Experts Weigh In: How is Your Business Transitioning From Summer to Fall?

Back to SchoolJust as it’s time to take the little ones back to school, it’s time for the adults to “go back to school” in a way as well. The summer is typically a time for fitting in vacation where you can, and taking it a little easier due to the slow season. But with fall quickly approaching, small businesses everywhere are figuring out how to make transitioning from summer to fall as seamless as possible.

We asked our panel of small business experts about how they’re making the transition, and this is what they had to say! Continue reading

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3 Great Tips on Delegation from Abraham Lincoln

3 Great Tips on Delegation from Abraham LincolnIt’s time to rethink delegation.

Too often this means distributing routine tasks so we can focus on bigger projects. But that’s not delegating — that’s unloading busywork. Delegation should be strategic. If you’re not taking advantage of employees’ skills, perspectives, and interests, you’re missing opportunities to build your team and your business.

A 2013 survey reported 53% of business owners believe delegating would grow their business over 20% — yet less than 15% say they already assign everything they should. We know delegating helps our bottom line, but we’re stuck on how to do it well.

According to the book Lincoln on Leadership, Abraham Lincoln’s delegation strategy included three main concepts: persuade, support, encourage. Although much has changed since the 1860s (indoor plumbing for one!), his effective techniques serve as the following timeless lessons for us all.

1. Persuade Through Shared Vision.

William Seward, Secretary of State, believed Lincoln was “totally unqualified and incompetent.” Undeterred, Lincoln earned Seward’s respect. They visited troops, discussed strategies, and shared patriotic vision. Lincoln convinced Seward they shared values, and then fully tasked international diplomacy to demonstrate trust in Seward.

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Why Knowing When to Step Back from Your Business is One of the Most Important Entrepreneurial Skills of All

Why Knowing When to Step Back from Your Business is One of the Most Important Entrepreneurial Skills of AllWhat are the defining characteristics of a successful entrepreneur? Passion, tenacity, and flexibility all make the list, for sure, but how about being a bit of a control freak? That probably figures somewhere in there too. And undoubtedly, the determination to constantly succeed can make it difficult for entrepreneurs to let go of the reins, even a little.

However, learning to loosen your grip marks a coming of age for any business owner; it’s an essential part of growing a business. It’s those who cling on to controlling every last operational detail that are often the ones holding their business back from reaching its full potential.

So why is it beneficial to detach yourself from your precious business venture? The main reason – and it may seem a little at odds with itself – is that while you may be a veritable business-building machine, part of becoming a truly great business leader is recognizing that you possess neither the time nor the expertise to do everything by yourself.

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ABCs of Small Business Industry: B is for Banking

As we enter week four of our series, we decided to look at a slightly different industry – banking. Now, focusing on banking may seem a bit odd. After all, most people don’t consider banking as something an entrepreneur can even get into. And while there are loads a regulatory loopholes to jump through, plenty of entrepreneurs do start their own bank! And running a bank can be quite lucrative. So if you have experience in the financial industry, and are looking for a change, this could be just the post for you! banking

How do you start a bank?

Like any business, you need to identify a need. Most communities are served by big-name banks like Chase or Bank of America, and people gravitate towards names they recognize. But even if it feels like your community is over saturated with corporate banks, there could be a place for a small, community bank, like if you decide to focus on serving a particular section or area of the community. Some people also like being able to meet face-to-face with a high-level executive to talk about loans or their account – something they’d never be able to do at a corporate bank.

If the market looks good, you then need to work on getting everything organized. Most states require banks to have multiple directors, who then put in an initial offering to get the bank started, usually around 25% of the bank’s starting capital. Since banks need a lot of capital to run, this is usually a substantial amount of money. Most banks sell off shares to raise the rest of their capital.

When your ducks are in a row, you file for a state or federal charter. Filing this form typically costs thousands of dollars, and requires a substantial amount of preparation. You’ll need to include information like feasibility studies, applications for the directors, projected costs, projected salaries – the state or federal government effectively needs to decide whether or not you’ll be successful before granting a charter. After this, you apply for deposit insurance from the FDIC, which requires banks to prove they have enough capital to cover any risk and losses. It will take a few months before the charter application is processed and, once it is approved, you normally have about a year to start the bank officially.

What business structures are best suited for banking?

Because banks are required to have directors, executives, and shareholders, a bank has to be some sort of corporation. However, in some states, a bank is an entity in itself. Though it is run in the same way a standard corporation is.

How stable is the banking industry?

Very. Because banks have to apply for a charter, an outside organization effectively reviews their business plan and target market, and determines whether or not the idea is viable. Banking costs a lot of money, but if you get a charter, you can usually bet that you’ll be successful. The rate at which banks fail has also slowed substantially as the economy has recovered.

Interested in community banking? Have any questions about the banking industry? Leave a comment below, or give us a call at 1-877-692-6772!

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Come Hangout with Us on Google+!

Have any questions about starting your own business? Not sure where to even start? Not to worry! We are proud to announce that, in conjunction with the Google Small Business Community, our CEO Deborah Sweeney is going to be fielding any and all questions about the legalities of starting your own business this Thursday. The Hangout starts tomorrow at 12:30 PM, and if you want your questions answered, you’ll need to RSVP and submit them to the moderator here.

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So don’t forget to tune in! We’re really excited about this opportunity, and look forward to a great discussion.

 

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The Importance of the Domain Name: Get a Free One Today!

Domain NameAdded 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.

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What Kind of Entrepreneur Should You Be? (Infographic)

Do you know what your entrepreneurial style is like? Our latest infographic is a handy flowchart to help you decide if you’re a solopreneur, mompreneur or dadpreneur, social entrepreneur, or partnership. And once you figure out the kind of ‘trep you are, check out what our panel of 75 small business experts have to say about the kind of entrepreneur they classify themselves as!

What Kind of Entrepreneur Should You Be

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ABCs of Small Business Industries: A is for Automotive

automotive industryWelcome 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! 

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How to Build a Solid Sales Team

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. Sales Team 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.

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