There may come a day when, after everything in your small business has been chugging right along for a while, that you start to wonder if the business structure you first chose is still a good fit.
One of the biggest challenges a startup faces is finding the capital to get off the ground. Traditional lenders want to see a track record of a couple of years, and even online lenders typically want to see at least a year. Nevertheless, there are more options available today than ever before for entrepreneurs looking to fund their fledgling companies. Here are a few of them:
The most common way to create an S Corp is to first form a limited liability company (LLC) then elect to be taxed as an S Corporation. But, the S Corp election can wait. And more importantly should wait. Why? $40,000 net income after expenses is the break-even point for an S-Corp. Not sure what you’ll earn? Not to worry, we can elect S Corp as far back as 3 ½ years using special IRS Revenue Procedures (as opposed to the 75 days provided in the Form 2553 instructions). Stay tuned for our next blog article on the late — as in super late — election.
As crowdsourcing evolves, brands are getting more creative about using it as a tool for marketing. For a small fee, businesses can rely on the power of large groups of consumers to make their campaigns successful. By working directly with customers, brands build real audiences for their products, with those audiences likely passing the word to their own friends and family members. Here are a few ways you can utilize the power of crowdsourcing in your own marketing campaigns.
Starting a business creates a lot of questions for you as the owner. What should you sell? Who are your customers? Will this even work? But there are other essential questions that you need to find answers to before you even open your (physical or virtual) doors. Let’s look at a few of them and get you on the path to the right answers. What’s the Right Business Structure for My Company? This is a great question with no easy answer. Let’s review the primary structures for small businesses, and you can determine for yourself which is the [...]
There’s little you can do that’s more important than to protect your business by incorporating it. But so many entrepreneurs think the process of incorporating a business is complicated and so never bother with it. Nothing could be further from the truth. Here are six simple steps to help you incorporate.
Each month, approximately 543,000 new businesses launch with the hopes of becoming one of the few who survive long term. With so much competition, it’s more important than ever that entrepreneurs have the right combination of features in place from the start. Here are ten ingredients every startup needs to succeed.
Owning investment properties can be an exciting and lucrative decision. However if you're considering an investment in real estate (whether a vacation rental, long-term rental, or for re-sale), be aware that these properties can also create liabilities.
No matter how good your business idea, no matter how passionate you are about your new idea, no matter how thorough your marketing plan, there is one factor that can completely put a halt to you starting a business.
We’ve written before extensively about all the benefits of incorporating a business, so I thought I’d take a different approach. Let’s look at some scenarios where being incorporated would help you in your small business.
Assume incorporating a business is too complicated for your lil ole company? Think again. There are really only six steps to incorporating, and you can do them yourself or let the professionals at CorpNet handle them.
Now that the dust has settled a bit on this thing called crowdfunding, more small businesses are starting to look at it as a viable alternative to traditional small business loans or funding from venture capitalists.
Think back to your playground days. I’m willing to bet you know more than a girl or two who ruled the roost. Who played teacher, commandeering the boys in her class to act as students, or who coordinated games.
With so many trends in technology and marketing, it’s hard to know what to latch onto and what to leave behind. Here are a few you should seriously consider before diving into.
Many startups can literally be run anywhere in the world. With the cloud, both sales and support functions are virtual — a top-notch software company no longer needs a large local sales force to sell its product via tons of in-person meetings. This opens up the possibility of launching your startup anywhere from Bozeman, Mont., to Tampa, Fla. To find the best entrepreneurial hotspot these days, you might look at the top locations for venture capital investments or where the cost of living is lowest. But where’s the best place foryou to launch your startup?
When you’re starting or running a small business, countless questions arise, particularly surrounding your business’ legal structure: Is my business legal? What kind of business structure means I’ll pay the least in taxes? What happens if my business gets sued? What business structure is best for me?
've often heard (and you probably have too) that you can't half-ass a startup. While that's true, not every entrepreneur starts a business with between six and 24 months' worth of living expenses set aside. In other words, while you're laying the groundwork for your startup, there's still the pesky reality of rent, mortgages and other bills.
Crowdfunding has become an increasingly viable option for startups who need to raise much-needed funds without the help of VCs, angels or banks. To date, more than $680 million has been raised on Kickstarter. For a young, bootstrapping startup, crowdfunding is often seen as fast money that will help you build out the product or app you and your team have always dreamed about. Whether or not a project ultimately reaches its funding goals, it’s still relatively quick and easy to post your pitch and see what happens.
When you start a business, you might be faced with deciding how to set up your tax year for your business. Should your accounting period be aligned with the regular calendar year (as you’ve probably been accustomed to with your personal taxes) or should you define your own start and end dates for reporting your tax year?
Have you dreamed about being your own boss? Do you have a passion (maybe writing, cooking, or landscaping) that you’d love to turn into a business? If so, you're one of the fortunate few who has the opportunity to start a business doing something you love. After working with thousands of entrepreneurs over the past decade, I’ve learned some important lessons when it comes to turning a passion into profit: