Entrepreneurship comes with its fair share of perks — the freedom to create your own schedule, call the shots and be in charge of your own destiny is enough to make any cubicle worker drool. But it’s no secret that being a small business owner also has some heavy duty pressure; at the end of the day, you have ultimate accountability for your business’ success or failure.
Stressful? It can be.
But while there’s no cure-all for stress as a business owner, there are a few things you can do to ‘keep calm and entrepreneur on.’
Be flexible with your business plan.
Embrace that the first few drafts of your business plan will be wrong, no matter what. There are bound to be details you didn’t think of, or maybe your sales strategy just isn’t working the first time around. That’s okay! Once you’ve gathered enough data, you’ll be able to validate and/or rewrite the plan to better reroute your course.
One of the first decisions every business owner needs to make is what entity to file their business as, and that choice is typically between LLCs vs. Corporations. Really the decision comes down to what fits the needs of the business owner and the business, but there is still discussion on which entity is best. Here at MyCorp, we gathered together a panel of professionals to get their expert advice on LLCs vs. Corporations and which is the best to form for your business. Which side are you on?
1. “Generally speaking, corporate status is preferable. Banks typically don’t view LLCs as favorably during the loan application process and corporations don’t pay taxes on fringe benefits. These include group-term life insurance, medical reimbursement plans, medical insurance premiums, and more.”
- John Boyd, Principal, The Boyd Company, Inc.
My mom and me!
One of my earliest and strongest memories from when I was a little girl was watching and getting ready for the day every morning with my mom. Mom got ready for her work day while simultaneously making breakfast and helping me get ready for school. My mother ran the Anesthesia Laboratory at UCLA and it was a job that took up a lot of her time. Despite the constant hubbub at the hospital she dealt with, I also have vivid memories of her still attending each one of my cheerleading games and of her picking me up after school every day, without fail. Even later in life, when I had my own kids, she graciously watched them one day a week for me up until she retired – and now she’s at least two days per week!
All throughout my childhood and young adult life, there was no other option in my mind to be when I grew up than a hard-working career woman. My mom taught me from a very young age how to be strong in the workplace as well as in every other facet of my life.
It’s an insanely busy day in the office with everyone called in to work extra hours just so you and your company can keep up with customer demands and all of a sudden… total server shutdown.
It’s a nightmare! Not only can you not get any work done, which means you’ll be behind and possibly lose clients, you’re paying extra for people to just sit around. If only you had a server maintenance plan, you might have been able to avoid this problem.
What is a server maintenance plan? At their most basic, these plans are kind of like warranties or insurance plans, but describing them that way doesn’t really do them justice. With a server maintenance plan, you can make sure that your network is always running optimally, that data won’t be lost, and that you won’t have to suffer through downtime and outages that aren’t scheduled. Continue reading
With the downtrodden economy, daunting unemployment numbers, and hefty student loan debt, recent college graduates have been a hot topic of debate for some time now. With so many people out of work, the job market is flooding with energetic newbie grads and their older, more qualified competition. Recent college graduates begin to feel stuck in the hole of being under-experienced for “entry level” positions with no opportunities available to help gain that experience. It’s critical that employers recognize the wealth of value recent college graduates have to offer as new employees. They may just be what your business is looking for! Continue reading
We’re a pretty close knit bunch here at MyCorp. Everybody knows everyone pretty well and gets along. But our team is also pretty small and since we aren’t a large corporation, sometimes a couple of us wonder what our lives within a more global company might be like…
There are two different first impressions that come to mind. The first is Google headquarters based. Picture bright colors, ping pong tables, free food and drinks, and flip flops. Laidback and interactive while still getting the job done. The other comes from the film Office Space. Hours of sitting in traffic, hours of sitting in a cubicle, a copy machine that doesn’t work, and a mountain of pointless “TPS reports.” The worst case scenario, as we all voted and agreed on. Continue reading