One of the first steps to creating your own business is picking your name. You can change your name in the future, but almost every entrepreneur is set on getting it right the first time. Maintaining your business name can significantly help your brand consistency. Whether it’s your first business or one of many, you’ve probably spent a bit of time thinking of the perfect name, and have inevitably asked – what some common business name mistakes to avoid during this important choice? Continue reading
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. Continue reading
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?
We’re huge fans of Small Business Saturday here at MyCorp. Along with offering our own annual promotion for newly minted entrepreneurs, we try and spread word of the event as far and wide. Past Small Business Saturdays have been wildly successful – in 2013, customers spent $5.7 billion at independent merchants during SBS. But if that isn’t enough to convince you to participate, take a look at these other awesome perks!
American Express Promotional Material
Small Business Saturday was actually created by American Express, and the credit card company continues to sponsor the shopping holiday. And so there are tons of perks from AmEx that small business owners can use! They offer free ads and signage to everyone, and if you accept American Express cards, they’ll even put your business on their map so potential customers can find you.
Premier Partner Perks
AmEx has lined up a few premier partners with their own promotions to sweeten the deal for small business owners. You can list yourself on EventBrite, get free signs from FedEx, and free ads from Yelp! Facebook is also a partner, and if you need some social marketing advice to help you promote the big day, there’s plenty of the official page.
Most communities really rally around the idea of supporting their local main street merchants. So, at the very least, your local chamber of commerce will probably plan on putting something together for to support and promote Small Business Saturday. Check in with them and see what’s on the agenda, and how you can get your business listed as a SBS participant.
Small Business Saturday is November 29th, so if you haven’t started prepping, start now! You’ll be part of a growing tradition, and reach plenty of busy shoppers. And be sure to check back here to find out what we are offering to new small business owners this Saturday!
Added to the list of pros that comes along with incorporating your business is that now, when we help you out with your filing, you get a free domain name to call your very own!
Thanks to our partnering with Arvixe, when you incorporate with MyCorporation you’ll also be scoring on a great domain name deal that includes…
- One free domain name for life (.com, .net, .org, or .us)
- Unlimited disk space and data transfer
- One year of website hosting, absolutely free
- Unlimited email addresses
- Arvixe forum support
- Secure and reliable hosting
- Automatic installation of software
Domain names are an important part of starting a business. Today, there aren’t many businesses out there that don’t have a website attached to their name. It’s how they’re found and, oftentimes, evaluated by customers. The perfect website can make or break a business, and that all starts by obtaining a domain name.
Get the ball rolling by incorporating and claiming your free domain name today!
Give us a call at 1 (877) 692-6772 and we’ll be happy to help you out every step of the way.
Welcome to week three of our ABCs of small business industries! Today’s focus in the series? The automotive industry! This particular industry works alongside anything involving the design, manufacturing, marketing, development, or selling of motor vehicles. What’s not included here, however, are auto repair shops or any sort of gas station.
If your dream has always been to run your own vintage car garage or design automobiles, keeping the following areas in mind to ensure a smooth start!
What do you need to get started?
The biggest hump you’ll have to get over in starting a business in the automotive industry is familiarizing yourself with all the industry rules. This industry in particular has a strict list of guidelines to abide by and follow, but, luckily, the Small Business Administration has you covered. Details on emission standards, how to become a registered motor vehicle importer, knowing the ins and outs of automobile certification, and information on the automobile federal trade commission will all come in handy to keep under your belt in such a robust industry.
Additionally, make sure you have a registered agent in place to handle all of your state mail and remind you of important deadlines, a business/operating license so you can do business where you’d like, and a federal tax ID (EIN) in place if you plan on hiring a strong team to come and join you.
What sort of entity should you form going into the automotive industry?
Though every business owner has the choice of filing whichever entity he feels best suits him and his business, it is common for business owners in the automotive industry to file as an LLC, probably largely in part to the appealing nature of the pass through taxation. This means that business owners who file as an LLC will only be taxed once, whereas with other entity forms, they could be getting taxed twice at both the company level and again at the owner. An LLC is also very easy to get started as well as easy to maintain.
How healthy is the industry?
Around the world right now, there are over 1 billion cars. According to Edmunds.com, “16.4 million car buyers are expected to continue to flock to the market, taking further advantage of more freely flowing credit to refresh the oldest vehicle fleet in history.”
Being that the automobile is the primary mode of transportation around the world, we have formed a strong sense of dependency on the automotive industry – and if you’re planning on starting a business to help out those who need extra assistance with their vehicles, now is a great time to do it!
Want to put the pedal to the metal and start your business in the automotive industry? MyCorp can help you get started! Just leave a comment below, or give us a call at 1 (877) 692-6772, and we’ll help you get your licenses, DBAs, and EINs squared away!
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.
Operating agreements are one of the most vital, and overlooked, tools in running a limited liability company. We’ve actually covered operating agreements as part of our ‘ABCs of MyCorp’ series, but we never delved into what an operating agreement should actually say. As a quick refresher, an operating agreement is essentially a document that defines how the LLC will be run, and the SBA recommends that every LLC draft one. The trouble is that only a couple of states, like Missouri and New York, legally require new LLCs to have an operating agreement. But without the rules, structure, and regulations an operating agreement provides, your LLC could be in serious trouble if partners disagree, a member wants to leave, or if the state starts questioning the validity of your LLC. Operating agreements are also pretty easy to draft and only need to cover a few key areas.
For years, MyCorporation has been honored to help thousands of new entrepreneurs to get their new small business started on the right foot by incorporating or forming an LLC. But business maintenance doesn’t end when the articles of incorporation are filed! There are actually a few more steps to ensuring your new entity is compliant and ready for business. In order to help educate new business owners, and answer one of our most commonly asked questions, we are happy to reveal our new video, “What happens after you incorporate or form an LLC?”
Step 1. Apply for an Employer Identification Number. An EIN is going to be needed if you want to open a business bank account, or if you want to hire employees.
Step 3. Look into what business licenses you have to apply for. Licensing varies depending on locality, entity, and industry, so it is a good idea to consult with a professional who can help you figure out exactly what you need.
Step 4. Remember to stay on top of annual maintenance. Most states will require business entities to file an annual report, which will have some basic information on your business like its name, address, registered agent, and industry. You also have to document any changes to the corporation or LLC. If you bring on new owners, or new investors, make sure to make note of it. You should also update your operating agreement or bylaws as new owners and investors will probably want a say in how the company is run.
Step 5. Thinking about expanding outside of your home state? Well, remember that you have to apply for permission to do business in any new state. If you don’t, you could be looking at hefty fines and dissolution of your business in that state. So don’t forget to file to qualify as a foreign entity in any state you plan to expand into.
Have any questions about corporate or LLC maintenance? Need help figuring out what you need to file? Just give MyCorporation a call at 1-877-692-6772 and we will be happy to help you out!
I’ve always believed that my business’s success hinges on the open and honest relationship I have with my team. I have to trust that my employees will do the job they were hired to do so I can focus on running and growing the company. However, I have unfortunately had to deal with members of my team breaking that trust in the past. And, while you should always consider giving people a second chance at the workplace, second chances also mean you should look at what they did, and determine whether what happened was a minor transgression, or a serious breach of trust.
Look at the big picture
It can be really easy to focus too heavily on the employee when making this sort of decision, but you need to consider a lot of different factors. Firing someone can leave a long-lasting impact on your business, especially if other employees don’t agree with your decision. Was this betrayal of trust more personal, or professional? Occasionally we have to swallow our personal pride for the betterment of the company, and objectivity is key to making this sort of a decision. If this is an isolated incident, then maybe a second chance is in order.
Consider the impact on your business
If this employee has proven themselves to the company and has spent years working within it, firing them could hurt your business. So you need to ask yourself if the employee’s separation will actually be good for the company. Do they contribute to inter-office harmony? Are they replaceable? Will their absence help or hinder day to day operations? Being slighted by someone you trust is always a jarring experience, but it isn’t worth sacrificing your team’s dynamic to make a point. But if this employee did actually harm the company, it may be worth sending them out the door for good.