ABCs of Small Business Industry: G is for General Contracting

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? general contracting

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

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

Five Great Reasons to Start Your own Business in 2014

20 Ways to Kick Stress to the Curb and Have Fun with Your StartupFor many people, owning their own business is a dream they’d really like to make into reality—sometimes, all that is needed is a little more information. We’re halfway through 2014, but there is still time to get the ball rolling. If you are still reticent in making that final decision, here are five great reasons to start your own business this year. Continue reading

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!

The Importance of the Domain Name: Get a Free One Today!

Domain NameAdded to the list of pros that comes along with incorporating your business is that now, when we help you out with your filing, you get a free domain name to call your very own!

Thanks to our partnering with Arvixe, when you incorporate with MyCorporation you’ll also be scoring on a great domain name deal that includes…

  • One free domain name for life (.com, .net, .org, or .us)
  • Unlimited disk space and data transfer
  • One year of website hosting, absolutely free
  • Unlimited email addresses
  • Arvixe forum support
  • Secure and reliable hosting
  • Automatic installation of software

Domain names are an important part of starting a business. Today, there aren’t many businesses out there that don’t have a website attached to their name. It’s how they’re found and, oftentimes, evaluated by customers.  The perfect website can make or break a business, and that all starts by obtaining a domain name.

Get the ball rolling by incorporating and claiming your free domain name today!

Give us a call at 1 (877) 692-6772 and we’ll be happy to help you out every step of the way.

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! 

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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50 States of Incorporation: Wyoming

It’s the last week of our 50 states of incorporation series and we’re focusing on the Cowboy State – Wyoming. Smack dab in the middle of the Rockies, Wyoming is America’s least populous state, but is easily one of the most beautiful. The vast majority of the land in Wyoming is owned and protected by the Federal Government, and Wyoming is home to the world’s first national park, Yellowstone. Incorporate in Wyoming Wyoming’s natural beauty has ensured the state’s tourism industry would flourish, and today it generates two billion dollars in state revenue. Along with tourism, Wyoming’s historic agricultural and mining industries continue to drive the state’s economy – Wyoming is the number one producer of coal in the country. Though largely rural, Wyoming is a great state for a small business, thanks largely to the low cost of doing business. So what does it take to get started there? And how do you incorporate in Wyoming?

How do you start a business in Wyoming?
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