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How to Improve the Outcome of your Press Releases

To a great majority of people, especially those that are not business-oriented, a press release is nothing but a simple way to gain publicity. That might be true, but it is of great value to anyone looking to expand his business to greater heights.

Not every press release that reaches the media is published or aired. A good reporter believes in creating not just informative but also interesting and eye-catching stories. Therefore, if there is no story to your story, then your press release might be declined which won’t help your growing business.

To help grow and expand your small business, here are four techniques that you can use to improve the outcome of your press releases: (more…)

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West Virginia Is Leading The Charge For Young Entrepreneurs

Whenever most people think about start-ups and young entrepreneurs, their minds tend to  picture Silicon Valley or Silicon Beach. Though California is synonymous with up and coming businesses, it may not be for much longer.

Across the country, West Virginia passed legislation on March 12, 2016 that is breaking down the barriers of entry for young entrepreneurs.  Effective July 1, 2016, West Virginia House Bill 2897, also known as the Young Entrepreneur Reinvestment Act, will waive business filing fees for residents under the age of 30. Filing exemptions for non-profit and for-profit corporations as well as limited liability corporations are included in this bill. (more…)

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How to Turn Your Hobby Into A Business This Summer

Summer is the season to take the time to enjoy the beautiful weather. It’s also when the sun is out a little longer, allowing us more time to enjoy the hobbies we love. Be it knitting a sweater or organizing a softball game with friends, summertime is the best time to make, create and build on the things we love. For young entrepreneurs, it is also the best time to take those hobbies to the next level. There is nothing greater than creating a successful business doing the things you love, especially when you can start today. Below are some tips to spend the least amount of money while still making sure your new business is off to a successful start: (more…)

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Starting a Business Debt-free: Benefits of Using 401(k) Business Financing

When it comes to small business financing options, it’s usually traditional funding methods that come to mind: working capital loans, SBA loans, business lines of credit, etc. But did you know an alternative option exists that’s allowed thousands of entrepreneurs to launch businesses debt-free? It’s called a Rollover for Business Start-up (ROBS), and it enables you to leverage your own retirement assets to buy a business without having to pay any tax penalties or get a loan. (more…)

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Business Basics: State Unemployment Insurance

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…)

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Enter to Win $500 In MyCorporation’s #ILoveMyBusiness Contest

People become entrepreneurs for a variety of reasons- they can’t stand the corporate lifestyle, they want to become the master of their own destiny, or they’ve had a dream of opening a business for as long as they can remember. People stay entrepreneurs because they love what they do.

In celebration of Valentine’s Day, we want to see all the ways you love your business. And we’re giving away $500 to one lucky winner through our “#ILoveMyBusiness” photo contest!

Entering is simple. Submit a photo showcasing why you love your business to contest@mycorporation.com along with a description of what’s going on in the photo in 25 words or less, the name of your business, and your company URL. The more creative  the photo is, the better – we really want to see the love in the photo!

Deadline for submissions is February 29th, and the winner will be emailed March 1st, so start snapping photos now to enter in! Limit one picture per entry applicant. For more information on the contest, rules, and additional questions, visit our website at contest.mycorporation.com.

Good luck, entrepreneurs! We’re excited to see all the ways you love your business!

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Business Basics: An Employee Review… When You’re the Only Employee

Employee reviews get a bad rap – a lot of people assume they’re meant to judge a person’s work and weigh whether or not they are worth their wage. In reality, reviews are a great way to force a person to reflect on the past year, figure out what they’ve done well, and highlight potential growth areas. And you don’t suddenly outgrow their use after creating your own business. Too few small business owners actually take time to reflect on the past year; we assume we made money so, therefore, we did well enough. That’s a dangerous attitude, as it leaves you open to stagnation and contraction. This year, instead of just closing out the books and handing them to your accountant, do an employee review and really figure out just how well you did.

What do you ask?

Think back to your last employee review, and remember your manager brought up. Reviews are usually pretty standard, so you’ll be asked to come in with some accomplishments and possible improvements. There’s then a quick ten to twenty minute back and forth to sketch out goals and ideas for next year, and you’re done. Your one-person review does not need to look any different. It’s the end of the year, so you have a good idea how you did financially, but think of a few ideas or initiatives you’re particularly proud of and jot them down. Then ask what you’d change if you could do it over, and write those down as well. You’ve just outlined a plan of attack for next year. Keep doing what you do well, adjust as needed to help spur improvement, and plan out whatever new initiatives need adoption to ensure those improvements happen.

Do you have to talk to yourself?

No – in fact, if you can, involve someone else. You’re more than capable of doing this “review” on your own, but outside perspective is invaluable. We are our own echo chambers – we always wind up thinking our own ideas are good. But what you need is someone to bounce ideas off of. Someone to poke holes in your plan, and refine that sketch you just put to paper. Involving someone else also adds a bit of culpability to the process. Not only does it force you to actually think about, and write down, that list of accomplishments and improvement areas, but talking about that list means someone else knows your plan, and may ask about it periodically over the next year. Extra, external motivation is always helpful.

What’s the point?

Honestly, this process is something every business owner should do already. But running a business is tough, tiring work. And at the end of the year, when life is already hectic and you have tons to get done before January first, the last thing you’ll want to think about is next year’s plan of attack. Small business owners are great at mapping out big plans and focusing in on microscopic details. We usually aren’t great at connecting them. This employment review exercise helps by forcing us to see what works, and how we can leverage our talent to meet attainable, worthwhile goals over the course of the next year. Then, when 2016 hits, you aren’t forced to fly by the seat of your pants.

Ready to start your own business? Need some help with the process? Click here, or give us a call at 1-877-692-6772!

 

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Business Basics: Should You Opt for a Delayed Filing?

Procrastination tends to hit business owners hard when it comes to incorporating or forming an LLC. A lot of small business owners resolve to file the necessary paperwork, and then never do. And now they’re facing the end of another year and wondering if it’s even worth filing this late in the game. Believe it or not, it is! But around this time of the year, we usually tell customers to consider a delayed filing over a traditional, immediate action. Delayed filings are the perfect option for businesses owners who know…

They want to form an LLC or Corporation

Forming a limited liability company or incorporating is easily on of the best ways to protect yourself and your personal assets from any debts associated with the business. The government treats corporations and LLCs as their own legal entities, separate from the owner or owners. Any debts it incurs, loans it takes out, or judgments against it are therefore its responsibility and, in most cases, your personal assets will not be seized to pay for those debts. However, forming an LLC or incorporating requires the company’s managers to jump through a few extra loopholes, like paying fees and filing reports annually. Incorporate or form an LLC now, and you may be on the hook for 2015’s fees, even though the company only existed for a month. Plus, depending on your state, you may have to file different returns for the months your business was not its own entity, and the month it was.

That’s where delayed filing comes in. A delayed filing allows you to file the proper paperwork now, and set an “effective on” date a month or so into the future. That way you finish out this year as a sole proprietorship or partnership and, early next year, your LLC or Incorporation is officially approved and formed.

They do not want to be rushed

There is a lot of work that needs to be done at the end of the year. You have to put your books in order, evaluate the staff, and make it through the holiday season. But forming a legal business entity comes with its fair share of responsibilities as well; if you rush through your paperwork, and anything is amiss, the state will reject your filing. We are right at the cusp of December, so take this brief bit of time to make sure your ducks are all in a row – you have a registered agent, a physical address, and a protected DBA name – and then fill out your forms and opt for a delayed filing. That way you won’t have to struggle through all of the normal, extra work that comes in December and January.

They don’t mind waiting a little bit

I know how frustrating it can be to wait on the government to approve your paperwork, but trust me, patience pays off. You actually save a bit of time filing now and opting for a delayed filing instead of filing at the beginning of next year because a lot of businesses wait until the start of the year to send in their forms. State offices get swamped, the delay gets longer, and then you’re stuck waiting until February or March to hear whether your LLC or Corporation was formed. A delayed filing means your paperwork is approved before that rush or, at the very least, that the state will put your paperwork at the top of next year’s pile.

Ready to form an LLC or Corporation? Want us to help you file the right paperwork or opt for a delayed filing? Click here or give us a call at 1-877-692-6772

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Reflecting Back on Six Years in Business

With 2015 on the cusp of wrapping up, I’ve been reflecting back on the last six years of owning MyCorporation. It’s been a long road, but we wouldn’t be where we are today (thriving!) if we hadn’t experienced each and every twist and turn. It all started back in 2004 when I joined the MyCorporation team, not as the CEO but as the vice president of legal affairs. With years in law school and some time in a law firm partnership, I was happy to be applying my legal knowledge in an area that interested me. In 2005, the business was acquired by Intuit. The acquisition brought about a much-needed new perspective on running MyCorporation, but there was still untapped potential that I was wishing I could get my hands on. Then, finally, in 2009 I purchased the division. And now here we are- six full years later! (more…)

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