Recently, my business partner, Jeff, took on coaching a young girl’s soccer team. He has done a lot of coaching over the years and has won his fair share of titles, but this time it is different. This time he is faced with the challenge of coaching 12-year-old girls. This past weekend, the girls played a couple of games against a decent team and, unfortunately, they didn’t fare so well. After the game, Jeff mentioned they just didn’t seem to have the drive to go after the ball. He said at times it was almost like they were confused and he couldn’t immediately put his finger on what was going on. The girls had played well in the past, although this time they seemed to be “thinking” about playing, rather than trusting what they had learned to do so well, as part of their training. Continue reading
For 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
We cover a lot about how to start the business of your dreams, but what happens after you’ve been in business for a while? It’s typical for small businesses to go through a slump, or even, in some cases, to close. Here are three easy ways to avoid that, and start maintaining your business at the best of your ability! Continue reading
In my recent infatuation with a startup software company, I discovered their new venture into creating physical products. Across all the products, the design was simple, utilitarian, yet sexy. Obviously, I was in love and quickly placed an order. Continue reading
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!
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.
In a world where people can engage with each other at the click of a mouse, or tap of a Smartphone, engagement has become a huge factor when it comes to the success of a business. So how do you make sure you’re engaging your customers at the best of your ability? Continue reading
Just as it’s time to take the little ones back to school, it’s time for the adults to “go back to school” in a way as well. The summer is typically a time for fitting in vacation where you can, and taking it a little easier due to the slow season. But with fall quickly approaching, small businesses everywhere are figuring out how to make transitioning from summer to fall as seamless as possible.
We asked our panel of small business experts about how they’re making the transition, and this is what they had to say! Continue reading
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!
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!
Added 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.
Welcome 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!