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
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.
We’re onto our next ‘B’ in our “ABCs of Small Business Industries” installment! Today’s ‘B’ is for builders (or, general contracting)! If you’ve dreamed of construction since you were organizing your building blocks as a young child, now might just be the perfect time for you to make your move. Not sure where to start? We’ll help you out. Continue reading
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…
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
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!
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.
So don’t forget to tune in! We’re really excited about this opportunity, and look forward to a great discussion.
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.
Starting up a new business takes a lot of proverbial blood, sweat and tears. From the most basic tasks like choosing what products you will sell and a company name to more complex decisions like how you’ll handle payments and if it’s a good idea to hire your Uncle Bob as manager, it’s a time-consuming and even stressful process. For people who are getting their new business ducks in a row, the following to-do list can help streamline and simplify the entire process.
Register Your Business Name
Have done your homework to make sure your new business name is not shared by anyone else? A business name availability check can find out if your business name is currently being used and can help you avoid spending money branding a name that you cannot adopt. The free, non-binding business name search is simple—the form requires information including your contact information, business name and state. After you have secured your name, you can move forward by filing your Articles of Incorporation with your state or regulatory agency. Each set of Articles of Incorporation forms and fees differ from state to state; follow these four steps to make the filing process quick and seamless. For more on name search and business and trademark information, visit the Learning Center and click “Business Name.”
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. 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.
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. 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?