Today’s H is for the hospitality industry! The Hospitality Industry is a broad industry that covers the spectrum of hotels/motels, event planning, theme parks, various vacation methods, and, sometimes, dips into the tourism industry. Continue reading
However, failing to engage in effective health and safety is a big mistake. Not only can this lead to tragic human consequences, it can also cause firms to suffer a range of financially ill-effects. The fact is, there is a strong business case to be made for good workplace safety. Here are just some of the reasons why it makes sense to prioritize risk management: Continue reading
In our line of work, we are introduced to hundreds of small businesses on a daily basis- and we LOVE it! Each entrepreneur brings something so drastically different and special to the table. Though when we stumbled upon Campus Enterprises recently, we couldn’t help but be intrigued by their unique story.
Campus Enterprises is a company completely run by Duke University students. Though, going beyond any typical student-run business that provides “for the students, by the students,” Campus Enterprises also has a large presence in the community surrounding Duke University. They offer such services as food delivery, laundry, note-taking, screen printing, cleaning, marketing, and expansion. As their website states, they’re a “one-stop shop for your daily needs.”
We had the pleasure of interviewing Campus Enterprises about their inspiration for the business, its history, and what the students who participate, as well as the community, gain from this unique venture. Continue reading
This week we’ve chosen to cover a very important sub-sector of the construction industry, general contractors. Now we did previously cover construction companies in an ABCs of Small Business Industry post. And you may be asking yourself if there are any differences between the two – don’t worry, there are. General contracting is a very specialized industry, with its own host of regulations and policies to follow. So how do you start a general contracting firm?
First, you need to be a licensed general contractor
Contractors are licensed, typically by the state. And without that license, you can’t offer your services as a general contractor. Licensing requirements vary from state-to-state, but most states maintain a database of active licenses, which the public can search through. Most of the companies looking for a general contractor will also want to see some sort of college training. Continue reading
You have your business plan in one hand, and a cup of very strong coffee in the other. The paperwork is being processed, and the website is in the final round of edits. Your small business is almost ready to launch, but you’re worried you might be missing something.
Websites and business books are full of best practices, quick tips, and mistakes to avoid, but building a successful business isn’t strictly about the business itself. You need to build three pillars that will help launch your vision into the world. Continue reading
In this week’s ABCs of Small Business Industry piece, we’re taking a little look at the farming industry! Since the beginning of time, farming has been a staple in just about every community. Though some of the technology to help the process along has changed drastically, the consistent need for farming has not altered much throughout the years.
If you’ve ever thought about becoming a farmer, this is the post for you! Continue reading
This week we are looking at reasonable compensation, a legal necessity for anyone running a Corporation. Reasonable compensation is connected to one of the most fundamental parts of working for a company – getting paid – and yet it’s so widely misunderstood. When you form an Corporation, you create a separate, legal entity that ‘earns’ money. You then pull your wage from those earnings and pay whatever payroll taxes you owe.
In order to close a loophole wherein those running the corporation could ask for an extremely low salary, pay next to no payroll taxes, and then close the wage gap with distributions, the IRS requires that all corporate officers and executive be paid ‘reasonable compensation.’ But what constitutes reasonable compensation is a little more murky.
Who needs to be concerned with reasonable compensation?
Anyone that is runs, or helps run, a C-Corporation or S-Corporation must be reasonably compensated for their work. Continue reading
With a mobile phone in your hand, the task of choosing a phone system might seem unnecessary in the early stages of your business, but it’s actually very important. The telephone is still the preferred method of customer service in the United States. The calls you miss are as important as the ones you take, and a phone system will allow you to convert missed opportunities into sales conversions. Continue reading
No matter what business you are in, sales will make or break you. Every business needs sales to survive, because it’s how your business gets the necessary finances to grow. Though, even if you feel comfortable selling, growing a successful sales department can be difficult.
This list will give you ten key points to focus on as you work to grow your sales department: Continue reading
The cotton cobwebs are popping out, you can buy just about anything in a pumpkin flavor, and “Creative Costume Ideas” is the number one Google search these days. That’s right, Halloween is in the air. MyCorporation likes to celebrate by dressing up and having a spooky-themed pot-luck for lunch (complete with Mummy Pizza and a bubbling Witch’s Punch).
We asked some of our small business experts how their businesses were celebrating the holiday and this is what they had to say!: Continue reading