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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ABCs of Small Business Industry: A is for Agriculture

ABCs of Small Business Industry: A is for AgricultureWelcome to the ABCs of Small Business Industry here on our MyCorp blog! In case you’re just tuning in to join us, each week we’ll be looking into a different industry to see what all you need to get started therein, the types of entities most popular within said industries to form, and the overall job outlook to determine if it’s going to be sustainable to you and your business or not. Last week we kicked off the posts with a look at how to get started in accounting and this week. we’re exploring agriculture and the wide world of food operations, farming, and CSA (community supported agriculture) groups in it!

What do you need to go into the agricultural industry?

Every business is run a little differently than the next, but if you plan on making and/or selling food to the public you must have a food license. This license ensures that the food you’re growing, selling, or making is wholesome and safe for the public to consume and without this type of license in place, your business could face serious consequences. Additional licenses to know about include the retail food license (for businesses selling food directly to the customer) and a food processing plant license (for wholesale use, meaning you can sell not only to the customer but to major grocery store chains and online). There are several rules in place for anyone in food operations to keep in mind before they can receive their license so be sure you meet all the requirements and personnel standards.

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ABCs of Small Business Industry: A is for Accounting

Here at MyCorp, we love talking about small business, as the sheer variety of small businesses available to start up is simply astounding. There is no, one, ubiquitous small business industry. Retailers, lawyers, restaurateurs, accountants – nearly every profession can be spun into a business!

With that in mind, we’re bringing you the ABCs of Small Business Industry as our latest post series on our blog. Over the next few months, we’ll be looking at the major industries that make up the small business world, taking a look at the different types of businesses, and helping people within these various industries start their own companies.

Without further ado, we present the first in what we hope will be an educational and enjoyable series – A is for Accounting.

Accountant

What do you need to create your own accounting practice?

First, you need to be licensed. A Certified Public Accountant has to pass a Uniform CPA exam, and you can’t legally offer your services as an accountant without some sort of credentialing. Licensing and certification will also vary state-to-state, so make sure you research what your state requires of an accountant before you open up your practice. If all of your ducks are in a row, opening up your own firm is like opening any other small business. You need a DBA name, and you have to apply for all of your local/state business and operating licenses. You should also have some sort of professional liability insurance, just to protect yourself, and if you hire anyone or bring on a partner, you’ll need an Employer Identification Number (EIN).

Once all of that is taken care of you’ll have a sole-proprietorship, or a partnership if you have a partner. However, this type of business can leave you personally liable for any debt resulting from lawsuits, debt, or negligence and it’s a good idea to consider forming a separate business entity.

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Business Basics – Cross-Blogging

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. cross-blogging

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, waytoo 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.

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10 Declarations of Entrepreneurial Independence

Small businesses are an important part of the American landscape. They’re a major driver of the American economy – 55% of all jobs are created by small business - and the entrepreneurial spirit is as much of a part of our culture as baseball and apple pie. Here at MyCorp, we thought it’d be great to celebrate our upcoming Independence Day by featuring some of our favorite quotes about entrepreneurial independence!

Henry Ford

 

“If money is your hope for independence you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience and ability.” —Henry Ford, Founder of the Ford Motor Company

 

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Business Advice I’d Give to My 22 Year-Old Self

I’ll be the first to admit that, at 22, I was in no position to run a business. I was fresh out of college and thinking about signing up for law school. I had no idea that, in a few more years, I’d be thinking about mortgaging my house to buy a company and make the leap from IP lawyer to executive. business advice That transition wasn’t easy, and there is plenty of business advice I’d give myself if I could go back in time and let 22-year-old me know what was on the horizon.

Pay attention to long-term return on investment.

When I was a lawyer, a return on investment was assumed. We normally took cases that made the firm money – that was straightforward enough. But when you run a business, maintaining a positive ROI is a lot more complicated. It isn’t about money-in, money-out. A good ROI could be defined as more exposure, a bigger web presence, or a better reputation. All of these factors play into how much money the business brings in, but you don’t see hard results right way. One of the best pieces of business advice I’ve ever received is to always look at the long-term. Long-term thinking staves off stagnation, and keeps a business’s doors open. You can cut corners to make more money in the short-term, but that may damage your reputation and cost you in the long run.

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Business Basics: Business Website

Your business needs a website – end of story. In 2014, only 53% of small business had an active website, and yet 97% of consumers reported searching online for products or services. That discrepancy is absolutely insane! The most commonly given reason for not having a website is that the business doesn’t need one which is far from true: a small business without a website will fail to reach a huge part of its market.business website So if you don’t already have one, you need to start building a business website now. We can’t tell you what to put on that site, but we can help you plan it out by covering four things your site should have.

Domain Name

This one is pretty obvious – you need a domain name if you’re going to build a site. Anyone without a site is already late to the game, but as long as your business’s name isn’t too common – i.e. John Smith Flowers or Jane Smith Tires – you should be able to grab a domain name that’s fairly close to your DBA name. However, if you’re too late and your desired domain is taken, you can choose a domain that doesn’t directly match your ‘Doing Business As’ name. You just need to remember that it’s now your job to make it clear what business your customers are dealing with, so make sure your DBA name is clearly seen on your site.

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Business Basics: Business License Compliance Package

We decided to do something a bit different with our weekly business basics post this time around, and instead look at a new service we’ve just started offering – business license compliance packages. We’ve covered business licenses before, but we thought it’d be a good idea to revisit the topic and explain why we decided to start offering this service to our customers. business licenseOur team kicked around the idea for awhile, trying to figure out whether or not there was any demand for this type of service, and we realized that there were three questions we’d have to be able to answer before launching.

Why offer business license compliance packages?

MyCorporation has always aimed to meet all of the needs of new business owners. The next logical step after creating your business is to apply for all of the licenses you need to legally open your doors. Without the right licensing, you’re effectively dead in the water. So expanding our offerings to include licensing just makes sense.

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