses are an important part of the American landscape. They’re a major driver of the American economy – 55% of all jobs are created by small business - and the entrepreneurial spirit is as much of a part of our culture as baseball and apple pie. Here at MyCorp, we thought it’d be great to celebrate our upcoming Independence Day by featuring some of our favorite quotes about entrepreneurial independence!

Henry Ford

 

“If money is your hope for independence you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience and ability.” —Henry Ford, Founder of the Ford Motor Company

 

Continue reading