Should I Incorporate in Delaware or Illinois?
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Learn whether Illinois or Delaware is the right state for you to incorporate in. Here you will find a comparison of both states to choose the best one for your business, and what are the most popular small businesses in Delaware vs. Illinois. Also includes information on the business formation process, costs, taxes, and filing requirements.
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Determine the type of name - acronym, catchy phrase, etc.
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How to Start Up a Company: A Step-by-Step Guide Starting a company is an exciting adventure that combines creativity, strategy, and hard work. It can seem overwhelming at first, but with the right guidance, anyone can transform a great idea into a successful business. Let's dive into how to start up a company, from the initial spark of an idea to securing funding and launching your startup.
Introduction
Have you ever dreamed of turning your innovative idea into a thriving business? Starting a company involves numerous steps and decisions, but don't worry—we're here to help. Whether you're exploring how to start a startup company or wondering how to start up a small business, this guide will walk you through the process, step by step.
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Here's What Can and Cannot Be Trademarked
If you want to protect your business, you might want to get a trademark. Here's what can and cannot be trademarked.
What can be trademarked;
Brand a product names
Phases and slogans
Symbols and logos
Colors
Shapes
Fictional characters
Combinations of those (logos)
What you can’t trademark, Things that are…
Generic
Merely descriptive
Based on geography alone
Deceptive
Based on surname alone
Ornamental
Too similar to an existing trademark
15 U.S. States with the Lowest State Fee to Start a Business Today
Business startup costs matter. If you're seeking an affordable state, consider these 15 states as the hidden gems to start your business. Whether you are starting an LLC, a Corporation, or a Non-profit, all that information you will find on this infographic, plus some of the most popular business ideas you can start in each state.
But remember, not always the cheapest means the best. There are two things to pay attention to while looking for the most affordable state to start a business, the Incorporation/formation fees and the renewal/maintenance fees (including Annual Report filing). These two can be high in some states.
Source: Incfile
Checklist of Business Startup Costs
Getting your business off the ground takes more work than most new entrepreneurs think. New business owners often miss expenses that incur while starting their business, which can leave new entrepreneurs in sticky situations and can compromise their business's future and longevity.
While startup costs can vary depending on the business and industry, we suggest all small business owners create a business startup cost checklist to help them navigate the unknown of entrepreneurship.
Why is it so important to calculate startup costs?
38% of businesses fail because they run out of cash.
That’s a scary statistic. The following steps will help you avoid that.
Build a financial roadmap for your business.
Understanding startup costs helps you make profits once the doors open.
Knowing where you stand financially will help you determine if you have enough money or if you need external funding.
Careful financial planning when you are getting your business off the ground will increase your chances of business success.
What to include in your startup cost checklist?
Research costs
Legal entity registration costs
Technology costs
Licenses, permits, and fees
Office/retail space and utilities
Equipment
Office Supplies
Marketing and advertising
Bottom line, startup costs can vary, but meticulous planning for expenses will set your new business up for success.
Source: Incfile
14 Common Business Licenses and Permits for Your Small Business
It's important to stay compliant with business license regulations to keep your company running smoothly. Learn about the 14 most common types of business licenses and permits and when are required.
Source: Incfile
What Tax Forms Do I Need to File as an LLC?
Business owners wear many hats, which can often involve taking on tasks outside of their area of expertise. This includes the hefty responsibility of taxes and filing the correct paperwork. Whether you own a single-member LLC or a partnership, you may need to file a variety of forms.
The LLC tax status means that your personal assets are completely separated from the company, your liability of business losses is limited, and taxes are passed through to your personal income tax. This also means you may owe self-employment taxes. LLCs that file their taxes as an S Corporation can benefit from tax advantages that help reduce self-employment tax liabilities.
Depending on whether your company is an LLC partnership, single-member LLC, or an S or C Corp, the paperwork that needs to be filed can vary. For example, single member LLC owners may have to file the following forms, among several others: W-2, 1099-NEC, 1099-MISC and 1040 Schedule C. Also, filing as a C Corp will require Form 8832, which is used to make entity classification elections. If all this information is overwhelming, consult with a tax or accounting professional to determine the specificities for your business. Incfile’s Accounting and Bookkeeping service offers a free tax consultation, and can help file your businesses tax returns.
How to Optimize Tax Preparation Using a Business Tax Calculator
To avoid a stressful tax season, business owners need to make sure that they’ve saved an adequate portion of their profits to pay their taxes accurately. However, depending on the business, it can be difficult to estimate just how much needs to be stored away. Using a business tax calculator can alleviate that pressure. They provide some assistance with planning your finances for the coming year. While a helpful resource, a business tax calculator cannot replace a certified tax professional, but can be used as a strong starting point.
Saving for taxes can be complicated for a variety of reasons, especially because there are different types of taxes that need to be accounted for. Also, tax percentages can vary depending on income amount and tax requirements fluctuate from state to state. These taxes include self-employment/pay-roll tax, federal income tax, state income tax, and FUTA and SUTA taxes. When using tax calculators, it’s important to determine if they crunch the numbers for these different types of taxes.
Both the Keeper Tax and Tax Outreach calculators allow you to enter self-employment earnings, W2 earnings for you and your spouse, and your filing status. Keeper Tax allows you to add local information for a more accurate estimate of your state taxes, while Tax Outreach allows you to add in business expenses and provides a detailed breakdown of your taxes.
Incfile’s tax services can provide additional assistance for unique circumstances including your business entity type, retirement savings, W2 income and other income and expenses.
How to Become a Consultant
Consulting is a popular and lucrative career path to pursue. Ninety percent of consultants reported satisfaction with being a business owner and the consulting market in the U.S. valued at over $60 billion. However, there are key facts you should consider before launching your consulting career.
To become a successful consultant, it’s important to first define your role by identifying the existing gaps in a company’s workforce. Once those gaps are outlined, aspiring consultants should develop a deep niche, expertise and insight into those areas. Additionally, exploring top industry tools to familiarize yourself with different processes will give you an even greater competitive edge. To test your capabilities, start out with one-off projects while developing a community that can provide mentorship and support during your journey. Focus on specializing in one or two specific niches. Healthcare, education and Saas (Software as a service) are great industries to look into.
Once you identify your niche and define your role, building a portfolio will help prospective clients understand your capabilities. Expanding your network, positioning yourself as a thought leader through writing analysis pieces are additional ways to bring in new business. You can also leverage analytics by showing potential clients that your skills and expertise will provide an excellent ROI. While focusing on the services you provide clients is important, it’s also equally important to implement strong business administration processes. Researching project management tools, developing standardized emails, and creating strong communications channels will help.
Finally, it’s time to jump start your consulting business by reaching out to potential clients and convincing them to hire you. Improve your presentation, proposal writing and pitching skills. Clarify the value your clients will receive if they hire you. Make sure you are results oriented and able to execute your ideas.
How to Use a Business Name Generator
Struggling with coming up with a catchy name for your small business? Choosing the right name for your business can be challenging, but luckily there are tools like business name generators that can help savvy entrepreneurs come up with a name that will make a lasting impression on future customers and clients. But how do you use a business name generator? And, are they even effective? Not only are they effective, but some use artificial intelligence technology to help founders brainstorm a name for their new business.
Here’s how to use a business name generator:
Identify keywords, ideas, emotions, or industry-related terms that you would like to incorporate in your business name.
Determine the length of your business name - short, medium, long.
Determine the type of name - acronym, catchy phrase, etc.
Once you input these details the business name generator will create a list of potential names. Review the list and choose your favorites.
Once you’ve selected your favorites, ensure the name you chose is available by checking with your Secretary of State, domains, and social media accounts.
Then trademark your business name, register your business entity.
Finally get to work on starting your new business!
For more tips and tricks on choosing the best name for your new business take a look at our infographic on how to generate a unique name for your business.
What Business Can I Start with $100 in 2022?
Got $100? Why not start a business? Believe it or not it is possible to start a business with just 100 dollars.
Funding a new business is a major hurdle for aspiring entrepreneurs. With technological advancements and modern tools to help entrepreneurs, starting a business is now easier than ever.
Not sure where to start or which businesses are likely to be successful with just a 100 dollar investment, no worries! We did the research and investigated the top businesses to start this year with only $100.
Top Low Investment Businesses to Start:
Senior and home care services
What’s needed to start: understanding senior lifestyle challenges, interpersonal skills, license and permits from your state.
Holiday and party decorator
What’s needed to start: conceptual design sense, portfolio of previous design work, flexibility.
Dropshipping business
What’s needed to start: savvy marketing skills, an understanding of customer needs, strong relationship management skills.
Personal care concierge service
What’s needed to start: administration skills, strong attention to detail, reliability.
Trainer and coach
What’s needed to start: Strategic and tactical planning abilities, a motivational attitude.
Home organization consultant
What’s needed to start: organization and design skills, a portfolio of previous work.
Starting your entrepreneurial journey with little to no funds is possible! Use our infographic and business resources to guide you through starting your own business.
Forming an LLC as a Teenage or Minor
Forming an LLC as a teenager or minor is not just a dream, it can be a reality for most entrepreneurial minded young people. Recent data shows that there has been an uptick in entrepreneurship overall, and teens play a part in the increase. A majority of high school and college students hope to start a business one day. Also, about 41% of teens prefer the entrepreneurship route, careerwise. A majority of young people also have a business idea but don’t know how or where to start. Since 2009, the number of teens starting businesses has increased eightfold.
A limited liability company is the most common path for teens to start a business, especially because LLCs come with quite a few benefits. Along with tax benefits, LLCs protect entrepreneurs from personal liability for the losses and debts of the business. They also make it easier to secure funding and supplies.
Since state laws vary, minors should reach out to their secretary of state or an attorney to understand the guidelines. Some states, such as Delaware and California, do not have age restrictions in order to form an LLC. If a state does have age restrictions, there are a couple options young people can try. A minor can either: serve as a member of an LLC or become a partner in an LLC. Since there are no age limits for members and managers of an LLC, minors can choose this route when forming their businesses, allowing a trustworthy adult to organize the company. To protect themselves, teenagers should consult a lawyer and create an operating agreement. Minors can also have a business partner to serve as an adult “responsible for the LLC formation, operation and other daily tasks of running a business that the minor would not legally be able to manage.”
What Is a Certificate of Good Standing and Why Do You Need It?
While not always required, a certificate of good standing helps customers know that your business is legitimate. It verifies that you are registered in your state, compliant with regulations, and paying taxes. It will indicate to your customers that you are dependable.
Issued by your secretary of state, this document will also be helpful when you need to take major shifts in your business. That includes applying for a loan, foreight qualification, permits, licences and selling your business.
To receive a certificate of good standing, first create and register your business. Then reach out to your secretary of state for the certificate’s application.
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Introduction
Have you ever dreamed of turning your innovative idea into a thriving business? Starting a company involves numerous steps and decisions, but don't worry—we're here to help. Whether you're exploring how to start a startup company or wondering how to start up a small business, this guide will walk you through the process, step by step.
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