Why Are Your Designers Leaving You?

Why Are Your Designers Leaving You?Whether your firm is small and speaks to niche-based needs or you are a large company that is trying to be everything to everyone, you won’t get far if you lose designers along the way! A good UX designer is hard to come by, and if you find them and keep losing them, you may need to consider some of the factors going into play as to why you’re losing quality professionals.

You’re Not Paying Enough

Everyone likes to talk about how a great work environment and perks really matter in the workplace, but at the end of the day, it’s all about money. If you are not paying a competitive wage, you are going to find that great professionals may end up at your company, but aren’t going to stay there. Design is an industry that is notorious about underpaying the people who work in it, and if you are guilty of this, word will get around. Make sure that you know what the industry standard is. Depending on the designer that you hire and what their experiences in the field might be, you can be looking at anywhere from $40,000 to $100,000 a year. Good designers expect to get paid for their efforts, and if you do not step up, they’re going to step out!

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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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ABCs of Small Business Industries: B is for Builders (and General Contracting)

5 Safety Precautions to Practice While Relocating to a New OfficeWe’re onto our next ‘B’ in our “ABCs of Small Business Industries” installment! Today’s ‘B’ is for builders (or,  general contracting)! If you’ve dreamed of construction since you were organizing your building blocks as a young child, now might just be the perfect time for you to make your move. Not sure where to start? We’ll help you out. Continue reading

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Business Basics: Return on Investment (ROI)

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… ROI

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

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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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Six Ways to Boost Your Credibility and Close More Deals

Six Ways to Boost Your Credibility and Close More DealsWhen it comes to sales, be a product of the product. If you don’t use the product or service you’re selling, why should your prospect? If you sell Hondas, don’t drive a Jeep. These six strategies will help you build credibility up with prospective customers and clients – and also ensure you make some money in the process for your business.

1. Determine quickly if you really can help.

I recently got a call from a prospective client who wanted help completing interviews. It took me about 2-3 minutes to find out that their budget was too small for me to work with. I politely offered a referral to another firm that might be able to do the job. I didn’t want to waste any more of their time, and I didn’t want them to waste any more of mine.

A good salesperson should know the type of customers they work best with, and if the people they are meeting with are the right kinds of customers for their organization. After a few questions, you should be able to determine if it makes sense to keep talking. If not, end the meeting.

2. Address concerns completely.

When a concern is brought up, don’t skip over it. Stop for a moment and consider what could be causing it. Is it a real objection?  If so, take a moment to prepare your response.  Then fully address the concern with the customer.  For example, if a prospect says your price is too high, focus on showing the value of your product or service. Frame your price in terms of the immediate and long term benefits the person or company will receive.

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3 Keys to Crafting the Perfect Logo

3 Keys to Crafting the Perfect Logo No exceptions: all entrepreneurs need attention.

There are many things you can do to get attention. But start by asking, attention to what? What will people see and instantly recognize as being your business? It’s all about your logo, the first-and-always visual ambassador of your brand. In that sense, it’s the foundation and future of your entire business. What makes a great logo, a great ambassador? Here are five keys to ensure that your logo will match the “look and feel” of your business.

1. Simplicity is your friend.

Day in and day out, you constantly see incredible amounts of visuals and colors. But just because something sticks out visually, doesn’t mean you’ll remember it or feel good about it. Clean design is key. Graphics professionals spend years in training to consistently translate ideas into clean design: the right shape, size and proportions without distracting bells and whistles. “Civilians” like us can get professional-looking results by using a make-it-yourself website like LogoGarden.com. Often these sites are free, so you can experiment and get a finished, clean-design logo quickly with no risk.

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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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Experts Weigh In: What Kind of Entrepreneur Are You?

Experts Weigh In - What Kind of Entrepreneur Are YouHere at MyCorp, we know entrepreneurs come in all shapes and sizes, but how do you know what kind of entrepreneur you are? We spoke with 75 ‘treps about where they stand on the entrepreneurial scale – from solo entrepreneurs to serial entrepreneurs and even artrepreneurs and bropreneurs, find out what style suits you best!

1) “I love being a single mompreneur as it has allowed me to be there for my kids over the last ten years, while still building my business during early morning hours, while they are in school, evenings and some weekends. I recently hired my oldest daughter to help part time and we both enjoy the time we spend together working on the business.”

- Theresa Polley, Owner, Retreat in the Pines

2) “I’m a solopreneur and my favorite part is having other solopreneurs on a similar journey who I can bounce ideas off of and share experiences with. I also love being able to completely chart my own course and decide for myself what my business is going to be about.”

- Matt Becker, Founder, Mom and Dad Money

3) “My wife and I work together in our full time, award winning, photography studio. We used our wedding gift money to get started in 2009 and we’ve been growing ever since. We do about $175,000 in gross sales a year and that’s a lot considering the industry where everyone has a camera and are hiring pros less often.”

- Michael J. Molinski, Owner/Photographer, Photographics Solution

4) “I am an Attorneypreneur. My favorite part of being an attorneypreneur is that I get to think like a business person but get to help my fellow lawyers in the legal community.”

- Matt Reischer, MBA/JD, CEO, LegalAdvice.com

5) “I am an entrepreneur; well actually, I am two types, a solopreneur and mompreneur. My favorite part about being an entrepreneur is the ability to run my own business, ability to continue raising my family on my time, and being the wife and mom, I need to be. I am in charge of ethics, morals, and any other decisions to continue a smooth operating business.”

- Sedaria Williams, Founder and Sr. Publicist, Airades Public Relations

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