A 2014 study by Google found that a little over half of small businesses have a website, though it’s likely that number has gone up since the survey was done. Still, the fact that a little under half of small businesses don’t even have a website it appalling – without one you are losing customers every day. Over 50% of people surveyed said they look up a business online before making a purchase, and that same study found local searches are twice as likely to lead to a purchase. Creating a solid web presence, though, is more than just parking a site under ‘yourbusiness.com’ – you’re going to have to put in a bit more effort to see any real returns. (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…)
The IRS, nearly every state tax agency, and even some cities require employers to withhold a certain amount from their employee’s paychecks to cover income tax, social security, and medicare obligations. These are payroll taxes, and it’s your responsibility, as a small business owner, to collect and send them in. The amount varies from state to state, and in some cases city to city, but there are three main steps to collection.
Everyone you hire fills out a W-4, which gives you some basic information like family size and other deductions. (more…)
Payroll may seem like a straightforward topic, but there is a lot more to it than just tracking hours and cutting checks. Unfortunately a lot of small business owners don’t realize that and, before they know it, they’re up to their ears in tax forms and reports they’ve never even heard of. Calculating, and staying on top, of payroll can actually be pretty complicated, especially if you don’t have a background in accounting. So what do small business owners absolutely need to know about setting up a payroll system?
You must withhold taxes
The federal, state, and local governments can all levy tax on income, and it is your responsibility as an employer to withhold the necessary amounts from your employee’s paychecks and send that into the proper agency. (more…)
This is easily one of the most commonly asked questions we get. Each state has different rules and regulations when it comes to income tax. Most have both, some don’t collect personal income tax, and a few don’t college corporate income tax. And to a new business owner forming a corporation, forming in a state without a corporate income tax might sound awesome! After all, who likes paying taxes?
Unfortunately, things aren’t that cut and dry, and there are good reasons why so many business owners opt to stay in the state that they do business.
You can form a corporation in another state
Recently we’ve started exploring an often over-looked sector of American small business – franchises. Franchising is a major part of our economy, accounting for 4-5% of the country’s GDP, according to the IFA. It’s also a great way for people to be their own boss and open a business, without having to start from scratch. A misconception amongst would-be franchisors, however, is that they’ll get everything they need from the main-office. While that’s partly true, there are a lot of ways MyCorp can help franchisors.
We act as another level of support
When you buy into a franchise, you usually get three things from the head office – a right to use its name, access to its system of success, and some assistance when you first start out. (more…)
2015 is officially here! And business forecasters all across the internet are scrambling to their crystal balls to give their predictions as to what is, and isn’t, going to work in the new year. Of course, if you regularly follow our blog, you’d know we beat them by a good month with our infographic “2015 Small Business Industry Predictions.” But just in case you missed it, or you want a refresher as to what we think will be the best industries to start a small business in, here’s a quick rundown of what we think is going to happen.
What industries are going to do well in 2015?
This week we are looking at an industry very near and dear to MyCorporation – Business Services! This is a fairly broad industry, but essentially companies in it help other businesses. That could mean filing paperwork, providing tech support, processing data… the list goes on and on. Businesses helping businesses – what could be better? If you’re considering forming your own company in the business services industry, we’re here to help you out!
Where do you start?
Since business services is such a broad category, it’s kind of hard to answer this question. At the very least you need a ‘Doing Business As‘ name, and should consider filing for an Employer Identification Number. You’ll also need to have all your permits and licenses in order. Unfortunately the ones you need really depend on what other industries you fall into. A tech support company, for example, would need different permits and licenses than a remote office administrator service.
It can feel odd hiring a sales team after you start your business. You were probably the only salesperson for the first few years of your company’s life, and giving up such an important responsibility can be jarring. However, if you want your business to succeed, you have to learn how to delegate and grow. Actually having a sales team is very different than doing sales yourself. You need to trust them, and their skills, implicitly, even if how they sell is different from how you sold. With that in mind, when you first begin to hire and train your sales staff, remember to…
Look for personability
Friendliness and personability are two of the most important qualities of a successful salesperson. It doesn’t matter if someone has three decades of sales experience – if they’re pushy or irritating while selling, they’re going to lose clients. Sales has changed a lot over the last few years. Cold calling is a wash, and the best way to bring in customers is actually through inbound marketing. Your sales staff has to be able to connect with your customers and talk them through the sale, rather than throw pitch after pitch at them.
Content marketing is amazing. Studies have found that inbound and content marketing cost 62% less than traditional marketing, and yet brings in three-times as many leads. If you don’t blog, you’re missing out on a huge marketing opportunity, and a great chance to network. Over the last year or so, we’ve really amped up our cross-blogging, and we’ve seen some amazing results. New markets have opened up, our web presence has never been bigger, and we’ve made some great new partners.
But, in finding new partners to blog with, we’ve noticed that some businesses don’t know the first thing about cross-blogging. So to help those of you experimenting with inbound marketing out, here are a few tips on how to make your cross-blogging experience positive and rewarding.
Make suggestions and share ideas
Some of the best articles we’ve ever written have come from ideas brainstormed with our cross-blogging partners. However, entrepreneurs can be a little skittish when it comes to sharing ideas. Now when a business is built on an idea, guarding it makes a lot of sense, but if that idea is nothing more than a possible topic for an 800-word article, you don’t have to treat it like a trade secret. So feel free to pitch ideas with your partners, and build off of each other’s suggestions. A major part of cross-blogging is networking. You want to forge a strong, working relationship with the people you partner with, and brainstorming is a great way to do just that.
Keep the relationship light
New bloggers sometimes get a bit overly zealous when contributing or accepting a post. Before anything is written, they want a thirty-page contract filled out in triplicate and faxed to their attorney’s office. Remember, you aren’t sharing revenue or starting a business together. You’re cross-blogging. A few simple requests like ‘don’t plagiarize’ and ‘don’t publish this somewhere else’ are really all that you need.
Don’t ask your partner to do all the work
We feel like this should go without saying, but we’ve had way, way, too many potential partners ask us to just write the post for them. There’s no quicker way to ruin this networking and marketing opportunity than by shirking all of your responsibility and expecting someone else to pick up the slack. Treat others the way you want to be treated. Would you want a crummy, hastily written article, riddled with spelling and grammar errors on your blog? We doubt it. Any articles you send to your partner should be insightful, unique, and engaging, and you should expect the same of them. That way no one feels slighted, and your new partnership starts off right.
Interested in contributing a guest post? We’d love to talk to you! Click here to read our author guidelines, pitch an idea, and get in contact with our social media team.