In our line of work, we are introduced to hundreds of small businesses on a daily basis- and we LOVE it! Each entrepreneur brings something so drastically different and special to the table. Though when we stumbled upon Campus Enterprises recently, we couldn’t help but be intrigued by their unique story.
Campus Enterprises is a company completely run by Duke University students. Though, going beyond any typical student-run business that provides “for the students, by the students,” Campus Enterprises also has a large presence in the community surrounding Duke University. They offer such services as food delivery, laundry, note-taking, screen printing, cleaning, marketing, and expansion. As their website states, they’re a “one-stop shop for your daily needs.”
We had the pleasure of interviewing Campus Enterprises about their inspiration for the business, its history, and what the students who participate, as well as the community, gain from this unique venture. Continue reading
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?
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
You have your business plan in one hand, and a cup of very strong coffee in the other. The paperwork is being processed, and the website is in the final round of edits. Your small business is almost ready to launch, but you’re worried you might be missing something.
Websites and business books are full of best practices, quick tips, and mistakes to avoid, but building a successful business isn’t strictly about the business itself. You need to build three pillars that will help launch your vision into the world. Continue reading
Small business leaders play a huge role in the development of their company’s employees. They have an impact on their development, actions and every day performance. So how they act with their employees is crucial. Here are the five most important traits every business leader should have: Continue reading
This week we are looking at reasonable compensation, a legal necessity for anyone running a Corporation. Reasonable compensation is connected to one of the most fundamental parts of working for a company – getting paid – and yet it’s so widely misunderstood. When you form an Corporation, you create a separate, legal entity that ‘earns’ money. You then pull your wage from those earnings and pay whatever payroll taxes you owe.
In order to close a loophole wherein those running the corporation could ask for an extremely low salary, pay next to no payroll taxes, and then close the wage gap with distributions, the IRS requires that all corporate officers and executive be paid ‘reasonable compensation.’ But what constitutes reasonable compensation is a little more murky.
Who needs to be concerned with reasonable compensation?
Anyone that is runs, or helps run, a C-Corporation or S-Corporation must be reasonably compensated for their work. Continue reading
When your cash flow does not meet your working capital and growth requirements, you can turn to financing through factoring or asset-based lending for a solution.
Many of your customers delay payment on their invoices for 30, 60 or even 90 days – putting a strain on your business’s ability to meet its own financial obligations. Factoring and asset-based lending (ABL) are two solutions that can help you quickly replenish your cash flow. Continue reading
When a business owner files for a delayed filing, he or she is putting their business’s paperwork on hold until a later date. This may not seem entirely productive because, often, getting paperwork to go through the state for you business can be a waiting game, anyway. But a delayed filing can be strategic for the success of your business when used correctly.
Here are three reasons a business may opt for a delayed filing: Continue reading
Three out of four people who start their own business do so because they’re captivated by a vision. They want to be on their own, they want to be their own boss. Opportunity awaits! It’s exhilarating, being an entrepreneur; the ultimate rush.
But wait. What about that other one in four entrepreneurs, the ones who don’t start with a vision of opportunity? How do they get to be entrepreneurs without that drive?
A surprising number of people leap into entrepreneurship not because they want to, but because they have to. They’re driven not by an inner vision, but by circumstance.
As of mid-2104, after years of economic recovery, there are still two seekers for every job opening. That’s not counting part-timer employees who seek full-time work, overqualified workers (like college grads forced to flip burgers), and other people hankering to move up from low-wage jobs.
There’s a remarkable variety of “accidental entrepreneurs” out there. Their ages span half a century, from teens to retired folks. They all have one thing in common: they need to earn, and can’t find a good job.
Take a look around and you’ll see how ordinary folks respond to adverse circumstances by pulling their own bootstraps — and lifting themselves up to new, more exciting possibilities.
MyCorporation has spent the last fifteen years working tirelessly to help entrepreneurs realize their dreams and start their own businesses. Our mission has always been to make the lives of small business owners just a little bit easier. And it is with that mission in mind that we are proud to announce our new partnership with Paycheck Accounting Online℠!
Since its founding in 1971, Paychex has been a proven leader in payroll outsourcing, and today Paychex helps over half-a-million businesses to easily monitor and handle payroll, benefits, and human resources.
And now MyCorporation customers can start using Paychex for only $4.99/month for the first 3 months, with the rate increasing to a mere $19/month after that. All you have to do is sign up through this page and complete your business profile, and Paychex will start helping you handle your payroll, allowing you to focus on what you do best – running your business.
We are really excited for this partnership, and know our clients will love working with Paychex.
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. But 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