LLC vs. Sole Proprietorship: Which One Is Right for Your Small Business?
•
0 likes•5 views
Trying to decide whether to form an LLC vs. sole proprietorship? Sole proprietorships and LLCs combined are the most popular type of business in the U.S. - there are over 23 million. Learn more about these two business entities and what they have to offer to protect you from the risks of doing business and the advantages and disadvantages, It also includes information on the business formation process and taxes.
Report
Share
Report
Share
Download to read offline
Recommended
Grants vs. Loans: Which One Is Right for Your Business?
Discover whether a small business grant or loan is best for your organization. Find out how they differ, funding sources and alternative financing.
We put together a list of grant or loan FAQs comparing which one is best for you small business.
Which one will you have to repay the money?
Where are they available from?
How to become eligible?
Is a personal guarantee or collateral something required?
What are the chances of being accepted?
How long does it takes for approval?
What are the tax rules?
What are the considerations?
Use our infographic to help you choose the right fund for your small business.
Source; Incfile
Should I Incorporate in Delaware or Illinois?
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.
A Complete Guide to Understanding EINs for LLCs
Wondering why does an LLC need an EIN? Find out why this is part of the business formation process, when your LLC must get one, and how to apply for an EIN.
In this infographic, you will find our FAQs on EINs to understand if you require an EIN for your LLC. Answer Yes require EIN or No require EIN.
And two options on how to apply for an EIN, through Incfile or through IRS.
Need Inspiration? These Are Some Of The Most Profitable Small Businesses
Ready to start your small business, but need a little inspiration? When starting a business money is top of mind. Starting a business venture that is profitable is key to determining your future earning potential. We put together a list of the small businesses to start that have high-profit potential.
Accounting and related services.
Automotive equipment rental/leasing.
Copywriting.
Death care services.
Dentists’ offices
Fitness instructors and trainers
Food trucks
Landscaping and cleaning services
Legal services
Management consulting
Medical/diagnostic labs
Real estate sales and leasing
Real estate services
Tutoring and schools
Warehousing/storage
Ready to start one of these businesses? Here’s how you get started.
Create a business plan and business name.
Make sure the name is legally available by searching a Business Name Search Tool.
Get a website domain
Register for an assumed, fictitious, or doing business as (DBA) name if needed.
Legally incorporate your business.
Get an EIN or Operating Agreement.
Trademark your business.
Get the necessary licenses and permits.
Get a virtual address.
Use the infographic as a guide to starting your small business.
Source: Incfile
Your Side Hustle Guide: Amazon vs. Etsy
Ready to start a side hustle selling online? Entrepreneurs looking to sell online have a lot of options on where or how they sell their products. The top platforms to start off when selling your products online are Amazon and Etsy. They have some of the largest customer bases and make starting your side hustle so easy. Which platform is right for you? Well, there are a few things to consider before selling on Amazon or Etsy. Our Infographic will walk you through the pros and cons of each platform and how to start your side hustle.
Key Differences Between Amazon and Etsy.
The first thing to take into account is that platforms will be taking a cut of your profits in return for allowing you to list your product for sale on their website. The business model of your side hustle using these platforms will be selling products via online retail. The product that you sell on each platform will vary.
Etsy tends to be a crafty, creative space where you can sell unique, handmade craft products. While Amazon, tends to be better for individuals looking to sell any type of retail inventory, and customers aren’t expecting their products to be made from scratch.
How To Start Your Amazon or Etsy Side Hustle.
Draft a business plan and commit to following it.
Understand your finances and determine how you will finance your side hustle.
Plan ahead for taxes.
Determine how you'll manage your money.
Implement a marketing plan.
There are also plenty of business resources available to guide you as you launch your online business.
Use our infographic to help you launch your next side hustle.
Source: Incfile
Do's and Don'ts of Getting a Virtual Address for a Non-U.S. Resident Business
Need a Virtual Address as a Non-U.S. Resident Business Owner. In this infographic, you will learn what a virtual address is, What a virtual address can do for a Non-U.S. Resident, the do's and don'ts of getting a virtual address, and the best tips for getting a virtual address Non-U.S. resident.
Single-Member LLCs vs. Sole Proprietorships for Your Consulting Business
Find out whether you should choose a single-member LLC or a sole proprietorship for your consulting business.
In this infographic, we'll explore the differences between a single-member LLC vs. a sole proprietorship so you can make the right call for your business.
We’ll help you understand;
What Is a Sole Proprietorship?
What Is a Single-Member LLC?
What Are the Benefits of a Single-Member LLC vs. a Sole Proprietorship?
What’s the Best Business Structure for Consulting?
Real Breakdown of Costs to Set up an LLC
Ever wondered how much it really costs to set up an LLC? We've gathered every possible cost so you can know how to prepare your budget.
State Filing Fees; Each state charges a different amount to file an LLC. This can range between $40 to $500.
Registered Agent Fees; A professional RA can cost you between $100 to $300 per year.
Annual Repor Fees; Many states require all LLCs to file an annual report. The fees for filing such a report vary, from $0 per year in some states and to $300+ per year in other states.
LLC Taxes; In most states, LLCs are taxed as pass-through entities. However, some states require LLCs to pay additional taxes, no matter how their business did, these taxes can be between $150 per year to $800 per year.
Publication Fees; In some states, LLCs are required to notify residents of their LLC’s formation by publishing an AD in the newspaper. This fee can vary from $25 to $50 depending on the state.
Recommended
Grants vs. Loans: Which One Is Right for Your Business?
Discover whether a small business grant or loan is best for your organization. Find out how they differ, funding sources and alternative financing.
We put together a list of grant or loan FAQs comparing which one is best for you small business.
Which one will you have to repay the money?
Where are they available from?
How to become eligible?
Is a personal guarantee or collateral something required?
What are the chances of being accepted?
How long does it takes for approval?
What are the tax rules?
What are the considerations?
Use our infographic to help you choose the right fund for your small business.
Source; Incfile
Should I Incorporate in Delaware or Illinois?
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.
A Complete Guide to Understanding EINs for LLCs
Wondering why does an LLC need an EIN? Find out why this is part of the business formation process, when your LLC must get one, and how to apply for an EIN.
In this infographic, you will find our FAQs on EINs to understand if you require an EIN for your LLC. Answer Yes require EIN or No require EIN.
And two options on how to apply for an EIN, through Incfile or through IRS.
Need Inspiration? These Are Some Of The Most Profitable Small Businesses
Ready to start your small business, but need a little inspiration? When starting a business money is top of mind. Starting a business venture that is profitable is key to determining your future earning potential. We put together a list of the small businesses to start that have high-profit potential.
Accounting and related services.
Automotive equipment rental/leasing.
Copywriting.
Death care services.
Dentists’ offices
Fitness instructors and trainers
Food trucks
Landscaping and cleaning services
Legal services
Management consulting
Medical/diagnostic labs
Real estate sales and leasing
Real estate services
Tutoring and schools
Warehousing/storage
Ready to start one of these businesses? Here’s how you get started.
Create a business plan and business name.
Make sure the name is legally available by searching a Business Name Search Tool.
Get a website domain
Register for an assumed, fictitious, or doing business as (DBA) name if needed.
Legally incorporate your business.
Get an EIN or Operating Agreement.
Trademark your business.
Get the necessary licenses and permits.
Get a virtual address.
Use the infographic as a guide to starting your small business.
Source: Incfile
Your Side Hustle Guide: Amazon vs. Etsy
Ready to start a side hustle selling online? Entrepreneurs looking to sell online have a lot of options on where or how they sell their products. The top platforms to start off when selling your products online are Amazon and Etsy. They have some of the largest customer bases and make starting your side hustle so easy. Which platform is right for you? Well, there are a few things to consider before selling on Amazon or Etsy. Our Infographic will walk you through the pros and cons of each platform and how to start your side hustle.
Key Differences Between Amazon and Etsy.
The first thing to take into account is that platforms will be taking a cut of your profits in return for allowing you to list your product for sale on their website. The business model of your side hustle using these platforms will be selling products via online retail. The product that you sell on each platform will vary.
Etsy tends to be a crafty, creative space where you can sell unique, handmade craft products. While Amazon, tends to be better for individuals looking to sell any type of retail inventory, and customers aren’t expecting their products to be made from scratch.
How To Start Your Amazon or Etsy Side Hustle.
Draft a business plan and commit to following it.
Understand your finances and determine how you will finance your side hustle.
Plan ahead for taxes.
Determine how you'll manage your money.
Implement a marketing plan.
There are also plenty of business resources available to guide you as you launch your online business.
Use our infographic to help you launch your next side hustle.
Source: Incfile
Do's and Don'ts of Getting a Virtual Address for a Non-U.S. Resident Business
Need a Virtual Address as a Non-U.S. Resident Business Owner. In this infographic, you will learn what a virtual address is, What a virtual address can do for a Non-U.S. Resident, the do's and don'ts of getting a virtual address, and the best tips for getting a virtual address Non-U.S. resident.
Single-Member LLCs vs. Sole Proprietorships for Your Consulting Business
Find out whether you should choose a single-member LLC or a sole proprietorship for your consulting business.
In this infographic, we'll explore the differences between a single-member LLC vs. a sole proprietorship so you can make the right call for your business.
We’ll help you understand;
What Is a Sole Proprietorship?
What Is a Single-Member LLC?
What Are the Benefits of a Single-Member LLC vs. a Sole Proprietorship?
What’s the Best Business Structure for Consulting?
Real Breakdown of Costs to Set up an LLC
Ever wondered how much it really costs to set up an LLC? We've gathered every possible cost so you can know how to prepare your budget.
State Filing Fees; Each state charges a different amount to file an LLC. This can range between $40 to $500.
Registered Agent Fees; A professional RA can cost you between $100 to $300 per year.
Annual Repor Fees; Many states require all LLCs to file an annual report. The fees for filing such a report vary, from $0 per year in some states and to $300+ per year in other states.
LLC Taxes; In most states, LLCs are taxed as pass-through entities. However, some states require LLCs to pay additional taxes, no matter how their business did, these taxes can be between $150 per year to $800 per year.
Publication Fees; In some states, LLCs are required to notify residents of their LLC’s formation by publishing an AD in the newspaper. This fee can vary from $25 to $50 depending on the state.
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.
Industrial Tech SW: Category Renewal and Creation
Every industrial revolution has created a new set of categories and a new set of players.
Multiple new technologies have emerged, but Samsara and C3.ai are only two companies which have gone public so far.
Manufacturing startups constitute the largest pipeline share of unicorns and IPO candidates in the SF Bay Area, and software startups dominate in Germany.
Best Forex Brokers Comparison in INDIA 2024
Navigating the world of forex trading can be challenging, especially for beginners. To help you make an informed decision, we have comprehensively compared the best forex brokers in India for 2024. This article, reviewed by Top Forex Brokers Review, will cover featured award winners, the best forex brokers, featured offers, the best copy trading platforms, the best forex brokers for beginners, the best MetaTrader brokers, and recently updated reviews. We will focus on FP Markets, Black Bull, EightCap, IC Markets, and Octa.
3 Simple Steps To Buy Verified Payoneer Account In 2024
Buy Verified Payoneer Account: Quick and Secure Way to Receive Payments
Buy Verified Payoneer Account With 100% secure documents, [ USA, UK, CA ]. Are you looking for a reliable and safe way to receive payments online? Then you need buy verified Payoneer account ! Payoneer is a global payment platform that allows businesses and individuals to send and receive money in over 200 countries.
If You Want To More Information just Contact Now:
Skype: SEOSMMEARTH
Telegram: @seosmmearth
Gmail: seosmmearth@gmail.com
2024-6-01-IMPACTSilver-Corp-Presentation.pdf
IMPACT Silver is a pure silver zinc producer with over $260 million in revenue since 2008 and a large 100% owned 210km Mexico land package - 2024 catalysts includes new 14% grade zinc Plomosas mine and 20,000m of fully funded exploration drilling.
How are Lilac French Bulldogs Beauty Charming the World and Capturing Hearts....
“After being the most listed dog breed in the United States for 31
years in a row, the Labrador Retriever has dropped to second place
in the American Kennel Club's annual survey of the country's most
popular canines. The French Bulldog is the new top dog in the
United States as of 2022. The stylish puppy has ascended the
rankings in rapid time despite having health concerns and limited
color choices.”
The latest Heat Pump Manual from Newentide
𝐔𝐧𝐯𝐞𝐢𝐥 𝐭𝐡𝐞 𝐅𝐮𝐭𝐮𝐫𝐞 𝐨𝐟 𝐄𝐧𝐞𝐫𝐠𝐲 𝐄𝐟𝐟𝐢𝐜𝐢𝐞𝐧𝐜𝐲 𝐰𝐢𝐭𝐡 𝐍𝐄𝐖𝐍𝐓𝐈𝐃𝐄’𝐬 𝐋𝐚𝐭𝐞𝐬𝐭 𝐎𝐟𝐟𝐞𝐫𝐢𝐧𝐠𝐬
Explore the details in our newly released product manual, which showcases NEWNTIDE's advanced heat pump technologies. Delve into our energy-efficient and eco-friendly solutions tailored for diverse global markets.
NIMA2024 | De toegevoegde waarde van DEI en ESG in campagnes | Nathalie Lam |...
Nathalie zal delen hoe DEI en ESG een fundamentele rol kunnen spelen in je merkstrategie en je de juiste aansluiting kan creëren met je doelgroep. Door middel van voorbeelden en simpele handvatten toont ze hoe dit in jouw organisatie toegepast kan worden.
Income Tax exemption for Start up : Section 80 IAC
A presentation on the concept of Exemption of Profits of Start ups from Income Tax
Innovation Management Frameworks: Your Guide to Creativity & Innovation
Innovation Management Frameworks: Your Guide to Creativity & InnovationOperational Excellence Consulting
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This PowerPoint compilation offers a comprehensive overview of 20 leading innovation management frameworks and methodologies, selected for their broad applicability across various industries and organizational contexts. These frameworks are valuable resources for a wide range of users, including business professionals, educators, and consultants.
Each framework is presented with visually engaging diagrams and templates, ensuring the content is both informative and appealing. While this compilation is thorough, please note that the slides are intended as supplementary resources and may not be sufficient for standalone instructional purposes.
This compilation is ideal for anyone looking to enhance their understanding of innovation management and drive meaningful change within their organization. Whether you aim to improve product development processes, enhance customer experiences, or drive digital transformation, these frameworks offer valuable insights and tools to help you achieve your goals.
INCLUDED FRAMEWORKS/MODELS:
1. Stanford’s Design Thinking
2. IDEO’s Human-Centered Design
3. Strategyzer’s Business Model Innovation
4. Lean Startup Methodology
5. Agile Innovation Framework
6. Doblin’s Ten Types of Innovation
7. McKinsey’s Three Horizons of Growth
8. Customer Journey Map
9. Christensen’s Disruptive Innovation Theory
10. Blue Ocean Strategy
11. Strategyn’s Jobs-To-Be-Done (JTBD) Framework with Job Map
12. Design Sprint Framework
13. The Double Diamond
14. Lean Six Sigma DMAIC
15. TRIZ Problem-Solving Framework
16. Edward de Bono’s Six Thinking Hats
17. Stage-Gate Model
18. Toyota’s Six Steps of Kaizen
19. Microsoft’s Digital Transformation Framework
20. Design for Six Sigma (DFSS)
To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentationsMore Related Content
More from Yovanny Hyde
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.
More from Yovanny Hyde (11)
15 U.S. States with the Lowest State Fee to Start a Business Today
15 U.S. States with the Lowest State Fee to Start a Business Today
14 Common Business Licenses and Permits for Your Small Business
14 Common Business Licenses and Permits for Your Small Business
How to Optimize Tax Preparation Using a Business Tax Calculator
How to Optimize Tax Preparation Using a Business Tax Calculator
What Is a Certificate of Good Standing and Why Do You Need It?
What Is a Certificate of Good Standing and Why Do You Need It?
Recently uploaded
Industrial Tech SW: Category Renewal and Creation
Every industrial revolution has created a new set of categories and a new set of players.
Multiple new technologies have emerged, but Samsara and C3.ai are only two companies which have gone public so far.
Manufacturing startups constitute the largest pipeline share of unicorns and IPO candidates in the SF Bay Area, and software startups dominate in Germany.
Best Forex Brokers Comparison in INDIA 2024
Navigating the world of forex trading can be challenging, especially for beginners. To help you make an informed decision, we have comprehensively compared the best forex brokers in India for 2024. This article, reviewed by Top Forex Brokers Review, will cover featured award winners, the best forex brokers, featured offers, the best copy trading platforms, the best forex brokers for beginners, the best MetaTrader brokers, and recently updated reviews. We will focus on FP Markets, Black Bull, EightCap, IC Markets, and Octa.
3 Simple Steps To Buy Verified Payoneer Account In 2024
Buy Verified Payoneer Account: Quick and Secure Way to Receive Payments
Buy Verified Payoneer Account With 100% secure documents, [ USA, UK, CA ]. Are you looking for a reliable and safe way to receive payments online? Then you need buy verified Payoneer account ! Payoneer is a global payment platform that allows businesses and individuals to send and receive money in over 200 countries.
If You Want To More Information just Contact Now:
Skype: SEOSMMEARTH
Telegram: @seosmmearth
Gmail: seosmmearth@gmail.com
2024-6-01-IMPACTSilver-Corp-Presentation.pdf
IMPACT Silver is a pure silver zinc producer with over $260 million in revenue since 2008 and a large 100% owned 210km Mexico land package - 2024 catalysts includes new 14% grade zinc Plomosas mine and 20,000m of fully funded exploration drilling.
How are Lilac French Bulldogs Beauty Charming the World and Capturing Hearts....
“After being the most listed dog breed in the United States for 31
years in a row, the Labrador Retriever has dropped to second place
in the American Kennel Club's annual survey of the country's most
popular canines. The French Bulldog is the new top dog in the
United States as of 2022. The stylish puppy has ascended the
rankings in rapid time despite having health concerns and limited
color choices.”
The latest Heat Pump Manual from Newentide
𝐔𝐧𝐯𝐞𝐢𝐥 𝐭𝐡𝐞 𝐅𝐮𝐭𝐮𝐫𝐞 𝐨𝐟 𝐄𝐧𝐞𝐫𝐠𝐲 𝐄𝐟𝐟𝐢𝐜𝐢𝐞𝐧𝐜𝐲 𝐰𝐢𝐭𝐡 𝐍𝐄𝐖𝐍𝐓𝐈𝐃𝐄’𝐬 𝐋𝐚𝐭𝐞𝐬𝐭 𝐎𝐟𝐟𝐞𝐫𝐢𝐧𝐠𝐬
Explore the details in our newly released product manual, which showcases NEWNTIDE's advanced heat pump technologies. Delve into our energy-efficient and eco-friendly solutions tailored for diverse global markets.
NIMA2024 | De toegevoegde waarde van DEI en ESG in campagnes | Nathalie Lam |...
Nathalie zal delen hoe DEI en ESG een fundamentele rol kunnen spelen in je merkstrategie en je de juiste aansluiting kan creëren met je doelgroep. Door middel van voorbeelden en simpele handvatten toont ze hoe dit in jouw organisatie toegepast kan worden.
Income Tax exemption for Start up : Section 80 IAC
A presentation on the concept of Exemption of Profits of Start ups from Income Tax
Innovation Management Frameworks: Your Guide to Creativity & Innovation
Innovation Management Frameworks: Your Guide to Creativity & InnovationOperational Excellence Consulting
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This PowerPoint compilation offers a comprehensive overview of 20 leading innovation management frameworks and methodologies, selected for their broad applicability across various industries and organizational contexts. These frameworks are valuable resources for a wide range of users, including business professionals, educators, and consultants.
Each framework is presented with visually engaging diagrams and templates, ensuring the content is both informative and appealing. While this compilation is thorough, please note that the slides are intended as supplementary resources and may not be sufficient for standalone instructional purposes.
This compilation is ideal for anyone looking to enhance their understanding of innovation management and drive meaningful change within their organization. Whether you aim to improve product development processes, enhance customer experiences, or drive digital transformation, these frameworks offer valuable insights and tools to help you achieve your goals.
INCLUDED FRAMEWORKS/MODELS:
1. Stanford’s Design Thinking
2. IDEO’s Human-Centered Design
3. Strategyzer’s Business Model Innovation
4. Lean Startup Methodology
5. Agile Innovation Framework
6. Doblin’s Ten Types of Innovation
7. McKinsey’s Three Horizons of Growth
8. Customer Journey Map
9. Christensen’s Disruptive Innovation Theory
10. Blue Ocean Strategy
11. Strategyn’s Jobs-To-Be-Done (JTBD) Framework with Job Map
12. Design Sprint Framework
13. The Double Diamond
14. Lean Six Sigma DMAIC
15. TRIZ Problem-Solving Framework
16. Edward de Bono’s Six Thinking Hats
17. Stage-Gate Model
18. Toyota’s Six Steps of Kaizen
19. Microsoft’s Digital Transformation Framework
20. Design for Six Sigma (DFSS)
To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentationsThe Genesis of BriansClub.cm Famous Dark WEb Platform
BriansClub.cm, a famous platform on the dark web, has become one of the most infamous carding marketplaces, specializing in the sale of stolen credit card data.
The APCO Geopolitical Radar - Q3 2024 The Global Operating Environment for Bu...
The Radar reflects input from APCO’s teams located around the world. It distils a host of interconnected events and trends into insights to inform operational and strategic decisions. Issues covered in this edition include:
Part 2 Deep Dive: Navigating the 2024 Slowdown
Introduction
The global retail industry has weathered numerous storms, with the financial crisis of 2008 serving as a poignant reminder of the sector's resilience and adaptability. However, as we navigate the complex landscape of 2024, retailers face a unique set of challenges that demand innovative strategies and a fundamental shift in mindset. This white paper contrasts the impact of the 2008 recession on the retail sector with the current headwinds retailers are grappling with, while offering a comprehensive roadmap for success in this new paradigm.
Taurus Zodiac Sign: Unveiling the Traits, Dates, and Horoscope Insights of th...
Dive into the steadfast world of the Taurus Zodiac Sign. Discover the grounded, stable, and logical nature of Taurus individuals, and explore their key personality traits, important dates, and horoscope insights. Learn how the determination and patience of the Taurus sign make them the rock-steady achievers and anchors of the zodiac.
The Heart of Leadership_ How Emotional Intelligence Drives Business Success B...
Leaders who possess self-awareness deeply understand their emotions, strengths, and weaknesses.
Digital Marketing with a Focus on Sustainability
Digital Marketing best practices including influencer marketing, content creators, and omnichannel marketing for Sustainable Brands at the Sustainable Cosmetics Summit 2024 in New York
TIMES BPO: Business Plan For Startup Industry
Starting a business is like embarking on an unpredictable adventure. It’s a journey filled with highs and lows, victories and defeats. But what if I told you that those setbacks and failures could be the very stepping stones that lead you to fortune? Let’s explore how resilience, adaptability, and strategic thinking can transform adversity into opportunity.
Brian Fitzsimmons on the Business Strategy and Content Flywheel of Barstool S...
On episode 272 of the Digital and Social Media Sports Podcast, Neil chatted with Brian Fitzsimmons, Director of Licensing and Business Development for Barstool Sports.
What follows is a collection of snippets from the podcast. To hear the full interview and more, check out the podcast on all podcast platforms and at www.dsmsports.net
Recently uploaded (20)
3 Simple Steps To Buy Verified Payoneer Account In 2024
3 Simple Steps To Buy Verified Payoneer Account In 2024
How are Lilac French Bulldogs Beauty Charming the World and Capturing Hearts....
How are Lilac French Bulldogs Beauty Charming the World and Capturing Hearts....
NIMA2024 | De toegevoegde waarde van DEI en ESG in campagnes | Nathalie Lam |...
NIMA2024 | De toegevoegde waarde van DEI en ESG in campagnes | Nathalie Lam |...
Income Tax exemption for Start up : Section 80 IAC
Income Tax exemption for Start up : Section 80 IAC
Innovation Management Frameworks: Your Guide to Creativity & Innovation
Innovation Management Frameworks: Your Guide to Creativity & Innovation
The Genesis of BriansClub.cm Famous Dark WEb Platform
The Genesis of BriansClub.cm Famous Dark WEb Platform
The APCO Geopolitical Radar - Q3 2024 The Global Operating Environment for Bu...
The APCO Geopolitical Radar - Q3 2024 The Global Operating Environment for Bu...
Registered-Establishment-List-in-Uttarakhand-pdf.pdf
Registered-Establishment-List-in-Uttarakhand-pdf.pdf
Taurus Zodiac Sign: Unveiling the Traits, Dates, and Horoscope Insights of th...
Taurus Zodiac Sign: Unveiling the Traits, Dates, and Horoscope Insights of th...
The Heart of Leadership_ How Emotional Intelligence Drives Business Success B...
The Heart of Leadership_ How Emotional Intelligence Drives Business Success B...
Brian Fitzsimmons on the Business Strategy and Content Flywheel of Barstool S...
Brian Fitzsimmons on the Business Strategy and Content Flywheel of Barstool S...