Starting A Business | Chamber of Commerce

How to Start an S Corp

Chamber of Commerce Team — Sat, 04 Jun 2022 19:38:15 +0000

When deciding what structure to use for your business, corporations are one of the most well-known forms. A corporation comes with extra protection, but also has some drawbacks, particularly related to the way they are taxed. Many businesses choose to elect S corp status with the Internal Revenue Service and follow the Internal Revenue Code guidelines. Why? With an S corp status, you may be able to turn your business into a pass-through entity and avoid some tax penalties while still gaining protection from liability.

What is an S Corp?

An S corporation refers to Subchapter S of the first chapter of the Internal Revenue Code. While it is often thought of as a business entity structure, an S corp is actually a tax election that gives a company the liability protection of a corporation while still offering the tax advantages of a partnership or LLC.

In a traditional corporation, businesses are subject to something known as double taxation, in which the corporate income is taxed AND shareholders pay income taxes on their own profit. An S corp has a different taxation process similar to a sole proprietorship or partnership, where all profits and losses pass through to the owners’ personal tax returns. This means there is no corporate-level taxation in an S corporation. No separate taxes are filed for the business.

Importantly, an S corp maintains the same level of personal liability protection as other corporations. Financial and legal obligations in the name of the business are not applied to the owners of the business.

Who should start an S Corp?

S corp taxation status is available to businesses that have already been formed as an LLC or a corporation. Businesses that are already formed and already have a federal tax ID number can apply for this status. However, there are eligibility requirements that must be met.

An S corporation must be a domestic company that has no more than 100 shareholders and issues only one class of stock. The shareholders for these businesses can only be individuals or certain types of trusts and estates and cannot be corporations, partnerships, or foreign shareholders. Financial institutions and insurance companies are also ineligible for this election.

Steps to electing S Corp status

The exact steps for electing an S corp status will vary based on the type of business you own and your location. Below are the general steps, though you may find some differences in your own scenario.

1. Form your LLC or C corp

You will need to follow all the relevant steps to form a business without S corp status. This will include choosing a name, filing Articles of Incorporation with the secretary of state, paying any applicable fees, and following all regulations. You may need to name a registered agent, draft articles of organization or incorporation, create bylaws, and name corporate officers and members.

2. Obtain a federal tax ID number

As a part of starting a business, you will need to request a Federal Employer ID Number, also known as an FEIN, EIN, or Tax ID. This will be a nine-digit number that the IRS uses to track your taxes and refer to your business, in the same way, a Social Security Number is used for an individual.

Once your business is officially formed, you can visit the IRS website to apply online and be issued an EIN immediately. You can also send the application via fax or mail.

3. Ensure you meet all requirements

Before you apply for S corp status, you should be sure that your LLC or corporation meets all requirements. This means you cannot have issued more than one type of stock and the number of shareholders must be 100 or less. These shareholders can be individuals or certain trusts and estates, and they cannot be non-resident aliens, corporations, or partnerships.

Your business also cannot be an ineligible corporation, such as an insurance company, financial institution, or domestic international sales corporation.

4. File S-corp election paperwork

If you meet the IRS requirements, you can complete Form 2553, Election by a Small Business Corporation through the IRS.

In order for your S corp status to apply to the current tax year, you must meet the filing requirements and complete the process within two months and 15 days from the beginning of that tax year. If your election falls after this, it will become valid in the following tax year.

5. Maintain requirements

Like any corporation, an S corp must maintain all annual requirements, such as recording notes at annual meetings and filing an annual report. In addition, they must continue to meet the criteria for an S corp. While you do not have to reapply for the S corp election, falling outside of the criteria means LLC owners must return to a C corp or LLC taxation structure. Failing to report this change can result in tax or even legal consequences.

Advantages of S Corps

S corps are ideal for tax purposes, but business owners like the s corporation status for several reasons, including:

Tax structure

The primary benefit of an S corp structure is that it circumvents the double taxation that other corporations are subject to. As a pass-through entity, an S corp is not taxed by the federal government. Instead, shareholders file an income tax return and pay taxes on any profit and loss they receive after it has “passed through” the business.

This profit is taxed at a lower rate than other income, making it the better choice for individual owners. In the event that the business suffers a loss, the owner can use this to offset their other business income on a tax return. State laws around income taxes may vary, but federal tax protection is the main reason someone may elect an S corp.

Liability protection

Each owner of an S corp is afforded the highest level of liability protection of any business structure, like that of any corporation. Owners’ personal assets are shielded from any company debt or legal matters. If the company is sued, goes bankrupt, or owes any debts, the individual owners cannot be held liable as they could in something like a sole proprietorship.

Conversion

Transferring ownership of a business can lead to tax consequences in many cases. S corps do not penalize anyone involved in these transactions.

Salary and dividend payments

In many cases, a shareholder may also be an employee who draws a salary from the company. Taking both a salary and a dividend payment can lead to a lower tax bill, as the dividend is not subject to self-employment taxes. The S corp can then deduct the cost of the salary paid when computing its passed-through income.

Disadvantages of S Corps

Regulations and guidelines

In order to qualify as an S corp, businesses must meet set criteria. In addition to this, they must maintain a set of requirements going forward. This includes holding annual meetings and recording minutes, nominating a board of directors, and recording shareholder activity. These administrative regulations can be a lot of work for smaller companies and may also lead to annual fees that are higher than other structures.

The IRS has also been known to pay closer attention to the records of S corporations to ensure they meet all guidelines exactly.

Varies by state

While an S corp is a structure with the federal tax authorities at the IRS, some states do not allow the same structure to be used on income taxes. In these states, all state taxes will be applied as they are to C corporations. This may make taxes more complicated and cause them to be higher at the state level.

FAQs

Is an S Corp the same as an LLC?

An LLC, or Limited Liability Company, is a legal entity that which businesses can be formed. LLCs can choose to use the tax structure of an S corp, which refers to the way their profit and loss are taxed. While an LLC can become an S corp if they meet certain criteria, not all LLCs are S corps. S corps can also be created when the original business was a C corp and not an LLC.

Can any company be an S Corp?

In order to become an S corp, a business must meet certain requirements. These include having no more than 100 shareholders, all of whom must be private individuals or trusts/estates and not nonresident aliens. The business can also only issue one class of stock, meaning members must all have the same distribution amount. Entrepreneurs failing to meet all four of these criteria means a business is no longer eligible for an S corp election.

Is the S Corp election at the state or federal level?

S corp is a designation from the IRS, which manages federal taxation. However, most states in the US allow for S corp status to be used on state-level taxes as well without a separate election. Some states, like New York, require a separate election; other states do not allow pass-through taxation at all and will require corporate taxation.

Does an S Corp need a registered agent?

Yes. Any requirements a state has for opening a corporation, like a registered agent, will be applied to an S corp. The business must be formed according to these requirements before the S corp application can be completed. You can be your own registered agent or appoint someone else, but you must have one until the company is dissolved or moved to another state.

Do S Corps pay any taxes?

S corp election means a business does not have to pay taxes related to income, losses, deductions, and credits from the business. However, the corporation can be liable for tax on certain passive income and built-in gains. They will also have to pay non-income taxes, like employment taxes, at the federal level. Some states may have additional tax benefits and requirements as well.

How long does it take to become an S Corp?

Before becoming an S corp, you must form your business through your state. This process varies in timeline depending on if you are forming an LLC or corporation and each state’s requirements. Once you have formed your business and filed your S corp application, a determination should be made within 60 days. This may be delayed if there are further questions from the IRS or if they need to research more.

Will S Corp elections apply to this tax year?

If your election is filed within two months and 15 days from the beginning of a tax year, you will be able to apply your S corp election to that year’s taxes. Filing after this date will mean you cannot pass through the taxation until the following year. The election must also take place within 75 days of the date of formation of the business.

What is the tax rate for S Corps?

S corps do not have a tax rate. Owners of these businesses pay personal income tax based on the company’s net profits, with the income tax rate depending on their income bracket. Other tax rates, like unemployment and payroll rates, may also apply.

How much does it cost to form an S Corp?

The S corp election form does not have an associated application fee. However, you will have to pay any filing fees within your state to form an LLC or corporation, as well as annual fees to maintain your business’ status. This cost will vary by state.

The post How to Start an S Corp first appeared on Chamber of Commerce.

EIN Lookup: How to Find Your EIN

Chamber of Commerce Team — Sat, 04 Jun 2022 19:23:07 +0000

When you file taxes as an individual, your Social Security Number is used as a unique identifier that allows the IRS to tie all transactions and returns to you. A similar number is issued to each small business in the United States to allow for tax filing and other procedures to take place.

Unlike your Social Security Number, you may not know your Employer Identification Number (EIN) by heart, so it is important to know how to find this information and when to use this identifier.

	Northwest Registered Agent	Standalone EIN service $50 with a SSN ($200 without) EIN received in four days (with SSN) Hassle free	Get started

What is an EIN?

An EIN is an Employer Identification Number, which you may also hear referred to as a Federal Tax Identification Number or Federal Employer Identification Number. Like a Social Security Number, this is a nine-digit identifier that is unique to each business. The Internal Revenue Service is responsible for issuing these numbers and using them as a means of identifying businesses for tax reporting purposes.

In addition to the IRS, other business activities may require or at least strongly recommend the use of an EIN. Opening a business bank account, securing loans and other funding, and applying for certain licenses may all require you to provide a business EIN before proceeding.

Does every business need an EIN?

The IRS has specific rules surrounding who does and doesn’t need an EIN for their business. If any of the following criteria are met, an EIN is required:

Your business is a partnership
Your business is a corporation
Your business will file excise taxes
You have at least 1 employee, including a household employee
Your business withholds taxes for non-wage income paid to non-resident aliens

This means that the majority of businesses will need an EIN.

The primary exception is a sole proprietorship that does not have any employees. These businesses are able to obtain an EIN if they would like to for other purposes, but it’s not required. A single-member limited liability company (LLC) that does not meet any of the above criteria can also operate without an EIN.

Even if your business is not required to obtain an EIN, it can be helpful to have one. An EIN allows you to use an identifier other than your personal Social Security Number for business activities, which can protect against identity theft. Some business accounts and licenses will require an EIN, even if your business isn’t mandated to have one. Nearly any business credit card will also require an EIN. Because an EIN is free and easy to obtain, many sole proprietors choose to have one.

How do you get an EIN?

The process of getting an EIN is fairly simple and can be done through the IRS website. The agency provides a tool called the EIN assistant that operates during business hours, Monday to Friday from 7 AM to 10 PM. The new business owner or another responsible party can submit an application via the website, which will immediately provide you with an EIN upon completion.

If you prefer, you can also apply for an EIN by fax or mail by completing Form SS-4. The completed application can be sent to fax number (855) 641-6935 or mailed to Internal Revenue Service, Attn: EIN Operation, Cincinnati, OH 45999.

The application will require you to share the type of business entity you are applying on behalf of, the number of owners, the state where your business is located, and why you are applying. You will also need to designate a “responsible party” or principal officer and provide their SSN or TIN and contact information.

How to find your company’s EIN

If you have already been granted an EIN and do not remember it, there are three primary places you can look for the number.

1. Check your EIN confirmation letter

When you first apply for and are granted an EIN, the IRS issues a confirmation letter. This letter contains your business tax ID and other identifying information for your business. Ideally, you would store this letter as you do other important tax documents and paperwork, especially if you applied by fax or mail and received a paper copy in return. If you file online, you should have received the letter immediately online.

Once you have located your letter, the EIN is typically listed at the top of the page, as well as in the first paragraph of the letter.

2. Check other paperwork

If you cannot find your EIN confirmation letter, there may be other documents in your possession that contain the information. Any old business tax returns or official notices from the IRS should contain your EIN in a prominent location. Many business licenses and permits will also display this number.

Bank account statements, business loan applications, and other financial documentation may also contain your EIN if it was used in association with the account. Your business credit report and even payroll paperwork may also be good places to look.

Remember that you must complete formation paperwork before you can obtain a tax identification number. This means that articles of incorporation, articles of organization, or fictitious name applications will not contain your EIN as it was not yet granted.

3. Contact the IRS

If you are unable to find your EIN number on any documents or archives of your own, the IRS can help you complete a federal tax ID lookup. The Business and Specialty Tax Line can be reached Monday through Friday from 7 AM Eastern to 7 PM Eastern. While the wait time can be very long, you will eventually be connected with a live representative who can provide your EIN over the phone.

Unlike a Social Security Number, a federal tax id number is often listed on public documents like a license and is not heavily secured, making it simple to get the information over the phone. However, they will still need to authorize your call and ensure that you can receive the information. You will need to answer questions that prove you are a corporate officer, sole proprietor, or partner in the business you are calling about.

Once you have located the number, put it in a safe place so that you can find it easily next time it is needed.

Does an EIN ever change?

Like a Social Security Number, an EIN is intended to represent a business throughout its entire lifespan. However, there are certain events that may require you to apply for a new EIN. These include:

Incorporating your company for the first time
Changing your business entity
Buying or inheriting an existing business
Your business became a subsidiary of another company
You are a sole proprietor who is subject to a bankruptcy proceeding
You are a sole proprietor and establish a pension, profit-sharing, or retirement plan
The state’s Secretary of State issues a new charter
Ownership structures change

The new EIN would replace your old one, so it would be used on all tax returns and business paperwork moving forward.

Once you have been assigned an EIN, the number is never used again. Even if a business closes down and never files a tax return, the number will not be used again in the future, and it could even be used if the same business reopened later. You can write a letter to officially close your business account through the IRS, but they will still not reissue the number.

FAQs

Do I need an EIN if I am self-employed?

If you are self-employed, you can use your Social Security Number as an identifier when filing taxes instead of an EIN. However, it is often advised to use an EIN in order to reduce the risk of identity theft associated with your personal SSN. Keeping business and personal finances separate can offer additional protection in this way.

Can I look up another business’s EIN?

If you need to find an EIN for verification purposes and the company is not able to share it, you can use some public information to find the number. Public companies will have their EIN listed on their SEC filings as an “IRS No”. Credit bureaus and private EIN databases will also allow you to purchase access to other companies’ business information, including their EIN in some cases.

When should I get an EIN?

A business must be formed before you can apply for an EIN. That means that you should establish your business using the formal process in your state and for your type of entity first. Once you have a name and are able to operate, you can then apply for an EIN through the IRS. This should be done before you try to secure funding or open any business-related bank accounts and must be done before you can formally bring on any employees.

Is an EIN the same as a DUNS number?

An EIN is a nine-digit number issued by the IRS for tax reporting purposes. Dun & Bradstreet is a business analytics company that also issues nine-digit numbers to businesses. These are known as DUNS numbers, referring to the Data Universal Numbering System. The system helps businesses create and identify their credit reports.

What if I lose my EIN?

If you cannot locate your EIN on any paperwork or documents in your possession, the IRS EIN department will be able to assist. You can dial 1-800-829-4933 and speak to a live representative during business hours. Once they have confirmed your identity and association with the business, they can share your EIN.

What types of businesses need an EIN?

Nearly all types of businesses will need to obtain an Employer Identification Number through the IRS. Sole proprietorships that have no employees can operate under the owner’s personal Social Security Number, and single-member LLCs may also be able to do so. Any other business will need to have an EIN in order to file taxes in accordance with IRS guidelines.

Will I lose my EIN if I don’t use it?

No, EINs are issued only once. Even if a business dissolves or is not currently filing taxes, the number it was issued will remain associated. Business owners can write a letter formally letting the IRS know their business has been closed, but the same EIN will not be issued to another business.

Do I need a new EIN if I change my company’s name?

Changing the name of your business does not require you to obtain a new EIN. However, if the name change is associated with a change in ownership, structure, or the type of entity then you may need to apply for a new EIN through the IRS.

How long does it take to get an EIN?

Using the IRS website’s online EIN application and EIN assistant, you will receive an EIN and confirmation letter immediately after completing an application. You can opt to receive a paper copy in the mail in addition to the online version. You can immediately use this to open a bank account or apply for licenses. However, it can take up to two weeks for an EIN to become a part of the IRS’s permanent records.

Can I share my EIN with others?

An EIN is a matter of public record and can often be found by other individuals and businesses. They are not the same as Social Security Numbers and sharing your EIN does not put you at risk for identity theft. However, they should still be kept discrete to avoid anyone attempting to pose as your business or take any other malicious actions or commit fraud.

Is an EIN the same as a TIN?

A TIN is a tax-identification number. This refers to a nine-digit number issued by the IRS in order to track taxes. EINs meet these criteria and are a form of TINs. However, a Social Security Number is another kind of TIN. If you are asked for a TIN for your business, an EIN will serve this purpose.

Can foreign companies get an EIN?

Any business that may pay taxes or claim exemptions in the United States can obtain an EIN online. A foreign entity will need to complete the same application, Form SS-4, as domestic companies, but will need to provide the specific information requested on the form.

The post EIN Lookup: How to Find Your EIN first appeared on Chamber of Commerce.

Best Business Name Generators (2023)

Chamber of Commerce Team — Wed, 23 Dec 2020 20:12:00 +0000

Coming up with a great business name that speaks to your audience and resonates with your business can be difficult.

It’s common to get stuck during the name generation phase of starting your business, luckily there are a variety of online tools that can make your business name search much easier.

Here you’ll learn about 10 different name generators that can help with the brainstorming process, break through a mental block, and find a memorable new name for your business.

Tips for coming up with a good business name

Coming up with a great new business name isn’t as simple as it seems. It’s easy to get hung up at one of the very first stages of starting your business–picking a name.

Your name is one of the most important parts of your branding. Even with great products, services, and marketing, it’ll be difficult to scale if customers can’t remember what your company is called.

Think about iconic brand names like Nike, Apple, and Google. Even just thinking about the brand name brings feelings and images to mind.

Here are some tips to help brainstorm the perfect business name:

Your name should portray your business in a positive light
Your name should be short, catchy, and stick in the mind of your visitors
Ideally, your name should be seven letters or less
Ensure your name doesn’t have an undesirable in different languages
Your brand needs to be unique and doesn’t have overlap with existing brands
Additional elements like a domain name and social media accounts should be available as well

Check out our roundup of the Best Domain Name Providers

How to use a business name generator

A business name generator can make it easy to come up with unique and creative brand names and assist with the overall brainstorming process. A business name generation tool will combine different words, phrases, and related words into a unique combination.

All you have to do is enter a few seed keywords into the tool, and you’ll be given 100s of different possibilities.

You might get lucky and find the ideal small business name the first time using the tool, but usually, it’ll take a few rounds of searching to find the best name for your business.

Sometimes a tool will help you spur new creative business name ideas, while other times it’ll help you find an exact match business name.

How to register a business name

After you’ve used a company name generator to come up with a handful of unique business names, you’ll want to register the actual business name in your state.

You can also have a separate company name and brand name. For example, Procter & Gamble is the legal business name of many popular brands like Gillette, Olay, and Duracell. Most smaller companies have the same business name and brand name.

Here’s a quick process to register a business name:

Conduct a business name search in your state to make sure it’s unique
Do a domain availability search to make sure your preferred top-level domain is available
Do a US Federal Trademark search to make sure the name isn’t trademarked
If it passes the above, register your business name in your state

Best business name generators

Here are the most popular online name generators that’ll help you find the perfect business name and associated domain name for your business.

1. Shopify business name generator

Shopify is a powerful eCommerce platform that has tools to help business owners launch and scale an online store.

The Shopify Business Name Generator can help you find thousands of potential business names. The only business names that this tool shows are ones that have available domain names. This can make your search hassle-free, since you won’t find the ultimate business name, only to get let down when the business name isn’t available.

The results generated by this tool are designed for store owners. So, you won’t find strange combinations of words. It was built with beginner business owners in mind.

2. FreshBooks business name generator

The free FreshBooks Business Name Generator can help you out if you’re a person that’s prone to overwhelm. Before you enter your starter keywords you’ll need to select the industry of your business:

Creative and marketing
Legal services and business consulting
Information technology
Trades and home services

After you select your industry, you can enter your target keyword or keywords. Initially, the tool will show three available business names, but you can expand the results if the first three aren’t enough.

3. BusinessNameGenerator.net

It’s not always easy to generate a unique business name. Even if an entrepreneur has a name in mind, availability is always in question. A business name generator can provide a list of creative name ideas AND check name availability, which saves time.

BusinessNameGenerator.net is a simple keyword-based name generator that will provide a list of available business names based on descriptive words that are entered.

It’s a great tool for entrepreneurs who need some inspiration or just want to check the availability of a certain name.

4. Oberlo business name generator

The Oberlo Business Name Generator will give you hundreds of different potential business names with the click of a button. All you have to do is enter a seed keyword and you’ll get a variety of different results.

It also shows the domain name availability for any business names you’d like to register. Once you’ve found your business name there are a variety of other tools you can use to get your online store off the ground.

5. BrandBucket

BrandBucket is a unique tool in that you’ll be searching through a database of pre-created brand and domain names. The great thing about these results is all of these brand names are ready for a business to be built around them.

You can search by industry, or browse the entire list of domain names on an industry basis. If you enter a keyword you’ll see which brand names are available, and the results will also include names that are in the same overall industry as your chosen keyword.

A lot of the business and domain names offered are expensive, but you’re guaranteed strong branding from the very start.

6. Anadea business name generator

Anadea is a free business name generator that can help you find the right name for your business, app, or website.

It’s very easy to use, all you have to do is enter your target keyword or keywords, and this tool will give you a list of potential names. All of the business names are brandable as well, instead of being random keywords that are strung together.

By entering a single keyword you’ll get hundreds of potential names that could be right for your new startup.

You can also browse the entire catalog of business names by industries like software, healthcare, tech, travel, and more.

7. Namesmith

The Namesmith business name generator lets you include up to five keywords for your name search. The results are filled with a variety of different word-blends, including, rhymes, exact match keywords, pre-suffixes, suffixes misspellings, and more.

If you find a business name you like you can register it right away with the GoDaddy domain name registrar.

8. NameMesh

NameMesh makes the startup name generation process creative and fun.

This tool divides business names into a variety of different categories, like fun, common, mix, new, and more. You’ll get hundreds of different unique results that aren’t typically mentioned with other tools.

It also filters names based on if the domain name is available, or not. You can hide names that don’t have a domain name available, otherwise unavailable domain names will be highlighted with red text.

9. Hipster Business Name

Hipster Business Name is a truly unique business name generator. It started as a joke, but some of the name suggestions are pretty great.

The names are generally more broad and vague since the names don’t directly relate to any specific products or keywords.

But, a few random searches shows a ton of very brandable business names, especially in the world of eCommerce. The names aren’t niche-specific, but instead can be applied to a wide range of different niches and verticals.

Another unique feature is that you can buy a t-shirt with your new brand name and logo, directly from the tool.

10. Namelix

Namelix is a name generator that utilizes a complex artificial-intelligence-based algorithm to help you find a short, catchy, business name.

All you have to do is enter a word, and select from filters like the length of the name, style of name, and preferred branding. The name results are also equipped with a logo you can use for your own business.

The more you search and use this tool the better your results will get, as the algorithm learns from what domain names you favorite.

11. Business Name Generator

Business Name Generator does exactly as the name suggests, it helps to generate names for your new business. You can even enter multiple words at the same time.

The tool also syncs up with GoDaddy, so you can see the availability of the domain name immediately.

This tool is equipped with multiple filters as well, like industry, number of words, keywords, synonyms, and more.

In the results, you’ll find several standard domain names, along with premium domains with built-in branding.

Wrapping up

The business name generators above are a great place to start brainstorming your new iconic business name.

It’s important not to rush this decision, it’s something you’ll want to get right from the beginning. Of course, you can always change your name and rebrand down the road, but this can be costly and time-consuming.

The tools highlighted above can also be used together. Some of the generators are better at generating synonyms, and word combinations, while others can generate unique brandable names, perfect for a new startup.

The post Best Business Name Generators (2023) first appeared on Chamber of Commerce.

Guide to GI Bill Benefits and Eligibility

Chamber of Commerce Team — Mon, 07 Dec 2020 21:56:14 +0000

The GI Bill, also called the Servicemen’s Readjustment Act of 1944, was signed into law by former President Franklin D. Roosevelt to provide benefits to World War II veterans. Today, the definition of the GI Bill is broader in scope.

The GI Bill is an overarching term that refers to any education benefit earned by Active Duty, National Guard, Selected Reserve members and their families via the Department of Veteran Affairs.

The overarching goal is to help veterans and service members of the armed forces cover a lot of the costs associated with getting education or job training.

Several different programs make up the United States GI Bill and have different levels of eligibility and benefits.

GI Bill Background

The GI Bill is one of the most significant pieces of legislation passed by the U.S. government in the 20th century. In 1947, nearly half of college admissions were for veterans, clearly making use of the GI Bill.

There have been multiple different versions of the bill since the initial version.

Today, the main purpose of the bill is to provide educational benefits to active service members, along with eligible veterans who have been honorably discharged. These benefits also extend into technical training and vocational training.

Once you’ve obtained job training, finding a suitable job via one of many virtual job fairs (occurring daily) is much more viable. See here for one of the best real-time compilation of job listings: GovEvents Job Fair Live Feed

There are a variety of different types of training covered under the four GI Bill programs, including:

Associate programs
Bachelor programs
Graduate programs
Vocational programs
Non-college degree programs
Apprenticeships
Licensing and certifications

Evolution of the GI Bill

The original version of the GI Bill ended in 1956. Since that time its been updated multiple times, including the following:

The Post 9-11 GI Bill of 2008. This will cover your education and job training if you’ve served after September 10th, 2011.
The Montgomery G.I. Bill Active Duty. This can help pay for education and job training if you’ve served at least 2 years of active duty.
The Montgomery G.I. Bill Selected Reserve. This offers up to 36 months of education and training if you’re a member of select military reserve groups.
The Veteran Readiness and Employment Program. This helps veterans who have a service-connected disability explore career and training options.

Each of these updates changed the benefits provided by the GI Bill pushing the main focus of the bill today towards education and enhanced career prospects.

GI Bill Programs

The GI Bill is comprised of several different programs that can be administered based on eligibility and duty.

When most people think of the GI Bill, college education immediately comes to mind. However, the GI Bill has expanded to include a variety of different types of training.

This is covered in greater depth below, but here are a few different types of training supported:

Vocational and technical training programs
On-the-job training and apprenticeship training
Reimbursement for job-necessary licenses and certificates
Flight training (for those who have a private pilot’s license)

Below you’ll learn about the four main programs that comprise the GI Bill.

1. Post-9/11 GI Bill

Who it’s for

The Post-9/11 GI Bill offers education benefits for people who have served on active duty after September 10th, 2001 for 90 days or more.

What makes it unique

Here are a few unique parts of this bill:

Covers up to 100% of tuition
A monthly housing stipend or allowance
Up to $1000 per year on books and education supplies
Can transfer GI Bill benefits to your family
The “Yellow Ribbon Program” will help pay for more expensive private schools

There is a wide range of applications beyond traditional college education as well, including job training programs.

What you can use the bill for

Here’s what you can use the bill for:

College degrees including associates, bachelor, or graduate school
Vocational and technical training in non-college programs
Apprenticeship programs
Job licensing or certificate reimbursement
Flight training
Work-study programs
General tuition assistance
Reimbursement for national testing programs like SAT, AP, CLEP

Essentially, the Post-9/11 GI Bill will cover your full tuition and related fees, give you up to $1000 per year on books and supplies, and even provide a monthly housing allowance to help pay rent.

If you qualify you can also obtain a one-time relocation allowance and transfer unused benefits to family members.

Eligibility

The amount of time you’ve spent on active duty will determine the percentage of total benefits you’re able to receive.

The VA uses the following scale to determine eligibility:

100 percent. 36 months or more of service, or 30 continuous days with a discharge due to a service-related disability
90 percent. At least 30 months of service, but under 36 months
80 percent. At least 24 months of service, but under 30 months
70 percent. At least 18 months of service, but under 24 months
60 percent. At least 12 months of service, but under 18 month
50 percent. At least 6 months of service, but under 12 months
40 percent. At least 3 months of service, but under 6 months
No benefit if service was less than 90 days

The housing stipend is paid based on your current credit load as a student and how long you served in active duty.

2. Montgomery GI Bill Active Duty

Who it’s for

The Montgomery GI Bill for active duty helps service members who have served at least two years pay for education and training by offering monthly payments.

What makes it unique

The bill provides over $76,000 in cash and additional support programs.

The pay rates are based upon a variety of different factors, but mostly your current credit load. A full-time student can receive up to $2,122, while a student who’s only in school half-time will receive half of that amount.

To be considered a full-time student you’ll need to take 12 or more credits per semester. If you’re currently active duty, then the GI Bill will reimburse you for tuition and expenses.

There is a limit to 36 months of benefits. However, this refers to 36 academic months and not total months. This means you have up to 8 semesters of traditional college education covered.

What you can use the bill for

The MGIB can be used to pay for a variety of educational programs including:

College, vocational, or technical courses
Distance learning courses
Flight training
Accelerated training programs
National testing programs
Certification and licensing exams

Eligibility

To be eligible you must have served at least 2 years of active duty and meet the requirements below:

You have a high school diploma, GED, or 12 hours of college credit
Entered Active Duty after June 30th, 1985
Had your military pay reduced by $100 per month for your first 12 months of service

3. Montgomery GI Bill Selected Reserve

Who it’s for

The Montgomery GI Bill Selected Reserve (MGIB-SR) covers benefits for the National Guard and Military Reserve. It offers benefits for the Army, Air Force, Army National Guard, Air National Guard, Navy, Marine Corps, or Coast Guard Reserve.

What makes it unique

It provides additional education support for Reservists and National Guard members who might not qualify for other aspects of the GI Bill.

What you can use the bill for

The benefits mostly fall under tuition assistance and assistance with education and related training costs.

The following types of courses are supported:

Undergraduate and graduate degree program
Technical or vocational courses
Correspondence courses
Flight training
Apprenticeships and on-the-job training
Licensing and certification tests
Entrance examinations or national tests

Beyond the GI Bill, you’ll also have access to state tuition benefits and other programs.

Eligibility

To be eligible for the Montgomery GI Bill – Selected Reserve you’ll need to meet the following requirements:

Have a six-year obligation to serve in the Reserve or Guard that was signed after June 30, 1985
Officers must have agreed to serve an additional 6 years on top of their original term
Have received a high school diploma or equivalent certificate
Initial active duty training is completed
You remain in good standing while serving in a Reserve or Guard unit

Once you leave the Guard or Reserve you won’t be eligible for these benefits.

Members of the guard and reserve can be eligible for the Post-9/11 GI Bill if they were mobilized under the following:

Title 10 active duty supporting contingency operations
Title 32 service involving National Guard activities
Title 32 service responding to a national emergency
Voluntary active duty, with the exception of active duty for medical care
Federal assistance in disaster response at the request of a governor
When the DoD mobilizes the reserves for combat support

Any of the above active duty time will qualify for the Post-9/11 GI Bill. Also, if you lost educational benefits when the Reserve Educational Assistance Program (REAP) ended, you may end up qualifying for benefits under the Post-9/11 GI Bill.

4. Veteran Readiness and Vocational Rehabilitation

Who it’s for

If you’re a veteran who has a VA disability and an employment handicap, then you can qualify for Veteran Readiness and Vocational Rehabilitation benefits.

What makes it unique

If you’re eligible you work directly with a counselor to help with education, job training, and throughout your job search.

What you can use the bill for

These services include things like training, counseling, education, and help with job placement.

Here’s a look at some of the services provided:

Vocational counseling
Help with work readiness, resume development, and the development of job-seeking skills
A rehabilitation evaluation to determine skills, needs, and interests
Assistance finding and keeping a job
On-the-job training and apprenticeships
Case management, counseling, and a referral network
Independent living services for veterans unable to work

Eligibility

To obtain VR&E services you’ll need to meet eligibility and entitlement services. To receive an evaluation you’ll need to have received an honorable discharge, plus have a service-connected disability rating of at least 10%, or a memorandum rating of 20% or more.

VR&E benefits may be used within 12 years from the date you’ve stopped military service, or the date the veteran was notified by the VA of the service-connected disability.

If you are eligible, then you’ll need to complete an application and meet with a Veterans Readiness Counselor (VRC). If your counselor determines that you have an employment handicap as a result of your service, then you’ll be entitled to services.

You’ll then work with your VRC to continue counseling and develop a plan to work on your rehabilitation and employment.

You’ll work with your VRC on the following:

Determine your existing skillset and interests
Identify viable employment opportunities
Explore the existing labor market
Create a suitable employment goal
Identify employment requirements and available training programs
Build a rehabilitation plan to achieve employment

How to apply for benefits

Applying for GI Bill benefits is a pretty straightforward process.

Here’s a three-step process you can follow:

1. Find a school/program

Not every school, or training program, accepts the GI Bill. So, it’s important to determine if the GI Bill is accepted before you decide to apply for any program or school.

You can use the VA School Comparison Tool to find schools, testing organizations, and different types of employers where you can use the GI Bill. This can greatly help to shortcut your search for a suitable program.

2. Apply online

The next step to using your GI Bill benefits includes applying for them online, in person at a VA office, or via your school if you have a VA representative on campus.

If you are currently on active duty, then you’ll need to get approval from your Educational Service Officer before you apply for the GI Bill.

While if you’re a veteran, then you’ll need to include a copy of DD Form 214 discharge paperwork.

3. Get documents together

There are several additional documents you need to order to receive your VA benefits including:

Your social security number
Your bank account and routing number
Any relevant transcripts
Paperwork that shows your current veteran status
A copy of DD Form 214 discharge paperwork
If you’re still serving, documents, or a letter that that shows good standing

Keep in mind that it could take a month (or longer) for the Department of Veterans Affairs to process your application. It’s not uncommon to get a letter from the VA that’s requesting more information about your application.

4. Enrollment process

The VA will then provide you with a Certificate of Eligibility which will show that you’re eligible for the GI Bill. You can then take this to the school or program that will enroll you and pass the information to the VA, so you can receive your benefits.

Now, all that’s left is to go to class, enjoy learning, and take advantage of your GI Bill benefits.

Once you begin receiving your benefit checks you’ll need to complete the Web Automated Verification of Eligibility (WAVE) every month to continue to receive your benefits.

GI Bill FAQs

How much will the GI Bill pay for schooling?

The Post-9/11 GI Bill includes payment of tuition, a stipend for books and supplies, and a monthly housing allowance. The GI Bill covers all tuition at state institutions, but might not cover the full cost for private schools.

However, if the school participates in the Yellow Ribbon program, then this cost can be greatly reduced or even eliminate the additional cost you’ll have to pay as a student.

Can you use the GI Bill on active duty?

Yes, you can use the GI Bill as long as you meet the minimum requirements. However, if you use the GI Bill while on active duty you won’t receive a monthly housing stipend. So, there’s a chance that the total amount of benefits you receive could be much less than what you’d receive when you’re out of the military.

Can you change schools with the GI Bill?

Yes, changing schools once you’ve started using the GI Bill is similar to applying for the GI Bill in the first place. You’ll need to provide your military service records, education history, and school transfer information.

How to check the status of your benefits?

You can create an Ebenefits account to check the current status of your GI Bill benefits. This will also show you how many of the benefits you’ve used and what you have left.

Can you transfer GI Bill to your dependents?

If you’ve already finished your degree, or don’t want to return to school you can transfer your GI Bill benefits to your dependents. To be eligible for transfer you need to have six years of active service, along with four more years of service once your transfer has been approved by the Department of Defense.

However, if you’re an active duty service recipient of the Purple Heart you can transfer your GI Bill benefits to your family members at any time.

If you’re a surviving spouse or child, then you might also be eligible for job training and education benefits. If you’re a surviving spouse or child you’ll apply for benefits via the same process highlighted above.

Is there a time limit on GI Bill benefits?

Depending on when you got out of the military, you may not have a time limit to use your GI Bill. If you left the military after January 1st, 2013, then you have no limit. However, if you were discharged before that you have 10 years from the time of your discharge to use the GI Bill.

Do you have to use the GI Bill continuously?

No, you can start and stop the GI Bill and use the benefits as needed. You can use it to further your education or job skills training, and start and stop the GI Bill as needed.

GI Bill additional resources

U.S. Department of Veterans Affairs GI Bill Benefits Breakdown. A breakdown of the benefits offered by the GI Bill.
GI Bill Comparison Tool. Determine which schools, employers, or training program providers you’re eligible for.
GI Bill News & Information. GI Bill updates, news, and tips from Military.com.
Military Officers Association of America. How to maximize the GI Bill, and learn about recent updates to the GI Bill.
Updated GI Bill Rates. Updates to the GI Bill rates for 20-21, including private and foreign school, licensing, correspondence courses, housing allowance, and more.

The post Guide to GI Bill Benefits and Eligibility first appeared on Chamber of Commerce.

Best Online Incorporation Services (2023)

Chamber of Commerce Team — Tue, 03 Nov 2020 21:40:42 +0000

Starting a business? Our number one pick for registered agent services is ZenBusiness.

ZenBusiness	Low cost Quick turnaround Expert service and support	Visit ZenBusiness
Northwest Registered Agent	Same day filing service Affordable pricing Strict ethical code	Visit Northwest
Incfile.com	Your first year is free Wide range of services Technical support	Visit Incfile

If you’re setting out to start a new business, there’s a lot to consider. What is your business model, and do you have a business plan? How much capital do you have to invest in your venture? And how are you going to go about actually forming the business? In many cases, working with an online incorporating service is a great idea, as it can save you a lot of time and hassle.

What is a business incorporation service? Basically, it’s a company that helps you complete all the necessary steps in order to form a new business. Most services offer options to form:

Corporations (C-corp, S-corp, sometimes B-corp)
Limited Liability Companies (LLC)
Nonprofit Corporations
Partnerships and sole proprietorships

These services will guide you through the somewhat complex business formation process. They will work directly with your state’s business department (usually the Secretary of State) to obtain and file the necessary paperwork. Working with an incorporation service can help ensure that everything is done accurately, and efficiently, so you can move on to running and growing your new business.

This article will break down all the benefits of working with a business formation service, what to consider when choosing a specific company to work with, and how much you can expect to spend. Plus, we’ll list out our recommendations for the best online incorporation services.

Benefits of using an online business formation service

For most entrepreneurs forming new businesses, we recommend going through a trusted incorporation service. The benefits almost always outweigh the costs. Here are some key benefits to consider:

Accurate filing

The services listed below process thousands – even hundreds of thousands – of applications every year. They can help ensure that every form is filled out accurately, and every requirement is satisfied fully. This can save you a lot of time, and hassle, in the long run.

Fast processing

In most cases, you can do all this work yourself. However, it’s almost certainly going to take you a lot longer than it would to simply work with a service. In business, time is money – the fees charged by these services can easily pay for themselves with time savings.

Required services

Forming a new C-corporation, S-corporation or LLC is more than just filling out some forms. For instance, many states require you to select a Registered Agent, who helps manage official correspondence for your business. Many incorporation services can also serve as your Registered Agent, saving you time and money.

Guidance and advice

Choosing between all the different business structures can be intimidating, as can the process of actually applying for the relevant licenses. Incorporation services can help guide you through the process, and most have detailed resources to help you select the right business entity for your needs.

Business name search

Most services will help you with selecting a proper – and available – name for your business. Usually, there will be an online search tool to help you find a company name. Plus, you can usually add on Doing Business As (DBA) names as an additional service.

Ongoing compliance

Incorporation services focus on getting your business started – but the reality is, many of them can be useful for years to come. For instance, many services offer ongoing compliance support, helping you to file Annual Reports, renew licenses, and ensure your business stays in good standing with relevant state and federal agencies.

Templates and documents

Many services offer ongoing access to your documents (articles of incorporation, articles of organization, LLC operating agreements, etc.), as well as digital access to helpful templates. For instance, some services have digital templates for business contracts, corporate bylaws, invoices, and other legal documents.

Other services

The majority of our recommended services offer various features beyond just initial business formation. For instance, many offer tools to build websites, trademark and copyright services, business tax consulting for IRS compliance, legal help, and much more. In many cases, you can choose a single service that will satisfy most or all of your business’ legal needs.

Should every entrepreneur use an online incorporation service?

We’ve established why these companies are useful – but should everyone forming a new business use one?

In most cases, yes – the majority of entrepreneurs, startup owners, and nonprofit founders can benefit from using these services. The relatively small cost is usually far outweighed by the benefits. Of course, some states make the process easier than others, while some are quite complex.

However, if you’re just forming a sole proprietorship, it may be unnecessary to use a service. The process of forming a sole prop is far simpler than that of an LLC or corporation. In fact, many services don’t even offer the option to start a sole proprietorship through them.

With that said, even sole proprietors can still benefit from some of the other services that these firms offer – so it’s still worth checking out their offerings, regardless of your desired business structure.

How much do incorporation services cost?

Costs vary depending on the service you choose, the business structure you are forming, and the specific features you want. Most services have a basic package for low costs, along with one or more premium packages with extra features.

There are essentially three categories of expense when it comes to using these services: The state filing fees (mandatory), the service’s own fees, and the add-on services you select.

State filing fees vary in each state. For an LLC, expect to spend between $50 and $300+, depending on the rules for your specific area. Corporations are generally a bit more costly, at around $100-$400. To be clear: You will need to pay state filing fees whether you use an incorporation service or not. This money goes directly to the state. State fees are charged the first year, and there may also be ongoing renewal costs (but they will be lower than the initial cost).

Incorporation service fees vary by the company and the level of service you select. At a low level, expect to spend $50-$100. For extra features, like an Employer Identification Number, or Registered Agent service, expect to spend more like $100-$300+.

Add-on services vary significantly. Fees for annual report filing, for instance, might be $50-$100 per year. Expedited processing may add $100 or more. Ongoing Registered Agent services may cost $50-$125+ per year. Most services offer a variety of add-ons to choose from, so you can customize your selection to fit your needs.

Many services offer pre-built packages to choose from, with the option to add on additional services. Generally speaking, the middle option is often the best value, but it of course depends on the specific needs of your business.

How to choose an online incorporation service

We’ve done the research and testing for you, to share the best LLC and corporation formation services available today. You can find the list of our recommendations below.

With that said, it’s still worthwhile to have an idea of what you should be looking for in these services. Here are some things for small business owners to keep in mind:

Business structures

When starting a new business, you’ll have your choice of a sole proprietorship, LLC, corporation, or nonprofit corporation. In some cases, limited partnerships (LP) or limited liability partnerships (LLP) may also make sense. Make sure that any service you’re considering offers the support for the business structure you’d like. Also, keep taxation treatment in mind – for instance, if you’d like to elect S-corp status, or apply for 501 (c)(3) status for a nonprofit, make sure the service you choose offers these options.

Features

The best online business formation services offer an array of features to serve your business. Look for things like online access to documents, ongoing Registered Agent services, ongoing compliance support, dedicated customer service, and any other features or services you need.

Pricing and value

How much does the service cost? Is it in-line with average price points (see above)? More importantly, does it seem like they are offering enough value to justify the price tag? Be sure to look at both upfront costs and ongoing expenses. With that said, you don’t necessarily just want a low price – you want a good balance between cost and value.

Perks

What other perks does the service offer? Do they include bonus features, like a business website or hosting? Do they offer exclusive discounts or deals on compatible business services and products? Is there a tax/accounting consultation with a CPA available?

Ease of use

A major selling point of a good incorporation service is that it should be easy to use. This information can be somewhat hard to gauge without actually trying the service, but you can look to customer reviews and feedback to get a feel for things.

Turnaround time

How many business days will it take to process your documents? Do different formation packages have different processing speeds? Keep in mind that turnaround times will always vary depending on the state, but you still want to choose a company that will process your documents in a timely manner.

Satisfaction guarantee

Does the service offer any sort of worry-free guarantee or satisfaction guarantee? Do they stand behind their services if something goes wrong?

The best online incorporation services

Through extensive research, testing, and analysis of customer feedback, we’ve compiled a list of the best business formation services. We picked these options based on a combination of their features, pricing, customer ratings, and overall value.

Northwest Registered Agent

Northwest Registered Agent is a business services company with a few core offerings. As the name suggests, they focus on Registered Agent services, but also offer incorporation, renewal, ongoing compliance, etc. They also have a few accessory services, like mail forwarding and virtual offices. They have a customer-first approach, which prioritizes privacy, transparency, and customer service over all else.

What makes it unique

Northwest is a very ethical and transparent company. They do not sell your data and do not try to sell you on dozens of services that you don’t need. By focusing on a core selection of services (business formation, registered agent services, ongoing compliance, etc.), Northwest has been able to perfect its craft, resulting in stellar ratings from customers.

Another unique aspect of this company is its approach to service and customer support. When you sign up for any Northwest service, you’ll be paired with a Corporate Guide who is an expert in your state’s rules. This guide will help you through the incorporation process, and will also be your personal customer support agent.

Pros

Excellent customer service
One-on-one ongoing help from a personal Corporate Guide
Transparent and simple fee structure
No hidden fees or upsells
Register new businesses, renew permits and remain compliant
Excellent ratings with BBB, Trustpilot, etc.
Useful, unique services like virtual office and mail forwarding

Cons

Fewer accessory services than many competitors

See the full review of Northwest Registered Agent here.

ZenBusiness

ZenBusiness is a popular option for entrepreneurs looking to register a new business. Zenbusiness offers a simple, fully online way to form a new LLC, corporation, or sole proprietorship. You can also use ZenBusiness to obtain an Employee Identification Number (EIN) tax ID number, keep up with ongoing state filing requirements, and much more. You can get started for as little as $49, making ZenBusiness a terrific value. Overall, ZenBusiness is perhaps the best LLC service on the market today.

What makes it unique

What sets ZenBusiness apart from the competition is its ongoing usefulness for small businesses. ZenBusiness serves as your Registered Agent, and helps with ongoing business filing and compliance, provides tools to build business websites, and offers valuable resources for the success of your business. This means that ZenBusiness can be a valuable partner for your business for many years to come!

Pros

Choice of LLC, corporation, or sole proprietorship
Variety of plans available to suit your needs
Serves as your Registered Agent
Valuable ongoing services for business
Compatible with requirements in all 50 states
Simple and fast online applications

Cons

Annual pricing structure (ongoing costs)
State filing fees charged separately

See the full review of ZenBusiness here.

Incfile

Incfile is an online incorporation service that can help you form a new LLC, corporation, or nonprofit in an efficient manner. They offer a streamlined suite of services, focusing on the nuts and bolts of starting a new company. Compared to the competition, they offer very competitive pricing.

What makes it unique

Incfile is unique in that they focus almost exclusively on new business formation. While many competitors offer a huge range of services, Incfile chooses to dial in their specialty – new business formation. Incfile’s tagline is “Where Business Begins”, which is very appropriate, given their focus.

Another unique factor that Incfile brings to the table is that they are the only service to provide a free business formation service. With their basic plan, you can actually start a new corporation or LLC for $0 + state fees. Incfile makes money through partnerships and by recommending compatible products to business owners, allowing them to offer extremely competitive pricing.

Pros

Very competitive pricing
The only service to offer a free incorporation service (just pay state fees!)
Three simple packages to choose from
Valuable special offers from partners
Also offers some ongoing services, like Registered Agent services
Free online learning center for entrepreneurs

Cons

Mediocre ratings with BBB and Trustpilot
Some complaints about customer service responsiveness

See the full review of Incfile here.

Inc Authority

Inc Authority offers business formation services that can help entrepreneurs start a company and register it with the state. To officially launch a business, there are several forms that must be filed, fees that must be paid, and recurring documents that must be sent to the secretary of state on time. Inc Authority can help with these tasks and also offers add-on services that support your company as it grows.

What makes it unique

What sets Inc Authority apart is its free LLC set up services. Inc Authority will help you file the documents necessary to start a company and won’t charge you anything beyond the state-mandated filing fees. You can check business name availability, file formation documents, store documents in an online portal, and can even use Inc Authority as your company’s registered agent free for a year.

It’s uncommon for a business formation company to offer these services for free. Many charge at least $50 to get an LLC set up, but Inc Authority offers these services to build a relationship with business owners who will hopefully return for other services like domain name registration or obtaining a federal trademark.

Pros

Wondering what the pros are to using Inc Authority? They are:

Free LLC set up service
Free registered agent service for a year
Access to many business services that you’ll need as your company grows

Cons

Curious about the cons of using Inc Authority? They are:

Sales teams will push paid services aggressively
Service packages beyond the free option are quite expensive
Pricing isn’t transparent on Inc Authority’s website, you have to call to access the information

See the full review of Inc Authority here.

Swyft Filings

Swyft Filings is another popular online business registration service that offers a wide variety of useful services. They can help you form a new LLC, corporation, or even a nonprofit – all from the comfort of your home. Plus, Swyft helps with obtaining an EIN, obtaining specialized permits and licenses, and much, much more.

What makes it unique

Swyft Filings is unique in that it provides a wide range of business services, far beyond simple business registration. For instance, Swyft can serve as your ongoing Registered Agent, help you convert your business structure, help you obtain reseller permits and other business licenses, and much, much more. Essentially, Swyft Filings can help with just about any business licensing, regulation, compliance, or legal issue your company might face.

Plus, Swyft Filings is also unique in that it provides registration services for nonprofit entities. If you’re looking to start a charity and obtain 501 (c)(3) status, Swyft is a great service to choose from.

Pros

Form corporations, LLCs, and more
Form nonprofits and apply for 501 (c)(3) tax-exempt status
Registered Agent service optional
Competitive pricing from $49 + state fees
Huge range of business services
Business domain name, website, and hosting available
More advanced ongoing features, like business conversion and ongoing compliance
Lifetime support included, even though fees are one-time charges

Cons

Sole Proprietorship business structure not advertised (although this is usually easy to register on your own)
State registration fees charged separately

See the full review of Swyft Filings here.

LegalZoom

LegalZoom is a provider of legal services, spanning from business formation to estate planning. They offer a huge range of services, and can even pair you directly with attorneys for personalized advice, at a rock-bottom price. They are helpful for both business and personal legal needs and have become a trusted partner for millions of customers.

What makes it unique

LegalZoom goes beyond the basics of business formation to offer an entire suite of legal services. For businesses, a very valuable service is LegalZoom’s Business Advisory Plan, which gives you unlimited 30-minute consultations with qualified attorneys for business legal advice.

The plan costs less than $35 a month, presenting tremendous value for small businesses. You can seek advice from these attorneys on all business matters – contract disputes, lease negotiations, hiring, and more – all for one flat monthly fee. If needed, LegalZoom also offers a personal version of this service, for just $10 a month.

Pros

Widest array of legal services of any provider on this list
Business & personal services
Help with forming a new business, and remaining compliant with existing businesses
Business Advisory Plan allows you to consult directly with attorneys for less than $35 a month
Competitive pricing
Access to a network of legal professionals in all 50 states
Over 4 million customers served

Cons

Does not provide in-court representation
Some reviews mention poor experiences with customer support

See the full review of LegalZoom here.

Harvard Business Services

Harvard Business Services (HBS) is an LLC formation service that focuses on helping businesses incorporate in the state of Delaware. They can help you form a new LLC or corporation while taking advantage of Delaware’s business-friendly tax laws and regulations. They also offer a number of ongoing services, including a Registered Agent service.

What makes it unique

HBS is unique in that it specializes in business formation in a single state: Delaware. With the service, business owners from all over the country (and indeed, the world), can form a Delaware LLC or corporation easily. You do not need to live in the state in order to form a business there.

Delaware is widely considered to be the most business-friendly state in America. Over 50% of publicly traded firms are incorporated in Delaware, and as much as 65% of the Fortune 500 firms call Delaware home. Harvard Business Services alone has helped start more than 200,000 companies in the state. If you’d like to take advantage of Delaware’s business-friendly rules, using Harvard Business Services is a great way to go.

Pros

Form LLCs or corporations
Form new businesses in Delaware, even if you live elsewhere
Makes it easy to take advantage of Delaware’s business-friendly regulations, courts and tax laws
HBS serves as your business’ Registered Agent
Very competitive pricing that includes state registration fees
Lifetime support included

Cons

Delaware only – you cannot form a company in any other state with HBS
Ongoing compliance resources and services are minimal; HBS focuses on the formation of new companies

See the full review of Harvard Business Services here.

MyCorporation

MyCorporation is a popular online business legal services provider. They offer standard services, such as new business formation, ongoing compliance support, Registered Agent services, etc, in addition to select intellectual property protection services. They offer a huge range of business services, making MyCorporation a one-stop-shop for many companies.

What makes it unique

MyCorporation goes beyond the basics to offer a full suite of business legal and filing services. In addition to incorporation services, MyCorporation also helps with copyrights, trademarks, patents, and more. If you’re looking for a partner to help protect your intellectual property, MyCorporation is a good option. Plus, the company also has valuable resources and services for nonprofit entities and charities.

Pros

Provides intellectual property protection services
Helps you register a new trademark or copyright
Helps with taxation election, i.e. S-corp status
Helps you transfer, alter, or sell a business
Support for corporations, LLCs, and nonprofits
Ongoing support for businesses
Ongoing corporate maintenance, such as Annual Report filing
Large online resources library

Cons

State registration fees are charged separately

See the full review of MyCorporation here.

BizFilings

BizFilings is an online business filing service that helps with many aspects of business legal requirements. They can help you form a new business, as well as stay compliant and up-to-date with your existing company. Pricing is clear and competitive, and they make it easy to customize your services to fit your needs.

What makes it unique

BizFilings supports all business structures, including limited partnerships (LPs), limited liability partnerships (LLPs), and sole proprietorships. Many competing services do not help with forming partnerships, so BizFilings is a good option for those going into business with a partner.

After your business is formed, BizFilings can also help with more complex legal matters, including business conversion or sale. They aim to be a complete solution to your business’ filing needs.

Pros

Form a new LLC, corporation, sole proprietorship, or partnership
Supports partnership business structures (many services don’t)
Helps with all business filing requirements, both initial and ongoing
Transparent pricing
Choose from pre-built packages, or build your own
Helps you obtain an employer identification number, DBA, etc.

Cons

Ongoing Registered Agent service is more expensive than average

See the full review of BizFilings here.

The post Best Online Incorporation Services (2023) first appeared on Chamber of Commerce.

How to Set Up Gmail With a Custom Domain For Free

Chamber of Commerce Team — Wed, 05 Aug 2020 15:39:54 +0000

Google’s Gmail system is part of the Google Workspace group of cloud-based business tools that really help small businesses. However, using a free Gmail address isn’t very professional. Improve your business’s image by imposing your own domain name on a Gmail account.

Any business that starts up a website needs to buy a domain and that domain can also be used for business email addresses. The domain registration service is often tied into a web hosting account and those systems usually include an email account management service, where the domain name owner can send mail as the bona fide business operator rather than a hacker who just created a Gmail account with the business’s name in it.

It is possible to set up Gmail so that it will receive emails to the company’s domain name and all emails sent out from the Gmail account will have the business domain name on it instead of the gmail.com domain. Many people know that this is possible with a paid Google Workspace account. However, it is also very easy to put your own domain on your emails through Gmail for free.

Set up Google Workspace with a custom domain

Working out how to get Gmail to use the business’s own custom domain name transforms the use of the entire Google Workspace group of Google apps — which are all available in a free version.

Custom domain email addresses can then be used for the collaboration features, such as commenting and document sharing. The business will be able to communicate with suppliers and customers through Google Workspace without the need to use gmail.com business addresses. That will stamp the corporate brand on every communication through the use of custom email addresses.

The Gmail system can easily be set up to use a custom email address when it is accessed as part of a paid Google Workspace account.

However, most small business owners don’t like to pay for a service if they can get it for free. That is particularly the case for startup businesses that need to save money whenever possible.

Here are the prices for the paid Google Workspace accounts.

However, Gmail is also a free email service and can be adapted to use a professional email account without having to pay any extra fees.

Check out our roundups of the Best Domain Name Providers and the Best Free Domain Name Registrars

How to use a custom domain address for a Gmail account

You might have heard of an SMTP server, IMAP, and POP3 in relation to setting up an email account. You don’t need to know how to deal with those email protocols in order to use this workaround to get a Gmail account to use your own custom domain on the email address.

Just follow this step-by-step guide.

1. Create a Gmail account

If you already have a Gmail account for yourself, leave that alone, and create a new free email address for your business.

1. Go to www.gmail.com

2. Click on Create account. If you already have an account you will be taken to that. Click on the icon for your account in the top-right of the screen and click on Add another account in the drop-down menu. The add account procedure is the same for creating a new Gmail account.

3. Enter a name, email address, and password for your new Gmail address.

Don’t worry if your email address has to have numbers on it to make it unique – no one will see this address.

Press the blue Next button to move on.

4. Enter account recovery and identification information on the next screen.

Press the blue Next button.

5. Google will send a verification code to the phone number you gave.

Fill in the verification code and then press the blue Verify button.

6. Press Skip on the next screen, which is about extra services.

7. Check the two boxes at the bottom of the Privacy and Terms screen and press the Create Account button.

A popup window will ask you to go back to the extra services screen. Ignore this and press the Confirm button.

8. In the account creation confirmation screen, press Continue to get to your new account’s Inbox.

2. Set up a new email address in Bluehost

These instructions will work for any web hosting service that uses the cPanel control panel.

1. Log into your Bluehost web hosting account. If you have a WordPress account, don’t go into the WordPress administration.

2. Select Advanced in the left-hand menu to get to the cPanel control panel and scroll down to the Email section.

3. Click on Email Accounts. This will open the Email Account Management screen.

4. Click on the blue Create button. This will open the email setup screen. Give the account a name, create a password, and then press the Create button.

5. Back in the Email Account Manager screen, you will see your new email account listed. Click on Connect Devices on that line.

6. In the Set Up Mail Client screen, scroll down to the Mail Client Manual Settings. Record the information is the SSL/TLS box for use in Gmail.

3. Set up a new email address in Hostinger

1. Sign in to your Hostinger hosting account and select Emails from the top menu.

2. Note down the details for the Outgoing Mail (SMTP) shown in the top panel

3. Enter an email address name – the domain name will already be filled in.

4. Nominate a password.

5. Press the Create button. When the email address has been created, you will see it in the Manage E-mail Account section lower down in the Email screen.

4. Set up a new email address in GoDaddy

Sign in to your GoDaddy account to get to your Workspace Control Center.
Click on the Create button at the top of the user account list.
Under Include the following, check the Email box.
Enter the first part of the new email address up to and including the “@.”
Click on the domain name that this account will be created on.
Enter and confirm a password.
Click on the Create button.

5. Set up mail forwarding

These instructions are the same for any web hosting system that uses the cPanel. That includes HostGator and Bluehost.

In the cPanel Email section, click on Forwarders. This will take you into the email forwarding service of your web host.
Select your new domain from all options in the Managing drop-down list.
Click on Add Forwarder. This will open the forwarder setup screen.
Enter the email address you just created on your new domain name, give the business Gmail account as the destination, and click on the Add Forwarder button.

6. Set up mail forwarding in Hostinger

Sign in to your Hostinger hosting account and select Emails from the top menu.
Click on the Email Forward in the left-hand menu.
Click on Use Existing Mailbox and select an email address from the drop-down list of existing accounts.
Enter Your Gmail address in the Forward to the email field.
Click on the Create button.

7. Set up mail forwarding in GoDaddy

Sign in to your GoDaddy account to get to your Workspace Control Center.
Click on the Create Forward button at the top of the user account list.
In the forwarding screen, enter your own domain email address in the Forward this email address field. Include the following, check the Email box.
Enter Your Gmail address in the To these email addresses field.
Click on the Create button.

8. Set up mail forwarding in Namecheap

Log into your Namecheap account and click on Domain List in the left-hand menu.
Click on the Manage button on the line of the domain you want to forward emails for.
Click on the Advanced DNS tab at the top of the Domain Management screen.
Mind the Mail Settings section and select Email Forwarding from the drop-down list. This will generate a mail forwarding action for the account.
Click on Save All Changes.
Click on the Domain tab
Scroll down to the Redirect Email section and click on Add Forwarder.
In the Alias field, enter the part of the email address before the @, so for info@alljewelrycenter.com, you would just enter info.
Enter the Gmail email account name in the Forward to field.
Click on the checkmark to save the setting.

9. Alter the Gmail settings

Your Gmail account is now available, but it will use the gmail.com domain on all of your emails. Change the settings to use your own domain name instead.

1. Click on the gear icon at the top-right of the Inbox to open the Settings panel.

2. Click on See all settings.

3. Click on the Accounts and Import tab in the Settings screen.

4. Look for the Send mail as section and click on Add another email address. A popup will appear.

5. Enter an email address that you created your domain and press Next Step.

6. Enter the mail client settings that you noted down from your email hosting system in your web hosting account.

7. Click on Add Account. Gmail will send a verification email to the email address that you are trying to add. Click on the link in the email, or copy the verification code shown into the field in the confirmation popup in Gmail.

8. Click on the Verify button. The popup window will close. The Accounts and Import settings tab now shows your added email address.

9. Click on make default next to your business email address.

10. Click on Inbox in the left-hand panel of the Gmail screen to get out of the Settings section.

11. Confirm that the email system in Gmail has been properly configured by sending an email to your own personal account from your new Gmail account.

12. Check that the name of the sender shows your business name and the email address is that of your own domain name and not gmail.com.

13. Reply to the test email to see whether it arrives in the Inbox for your new Gmail account. The forwarding through your web host email system will not show up in the earlier email conversation.

FAQ

How do I alter the MX records in order to forward them to a Gmail account?

You don’t need to make any manual MX record changes to forward emails to a Gmail account from your web hosting account or from a parked domain held by a domain registering service.

What DNS settings do I need to create in order to forward emails to a Gmail account?

You don’t need to make any manual changes to DNS records in order to forward your email from a web hosting account to a Gmail account.

What is DKIM?

DKIM stands for DomainKeys Identified Mail. This is an email authentication method. The part of the Gmail account setup where the mail client sends a verification code to your own domain’s email account takes care of ownership authentication.

Does setting up a Gmail account create a Google account?

No, but you can use your Gmail account to set up a Google account.

How do I ensure that emails are forwarded to Gmail over a secure connection?

Opting to use a TLS port when you set up the source of emails in Gmail makes sure that emails are sent in an encrypted state.

Can I forward emails from my domain name to Mailgun instead of Gmail?

Yes, there are a number of email clients that you can forward your domain emails to, including Thunderbird, Outlook, Mailchimp, and Mailgun.

The post How to Set Up Gmail With a Custom Domain For Free first appeared on Chamber of Commerce.

COVID-19 Reopening Guide for Small Businesses

Chamber of Commerce Team — Fri, 22 May 2020 22:44:23 +0000

After several months of stay-at-home orders and mass shutdowns of businesses amidst the COVID-19 pandemic, all 50 U.S. states are now cautiously allowing businesses to reopen to some degree. Of course, things won’t return to the way they were before the coronavirus washed up on American shores–at least, not immediately–but after many weeks of uncertainty and financial hardship (for example, see these small business coronavirus statistics), entrepreneurs and small business owners finally have a reason to be optimistic.

Yes, state economies are reopening – particularly with the fear that small business loans won’t be enough for small businesses to make it through to the other side – but they are all doing so at their own pace depending on the concentration of COVID-19 cases in a given area, population densities, and the whims of state governments. Additionally, some types of businesses, such as retail shops, will be up-and-running long before others, like concert venues and bowling alleys.

Nevertheless, no matter your type of business, now’s the time to start thinking about reopening. The country is not out of the woods yet, so there’s a lot of planning to do and precautions to take before opening doors to customers. So, in order to aid and educate business owners and managers as restrictions begin to thaw, we’ve produced this comprehensive guide to reopening. Included are industry-specific reopening guidelines, as well as general reopening resources that should prove useful for all business owners.

Find more information on the Coronavirus Small Business Issues and Solutions Guide here.

Reopening guidelines by business type

As local economies across America begin to reopen, businesses are faced with the difficult balancing act of satisfying customers while maintaining low-risk, hygienic environments. This challenge presents varying levels of difficulty depending on the nature of the business.

In acknowledgment of the novel issues that each type of business will face, we’ve broken down our reopening guidelines by industry.

Retail stores

Traditional brick-and-mortar retail stores had it bad enough competing with online retailers before COVID-19 made the situation even worse, forcing a large percentage of stores to close for weeks. However, there is a path forward for retailers that are able to keep shelves stocked while complying with safety protocols.

Prepare

Set clear, realistic goals for your business as it reopens.
Determine your hours-of-operation based on employee availability, operating costs, and local regulations.
Make difficult choices about your staffing levels. Will it be necessary to maintain your original workforce? Reduced hours of operation may necessitate letting employees go or limiting employee hours.
Contact suppliers to ensure that they will be able to deliver products in a timely manner. If the supply chain is disrupted, consider using a different supplier or making different products available.
Create a reopening plan with the participation of employees, local officials, landlords, and customers.
Set strict guidelines on hygiene, sanitation, and capacity limits based on state and local guidelines.
Train employees on hygiene and sanitation procedures so that they are able to work safely and deal with customers that disobey social distancing rules or other guidelines.
Test security and fire safety systems to make sure they are running properly.
Set up “one-way” traffic flow through the store with floor markings and signs.
Put clear signage outside of the store that alerts people to the fact that your business will soon be reopening.

Precautions

Consider installing alcohol-based hand sanitizer stations around the store.
Take employees’ temperatures on a daily basis before their shifts and have them alert management immediately if they come down with any symptoms of illness.
Display signs within the store that inform customers of COVID-19 safety measures and social distancing protocols.
Regularly clean and disinfect high-touch surfaces that are susceptible to the accumulation of germs.
Enforce a rule that makes wearing facial covering mandatory for customers while in the store.
If possible, allow for the use of contactless payment options like Google Pay, Apple Pay, and RFID cards.

Resources

National Retail Federation: State Resources for Retailers on COVID-19 – A page with the latest information on store reopenings and COVID-19 guidelines by state from the world’s leading retail trade association.

Restaurants and bars

Restaurants and bars have a tough road ahead as many people will have concerns about consuming food or beverages handled by others in the COVID-19 era. On top of that, turning a profit while observing tough new capacity restrictions will be a tough endeavor. Yet, by adapting to the new normal with strict compliance of local guidelines and an adjusted business model, eateries can still be successful.

Prepare

Communicate with state and local officials to stay informed on reopening guidelines and proper safety protocol.
Create new operating procedures based on the most recent CDC and FDA regulations.
Update hours of operation based on customer demand and employee availability.
Decide on staffing levels based on new hours of operation and legally mandated capacity levels.
Educate employees on proper safety and hygiene protocols.
Adjust seating in order to comply with local occupancy restrictions, and switch to an outdoor seating model if possible.
Contact suppliers to ensure that they are able to deliver the necessary items, and adjust menus if your restaurant is unable to stock certain food items.
Stagger workstations so that the kitchen staff aren’t working in close proximity to one another.
Place signage around the restaurant alerting customers to the latest CDC and local COVID-19 guidelines and regulatory procedures.
Set up alcohol-based hand sanitizer stations around the establishment.
Allow for a contactless, “grab and go” option for customers.

Precautions

Have kitchen staff wear gloves and a mask when handling food.
Perform health and temperature checks on every employee before their shift begins. If an employee feels unwell, send them home immediately.
Discourage customers from gathering near the entrance or by the bar. Place floor markings according to social distancing protocols that alert customers to the proper areas where they can wait to be seated.
Do not serve food in a salad bar or buffet-style arrangement, even if permitted by local regulations.
Regularly disinfect menus and tables after each use.
Strictly observe local capacity limits.
Use mobile ordering and contactless payment options whenever possible.

Resources

Eater: Where Restaurants Have Reopened Across the U.S. – A regularly updated guide on restaurant and bar reopening dates across the country, along with capacity and single-party limits.

Movie theaters, concert venues, and recreation centers

Of all business types, movie theaters and venues may have the hardest road ahead and could be the last businesses to reopen. However, the day will come when people are coming to see movies and attend concerts again, so it’s important to be prepared when the time comes.

Prepare

Consult with local officials and regulatory committees well in advance to develop a realistic, safe plan for reopening.
Strictly observe local capacity limits once they are announced.
For movie theaters and seated concert venues, consider leaving seats open between parties.
Bowling alleys and other establishments that lend reusable equipment and items to customers should keep all equipment behind them counter and sanitize everything after each use.

Precautions

Encourage customers to use remote ticketing purchasing options. For customers that arrive without tickets, direct them to electronic ticketing kiosks.
Perform health and temperature screenings on employees before they begin their shifts.
Have employees wear masks and gloves during their shifts.
Make customers waiting to buy tickets stand six feet apart and place floor markings at set intervals so customers know where to stand.

Resources

National Independent Venue Association: #Save Our Stages – An effort to protect local and independent music and concert venues that have been devastated by the loss of revenue as a result of forced shutdowns.
Crew Nation: Global Relief Fund for Live Music Crews – A fund established by the non-profit organization Music Forward to help live music crews forced out of work by the pandemic. Visitors may donate or buy merch to contribute to the fund. Additionally, those affected or put out of work by the shutdowns may apply for relief through the site.

Gyms and fitness

Gyms and fitness centers are another industry that’s been hard hit by the pandemic due to hygiene concerns and the fact that customers reuse equipment. Nevertheless, these businesses will be among the first to reopen in many states as they are considered essential to the lives of many people.

Prepare

Contact local health officials to stay informed on COVID-19 reopening guidelines.
Educate staff on the proper safety protocols and encourage them to wear masks and gloves, if necessary.
Strictly obey legally-mandated occupancy limits for all facilities and areas of the gym. This also involves limiting participation in fitness classes in order to comply with these limits.
Do not allow showers to be used. Limit the number of people who may use restrooms and locker rooms at a given time.
Keep saunas, jacuzzis and steam rooms closed until further notice.
Test ventilation, security, and fire safety systems to ensure they are functioning properly.
Offer virtual fitness classes to members who are at-risk for COVID-19 infection or are hesitant to workout in the presence of others.
Post clear signage everywhere to remind staff and customers to obey social distancing measures and to return home if they experience symptoms of illness.
Install hand sanitizing stations with alcohol-based hand sanitizer throughout facilities.

Precautions

Perform a health and temperature check on all employees at the beginning of their shifts.
Encourage customers and employees alike to wear cloth or disposable masks.
Require customers to thoroughly wipe off equipment before and after use.
Post staff around the premises to monitor customers to ensure that they obey social distancing protocols.
Disallow sports and fitness activities that involve bodily contact between participants.
Clean and disinfect all facilities at least twice a day.

Resources

IHRSA: COVID-19 Relief & Information for the U.S. Fitness Industry – A list of COVID-19 closure and reopening information for gyms and fitness centers by state along with links to state and federal relief programs for those in the fitness industry.
Movemeant: COVID-19 Relief – An organization offering resources for fitness instructors whose businesses have been hurt by the COVID-19 pandemic.

Hair salons, barbershops, spas, and cosmetology

The salons and grooming industry is one that people might be hesitant to embrace in the short term due to the fact that close physical contact presents a risk for customers and employees, alike.

Still, most people can’t go very long without a haircut and salon/spa visits are essential self-care for many. In fact, in many states and localities, salons are already reopening to some degree. By observing safety regulations, these businesses can be successful in our post-COVID-19 reality.

Prepare

Store managers and owners should consult with local officials and health experts to determine the safest course for reopening.
Observe local capacity limits and post signs alerting customers and employees to these limits.
Thoroughly clean and disinfect the business with EPA-approved disinfectants before reopening.
Make alcohol-based hand sanitizer readily available for customers and employees in multiple areas throughout the business.

Precautions

Use a touchless infrared thermometer to perform a temperature check on employees and customers as they enter the business, and turn away anyone with a temperature over 99 degrees Fahrenheit.
Require all employees to wear facial coverings and gloves during their shifts.
Use contactless payment options whenever possible and discourage the use of cash.
Limit the number of customers in the business and have them wait outside rather than in indoor waiting areas.
Clean and disinfect capes, smocks, and equipment after each use.
Clean and disinfect shampoo bowls, spray nozzles, and armrests after each use.
Recommend that customers wash their own hair at home rather than having it washed in the salon.
Have employees wash their hands thoroughly with soap and water after each customer service.
Clean and disinfect all high-touch surfaces regularly.
Post floor markings and signage to remind customers to observe social distancing practices.

Resources

Vogue: How Hair Salons Will Be Transformed by the COVID-19 Pandemic – A fascinating long read on the impact the coronavirus pandemic is having on the hair salon industry and the difficulties businesses will face upon reopening.

Childcare businesses

While young children are notorious vectors for the spread of germs, fortunately, they don’t seem as prone to serious illness from coronavirus as other age groups. As businesses reopen and schools remain closed, more and more people will be returning to work and require a childcare center to supervise their kids, making them an essential industry.

Although it may seem like a difficult task, childcare businesses will be able to operate in a fashion that limits the spread of illness.

Prepare

Consult with local officials and health care experts to develop a sound plan for reopening.
Educate employees on hygiene and sanitation procedures and notify them of the risks involved with working at a childcare center during a pandemic.
Strictly observe local limits on capacity.
Clean and disinfect every area of the business before reopening.
Remove any toys or objects that children may place in their mouths.
E-mail clients informing them of the decision to reopen, notify them of the risks involved, and discourage them from bringing their children in if they or their child exhibit a high temperature or any COVID-19 symptoms.

Precautions

Clean and disinfect all areas before opening and after closing every day.
Check employees’ and children’s’ temperatures with a touchless infrared thermometer when they arrive. Send anyone with a temperature over 99 degrees home.
Ask children about how they are feeling upon arrival.
Have classes educating children on hygiene and sanitation.
Have employees wear facial covering, masks, and wash their hands regularly after contact with children.
Have children wash their hands thoroughly with soap once every hour.
Disallow activities or games that involve close contact between children, and calmly separate children that engage in close physical contact.
Have a licensed nurse on the premises at all times.

Resources

IFC.org: Childcare in the COVID-19 Era: A Guide for Employers – An excellent, informative guide to childcare in a world affected by the COVID-19 pandemic. The guide contains visuals and discusses different strategies that childcare businesses and parents alike can take to minimize the risk to themselves and their children.

Reopening your business: General resources

Whitehouse.gov: Guidelines for Opening Up America Again – The official Whitehouse guidelines for reopening released by President Trump, which consists of three phases. Although the Federal Government has left the specifics of reopening up to the states, this is nevertheless a solid resource with plenty of helpful information.
CDC: How to Protect Yourself and Others – A guide from the U.S’s leading public health institute explaining the proper health and safety precautions to avoid getting sick or spreading COVID-19 to others.
CNN: This is where each state is during its phased reopening – A comprehensive, regularly updated guide tracking each state’s reopening schedule.
Coronavirus.gov – The Federal Government’s official coronavirus website, which contains all the major official resources covering all aspects of the COVID-19 pandemic, relief efforts, and up-to-date statistics.
National Governors Association: Coronavirus: What You Need to Know – A site with the latest information on COVID-19 in the United States updated with regular memos on NGA activities and a state-by-state timeline of the steps taken by state governments to combat the spread of coronavirus.

The post COVID-19 Reopening Guide for Small Businesses first appeared on Chamber of Commerce.

Best Small Business Insurance (2023)

Chamber of Commerce Team — Tue, 19 May 2020 20:17:33 +0000

Small businesses face many challenges unique to their industry with one being how to protect themselves in uncertain times. A robust insurance policy can do this as there are many different coverage options and levels to choose from.

There are many different types of coverage options depending on the small business industry. Some common types are errors and omission (E&O) coverage for those that advise customers, and general liability insurance to protect businesses from lawsuits against injured employees.

Why small business insurance is important

No one ever anticipates anything will go wrong in their business, but it happens frequently enough that small business insurance really isn’t negotiable. Small business insurance provides coverage for lawsuits, but it also has additional options for workers’ compensation and payment disputes (see here for an external glossary of insurance terms).

Some common policies include:

Professional liability insurance.
Employee coverage (i.e workers’ compensation insurance). This is useful for employees that have a bodily injury due to work accidents. It also helps employers cover medical expenses from these unfortunate events.
Commercial property insurance. This can include coverage on real estate, automobiles, trucking fleets, and large tools like machinery. It’s imperative to have this type of coverage in case of property damage.

When small business insurance is needed

Business insurance policies are often utilized when a client sues a business over dissatisfaction with the results or advice they received. Small business insurance protects the business owner’s personal property further in the event of a lawsuit. The insurance cost can seem small, especially if an owner is involved in a million-dollar lawsuit.

Small business insurance can also be used in conjunction with their location’s physical property insurance in the event that there is a major claim that results in lost revenue. For example, the business next door could have a burst pipe that damages a room full of servers or client records.

Check out our roundup of the Best Small Business Health Insurance

How to choose an insurance company

Business owners will want to consider the overall cost, value, and options for their type of business. Insurance companies cater to various industries as well as niches within those industries. So, not every small business will find the coverage they need at every carrier. Luckily, they can consult one of the firm’s insurance agents for free business insurance quotes.

First and foremost, each business needs to decide what particular type of coverage it needs to protect its assets. Some businesses with retail spaces will need different coverages than a small home-based business that offers professional services like financial consulting.

Once a small business owner knows what types of coverage they’ll need, they can narrow down the search to insurance providers that serve their particular industry and niche.

The Hartford

One of the oldest insurance companies still around, The Hartford has been writing small business insurance policies for the last 30 years. They are known for exceptional customer service on their personal insurance lines and have brought that same level of service to their small business customers.

The Hartford offers some specific types of coverage including debris removal, the replacement cost of personal property of others, and covers the cost of spoiled products due to a mechanical failure. Each of these could be quite useful to many companies in a variety of covered industries like;

Electricians. Contractors.
Photographers.
Restaurant and food businesses.
Tree and landscaping services.

Pros

Great customer service as shown via TrustPilot.
LLC specific coverage.

Cons

The website could have more self-service options.

It’s easier than ever to start a business and many people believe they are protected by filing their business under an LLC, but this doesn’t remove all risk. The Hartford offers LLC-specific business owners insurance coverage to cover the liabilities that fall outside of the LLC’s protection. For example, LLCs can’t pay for legal fees and won’t cover damage to business property like real estate.

All around, The Hartford is a great choice for new and established business owners to consider for business insurance. Small businesses operating under an LLC will find specific coverages that give them only the coverage they need without any frills. Business owners of every size get the same great customer service standards the company is known for making any claims that much easier to deal with.

Allstate

Allstate offers one of the most comprehensive listings for industries covered and has one of the largest networks of agents available to assist small business owners. The website and mobile app are user-friendly and offer many options for busy owners to get the documents they need quickly.

They have an industry-standard customer satisfaction rating when it comes to claims. They’ve been around since 1931 and are a strong and reliable insurance company.

Some of the industries covered by Allstate small business include:

Health and medical providers.
Service providers like barbershops, locksmiths, and mail stores.
Physical product providers like automotive part dealers and furniture stores.
Food and beverage businesses like bakeries and ice cream shops.

Pros

Large network of insurance agents.
Variety of coverage options including property coverage for personal and real estate assets.
Many online resources and tools.

Cons

Can be slow to process claims.

Allstate small business insurance also means that business owners will have access to the company’s network of other small business owners and top industry leaders. This could be a great networking opportunity to find other local business owners in the same industry and across the nation.

For the cost and wide variety of industries covered Allstate is a great choice for many small businesses. Their large network of agents, who are also small business owners, is a great asset for those looking for comprehensive business insurance.

Hiscox

This could be the best company to fit the insurance needs for small home-based businesses. These types of businesses often have a reduced liability compared to brick-and-mortar stores and Hiscox accounts for this difference.

Whether the small business has contractors or employees, there needs to be liability protection in case of accidents or issues with consulting services. The company often writes policies for:

Home-based businesses.
Consulting services.
Financial services.

Pros

Specialized coverage for each business.
Good customer service per TrustPilot.
Plenty of business resources to educate users on insurance basics. For example, they have articles about Business owner policies or BOP, which is a hybrid of liability and property insurance.

Cons

Not available in Alaska.
Not ideal for businesses with multiple employees.

Hiscox tailors each policy to the individual small business owner’s needs. It offers unique coverage depending on the industry like an extra $200,000 of software copyright coverage for those in the IT or technological consulting industry.

There is no one-size-fits-all policy at this company and business owners will need to work with an agent if their business needs change. Yet, they can find most of the help they need via the online portal and app.

Travelers

Starting in 1864, Travelers has been serving private and commercial customers. In 2006, the insurance company was acquired by MetLife but has remained under the trusted Travelers name. This company has an impressive history that has improved with a larger financially healthy company backing it.

Travelers is the largest writer of workers’ compensation and commercial property insurance in the US thanks to their wide array of policy options. Their small business insurance is very customizable, and most businesses can find the right coverage options with the company.

Some of the small businesses they serve best are:

Contractors.
Financial and service-based businesses.
Pet and personal care services.
Health care providers.
Wholesale and manufacturing companies.

In addition to the typical business owners’ policy, Travelers also has coverage for lost business income and extra expenses when the business is temporarily down due to a covered claim. This makes it a great choice if a business is susceptible to natural disasters and other calamities that would cause business interruption.

Pros

Variety of coverage options from commercial property insurance to management liabilities.
Workers comp policies that can be tailored to help injured workers return to work sooner.
Convenient option to have all personal and professional policies in one place.

Cons

Not all coverage options available in all states.
Under industry-standard customer satisfaction ratings.

The company also offers a full range of professional and personal insurance products which allows business owners to consolidate the vendors they need to deal with for all of their insurance needs. While this is a convenient option for many business owners, Travelers has a slightly below-average customer satisfaction rating through JD Power. This means that customers may experience issues or delay with receiving funds for claims.

Chubb

Nearly half of the company’s revenue comes from commercial lines of insurance and this firm is one of the world’s largest insurance providers. The company serves business owners that are just starting out to those who have up to $30 million in revenue each year.

The company is dedicated to protecting small businesses with modern IT problems like data breaches and digital security risks. They are a very digitally focused organization and their customers can start, stop, and service some policy types entirely online. Chubb also has an excellent JD Power rating when it comes to customer satisfaction.

Chubb offers coverage for the typical variety of businesses that range in size and earn up to their $30 million revenue cap. Some of the specialty businesses covered are:

Artisan contractors.
Clubs and associations.
Life sciences.
Health care.
Technology firms.

Pros

Home business discount.
Start-up friendly.
Unique options, including coverage for foreign-based employees.

Cons

Full quoting processes are needed to find rates.
Limited availability to consolidate personal lines.

Chubb offers coverage for businesses that work across national borders that have unique and complex liability needs. The coverage even extends to kidnap and ransom costs in the worst-case scenarios.

Technology has made it easier than ever for businesses of all sizes to work around the globe and Chubb is a great choice for small businesses hoping to scale their operations. With home-based and start-up-friendly options, many small business owners will find the coverage they need at an affordable price with Chubb insurance.

The Hanover

Starting in 1852, The Hanover Insurance Group has been a consistent provider of coverage for personal and commercial lines of service. The company is the parent to subsidiary companies like AIX holdings and Educators insurance agency. Coverage options are available to businesses with up to 30 employees. The Hanover also offers surety bonds for those businesses that need them but offers the widest range of coverage to technology/IT companies.

The company does not have its own agents but instead partners with independent insurance brokers across the nation. These agents have a variety of insurance companies that they do business with. This will ensure that it won’t push a business owner to a policy with The Hanover if it’s not the best fit.

The Hanover offers coverage to a large selection of business and industries including:

Technology companies.
Craft brewers.
Human and Life services.
Restaurants.
Hospitality and hotels.

Pros

User-friendly website.
Variety of coverage options, including data breach/cyber liability coverage. Data breach coverage is essential considering that large companies, like Experian, have been hacked.
Surety bonds.

Cons

All quotes go through a partner agent.
Limited service options online.

For small business owners looking to avoid speaking with an agent as much as possible, The Hanover might not be the best option. They do offer surety bonds that are essential for some businesses along with other useful coverage options. The claims processes appear to be a bit smoother for small business customers compared to personal policy claims, which is something to consider for business owners looking to consolidate all their insurance policies.

State Farm

As one of the nation’s largest insurance providers, State Farm customers can rest assured knowing that most coverages are available everywhere and there is a local agent nearby. The company has a large network of agents that sell only their in-house products and that depth of knowledge can greatly benefit new business owners.

State Farm offers surety bonds as well as liability coverage for non-profit organizations. Like many insurance companies, they also provide directors and officers coverage that is useful to growing businesses with investors. Their customer satisfaction rating is solid and their claims process appears to be relatively easy when working with an agent.

Most industries will find themselves under the umbrella of businesses that State Farm serves along with more specialized businesses like:

Financial and service-based businesses.
Non-profits.
Home-based businesses.
Product distributors.

Pros

Easily move all professional and personal policies.
Agents have a deep understanding of coverage options.
Available nationwide

Cons

Agents can only quote State Farm products, which limits options and can be a conflict of interest.

State Farm has a large network of dedicated agents that have extensive knowledge of their products, but this limits the business owner’s options if they need coverage not offered by the company. They have overall good customer satisfaction ratings and make it easy to bring personal and professional policies together under one roof for added convenience.

Nationwide

One of the newer players in the insurance industry, Nationwide has become one of the larger insurance company options for personal and professional lines. While many insurance companies only cover small businesses that earn less than $1 million in revenue annually, Nationwide has extended this to a $5 million annual revenue limit.

Customer service ratings have been at the top of the JD Power study for the last couple of years showing how much emphasis the company places on helping its customers. The guidance and resources Nationwide provides on their website and through their agents are helpful to new business owners at every stage of business growth.

Some of the businesses they feature coverage for are:

Auto service & repair.
Photography studios
Veterinarians.
Consulting offices.

Pros

Employee benefit options like health insurance.
Up to $5 million in revenue.
Large education resource network.

Cons

Not easily available for every industry or niche business type.

One of the greatest advantages of Nationwide is its additional insurance options for small businesses that also need employee benefits like retirement planning and group health/vision/dental insurance. The company also offers coverage for equipment breakdown and malfunctions from power surges or operator error, and even coverage for account receivable payments that couldn’t be collected.

For an easy one-stop shop, Nationwide is a great choice for small business insurance for the companies that fall under the main industries it serves. Businesses outside their usual coverage list will need to work more closely with an agent to get the coverage they need.

Liberty Mutual

One of the larger international insurance carriers, Liberty Mutual offers many personal and professional insurance coverage options. Small business owners can easily bundle most of their business insurance coverage under their main policy for additional discounts. It’s one of the only companies to offer extra discounts through the SafetyNet program that contains safety training courses for many industries.

Coverage options range from standard business policies to employee benefits options to help small businesses as they grow. Liberty Mutual offers coverage to most types of businesses, including those that can be particularly risky for insurance companies like construction and manufacturing firms.

Most business industries will find a happy partnership with the agency especially business that deals in:

Scrap metal.
Self-storage.
Non-profits.

Pros

Offers more than just insurance as employers can use it for employee benefits like health and life insurance.
Additional discounts for safety classes.
High risk/unique business coverage, especially for those that have high product liability. Scrap metal can injure workers if the proper protections aren’t used.

Cons

The website is light on content and difficult to navigate.

Self-storage facilities, scrap metal businesses, and non-profits can struggle with finding the right insurance option, but Liberty Mutual has made the process easier by offering coverage for all of them. This suggests that the company can be quite flexible in the types of businesses it’s willing to cover. It also provides coverage for less, which is crucial for smaller, new businesses.

Liberty Mutual depends on its network of agents to educate policyholders, provide free quotes, and help them select the right coverages for small businesses. Businesses that find that their industry isn’t covered with many other companies will appreciate the wide array of businesses that Liberty Mutual does protect.

Progressive

As one of the largest auto insurance companies in the nation, it’s no surprise that Progressive leads that pack when it comes to commercial auto insurance coverage as well. The company offers a decent selection of unique industry coverages and discounts that distributors and contractors will find quite helpful.

Progressive has one of the better commercial auto coverage options and is ideal for businesses with small fleets or for business owners who can’t conduct their business without a vehicle or fleet of trucks.

They also specialize in offering coverages for businesses that:

Serve/make alcohol.
Transport products.
Wholesalers.
Contractors.

The company does offer standard coverage options to protect the entire business, but these are written by third-party carriers, which greatly impacts customer service. Therefore, the quality of customer support can vary based on this and other factors. Progressive is an affordable choice for many small businesses and offers a range of coverage options.

Pros

Seasonal business savings.
Plenty of discount options.
Variety of auto policy endorsements.

Cons

Many product offerings are from third-party vendors.

One of the unique discount options offered is premium rates that vary with the seasons, which is extremely helpful to contractors in areas that experience harsh summers/winters.

As with many small business insurance companies, business owners are able to find both personal and professional insurance options at Progressive. Their coverage is more focused on businesses that rely on company vehicles and these small businesses will also enjoy many discounts on their insurance without jumping through hoops. For seasonal contractors and vehicle-reliant small businesses, Progressive is one of the best options out there for liability protection.

Bottom line

When looking for an insurance company, small business owners should consider the importance of dealing directly with the company in the event of a claim. Some insurance providers use third-party companies to write policies, so customer service in the event of a claim can vary widely. The options to grow and service a policy online are other important considerations to weigh when shopping for small business insurance.

Every small business from a start-up LLC to an established seven-figure business needs insurance to protect its assets and personnel. From computer damage to data breaches, lawsuits, and accidents, every small business needs to have adequate coverage for any disaster. It also needs to provide employee benefits to retain and attract top talent.

The post Best Small Business Insurance (2023) first appeared on Chamber of Commerce.

Best Wunderlist Alternatives (2023)

Chamber of Commerce Team — Wed, 29 Apr 2020 01:52:39 +0000

Since its creation in 2011, millions of users have taken advantage of the handy, cloud-based task management app Wunderlist to create and manage tasks for both personal and professional purposes. The app is a favorite of many due to its high level of customization and the fact that users can access Wunderlist from any device through a browser, no download necessary.

Unfortunately, it’s the end of an era as Wunderlist is being shut down for good on May 6, 2020. While this is by no means a surprise (Microsoft, who bought the Berlin-based company that created Wunderlist in 2015, announced in 2017 that they would be closing the app down in the near future), losing one’s principal organization tool is difficult, regardless of the time frame.

However, in the near-decade since Wunderlist’s launch, dozens of similar apps have thrown their hat in the ring, meaning it shouldn’t be that hard to find a replacement. In this article, we’ve put the spotlight on 11 of the best Wunderlist alternatives, each with their own pros, cons, and unique features. Hopefully, Wunderlist users will find a new productivity app that’s just as solid as the one they’re losing.

Check out our roundup of the Best Project Management Software

1. Todoist

Launching back in 2007, Todoist has been around longer than Wunderlist and matches its rival in its wide range of features and dedicated user base. Creating and managing tasks with Todoist is simple, but it’s the depth of additional features like automatic data backups and the wealth of templates for specific types of projects as well as its support for all the major platforms that really set it apart.

Todoist comes in three versions: free, Premium ($36 annually), and Business ($60 annually per person).

Pros

Cross-platform support
Integrates with Gmail and Outlook
Automated features

Cons

Lacks a traditional calendar view
Free version lacks many important features

How it’s different

Todoist has a fun Karma point system that gives users karma for every task they finish.

2. Asana

Asana is a great cloud-based project management tool that offers a high level of customization within tasks, such as how users can choose different layouts for different types of projects and have the ability to create subtasks within a project.

Like Wunderlist, Asana is available for a slew of platforms and integrates with major platforms like Slack and Google Sheets. Asana has a 3-tiered pricing plan: a free version, Premium ($9.99 per person per month), and Enterprise ($24.99 per person per month).

Pros

A wealth of project templates
Intuitive UI
Offers file storage

Cons

Expensive for large teams
Too many email notifications

How it’s different

Unlike Wunderlist, Asana gives users the ability to sync their Asana calendar with their Google Calendar.

See the full review of Asana here.

3. Remember the Milk

Despite its quirky name, Remember the Milk is a serious task management app that allows users to create complex tasks without getting bogged down in dropdown menus. Remember the Milk syncs your lists with all your different platforms immediately and sharing lists with others to collaborate on couldn’t be easier. Remember the Milk offers a free version as well as a Pro version for $39.99 a year.

Pros

Free version comes with most features
Support for all platforms
Great customer support

Cons

Goofy name and UI theme
No support for file attachments

How it’s different

Both the Remember the Milk Android and iOS apps take up less storage space than their Wunderlist counterparts.

4. Microsoft To Do

To Do is Microsoft’s official replacement for Wunderlist, and while many dedicated supporters of the latter app will be sad to see it go, To Do is a worthy successor in many ways. The app’s interface is very basic compared to competing apps, which makes it a good option for novices.

Additionally, To Do’s cross-platform support and quick syncing rival those of any task management app on the market. Best of all, it’s free.

Pros

Simple, streamlined interface
Automated reminders and due dates
Free to use

Cons

Lacks many features that Wunderlist had
Released by Microsoft

How it’s different

Unlike other task managers (including Wunderlist) that offer a multi-tiered pricing model, Microsoft To Do only comes in a free version.

5. Things 3

Things 3 is a task management app that shines in its clean and simple interface. However, Things 3 is for Apple users only, as there’s no Windows or Android version to speak of. Additionally, Things 3 is not great for teams as its collaboration features are lacking. Things 3 costs $9.99 on an iPhone, $19.99 on the iPad, and $49.99 on the Mac.

Pros

Elegant and simple user interface
Support for Apple Watch
No monthly subscription fee

Cons

No Android or Windows support
No free version
Lacks collaboration features

How it’s different

Things allows users to set specific task priorities and includes a time-tracking feature.

6. Monday.com

Monday.com is less a to-do list app and more like a cloud-based online tool that helps companies organize and collaborate projects remotely. The app is well-organized and allows team members to jump in and out of projects depending on their availability, without things getting bogged down. Monday.com has a 4-tiered pricing plan, with the lowest-priced Basic plan costing $39.99 a month per user.

Pros

Large selection of templates
High range of customizability
Great for large teams
14-day free trial

Cons

Expensive and no free version
Integrations are lacking

How it’s different

Monday.com is much more ideal for large companies than Wunderlist, as it allows users to keep track of what every team member is working on at all times.

See the full review of Monday.com here.

7. Notion

Notion is advertised as an “all-in-one workspace”, and that characterization is justified: in addition to its task management features, the app allows users to take notes, manage files, and more.

However, Notion’s kitchen-sink approach occasionally works against it, as the interface can be confusing and you get the idea that it’s trying to do too many things at once. Notion has a four-tiered pricing model: Free, Personal ($5 a month), Team ($10 a person per month), and Enterprise ($25 a person per month).

Pros

Great collaborative note-taking function
Wealth of features
Slack integration

Cons

Confusing, disorganized interface
Too many options

How it’s different

Notion is more than just a task management app thanks to its collaborative note-taking function.

8. Any.do

Any.do is an organization app with a streamlined interface and all the task scheduling and collaboration tools necessary for personal or professional use. This makes it a solid choice for team collaboration or for simple tasks like creating grocery lists.

The app is available for all the major platforms and offers a 3-tiered subscription model: a free version, Premium ($59.99 a year), and Teams ($4.99 a person per month).

Pros

Unique features such as Focus mode
Clean interface
Mobile versions look great
Slack integration

Cons

Free version lacks key features
Expensive compared to competitors

How it’s different

Any.do has a much simpler design than Wunderlist, making it ideal for casual users.

9. Tick Tick

Tick Tick is a collaborative task management app with a lot of customizability: users can set due dates, priority ratings and assignees for each task, and even duplicate tasks. The ability to add tags is an efficient way to categorize tasks and help team members prioritize their assignments.

Tick Tick is available for all the major platforms and comes in a free version or a Premium plan for $2.79 a month/$27.99 a year.

Pros

Cross-platform support
Highly customizable task list features
Affordably priced

Cons

Occasional bugs
Reminders can get lost in the UI

How it’s different

TickTick has features that Wunderlist lacks, like a daily habit check-in system and the ability to set and track personal goals.

10. Ike

Ike is a quirky to-do app named in honor of Dwight Eisenhower, the 34th President of the United States, and his priority matrix philosophy. The app allows you to create tasks and give each one an important value, so you can remember which tasks to take care of first. Ike is also unique for its pricing: it comes in a free version and a pro version that is available for a one-time fee of $1.99.

Pros

Attractive and colorful user interface
Ability to prioritize tasks
Extremely affordable
Great widgets

Cons

Rarely updated
Not well suited for collaboration

How it’s different

Ike sets itself apart with its playful theme and unique approach to prioritizing tasks.

11. Google Tasks

Google Tasks is a great task management app for those with Gmail accounts (i.e. most people) as well as those who use other Google products and are reluctant to add another pricey app to their rotation. The app has a clean and minimal interface and integrates seamlessly with Gmail and Google Calendar. Also, it’s totally free.

Pros

Simple and intuitive interface
Excellent integration with other Google apps
Free to use

Cons

Not ideal for those who are suspicious of Google products
Lacks the features of many premium task management apps

How it’s different

Google Tasks is a no-fuss task management app that’s great for those already using Google products or that need to keep organized without paying a hefty sum for premium software.

Wrapping Up

Though for many Wunderlist being discontinued is tragic, this list of solid alternatives proves that, for most, replacing the beloved task management app won’t be too much of a hassle.

Ultimately, choosing the best alternative to Wunderlist depends on the specific needs of the user: if you are a member of a large team, you’re better off with Asana or Monday.com, which are great for collaboration, whereas casual users should be content with free-to-use apps like Google Tasks or Microsoft To Do.

Whichever Wunderlist alternative you go with, we wish you good luck in keeping your projects organized and on-track.

The post Best Wunderlist Alternatives (2023) first appeared on Chamber of Commerce.

How to Make Money as a Small Business

Chamber of Commerce Team — Sun, 29 Mar 2020 20:50:49 +0000

While many entrepreneurs work hard to create a successful business, every business experiences a rough patch.

Whether the economy is in a slump, costs climb too fast, or a major health crisis forces a company to make changes, battling a drop in revenue is a challenge.

To help small businesses find new ways to make money during tough times, we’ve created this guide to provide some out-of-the-box ideas.

How to make money online selling products

There are ways small businesses can bring in extra money with a laptop, a smartphone, and an internet connection.

Here’s a list of ways to make money online:

Sell your products

Sixty-nine percent of consumers have shopped online, with about 25% of consumers doing so with regularity, according to OptinMonster. Given the shift in shopping habits, it makes sense to run an online business.

There are many ways to go about selling online. For a fast and easy storefront, you should use a marketplace like eBay or Amazon. If your product is homemade, Etsy is your best bet. These platforms make it easy to set up a store and streamline the checkout process by taking payments via a debit and credit card.

While each platform varies, here’s the general process:

Set up an account and payment solutions, like Paypal.
Read the platform’s instructions, rules, and regulations.
Post your products online using stunning images and detailed, keyword-specific product descriptions.
Set your prices competitively, remembering that you have to pay to ship products.
Consider working on marketing efforts to drive people to your storefront.
You’ll be notified of a sale and you’ll be responsible for shipping the product to the customer.
Collect cash for your product.

If you want a storefront that’s more customizable, opt for a platform like Shopify. The setup process is similar to eBay or Amazon, but you have more ways to make the store your own.

If you’re able to sell more products online, you might be able to downsize your commercial space. While this could be a drastic move, it could save a lot of money in the long run.

Consider supplementing your product line

In addition to selling your products online, you might consider adding complementary products to your site that you purchase wholesale and repackage. You can buy goods from foreign companies online, repackage them, and sell them on your website.

This could also be an option for a company that doesn’t have their own products to sell online.

Of course, you need to be selective. You need to consider things like which products fit in your store, cost, repackaging processes, and how much money you could make per product.

Essentially, the process to sell these goods online is the same as listed above. You still set up an account through a marketplace like Amazon or eBay, list and sell products, and mail them to customers.

If you’re interested in supplementing your product line, you can search these sites for products:

o Chinabrands.com

o Alibaba.com

o DHgate.com

o Made-in-china.com

o AliExpress.com

Consider dropshipping

If you’re interested in selling products online, but don’t want to buy and store a ton of inventory, you can use a dropship model. With this model, you set up a store and promote products, but a dropship company fulfills the order.

Here’s how it works:

You set up an e-commerce store and promote selected products.
When a customer makes a purchase the order is sent to the dropship company.
The order is filled and shipped by the dropship company.
Payment is split between you and the dropship company.

This option has a lot of perks. Retailers don’t have to buy inventory, find a place to store it, or deal with shipping the product to each customer. However, there are downsides. Since you’re doing less, you don’t make as much money. Plus, quality control and shipping speeds are all in the hands of someone else, which could hurt customer satisfaction.

Sell eBooks

eBooks are in high demand, so why not consider writing your own? You can write on just about any topic, whether for an e-book or for articles on various websites. Whether you’re a car salesman, baker, or marketer, you have a skill that you can teach others.

There are a lot of eBooks on the market, so to succeed you need to write high-quality content that fits a niche. A car salesman who writes a book on specific sales techniques to sell high-end cars is a good example. It’s aimed at a niche, which makes it a highly-targeted piece of content.

You can sell your eBook in a variety of different ways. Most people sell their eBooks on Amazon. However, to earn cash, you’ll have to promote the book on your blog, social channels like LinkedIn and Facebook, and maybe even through paid social or digital ads. Following tips and guides on how to get more LinkedIn followers can help you sell your eBooks even faster.

Create and sell digital courses

If your eBook is successful, consider creating an entire digital course. A digital course could take many forms. You could create a series of videos on your youtube channel with supporting worksheets, produce several narrated slideshows, or generate several eBook-like classes that are all on (digital) paper.

Again, you can sell this asset in your online store, on your own website, or you can sell it through digital education platforms that market digital courses. If you go this route, many of them have tools to help you create content so you don’t have to do it from scratch.

Online course marketplaces include Udemy, Skillshare, Teachable, Podia, WizIQ.

Make money by expanding your marketing strategy

Whether your company has a marketing team or just a DIY marketer that doubles as the graphic designer, social media manager, and strategist, there are ways to make a few bucks with innovative marketing strategies.

Here’s how:

Blogging

If your company already has a blog up and running, you’re ahead of the curve. If not, consider starting one. Blogging gives your company the opportunity to make money in a few different ways, but it’s hard work. A blog isn’t going to provide an instant revenue stream, but in time, it has the potential to be a good source of side income.

To make money as a blogger, you can:

Sell ad space

When you have a good following and a decent Google rank, advertisers will pay to place ads on your blog. You can try to connect with advertisers yourself, or you can use third-party companies that can connect you with advertising opportunities, like BuySellAds and BlogAds.

Pay-per-click advertising is also an option. Your company gets paid when someone clicks on the ad, so you’ll need a good following to make money with this option. Companies like Infolinks, Media.net, and Chitika offer PPC ad opportunities.

If you’re okay with a pop-up ad being added to your blog, PopAds can facilitate that request.

You can also get paid for adding certain links to your content that promote a product. Again, there are third party sites that can help with this, like Linkworth.

Participate in affiliate marketing

As a blogger, you can also make money through affiliate marketing opportunities. You’ll write about a product that fits your blog’s niche, include a link to the specific product, and you earn a commission on the sales that you inspired.

Bloggers get creative when it comes to affiliate marketing. Rather than just crafting a blog and hoping people stumble upon it, they’ll send the blog post out as a newsletter via email and share links to the post on social. The idea is to drive traffic to the post so people will click the link, and hopefully, make a purchase.

Again, to be profitable, you need a fairly large audience. If you do, you start by joining an affiliate network online. One of the most popular choices is to become an Amazon Associate. Additional affiliate marketing marketplaces are ClickBank, ShareASale, or e-junkie.

Add a membership-only site

Once a blog is established, you could consider adding a membership-only site to it. People can pay a certain amount of money each month to have an exclusive membership to your site in exchange for great content. The membership site might offer expert advice, provide a job board, and offer membership to a shared social group where people can network and connect with others in their industry.

A membership site can be a good source of passive income. Once you get people to join, it’s a steady stream of money coming in. Of course, you have to maintain the site and continue to provide value to your members, but this can turn into extra income.

Scour sites for new clients

If your marketing team has free time on their hands, you can task them with looking for new clients on sites like Upwork or even on Craigslist. They might be able to craft blog posts, manage social media accounts, or create email marketing campaigns for a handful of clients as a part-time gig during their spare time.

Ideally, marketers will look for clients that could turn into loyal customers. By freelancing with them on a few specific projects, they could build a relationship that grows into a more lucrative one later on.

Monetize your email list

Most bloggers distribute their content via emailed newsletters, so many have a healthy contact list. There are ways to leverage your list of contacts to make some extra cash.

Here are some ideas:

Sell ads

Similarly to selling ad space on your blog, you can sell ad space on your newsletter. You need a list of at least 2,500 for most advertisers to work with you. If you meet the threshold though, you can team up with companies like LiveIntent, NewsletterDirectory.com, and BuySellAds, to include ads in your next newsletter.

Sell products through you contacts

You don’t need a blog to make money from your email list. You can leverage that list to sell your products. Part of having a successful online store is marketing your product, and emailing customers is a simple, affordable way to do it.

Consider sending customers a coupon to promote a sale, suggest product recommendations based on their buying history, and remind customers of an abandoned cart.

Email marketing can serve as a great support vehicle for online storefronts.

Take and sell photos

Have your marketing team take photos of employees working, with their permission of course, and sell them as stock photos. You can upload photos to a stock photo site and earn money when someone licenses the photos. There’s always a need for business-related and marketing-related photos.

Many businesses subscribe to a stock photo site so they can use images on marketing materials, like blogs, brochures, and social media.

You can sell your photos, and even video footage, on sites like Shutterstock, 123RF, AdobeStock, and 500px.

Make money by renting stuff out

Consider renting out things you already have as a side hustle. Wondering what you can rent? Here are some ideas:

Office space

If your company has extra office space that you’re not using, consider renting it out. If you own the building, you can rent out the space to a company of your choosing and set the prices. If you lease a space, you’ll need to speak with your landlord about subletting space.

Parking space

If you own your building and it’s located downtown or near an attraction, you can rent out parking spaces for additional income. Again, there are marketplaces that can make this process simple. Look into Spot Hero, ParqEx, and JustPark for more details.

Company cars

If loss of work has your company cars sitting idle in the parking lot, consider renting them out. There are specific sites that can help you find renters and facilitate the entire process.

There are risks to renting, of course, like the driver damaging it. To provide added protection, speak with your insurance provider before moving forward.

While renting out cars might seem a little extreme, it is a good way to generate income if you’re not using them due to a decline in business.

Turo and Hyrecar can help you rent out your company cars.

Email list

If you’re in a bind and need money fast, you can also rent, or even sell, your email list. Given consumers’ privacy concerns and the amount of soliciting consumers already receive in their inbox, this can hurt your reputation. However, if you need some money quickly, it is an option.

Savvy ways for businesses to save money

Making money is only part of the equation. To keep more money in your pocket, you should also look for ways to trim your expenses. Depending on how much your company needs to save, you can make small cuts to programs or larger cuts that will affect people’s employment.

Here’s a list of ways to save money that start with small efforts and grow to include larger efforts:

Save money on utilities

Utility costs can add up. Make efforts to cut these regular expenses by installing timers on the lights in places like the bathroom or office supply closet. Install a thermostat that you can adjust on your phone and enable scheduling. By doing so, the thermostat will instantly dial down at 5:30 pm when employees have left for the day and come back on at 7:00 am the next day. These small changes can save on energy costs all year.

End unused subscriptions

Many businesses use a suite of different online tools to help with various tasks. For example, you might pay monthly for a subscription to a stock photo site, a social media management tool, and online invoicing software.

There might even be some that you’ve forgotten about and don’t need at all. Research shows the average person has seven forgotten subscriptions that are costing $1,100 a year, according to Business Insider.

Take a look at your regular subscriptions, see which ones are forgotten and which ones you can live without and eliminate them.

Shop services around

Every business needs certain services to run, like the internet, phone, fax, and cable, just to name a few. It’s a good idea to shop around for new prices on a regular basis, but especially if you’re strapped for cash.

You might be able to find a different provider with cheaper rates or at the very least, you can downgrade the services you have with your current provider.

Task employees with finding ways to save

As a business owner, you might not be aware of all the places you can save money. If the company is struggling, tell employees about it. Being honest is always best. Then, ask them to come up with ways to curb spending. Consider incentivizing this task by giving out small gift cards.

Eliminate your travel budget

Many companies set aside money for travel. Whether you attend trade shows, go to conferences, or make personal visits to your regional or national customers, you can trim or cut this budget to save money. Even cutting this budget for a year could save a good chunk of money.

Negotiate prices with vendors

If you rely on any kind of vendor, talk with them about your pricing. You might be surprised how often vendors are willing to adjust their prices to keep companies on board. Of course, if they say no, you can always look for another vendor.

Outsource jobs

There are certain jobs that can be done by contractors or freelancers, which is cheaper than paying full-time employees. For starters, you don’t have to worry about a contractor’s health benefits or take taxes out of their check, that’s up to them. Plus, you can hire freelancers as needed or work out a small monthly retainer to manage certain services for your company.

Consider outsourcing marketing tasks like content creation, graphic design, social media management (so that engagement doesn’t decline), and email marketing. You could also opt for finding a virtual assistant over an office manager. A virtual assistant can handle scheduling, invoicing, billing, transcription, and project management.

You can find freelancers through platforms like Upwork, Fiverr, and Craigslist. You simply post an ad and receive responses from people interested in freelance work. You can accept a bid, negotiate a price, and get to work.

Stay on top of invoicing

If you have clients who don’t pay on time or always pay late, it’s time to enforce a late fee. If you don’t have a policy in place, let clients know about it first and then enforce it. While this measure doesn’t exactly save money, it will help improve cash flow, which can be a major problem during slow months.

Don’t fill any open positions

It might go without saying, but if you’re in a tough spot financially, you shouldn’t hire any employees. Instead, try to fill the gap by delegating those responsibilities to others.

Barter for services

It might sound old-school, but companies can still barter for services. Let’s say you run a marketing company and are in need of office supplies. Connect with a small office supply company in your area and see if you can trade supplies for free marketing materials.

Of course, bartering usually works best with small businesses. Large corporations aren’t likely to entertain the idea, but small mom-and-pop shops could be open to a trade.

Cut back employee hours

Making payroll is likely one of the biggest challenges for your own business when sales are down. If you have to recoup money quickly, consider cutting hourly employees back. Hopefully, by cutting everyone’s hours down by one or two, you can avoid laying people off.

Get rid of office space

One of the biggest expenses for many businesses is their commercial lease. If you’re paying rent that’s continued to climb year-after-year, consider a new plan. You can try co-shared office space, which means your employees will share space with another company. Or, you can create a remote team where everyone works from home and uses telecommuting tools to work.

Wrap up

A successful business is one that makes money, but every business faces financial challenges from time to time. When revenue streams dry up, small business owners have to use creative solutions to find alternative sources of revenue and cut costs at the same time. Hopefully, by making a series of small changes, it’s enough to make it through the financial storm until business goes back to normal.

Using the guide above, small business owners have a ready-made list of ways to boost profits. Some of the options take time to generate revenue, while others are more of an instant boost. Finding new income streams is just part of the puzzle though. At the same time, companies must cut costs. The combination of both should help small businesses stay afloat.

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