Announcing our New Partnership with Paychex!

MyCorporation has spent the last fifteen years working tirelessly to help entrepreneurs realize their dreams and start their own businesses. Our mission has always been to make the lives of small business owners just a little bit easier. And it is with that mission in mind that we are proud to announce our new partnership with Paycheck Accounting Online℠!

payroll services

Paychex

Since its founding in 1971, Paychex has been a proven leader in payroll outsourcing, and today Paychex helps over half-a-million businesses to easily monitor and handle payroll, benefits, and human resources.

And now MyCorporation customers can start using Paychex for only $4.99/month for the first 3 months, with the rate increasing to a mere $19/month after that. All you have to do is sign up through this page and complete your business profile, and Paychex will start helping you handle your payroll, allowing you to focus on what you do best – running your business.

We are really excited for this partnership, and know our clients will love working with Paychex.

ABCs of Small Business Industry: C is for Construction

The construction industry has had a rough few years. After the economy dipped and the Great Recession began, a lot of construction and housing projects were suspended or shut down, and the industry was easily one of the hardest hit. Because of this, many are apprehensive to start their own construction firms, and while construction is slowly picking up, one of the biggest concerns entrepreneurs in this industry have is how to protect themselves if the economy dips again. Construction IndustryBut if you start off on the right foot, and take a few precautions, you can run a successful business in the construction industry.

How do you start a construction company?

Construction is a bit different than other industries. For one, you can’t just file for a ‘Doing Business As’ name and start building houses. Continue reading

Business Basics – Estimated Tax Payments

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.

Estimated Tax Payment

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.
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ABCs of Small Business Industry: B is for Business Services

This week we are looking at an industry very near and dear to MyCorporation – Business Services! This is a fairly broad industry, but essentially companies in it help other businesses. That could mean filing paperwork, providing tech support, processing data… the list goes on and on. Businesses helping businesses – what could be better? If you’re considering forming your own company in the business services industry, we’re here to help you out!

business services

Where do you start?

Since business services is such a broad category, it’s kind of hard to answer this question. At the very least you need a ‘Doing Business As‘ name, and should consider filing for an Employer Identification Number. You’ll also need to have all your permits and licenses in order. Unfortunately the ones you need really depend on what other industries you fall into. A tech support company, for example, would need different permits and licenses than a remote office administrator service.

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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

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!

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.

 

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

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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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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