Unemployment insurance, at its root, is pretty easy to understand – it’s just a program meant to protect workers that become involuntarily unemployed. But because it is run on a hybrid state-federal system, and is often calculated based on weird variables like experience ratings, the entire concept quickly becomes muddled. Most states also change rates and maximum taxable wages on a year-by-year basis, so what was paid last year may not be the same this year. Thankfully, as long as you learn a little bit about unemployment programs and stay on top of those annual changes, UI shouldn’t cause too many problems. (more…)
We’re a couple weeks into 2016, and we’re already starting to see some trends form. In our industry specifically, we’ve been noticing the following:
1.We are seeing a growth in small business s-corporation elections to minimize the risk of audit and put owners of the business on payroll to save on potential employment taxes. This is a trend because as small businesses incur more expenses (increasing minimum wages in many states, health care costs and the cost of employees), they are looking for ways to save on taxes. Business owners who put themselves on form an s-corporation and put themselves on payroll are able to save on self-employment taxes because they only pay self-employment taxes on the salaried portion of their income (as long as the salary is reasonable) and not on the remainder of the income. (more…)
2015 was definitely a year for partnerships at MyCorporation. We teamed up with some great companies, and we’ve been yielding really positive results. We wanted to ask the small business community how they go about creating and maintaining their successful partnerships.
Here’s what they had to say… (more…)
‘Safety’ can mean a number of things to a small business owner. Safety from a data breach, safety from an intrusion, and creating a safe, inclusive environment to work in are just some of the concerns constantly in the back of an entrepreneur’s mind.
We asked our small business experts how they interpret the word ‘safety,’ and the ways in which they strive to keep their businesses safe. (more…)
Small businesses close for a number of reasons. Whether a new venture comes along that the owner can’t refuse, or making ends meet just becomes too much, every business has its own story. We asked our small business experts to tell us about businesses they’ve had to close, and what they learned from the process. Here are our favorite answers… (more…)
Every small business goes through a number ups and downs throughout its life. We wanted to know what small business owners are considering their biggest milestones to be. Here’s what our small business experts had to say…
They say there’s no teacher like experience. No matter how many books you read or how many successful business owners you talk to, you truly won’t know what it’s like to run a business until you get your hands dirty and… well, run a business. We asked our small business experts what they’ve learned since opening their businesses. Here’s a list of our favorite answers… (more…)
A question every small business owner should ask himself is, “what gets my customers in the door?” There are lots of reasons a customer could choose your businesses, but we found it often boiled down to three main options: customer service, competitive pricing, or the product/service itself. Of the entrepreneurs we asked, 50% think their customers choose their business due to their customer service. Product comes in at second at 43%, and price was dead last at .06%. We asked our small business experts to elaborate on why they think their customers choose them over competitors. Here’s what they had to say… (more…)
It’s no secret that providing excellent customer service can lead to earning repeat business, and overall success. We wanted to find out what customer service tricks other small businesses were utilizing to keep their customers happy. So we asked our small business experts what their number one customer service tip is. Here’s what they had to say… (more…)
A fear of failure can be paralytic, especially to a small business owner or would-be entrepreneur. It means losing all the time, effort, energy, and money risked on an enterprise. But what if someone said that failure was a good thing? That, in fact, feelings of failure and defeat carry the true key to success?
Our good friend Fran Tarkenton argues exactly that in his new book “The Power of Failure“. Fran Tarkenton is no stranger to failing – he helped bring the Minnesota Vikings to the Super Bowl three times during the 1970’s, and each time lost. After turning to business, the first two companies he founded eventually folded. But he didn’t allow himself to be engulfed by that failure and now, as CEO of Tarkenton Companies, is a wildly successful entrepreneur.
Failure, he posits, is a gift that brings incredible power. In “The Power of Failure” Tarkenton shares never-before told stories of his time in the NFL, and the personal, occasionally painful, moments he experienced. Through his own hard-learned lessons and invaluable advice given to him from friends and mentors like Sam Walton and Bernie Marcus, Tarkenton lays out the myths and truths of failure, and how to follow through to success. (more…)