Online Incorporation MaxBlog

Naming your new business is probably the biggest decision you will make about your budding enterprise…it’s what the world will know and remember you as so you want it to be practical and memorable too.

And you will want to spend some time thinking about this too – don’t simply go with the first thing that pops into your head or your gut instinct. Chat it over with friends, do some research and come up with several ideas before making a decision.

Before doing any of this though you may want to do a trademark/name search to find if there are any other businesses out there using that name. You would hate to go through this arduous process just to find out that someone already has that name and has trademarked it.

Incorporating a business with a trademarked can be a costly mistake – at minimum you will be forced to change names and incur all expenses with doing that.  Next, you could be sued by the trademark owner and if you use a federally registered trademark improperly, you could really be in trouble. In this instance, a court will assume you knew the name was federally registered and consider you a “willful infringer,” meaning you could be put on the hook for large damages and the owner’s attorney fees.

If you choose to incorporate a business online with MaxFilings, we do a preliminary name check as part of our online incorporation process.

However, save yourself the trouble before hand when you’re deciding on what to call your new venture and do a quick trademark/name search (U.S. Patent and Trade Office) for your new business or products and also do some general searches on the Internet to see how the name is being used. You can also use a fee-based service like Thomson’s SAEGIS database.

Whatever you do, look into it…it will save you in the long run.

We’ve all heard the news – supposedly the worst recession in a generation is nearing an end. With the advent of bailouts and massive government stimulus, many political leaders are playing the economy up in hopes a strong recovery is under way.

Of course economic recovery would mean people can find meaningful full-time work and begin rebuilding their lives.

And of course, many entrepreneurs and small business owners have been hanging on a thread for the last two years waiting for a meaningful recovery to get underway – according to a recent National Federation of Independent Business (NFIB) study, 53% of small business owners believe the economic climate will worsen in the next six months – that’s up from 37% just a month ago!

Other tidbits from the survey – the number of businesses saying it’s harder to get a loan rose to 15%. One good bit of news, 15% of businesses say they plan to hire, which is up a couple of points from the month before.

But the NFIB’s optimism index came in at 86.8 in March. Readings below 90 for this long is unprecedented (18 months straight to be exact). Nine of the ten components the NFIB uses to arrive at this optimism index number either fell or remained unchanged from their readings in February – not the “picture of an economic expansion” as so eloquently expressed by the NFIB.

Take a look at this report to see for yourself. While the economy’s future is uncertain, don’t let that dissuade you from incorporating a business. Many successful companies got their start during the Great Depression and other recessions that have rocked the U.S. since.

If you have a good product/service that people in a recession would find useful, don’t let the economic numbers discourage you…incorporate online today and when things finally turn around, you will be in a good position to really grow your business.

Once you decide to incorporate a small business online and depending on your particular needs, you need to consider how you’re going to finance the new venture. This is one of the biggest challenges business startups face – finding funding.

You can go to investor conferences and pitch your idea. However, a casual atmosphere to discuss things with potential investors is lacking to say the least.

And if you’re asking people for money, they probably want to get to know you a little bit unless your business plan just wows them from the start.

In comes Venture Café, an idea hatched by Cambridge Innovation Center founder and CEO Tim Rowe. The café opened March 1st in Boston to provide area entrepreneurs and investors a place to interact in a casual atmosphere and talk business. Currently housed in a temporary location, the café is looking for a permanent location.

To get things started, organizers are holding a series of “office hours” sponsored by the New England Venture Capital Association where entrepreneurs can hold 25-minute pitch sessions at the café. Organizers invite investors to attend and encourage them to come a little early and stay a little later – all in the hopes of them making more random, casual connections.

It’s especially nice to see innovative techniques like this being put into action. Nothing can take the place of one-on-one relationships so it’s nice to see ideas like this put people together. Not only does it serve as a wonderful way to meet prospective business partners, its casual nature will help those entrepreneurs who may be nervous about approaching some large venture capital firm.

Incorporating a business and running it successfully requires a lot more than simply completing some forms. But places like Venture Café in Boston help make the journey more fulfilling.

It’s a common question for budding entrepreneurs – what type of bank should they choose?

Banks can pretty much be divided into two categories – small community banks that serve a specific city, region or state and large commercial banks that have branches in many states or across the entire country. Each has its own advantages and disadvantages and which one you choose depends a lot on how many places your business operates.

There are over 7500 community banks in the United States and typically have under $1 billion in assets. It is easier to establish a relationship with a branch manager or loan officer at a community bank. These relationships may allow you to deposit checks into your account without a hold or get a quick loan with little trouble.

Large banks on the other hand operate in several states. And while it’s harder to establish a personal relationship with a large bank, they generally have more capital to loan out. Also, if you operate in different states, it may be worth looking into a large bank so you can better manage your business.

Check out the video below for more tips on how to choose the right bank for your business.

One question that may come to mind for businesses wanting to incorporate is how many “founders” they should have. By “founders”, we mean individuals who have collaborated together to establish a new company.

It really depends on how you structure it as to whether there should be one or two founders or five or more as expressed in the video below.

Simply having several people who come together and say – “We want to start a company that will be successful in the future” – isn’t enough. In this case, having more than one or two founders could be huge mistake. Progress will be elusive and chances are, the venture won’t succeed.

On the other hand though, if each person has their own area of responsibility like one in charge of marketing, another in charge of development and another in charge of fundraising for example, several founders for a company could be a plus.

Watch this quick interview of venture capitalist David Hornik for more. And if you’re ready to incorporate a business, turn to the online incorporation experts at MaxFilings to quick and reliable service.

After working for years in an office with coworkers, it can be very challenging to work from home alone. There’s no one to go to lunch with, bounce ideas off of or vent frustrations.

How does a person working at home avoid feeling isolated and motivated to be as productive as possible?

A new article in the online incorporation knowledge center courtesy of Leah Grant has some great tips on how to cope with the traumatic change of working with others nearby to by yourself at home.

Tips include:

1.    Find an accountability partner
2.    Find or join a Mastermind group
3.    Join offline networking groups
4.    Join your industry’s professional organization
5.    Schedule time every week to reach out to customers and colleagues
6.    Try to work outside your home at least once a week

Working from home doesn’t have to feel like being trapped on a deserted island. Read the article for more detail on how you can ensure success in running a small business from the confines of your home.

One of the benefits of the digital age is the fact that there is no age limit to starting a business. Before, banks would not lend to someone who hasn’t been in the corporate world for many years and demonstrated a certain maturity.

But the Internet makes forming a corporation on a shoestring easy - many new and successful businesses like Mark Zuckerberg’s Facebook are routinely started in college dorm rooms.

There are many examples of innovative young people using their drive and initiative to launch their own businesses. And now they will be getting a shot in the arm thanks to the Ewing Marion Kaufmann Foundation and the University of Miami. The Kaufmann Foundation awarded the university a $75,000 grant for the Launch Pad, a program to help college students start their own businesses while they’re still in school.

The Launch Pad started in 2008 and to date has helped over 750 students and alumni. This effort has seen the launch of 20 new companies. If it continues to be successful, this program may be replicated at other universities.

Have a new venture that you’re trying to get off the ground? We invite you to consider incorporating online through MaxFilings where you can form a corporation in as little as 10 minutes or save your information and come back later.

Many folks in today’s economy who have been laid off or have unstable jobs consider starting a business as their next career move.

We can tell you here that entrepreneurship has many advantages – the ability to be your own boss, make your own hours more or less and the opportunity to do something truly innovative.

If you think forming a corporation and embarking on a small business career may be an option for you, consider the following 5 steps to help make your venture a success.

1.    Be sure you thoroughly enjoy what you do

It’s important to like what you do right? Well it’s much more important when owning a small business. You will be required to do many different things as a small business owner – things like a salesperson, boss, customer service rep and money manager. Some of these tasks will not be your cup of tea so passion for the business in general will need to be strong to get you through the things you don’t particularly enjoy.

2.    Choose the most appropriate legal structure for your business.

One of the first steps to incorporating online is choosing the legal structure of your business. Incorporation options include sole proprietorships, partnerships, corporations and limited liability companies (LLC). Check out our business incorporation knowledge center at MaxFilings for comparisons and pros/cons of each.

3.    Any good business person sets goals

Set measurable goals and track your progress regularly. Successful businesses have a marketing plan and general business plan to guide their growth and development.

4.    Develop a business plan based on your goals

From the goals you develop in step 3, develop your business, financial and marketing plan. Many lenders and investors will not want to deal with you without them.

5.    Continue to seek advice from other professionals after you’re established

You will rely on many different people to help run your business – attorneys, accountants, marketing professionals and others. But it’s also important to maintain a network of other small business owners and professionals in similar businesses. Don’t think for a minute that you’re alone – other business owners can empathize with your frustrations and offer helpful advice.

These 5 steps won’t guarantee your success but they are a good guide to get you off to a strong start. When you’re ready, you can easily incorporate online in 10 minutes or less at MaxFilings.com. And check out our knowledge center for all sorts of informative articles on incorporating and running your business.

One big question to address after deciding to become an entrepreneur is whether you want to start your own business altogether or purchase a franchise license from a corporate entity like McDonalds or Ace Hardware.

Each has its own pros and cons but to find out which route is more suitable, you must first ask yourself why you want to be in business in the first place.

You Want to Be Your Own Boss

If your primary motivation for wanting to venture into owning a business is to be your own boss, franchising is definitely not for you. Corporations often have strong conditions and dictate what is to be done and how. If you incorporate a business on your own, you will have complete control of these things.

You Have an Idea and Want to Expand On It

If you have an original idea for a business then a franchise is definitely NOT for you. Ideas like this require you to be in complete control of the situation. Franchises come with strings attached so the opportunities to experiment on your own are minimal.

You Want to Make Lots of $$$

If your ambition is lots of greenbacks, then franchising may be the way to go. Not that franchises make more money than stand-alone businesses, but they do have a higher success rate. But you will have to pay fees to the franchisor for your success…franchising is also a good option if you do not have much hands-on business experience.

You Already Have Money but you’re looking for something to keep you Busy

Franchises are ideal for folks in this category…you have money and are looking for something to pass time. It’s even more ideal if you lack hands-on business experience. The franchisor will assist you in many things – hiring practices, site selection, inventory and more.

Whatever course you decide, you will need to incorporate your business. Incorporate online easily in 10 minutes or less at MaxFilings.com. No matter if you’re in Alaska, Florida or the District of Columbia, incorporation experts at MaxFilings can help you get your business off the ground and running.

Starting a business in the current economic climate may defy logic. Why would I be crazy enough to give up my secure job to take the entrepreneurial plunge right now?

Experts will tell you that a recession is one of the best times to start a business – several well-known successful companies today got their start during major economic turmoil in the U.S.  These companies succeeded because they found a niche market that wasn’t being filled by anyone else. Identifying a market need is vital for any business startup, regardless of the economic climate.

But risks of failure are greater in a recession so you need to keep expenses as low as possible. Businesses that start and survive a recession though are in a unique position to profit and benefit from the inevitable economic upturn. But if you wait to form a corporation until after the recession, you will be that much more behind.

Keep startup costs low by:

1.    Keeping you day job – If you’re fortunate enough to still be employed, start your business during your free time. You will still have steady income from your day job which allows you to focus on making your business profitable with less risk.

2.    Not buying, leasing or renting office space – Launch your business from a simple home office to save on this expense. Many ventures can be easily managed from the home, eliminating the need to spend money on office space.

3.    Not hiring employees – If you need help from others, consider hiring them as contractors rather than  employees.

4.    Advertising by word-of-mouth – There are many ways to advertise your products and services without spending money. If you can’t sell it yourself, no one can.

There are many recession proof industries you can launch a successful business in. These include:

•    Food
•    Healthcare (including psychology and substance abuse)
•    Computers and IT – people tend to fix broken machines rather than buying new ones during a recession
•    Security
•    Education services (many people go back to school in hard economic times)
•    International business – the economy in other countries may be better

One challenge to starting a business is finding your niche – something that distinguishes you from other related things currently available. One of the best ways to find your niche is to create a business that offers something you needed but couldn’t find.

Read this article from Entrepreneur.com for more insights. And when you’re ready to launch your business, turn to the online incorporation experts at MaxFIlings.com to form a corporation online easily in just minutes.