/Tag:startup

S Corporation Election Deadline Is Almost Here: What Startups And Existing Businesses Need To Know

If you’ve legally established your business as a C Corporation or Limited Liability Company (LLC) that has elected to be viewed as a corporation for tax purposes, you have the option of filing IRS Form 2553 to get S Corporation tax treatment.

Why would you want to do so, you ask? Because it could make a big impact on your business’s bottom line.

The Potential Advantage for LLCs

LLC owners who find themselves with a high self-employment tax burden might benefit from choosing the S Corp election. LLCs are normally taxed like sole proprietorships—with all business profits subject to self-employment taxes. With S Corp tax treatment, self-employment taxes are only applied to wages and salaries rather than on all business profits.

The Potential Advantage for C Corporations

C Corporations can benefit from S Corp election because it avoids the costly double taxation C Corps normally face.

As a completely separate entity from its owners, a C Corp essentially pays taxes twice on its income:

1) When the corporation makes money, it files a tax return and pays taxes on those profits, and

2) If the corporation distributes profits to shareholders, those distributions get taxed again on the shareholders’ personal tax returns.

If a C Corporation opts to be treated as an S Corp for tax purposes, however, the business itself doesn’t file its own taxes. Instead, shareholders report their individual shares of the business’s profits and losses on their own personal tax returns.

For instance, if you’re an S Corporation shareholder with 50 percent ownership of the business, you would pay taxes on 50 percent of the profits. That income would be taxed as a profit distribution, and you might get a favorable tax rate. Note that you would also pay taxes on any income you received as wages and salaries (and that portion of your income would be subject to self-employment taxes).

Ultimately, the advantage of filing for S Corporation tax treatment comes from the fact that the corporation doesn’t pay taxes on its profits—all profits flow through to the individual shareholders’ tax returns.

Heads Up: The S Corporation Election Deadline Is Approaching

To make the S Corp election, you need to file Form 2553. If you want the election to be effective in the next tax year, you can file at any time during the tax year prior. If you’re filing in the year you want it to be effective, you must do so no more than two months and 15 days after the beginning of the tax year. According to the IRS, the “2-month period begins on the day of the month the tax year begins and ends with the close of the day before the numerically corresponding day of the second calendar month following that month. If there is no corresponding day, use the close of the last day of the calendar month.”

For existing C Corporations and LLCs, you have until March 21 to take the S Corp election for 2017.

New companies have 75 days from the date of their incorporation to file Form 2553. If they meet that deadline, they’ll receive S Corp tax treatment starting in their first tax year.

IRS Form 2553 provides additional detail about the filing deadlines and other important information, including S Corporation election eligibility restrictions.

Time Is Of The Essence For 2017

If you’re considering the S Corporation election for 2017, I recommend talking with a tax advisor to determine the potential impact it will have on your businesses tax obligations. If you find it is a great fit for your business, contact CorpNet as soon as possible to take care of filing your Form 2553 so you have the peace of mind it’s completed accurately. There’s still time (but not much!) to get it done before the deadline.

By | March 2nd, 2017|Other|0 Comments

What Every Small Business Should Know About 1099s

Every year when tax time rolls around, I field questions from business owners about whether or not they need to send 1099s to their vendors. As common as 1099 forms are, they remain one of the most misunderstood Internal Revenue Service (IRS) requirements.

To make sure you understand the circumstances under which the IRS requires issuing 1099-MISC forms to vendors, I’m going to provide some basic “must-know” information here.

What Is A Form 1099-MISC?

You must issue an IRS Form 1099-MISC to each person you’ve paid $600 or more in services (including parts and materials), prizes and awards, rents or other income payments. The 1099-MISC only applies to payments you made in doing business; it does not apply to payments made for personal purposes.

To Whom Do You Need To Send A Form 1099-MISC?

If your business paid more than $600 to a vendor or sub-contractor [individual, partnership, Limited Liability Company (LLC), Limited Partnership (LP), or estate], you are required to send a Form 1099-MISC to document what you paid them throughout the year. In general, anyone who worked for you—other than your employees—will need a 1099 from you.

Also, unless an exception applies to them, you need to issue a 1099 to your landlord if you are paying rent for business purposes. You must also issue a 1099-MISC to your attorney if you paid for legal services that amounted to more than $600 during the year.

Are There Any Exceptions?

There are. The list is rather long, but most commonly these types of vendors do not get 1099-MISC forms:

Also, you don’t have to send 1099-MISC forms to vendors to whom you made your payments via a credit card, debit card, gift card, or a payment network like PayPal. The onus to report vendor compensation is on those payment companies.

How Do You Figure Out If A Vendor Needs A 1099 From You?

I recommend before you request vendors to do any work for you, ask them for a completed W-9 form. The W-9 will give you all the information you need for filing taxes. It supplies a vendor’s mailing information, Tax ID numbers, and business structure (so you’ll know if the vendor is incorporated or not and does or does not need a 1099).

When Is the Deadline To Send 1099s?

By January 31, 2017, you must do two things to comply with your 2016 tax year 1099 obligations:

  • Submit Form 1099 to each vendor (reflecting what you paid that vendor in 2016).
  • Submit a copy of the Forms 1099 you sent to each vendor, along with a Form 1096 that discloses in total what you paid to all vendors who received 1099s from you.

Make sure you check on your state’s rules, too. Some states require they also receive your 1099s.

What Happens If You Miss The Deadline? 

Sending the required 1099-MISC forms late (or not at all) could cost you. The penalties vary depending on how far past the deadline you wait to issue the forms. If your business had gross receipts of $5 million or less, the amount you’re smacked with could range anywhere $50 to $260 per form (for tax years 2016 and 2017). If you’re caught intentionally not providing a payee with a correct statement for tax year 2016, you could face a fine of $520 for each form not submitted (that amount will increase to $530 for tax year 2017).

Where Can You Get 1099 Forms?

Unfortunately, you cannot download 1099 Forms from the IRS website. You can, however, order them from the IRS site and have them mailed to you, or you can pick them up at an IRS service center, post office, or another location that supplies them.

Eliminate Headaches—Do It Right From The Start!

Whether you’re in the early stages of launching a startup or already running a small business, I recommend you talk with a tax professional who can share more details about 1099s and the other aspects of filing your tax returns.

Starting a business or ready to change your current business structure? Contact us about making the registration process hassle-free and as fast as possible. We’re here to handle all of your legal document filing needs!

Why Customers Love Us – CorpNet Reviews

Fall is in full swing, and we are getting the warm fuzzies from all the love from CorpNet clients!

Here’s a look back at some fantastic 5-star reviews of our services these past few weeks. Do you need to incorporateform an LLC or file a DBA? Check out all of our reviews on TrustPilot and reach out anytime for a free business consultation at 888.449.2638.

 

CorpNet Reviews

By | October 20th, 2016|CorpNet Reviews|0 Comments

Hiring the Best Candidates: 3 Filters to Add to Your Interview Process

Some studies estimate that the cost of hiring someone is approximately six to nine months’ of their salary. An employee making on average $40,000 might cost $20,000 or more to find if you factor in the time to recruit, screen, hire and train new employees. With so much on the line for finding a great candidate, it’s critically important to do your best to screen potential employees as rigorously as possible.

Weeding out those who aren’t qualified is easy, but screening the final group for the star performer in the mix is difficult. These three filters to add to your interview process can help.

 

Three Filters to Add to Your Interview Process

The typical hiring process includes:

  • Creating (or updating) a job description for the vacant position.
  • Writing and placing a help wanted ad.
  • Receiving resumes.
  • Screening resumes.
  • Telephone interviews to screen candidates.
  • In-person interviews with the best candidates.
  • An offer and someone hired.

Keep in mind, that selecting the right job boards to find employees online is important to your hiring process as well. Of course, at any point in the process, you may add steps or people, which lengthens the process but helps hire better candidates. Many companies now ask that a potential employee’s manager, coworkers and subordinates interview candidates so that they can assess how well candidates get along with people throughout the organization.

Adding the following three steps to your interviewing process won’t slow it down too much, but it will help you narrow down the candidate pool to the best-qualified applicants. This will actually save you time later since there will be fewer resumes to review and consider.

 

#1 Enhanced Job Description

When you start with a specific, enhanced and updated job description, you already start the process of being specific and choosy with your applicants. A highly-specific job description immediately attracts only those with such specific skills, while turning away others who do not possess them. The enhanced job description should detail every aspect of the position, including educational and experience requirements, specialized skills, and more. Take this information and include it in your job posting to encourage candidates with the best fit of skills to respond. When you are posting to job sites, the enhanced position description will make it easier to set up your job posting so that only the best-qualified will respond. This significantly cuts down on the number of unqualified candidates who apply, and saves you a great deal of time reviewing resumes.

 

#2 Pre-Employment Survey

After you receive resumes and cover letters from the initial job postings, it’s helpful to ask the most promising candidates to take a brief survey. You can ask them after the telephone interview or before it via an emailed response to their application. You can even add it to the application itself, before they even submit their resume. The survey can be created on a site like Survey Monkey to make it easier to collect the information. Ask questions pertinent to the job you’re hiring for, and make them specific so that it is difficult to fudge the answers. Provide scenario-based questions to see how potential employees would handle difficult situations, or ask questions that only someone with the right skill set can answer. The survey shouldn’t take too long to complete, but it will yield insights into the candidate’s’ qualifications and knowledge, so that you can save yourself time by scheduling telephone interviews with only the most promising candidates.

 

#3 Give homework.

A paid test assignment, or a homework assignment of some sort, is the final task that many employers can add to find great candidates. If you’re hiring freelancers, always offer compensation for their time completing a paid test assignment; many professionals won’t touch a free assignment even if the actual gig is promising. The test assignment can be a small sample of a larger project that the candidate would be expected to complete if actually hired for the job.

For full-time employees, a simple ‘homework’ assignment demonstrates several things. First, it shows you how committed and interested they are in the job. Next, it provides proof of their ability to complete work independently. Lastly, it provides you with insight into how well they can meet deadlines. These are three tasks that are difficult to assess from a resume but critical for job success.

See how the candidate responds to the test assignment. Those who are eager for the job will respond positively. Also listen for how well they negotiate deadlines and the questions asked about the assignment. This yields important clues about their work habits, ability to understand direction, and interest in the position.

 

Don’t Settle for Second-Best

It’s tempting to rush the hiring process along. A vacancy means lost productivity and extra work for your current team. However, rushing the hiring process never yields the best candidate. Take your time to find the best fit for your business and your business will prosper.

                               

5 Types of Insurance Every Small Business Needs

Ready to take your small business to new heights? As a small business owner, you’ll need every advantage you can find in today’s highly competitive, global business landscape.

Becoming the next startup like Uber or Airbnb that now are valued at $1 billion or more by venture capital firms worldwide remains an uphill climb. As such, small business owners may devote substantial time and resources to grow their companies, yet many of them will fall short of achieving their long-term business goals.

Attention to detail is what separates an average small business operator from an extraordinary one. With the right types of insurance in place, small business operators can protect their assets as they grow their companies.

Here are the types of insurance you may need to achieve your business goals:

1. General Liability

General liability insurance offers broad protection for small businesses. It ensures they are covered against a variety of risks, including:

• Bodily injury
• Property damage
• Personal injury

The costs associated with general liability coverage often vary based on risk. Thus, if you work as a roofing contractor, you may be forced to pay more for general liability insurance than a food truck operator. Or, if you run your business out of a home office, your general liability insurance expenses will likely be minimal.

Regardless of your business type, general liability insurance can make a world of difference for small businesses across all industries. This insurance guarantees that even if your company makes a mistake along the way, you’ll be protected. You’ll be better equipped to maintain your business’ day-to-day operations and focus on what’s important—growing your company.

2. Property

Like general liability coverage, property insurance protects the future of your business by safeguarding your office equipment, inventory and even others’ property.

Furthermore, property insurance protects your company in the event that a major disaster damages or destroys your workspace. This means that even though a fire, busted water pipe or major storm could devastate your business assets, you’ll be covered until your company can return to its regular operations.

3. Auto

If you operate a vehicle to deliver flowers, carry equipment to and from work sites or use a car or truck to perform various everyday work tasks, you’ll want to purchase business auto insurance.

In many cases, a small business operator may own a car and use a personal vehicle as part of his or her business operations. Your personal auto policy in some cases may not cover you if you suffer an accident in a car that you use primarily for business, therefore it is important to discuss with an agent to determine if you need a business auto policy to protect you against certain risks as you travel from place to place. If you purchase the right business auto insurance and set appropriate coverage limits, you’ll be protected whenever you use your vehicle for work.

4. Professional Liability

Don’t let a single professional error bring down your business. Instead, purchase professional liability coverage, and you’ll be able to protect your company against accidental errors and omissions.

Let’s face it—even a diligent small business owner will occasionally make a mistake. From an accountant who processes a client’s tax return incorrectly to a hair stylist who damages a bride-to-be’s hair before a wedding, accidents can happen at any time, and these problems can become major issues quickly if you’re not careful.

Fortunately, professional liability insurance will enable you to cover the costs associated with damage or other problems due to a professional mistake. This coverage may prove to be exceedingly valuable for startups, and ultimately, it may even help a small business operator become more comfortable performing day-to-day tasks. Professional liability insurance can allow small business owners to work more confidently and efficiently without having to worry about how a single professional error could potentially harm his or her business.

5. Workers’ Compensation

Workers’ compensation coverage is a requirement for businesses in every state except Texas. It provides a small business owner and his or her employees with protection in the event that an employee suffers a work-related injury or illness.

In addition, workers’ compensation coverage provides small business operators with a great opportunity to build goodwill with employees. If an employee suffers an injury or illness and is unable to return to work, he or she will receive sufficient compensation thanks to this coverage.

Small business owners are all too familiar with risk. With the aforementioned types of insurance at your disposal, you’ll be better equipped to manage business risks both now and in the future.

ryan-hanley

About Ryan

Ryan Hanley is the Vice President of Marketing at TrustedChoice.com and the Managing Editor of Agency Nation. He is also a speaker, podcaster and author of the Amazon best-seller, “Content Warfare.” Ryan has over 12 years of insurance expertise and blogs frequently to help consumers understand complicated insurance topics.

 

By | October 13th, 2016|Business Operations, Running A Small Business, Startups|3 Comments

Is Fear of Failure Holding Your Business Back?

Ghosts, ghouls and goblins—oh my! While children clad in Halloween costumes may fear witches and zombies, many entrepreneurs are equally terrified of failure. But since failure is an inevitable part of launching and growing a small business, fear of failure could be holding you and your business back from success. Whether your business is already underway or just getting started, here are six ways to overcome your fear of failure:

  1. Go step by step. When we’re scared, it’s easy for fear of failure to paralyze us and we end up doing nothing. Instead of taking an all-or-nothing approach, break down what scares you into small, manageable parts. For example, if you’re afraid to approach potential investors for financing because they might say no, break it down into smaller tasks: researching potential investors, making a list of the most promising possibilities, finding connections on social media to introduce you, developing your pitch and so on. Going step-by-step, you’re more likely to succeed, and each success will build your confidence.
  2. Do things right. Failure often occurs when we’re in a hurry and take shortcuts. In your excitement to launch your business or your next big idea, it’s tempting to skip the boring stuff and jump straight to the fun part. However, paying attention to foundational elements such as writing a business plan, choosing the right legal structure for your business, trademarking your business name and getting a business license can greatly increase your odds for success.
  3. Get help. You’re less likely to fail if you get advice from more experienced business people, professionals and mentors who have “been there, done that.” They can help you foresee possible problems and figure out how to surmount potential hurdles. Perhaps even more importantly, they can build your confidence by providing encouragement and support. SCORE and your local Small Business Development Center (SBDC) are two great, free sources of business advice and expertise.
  4. Celebrate your successes. It’s human nature to be critical of ourselves and focus on everything we’ve done wrong. Unfortunately, this can lead to a crippling fear of failure. Instead, focus on all the things you do right. Take some time to write down risks that you’ve taken—not just in business, but also in your personal life—and the successes you’ve enjoyed as a result. Giving yourself credit for all the good things you’ve done will build your ability to take on challenges with less fear.
  5. Do what scares you. Did you notice I said “less fear” in the prior paragraph, rather than “fearlessly”? No one is fearless, no matter how they may look on the outside. True courage means doing what scares us in spite of our fear. Really, the only way to overcome fear of failure is to try new things, knowing full well that you might fail—and that’s OK.
  6. Learn from your failures. No matter how hard we try, we’re bound to experience failure, especially when undertaking something as challenging as starting and growing a business. Make failure your friend by learning from it. Step back and assess exactly what happened, why it happened, and what you can do differently next time to prevent it from happening again. The more you learn from your failures, the less likely you are to repeat them.

 

                               

5 Reasons Your Business Needs a Blog

More people are purchasing goods online than ever before, and adding blog content to your website helps capture the attention of digital shoppers and beyond. U.S. eCommerce sales in the second quarter of 2016 reached $97.3 billion, an increase of 4.5 percent quarter-over-quarter and a whopping 15.8 percent increase year-over-year, according to the Department of Commerce. When your company provides blog content your potential customers are searching for, you build trust in your business and increase positive sentiment about your brand, which leads to sales when blog visitors need your product or service.

Your competitors are already blogging. The Content Marketing Institute reports that 77 percent of businesses have a blog they use for content marketing, and the same percentage planned to produce more content in 2016 compared to 2015.

If you’re still on the fence about whether or not to add a blog to your marketing tool set, consider these five advantages.

1. A Blog Is Agile Marketing

Unlike ordering hundreds of T-shirts for a giveaway donning a logo that may change next week, or investing in banners and flyers that become useless and irrelevant when your next promotion is over, a blog is changeable in an instant with minimum cost to your marketing department. You can update it quickly with breaking news about your company and post trending content based on popular hashtags on Twitter. You can also create evergreen content for your audience, which can then be re-purposed into everything from eBooks and info-graphics to podcasts and webinars for years to come.

It’s also fairly easy to measure a blog’s effectiveness, so you can adjust your strategy accordingly. Compare that to spending big money on print materials, where performance is much more difficult to track. Content marketing expert and author Jay Baer presents an easy way to calculate blogging on his site, Convince & Convert. And by working with content creation and management software such as ClearVoice, you can scale your efforts more easily.

2. A Blog Boosts Search Engine Optimization

If your business sells a service or product that has dozens, hundreds or thousands of competitors, ranking higher in search results makes you more visible to those who are searching for your solution online. GE Capital Retail Bank reports more than 80 percent of shoppers who are making a major purchase conduct research online before deciding on a retailer. By tailoring blog content based on the content those shoppers are looking for, your brand is more likely to appear in their search results.

For example, if you’re a flooring installation company, and you discover your target customers are often searching, “Is carpet or hardwood better for my floors?”, you could create a blog post using that exact question as the title so that it shows up in results to that query.

Regularly creating new content — at least weekly is optimal — based on keywords that relate to your brand and what your target customers type into search engines provides a cue to search engine bots to continue to crawl your site and index your posts in their results. Featuring guest bloggers who link back to your blog on their own credible sites, creating content that is so valuable that other reputable sites link to it as a credible source, and guest blogging on other legitimate sites in exchange for a link back to your blog page mean your blog builds authority to search engines and boosts your entire website’s search engine optimization, which in turn benefits your product pages, too.

3. A Blog Increases Your Brand’s Exposure

In addition to gaining more traction on search engines by blogging, by producing content your web visitors will enjoy and feel compelled to share means your business is equipped with a powerful new arm in your marketing department: brand advocates. These content consumers share your blog on their social media pages, they email its content to their friends who need it, and they reference it when someone mentions a need for a product or service you offer.

While it is obviously relevant to include content on your blog that relates directly to your service or product, the better content strategy is to aim to be helpful, not sales-y. Blog content should educate, entertain and delight, so that it maintains attention and keeps visitors coming back for more.

By promoting blog content through your own social media channels, email newsletters, etc., you’re allowing it to be picked up and spread to completely new audiences by people they place confidence in. Since Nielsen reports 92 percent of people trust the recommendations of friends and family over all over forms of advertising, using a blog to engage your customers so much that they want to tell their friends about your business is of paramount value.

4. A Blog Establishes You as an Authority in Your Space

Speaking of trust, creating blog content that gives actionable advice to readers, video viewers or podcast listeners extends your reach beyond content creator to one of dependable expert.

Say you sell gluten-free flour. By producing content related to delicious gluten-free recipes, how to navigate ordering at a restaurant when you have celiac disease, and how to be a better baker with instructional cooking videos, you’re presenting content that benefits your current customers as well as those who haven’t bought it yet. You’re going to show up more in search results related to these topics, so you’ll reach new audiences — people who need your product but haven’t discovered you yet. Plus, you’ll gain return visitors who keep coming back to learn more about how to thrive in a gluten-free lifestyle.

Producing trustworthy, educational, useful content may also lead to significant publicity opportunities, such as guest spots on morning television news shows or being included as a source in a larger story. A blog legitimizes your leadership in your industry, since it allows you to become the site large audiences turn to when they want to learn about topics related to what you offer.

5. A Blog Connects You With Your Customers

Your competitors have blogs, and your customers love to read blogs. Blogging platform WordPress reports more than 409 million people view more than 22 billion blog pages per month. They read them while they’re at work, they read them while they’re waiting in a doctor’s office, and they read them on the subway. You have an audience who is thirsty for content.

By blogging, you not only provide them with knowledge or entertainment, you also build a relationship with your visitors. By integrating a commenting system, you can glean insights on the demographics of your readers. You can learn about their thoughts and opinions and what types of content or products they want from you. They can tell you what they’re loving about your brand and what they wish would be improved upon.

Get Going!

The possibilities of what your business can achieve by launching a blog are vast. A blog allows for real-time marketing, for you to improve your website’s and brand’s reach among current consumers and new prospects. A blog enables you to give helpful information to those who can turn into significant, loyal brand advocates for your business. With dozens of free blogging platforms to use and the power of content ideation within everything from your staff’s ideas to what people are talking about on your social media channels, getting started can bring more positive exposure to your business and improve your marketing efforts.

                               

My Labor Day Challenge To Entrepreneurs

As most people gear up for the Labor Day weekend—preparing to grill burgers, mix cocktails, and enjoy some downtime—I know some of you entrepreneurs will find it difficult to step away from your businesses. Yes, I too have been there. But on my journey, I’ve learned that while Labor Day was created to honor the contributions of workers, it doesn’t mean you should “celebrate” by working on the holiday. There truly is a time for work—and a time for play!

My Labor Day challenge to all business owners out there is to make a conscious effort to enjoy the holiday with family and friends. As difficult as it may be, set your mind to leaving your cares centered on starting and running your business behind for the day. Giving yourself a break—a real, no-nonsense break—brings many benefits. And it’s highly unlikely (for most types of businesses, anyway) that taking the day off will impair your business success.

My Labor Day Challenge To You
• Don’t turn on your laptop or tablet.
• Plan something fun to do with the people you love spending time with.
• Put your smartphone away—except to snap selfies with your significant other, your kiddos, your friends, and your pets.
• Pause to think about how wonderful it is to be carefree for a while.

The Perks Of Not Laboring On Labor Day
• Clears your mind – Which can improve your focus when you go back to work.
Alleviates your stress – Mentally and physically.
• Reconnects you with the people you care about. – Without work-related distractions, you’ll be able to more fully concentrate and engage in quality conversations.

I realize it might be difficult for you to push work aside, but resist the urge to succumb to the lure of sneaking in an email or checking your business social media on Labor Day. You’ve labored plenty to start your business and run your company. You deserve this day of rest and relaxation!

Happy Labor Day to all you hard-working entrepreneurs! Want to simplify your business filing and compliance efforts and enjoy more time doing the things you love EVERY day? Sign up for CorpNet B.I.Z., and never miss another filing deadline.

                               

By | September 1st, 2016|Business Operations, Running A Small Business|0 Comments

Nellie in the News: August 2016

August has come and gone and in just a few days it will be September! That mean’s fall is just around the corner and kids are back in school. With kids back in school, some of you may be getting back to business! We’re standing by ready to help you incorporate a business, form an LLC, file a DBA and more across all 50 states.

This past month was filled with some fantastic articles, speaking engagements and press mentions from our CEO Nellie Akalp. Here are some highlights from August and some upcoming speaking appearances where you can see Nellie in person.

Want Nellie to speak at your next event or share her tips on your podcast? Contact her today

Upcoming Speaking Appearances

Women’s Business Expo by the City of Duarte

Nellie is the featured speaker sharing her insight for other women entrepreneurs.

September 10, 2016

More info: http://bit.ly/2bFLUhQ

Interviews & press Mentions

CIO – 12 Tips for Creating a Must-Read Business Blog http://bit.ly/2aqcTyK

Monster.com – Business Startup Checklist: Steps to Success http://mnstr.me/2b8TuCk

Lifetime Cashflow Podcast – Entrepreneur Nellie Akalp http://apple.co/2b3kI0I

Small Business Trends – Cybercrime Security eBook http://bit.ly/2aP0CE0

Small Business Advocate Radio – Who Owns Your Intellectual Property As An Employee? http://bit.ly/2aUqBIc

Small Business Advocate Radio – Legal Steps Involved when Closing a Business http://bit.ly/2aUrjVX

Successful Meetings – Strategies to Reduce Summer Stress http://bit.ly/2aVNqS0

Temple City Tribune – Duarte Chamber Spearheads Women’s Business Expo http://bit.ly/2bFLUhQ

Expert Contributed Posts

Small Business Trends – Should I File an Intent to Use Trademark Application? http://bit.ly/2akZF97

Huffington Post – 5 Signs You’re Standing in The Way of Your Own Business’ Success http://huff.to/2b8cjGz

Accounting Today – Should You Structure Your Accounting Firm as an LLC, PLLC or PC? http://bit.ly/2aJL4Qe

AllBusiness – Entrepreneurship and Business Depends on Social Unity http://bit.ly/2aUm3lt

Freshbooks – What’s The Best State to Incorporate Your Business In? http://bit.ly/2bHBbs6

GoDaddy – Foreign Qualification Basics If You’re Running a Business in Multiple States http://bit.ly/2bDOfeP

By | August 30th, 2016|Other|2 Comments

5 Tech Trends Shaking Up Small Business in 2016

In this digital era, small businesses now have access to a wealth of tools they’ve never had access to before.  Even small startups are now able to compete in local and global markets at levels previously limited to enterprise companies. New marketing techniques, payment methods, inventory management tools, and development tools – all of these are being made possible by rapid changes in technology. And small businesses are the ones who are winning. Below are the top five trends you should keep an eye out for during the rest of the year.

EMV Chip Technology

Now that security is at the top of the minds of most consumers, EMV chip technology is gaining popularity as these chips make it difficult for malicious individuals to create fake payment cards. Traditional credit cards use magnetic strips which contain unchanging information. When an attacker gains access to the information, they’re easily able to clone the cards and use it for malicious purposes. EMV chips on the other hand generate codes for each transaction. If an attacker were to gain access to these databases, they wouldn’t be able to use the codes for future purchases.

Since EMV technology is fairly new, most small businesses need to overhaul their credit card processing software and terminals with modern versions which support reading the chips.  

Ecommerce Business

Now that many point of sale (POS) systems have ecommerce support built-in, small businesses are able to leverage the best of both digital and in-store customers, leading to greater sales.  Popup shops for example, enable small businesses to test new revenue streams, engage with customers offline, improve brand awareness, and also educate new customers on product offerings. At the end of the season sales don’t have to stop because your online properties can stay open throughout the year.

Analytics Tools

Business analytics tools are becoming increasingly popular. While they were mostly considered useful for large corporations, small businesses are beginning to realize the value of real-time data and use analytics tools. Why? Because analytics tools help small businesses see what they’re doing wrong, what’s working for them, and how to improve. There are many tools for different aspects of your business such as social media, email, and marketing campaigns. Most popular of these tools is Google Analytics. By allowing all your data to converge on one platform, small businesses can now leverage their new found information to make informed decisions.

Inventory Management Software

Inventory management is one of the biggest challenges small businesses face because they often don’t have the ability to dedicate individuals to handle the tasks. This often results in wasted stock and lost goods. Fortunately, modern inventory management software makes it easier than ever for small business to keep track of inventory simply by scanning barcodes and then having the data digitally logged into their systems.

Mobile Applications

Although they used to be limited to larger companies, many small businesses are beginning to launch their own mobile apps. Tools such as the Microsoft PowerApps tool are making it easy for virtually anyone to create their own apps regardless of technical expertise. In many cases the advanced technologies behind applications are enabling businesses to embed click-to-call voice and video communications capabilities within their code. This means you can seamlessly integrate video chat into your apps as a new way to communicate with your customers and enhance the overall experience.

Looking Ahead

Although all these trends are fairly notable, this list is far from comprehensive. Technology is always evolving and there’s so much innovation going on that it’s impossible to list everything here. The best way to keep pace with these shifts and changes is to ensure you’re always open to learning new things. By reading up on industry trends and having the flexibility to try new things within your business, you’ll be able to make the most of the modern systems out there.

With the latest technology tools in place, it’s a good time to revisit your business structure. Call CorpNet.com today for a free business consultation to incorporate a business, form an LLC, file a DBA and more! 888.449.2638

Charles Costa is a writer and marketing analyst for Fit Small Business and other publications. He focuses on helping companies grow, one word at a time. His areas of expertise include software, hardware, biotech, finance and general technology. You can learn more about him at CharlesCosta.net.

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