We cover a lot about how to start the business of your dreams, but what happens after you’ve been in business for a while? It’s typical for small businesses to go through a slump, or even, in some cases, to close. Here are three easy ways to avoid that, and start maintaining your business at the best of your ability! Continue reading
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.
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.
Welcome back to business basics! In case you’ve forgotten, every week we take a look at a basic business concept in order to try to help new business owners better understand it. This week, we are covering Return on Investment, or ROI – a fairly straightforward, but often misunderstood, part of running a business! Though you may think you know all about ROI, you could be using it incorrectly. But first…
What is ROI?
Return on Investment, or ROI, is pretty easy to grasp – heck, the definition is right in the name. It’s whatever return you get after your invest in some part of your business. So if you hire 2 new salespeople, a basic measurement of ROI will be the money they bring in, minus their wages. Continue reading
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.
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!
“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
Foreign bank accounts are one of the most misunderstood tools of business banking. When people hear about foreign bank accounts, they picture shady, offshore Cayman Island accounts, or the strict, private banks of Switzerland. The reality is much less exciting. There are plenty of reasons why a business would want a foreign account. International banks facilitate international business, which helps pay for foreign contractors, cover payroll, and invest in emerging markets. However, because offshore banking is so heavily associated with tax dodgers, the federal government keeps a close eye on any business with a foreign bank account, and requires entities with such accounts to file an annual Report of Foreign Bank and Financial Accounts (FBAR).
What is a FBAR?
This is a simple form that some entities with foreign bank accounts must file with the Department of Treasury. Officially called FinCEN Form 114, it asks for the filer’s personal information and the information related to any foreign accounts overseen. The bank’s name, type of account, and the maximum value of the account all have to be disclosed. (You can download the form at the Department of the Treasury’s website.)
Your business needs a website – end of story. In 2014, only 53% of small business had an active website, and yet 97% of consumers reported searching online for products or services. That discrepancy is absolutely insane! The most commonly given reason for not having a website is that the business doesn’t need one which is far from true: a small business without a website will fail to reach a huge part of its market. So if you don’t already have one, you need to start building a business website now. We can’t tell you what to put on that site, but we can help you plan it out by covering four things your site should have.
This one is pretty obvious – you need a domain name if you’re going to build a site. Anyone without a site is already late to the game, but as long as your business’s name isn’t too common – i.e. John Smith Flowers or Jane Smith Tires – you should be able to grab a domain name that’s fairly close to your DBA name. However, if you’re too late and your desired domain is taken, you can choose a domain that doesn’t directly match your ‘Doing Business As’ name. You just need to remember that it’s now your job to make it clear what business your customers are dealing with, so make sure your DBA name is clearly seen on your site.
Famous for white water rafting, coal mines, and the Appalachian National Scenic Recreational Trail, we’re taking a closer look at how to incorporate in West Virginia today, and all the great benefits it has to offer small business!
Home to West Virginia University, the 95th best public university in the country, and to Morgantown, a city ranked by Forbes as #10 for being one of the best small cities in the country to conduct business in (ranking from 2010), West Virginia also has a corporate income tax rate of 7%, which has been scheduled to be reduced to 6.5% in 2014.
If you’re a west Virginia resident, there’s a good chance you’re involved in the coal business. In terms of coal-producing, West Virginia is ranked the second biggest coal-producing state in the U.S. (first place goes to Wyoming). So if you want to start a business in the coal industry, West Virginia could be the perfect place for you and your business.
We decided to do something a bit different with our weekly business basics post this time around, and instead look at a new service we’ve just started offering – business license compliance packages. We’ve covered business licenses before, but we thought it’d be a good idea to revisit the topic and explain why we decided to start offering this service to our customers. Our team kicked around the idea for awhile, trying to figure out whether or not there was any demand for this type of service, and we realized that there were three questions we’d have to be able to answer before launching.
Why offer business license compliance packages?
MyCorporation has always aimed to meet all of the needs of new business owners. The next logical step after creating your business is to apply for all of the licenses you need to legally open your doors. Without the right licensing, you’re effectively dead in the water. So expanding our offerings to include licensing just makes sense.