If you’re considering starting a business, you might want to check out this list of the top 10 most profitable industries of 2016. This list only includes industries in which you can incorporate or form an LLC (as opposed to just investing in them), and are diverse enough to fit a wide range of personality types. If you’ve already started one of these businesses, good for you! And if you’re considering it, it looks like you’ve made a great decision.
In list form:
1. Tax Prep and Accounting
2. Legal Services
3. Outpatient Care
4. Real Estate Office
5. Other Health Practitioner Offices
6. Dentist’s Office
7. Specialized Design Services
8. Auto Rental and Leasing
9. Warehousing and Storage
10. Medical and Diagnostic Laboratories
You’re able to laugh at your mistakes instead of viewing them as the end of the world. You know that having failures doesn’t mean you are a failure, and this allows you to keep moving forward.
You’re a self-starter (but you aren’t afraid to ask for help)
Obviously you’re going to need a lot of personal drive to start up a business. But recognizing that you can’t do everything alone (and this includes after the business is started) is smart, not weak.
You’re always open to improvement
You never stop learning, and never want to. Accepting that you can improve and change involves a flexible and open mind—and this will serve you well in addressing the many twists and obstacles you’ll face as an entrepreneur.
You’re okay with being uncomfortable
Being an entrepreneur means you’re willing to break free from the typical nine-to-five lifestyle. You’re not afraid to take risks, and while sometimes you might want to run in the opposite direction, you know that you have to push through instead.
You know when to slow down
In the entrepreneurial world, anything associated with “slow” tends to be scorned. But it’s important to recharge, and this includes everything from sleeping enough to taking care of your mental health. Working relentlessly 24/7 only leads to burnout. It’s important to take care of yourself!
If this list sounds like you, then…what are you waiting for?
Have questions about setting up your business? Please leave a comment below!
While some entrepreneurs fear that environmental sustainability puts the brakes on the competitiveness of business, these companies prove otherwise:
As probably the biggest and most well-known environmentally-motivated corporation, Patagonia recently proved just how much corporate responsibility plays into consumers’ spending decisions. This year, instead of using Black Friday to bring in extra profit, as most companies do, the company released a statement beforehand that they would be donating all money from Black Friday sales to environmental charities. They ended up bringing in $10 million, which was five times more than they had expected. Their VP of environmental activism released the statement, “This is a difficult and divisive time for our country. I believe the environment is something we can all come together on…Environmental values are something we all embrace.”
With Lisa Jackson, former head of the EPA, as their vice president of Environment, Policy and Social Initiatives, Apple has made big moves in the field of environmental sustainability. In 2015, Apple sourced 93% of its energy from renewable sources. Over 99% of the paper in their packaging is recycled or sustainably sourced, they’ve eliminated mercury from their products, and they have initiated programs to recycle parts from old and/or returned Apple products.
The Swedish furniture company announced in August that it will be allocating more than $1 billion this year toward sustainability investments. It has also set out to offset 100% of its energy expenditure through renewable energy. They also exclusively use energy-efficient LED lighting, and source their cotton and wood from sustainable sources.
Being environmentally conscious is certainly not holding these companies back from being incredibly successful; Patagonia, Apple, and IKEA are some of the most well-known and financially successful brand names in both America and the world.
Tax season is the busiest time of year for a CPA. While you may be tempted to pull your hair out in this whirlwind period, there’s one easy step you can take to shed some of your workload without shedding any clients. Before we get there, though, here are some important things to keep in mind:
This is a good time for your clients to start a business
If they start an S-Corp or LLC at the beginning of the New Year, they won’t have to file two separate sets of taxes for the previous year. Also, starting right as the New Year begins means that, in some states, they wont have to pay their state’s annual franchise tax for the previous year (which in some states they would otherwise have to do no matter how late in the year they incorporated).
People need you
The demand for your services will be high during this part of the year. Both new and experienced entrepreneurs will need help with taxes and incorporating. This is your time to shine.
So what can you do?
Direct Incorporation is here to help you incorporate your clients. We provide full filing and registration of corporations and LLCs, as well as a multitude of other services for aspiring entrepreneurs. If you incorporate your clients through us, they’ll still be using your services as an accountant, but DI can handle the filing and registration, making your job a lot easier. Instead of being overwhelmed by the influx of work these next few months, you can take care of your business and your mental health by letting us worry about matters beyond taxes and finance. We can also help your clients by designing a website and logo, as well as filing for trademarks. They’ll be happy with you, and you’ll be happy to live a stress-free and productive tax season. Don’t be like this guy:
Let us help you satisfy the needs of your clients without going crazy this New Year. Want to learn more about using Direct Incorporation to incorporate your clients? Give us a call at 1-877-281-6496 or visit our website at directincoporation.com today!
When starting a business, it is easy to focus on all of the ways that it could potentially fail. But it is incredibly important to give most of your attention to how you can instead ensure its success. While the basics are clearly important (having a good idea, a good business plan, and a way to acquire the necessary resources), there are a few things that are more important than you think:
1. Having a market for that product
Of course you are going to think that your business idea is great. You’re the one who came up with it. But making sure that you have a large enough group of people that also thinks it’s a great idea is the more important part. Do market research and get feedback!
2. Pitching your idea at the right time
If you are pitching a product to investors, make sure that you already have a prototype and enough information to convince them that it’s a good idea. If you’re trying to secure funding for a service you’ll be offering, make sure that you have done the necessary market research beforehand. If you only have an idea to show, and nothing else, it will be difficult for people to have full confidence in the success of your business. Make sure you’re ready to show them that confidence is exactly what they should have.
3. Embracing the “boring stuff” as essential
While doing the proper paperwork (and maybe learning along the way) might not be the most “fun” part of the job, it’s absolutely imperative to the process. Instead of bemoaning this part, try to see it as a way to prove just how much this business means to you.
4. Employing diversity and versatility
Having both diversity and versatility in the office (or other workspaces) is key to the success of your business. Diversity in age, race, gender, and ethnicity are proven to add to the creativity and problem-solving of a business. As well as employees being versatile as a team, each employee should also be versatile in their own skill set—it’s important that, if necessary, employees are able to do more than just one specific job for the business.
5. Adaptability and willingness to change
This one is especially important. This goes along with numbers 1 and 2. Being flexible on your idea, instead of closed off to criticism or suggestions, is what will ensure the most success for your business. This is important both before and after you start up; if something isn’t going well, don’t stick to it just because it’s part of the plan—you must adapt and be willing to change tactics.
6. Getting help when you need it
Even though you’re starting your own business, this doesn’t mean you have to do everything by yourself. If you feel like you could use the help of an accountant, this might be the best thing you can do for yourself. It will take the stress of accounting off of your shoulders, and ensure that it gets done properly.
Starting a business isn’t always a walk in the park. But with these tips for success, you can save yourself a lot of trouble.
If you think that the option of starting a business that’s environmentally-conscious is limited to those who live for the outdoors or make solar-powered cars, think again. Just about any business can be made into a “green” business—all it takes is using the right products or outlook. Here are six great business ideas that add an environmental twist that can make a big difference for both your business and the planet.
Many everyday cleaning products contain harmful chemicals that are not good for the environment (or people). Using cleaning products that don’t have unnecessary toxic chemicals goes a long way for everyone’s health—and sometimes, it’s as simple as swapping in baking soda and vinegar instead.
3. Sustainable bags
If you own any type of business that utilizes plastic bags for customers, you can offer customers a 10¢ discount if they either use their own bags or no bags at all. Alternatively, you can let them decide to take the discount or donate those 10¢ to an environmental charity (or non-environmental charity—the reduction in bag use will still benefit the environment)!
4. Organic and non-GMO foods
If you own (or want to start) a business in the food industry, it’s always important to figure out where to source your foods. Using foods that are organic and/or non-GMO means that they most likely weren’t subject to huge amounts of herbicides and synthetic pesticides that stay on our foods and leach into our water, contributing to the development of “super weeds” that are increasingly harder and harder to contain.
Are you thinking about starting your own trucking business in Florida?
Before you get started, let us answer these commonly asked questions for you.
Do I need to incorporate (or form an LLC) for my business?
Forming a legal business entity is imperative to the future success and safety of your company. This ensures that you have personal liability protection, meaning your personal assets are legally separate from your business assets. Incorporating or forming an LLC gives more validity and trustworthiness to your name, and also ensures that you have the rights to that business name within your state.
What type of business should I form?
While it is ultimately your decision whether or not you want to form a corporation or LLC, there are pros and cons of both:
Because of the flexibility and tax benefits of an LLC, it may make more sense for a trucking business to go with this option; however, it is perfectly possible to form a corporation as well.
Where should I form my business?
There are many options for where to establish your business. This post gives a quick outline on the pros and cons of incorporating in different places.
However, it is possible that your trucking business may be required to have a registered agent in each of the states it either operates in and/or drives through. This video outlines everything you need to know about a registered agent:
First, you’ll need to check with the Secretary of State to see if your business name is available. Then you’ll need to obtain an EIN from the IRS, find and appoint your Registered Agent(s), and prepare your Articles of Incorporation along with the required Florida state fees ($78.75 for a corporation, and $130 for an LLC).
If you need any help incorporating or forming an LLC for your trucking business, Direct Incorporation can help you with all of the above and more, such as logo and website design. Visit our website or call 1-877-281-6496 for more information.
If you are a chronic procrastinator, this TED talk by Tim Urban might hit close to home. While most articles and videos out there about “how to beat procrastination” offer advice on how to be more productive, or offer ineffective motivational quotes, Urban looks at procrastination from a different perspective. Instead of trying to force motivation upon us, he simply leaves us with a different, if not sobering, way to think about the procrastination in our lives. It’s still up to each of us to motivate ourselves to start whatever we’re procrastinating on, but his perspective makes this step (the part where you finally get started) seem less of a burden and more a form of empowerment.
The basis of Urban’s talk is that all people have a little person in their brain called the “Rational Decision Maker.” It helps us make decisions based on things like our future and what’s best for us. Procrastinators, however, are also host to another brain creature: the Instant Gratification Monkey.
The Instant Gratification Monkey is pretty self-explanatory: it seeks instant gratification from what is fun and easy, rather than motivating us to do what will give us long-term success and happiness. The Rational Decision Maker has no power over the Instant Gratification Monkey, no matter how rational its arguments against it are. The Monkey, free to take the wheel in our brain, takes us to what Urban calls the “Dark Playground.”
This is where, instead of completing a task, we avoid it by doing things that are physically or emotionally easier. Instead of starting a project, we check our email for the fortieth time today, we go grocery shopping, or maybe we just take a nap instead. Yet, instead of being fun or relaxing (which the Instant Gratification Monkey is seeking), the Dark Playground is only full of guilt, self-loathing, and even helplessness. There is only one thing in the world that can override the Instant Gratification Monkey: the Panic Monster.
The Panic Monster only arrives when a deadline is approaching, or there is impending risk of public embarrassment or disapproval. The Panic Monster is the only thing that makes the Instant Gratification Monkey run away and leaves the Rational Decision Maker to take back the control and frantically do whatever task needs to be done. Most of the time, this works out. Crunch time will inevitably be stressful and will potentially involve one or more all-nighters for the procrastinator. But in the end, the procrastinator gets the job done.
There’s only one problem.
Sometimes, the things we want to do don’t involve deadlines. There’s no big, scary Procrastination Monster to scare us into action. We dream about writing a book, or starting a business, or learning a new language. But the Instant Gratification Monkey keeps hold of the wheel because he can. He has nothing to worry about, and he knows it.
But the thing is, now we know he’s there. You know he’s there. In his blog, Urban defines procrastination as “The act of ruining your life for no apparent reason.”
Don’t let procrastination define you. Now that you understand what’s going on inside your head, you have the power to change it. It’s as good a time as ever to take the first step.
There are countless ways you can improve your business, and even more articles on how to do so. Tips range from “Be patient” to “Leverage 1099 subcontractors,” and range from incredibly vague to incredibly expensive. However, there are three low- or no-cost, backed-by-science ways for you to improve your business in a big way. Not only will they make your business more financially successful, but will make it more attractive to consumers and potential employees in ways that other businesses don’t.
1. Office diversity
Diversity in the workplace can come in many forms: gender, age, race, ethnicity, and more. While many workplaces suffer from a lack of diversity (for example, there are fewer female CEOs than there are CEOs named John, and only 1% of Google’s tech staff are black), there is research-backed evidence that diversity in the workplace leads to innovation, economic growth, employee satisfaction, and lower turnover rates. Input from people of different backgrounds is a recipe for a product or service that will best serve the ever-diversifying American population; the opposite is best demonstrated by a quote from
MIT economist Sara Ellison: “A baseball team entirely composed of catchers could have high esprit de corps, but it would not perform very well on the field.”
Homogeneity in the workplace leads to homogeneity of both business ideas and future hiring choices (people tend to hire those who are similar to them), but companies within the top quartile of racial and ethnic diversity exceed industry standards by a whopping 35%. Taking initiative to increase the diversity of your workplace is a win-win situation for everyone.
Also, research has shown that 66% of people will pay more for a product or service that is sourced from a business that is committed to “positive social or environmental impact.” This means that people will choose your business over others that don’t have sustainable practices, even if your product or service costs more. Also, according to a study by the University of Massachusetts Dartmouth, employees derive more job satisfaction from working for green companies than working for financially successful ones.
3. Workplace Happiness
While there are many ways to improve office productivity, the underlying theme for most strategies is this: make your employees happy. Companies with happy employees outperform competition by 20%, and have 11x lower turnover rates. This can be done by many small things, such as maximizing natural lighting in the office, encouraging breaks, and treating employees as the complete humans they are: in other words, understanding that they, too, have lives outside of the office, and if they need to step out to pick their kid up from soccer practice, or come in late after a doctor’s appointment, they should be able to do so without fear of retribution.
While advice for improving your business abounds on the internet (varying from accounting advice to tips on improving SEO), if you aren’t addressing these three things, it may not make the difference you’re hoping for. You can’t run a successful company without happy employees and happy customers—but when the two line up, it will make it much easier for everything else to fall into place.
The term DBA stands for “Doing Business As,” and filing a DBA for a business or sole proprietorship allows you to use your DBA name, also known as the “fictitious business name,” “trade name,” or “assumed name,” when conducting business (instead of your legal business name). Most states require that you file a DBA statement before operating under the DBA name, as to not confuse or mislead customers who might otherwise be unaware that the DBA name is operated by the same company.
Why file a DBA?
The most common cause of DBA filings are sole proprietors who are looking to operate their business under a different name. If you’re a sole proprietor, your legal name is your business’ legal name (for instance, if Liz O’Connor does environmental consulting as a sole proprietor, her legal business name is “Liz O’Connor”). If you file a DBA, you are able to operate under a name that better represents your mission or purpose. Also, some banks may require that sole proprietors file a DBA in order to open a bank account for their business, and some corporations may require you to file a DBA in order to hire you for freelancing services.
However, DBAs are not limited to sole proprietors. Any corporation or LLC can file a DBA as well. This might be because you want to operate your business under a more creative or memorable name without changing the legal name of the business. It might also happen because you want to add on an additional product or service to what you already provide, and want to have a business name that accurately represents it. For example, if Liz owns an environmental consulting corporation, but decides she also wants to provide solar panel installation, she could file a DBA for “Liz’s Environmental Consulting and Solar Installation,” to make clear all the services she offers. Similarly, if Liz’s environmental consulting corporation also wants to offer financial consulting, she could file a DBA for the financial half of her business, and operate her financial consulting service under the DBA name (and her environmental consulting service under the legal business name).
Because of the ease and affordability of filing a DBA, it is possible to have a corporation or LLC that serves as the umbrella under which separate services are offered under different DBAs. This will eliminate the extra paperwork and expenses of creating new or subsidiary companies.
What are the rules?
If you file a DBA, you are still required to provide the legal name of your business on all government forms and applications, including applications for employer tax IDs, licenses and permits. For sole proprietors, it may not be necessary to file a DBA (it’s always good to double check) if your business name follows the format of “First Name, Last Name, Service” (for instance, “Liz O’Connor’s Environmental Consulting”); however, if Liz the sole proprietor wanted her business to just be “Liz’s Environmental Consulting,” this would require a DBA. It is also important to keep in mind that establishing a DBA does not establish a trademark on that name, and you should be careful to not infringe on any business name that is already taken or trademarked. There are also some limitations on the words used in your DBA name: for instance, it would not be acceptable for a trade name to include the words “Corporation,” “Incorporation,” “Inc.,” “LLC,” or “Corp.” if it is not in fact a registered corporation or LLC.
Once you’ve completed your DBA registration, your business is free to use the DBA name to open bank accounts, write checks, and use in promotional material. Neglecting to file a DBA before doing business under a different name could not only lead to penalties and fines, but potential lawsuits. It’s common for businesses to (either by will or by mandate) publish an announcement in a local newspaper about their DBA before doing business under that name, in order to provide transparency to the community.
If you have questions about filing a DBA, feel free to contact Direct Incorporation at 1-877-281-6496.