She Owns It

Celebrating, Connecting, and Supporting Women Entrepreneurs

3 Things Women Need to Overcome in Their Journey to Success by @DeniseDamijo

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by Denise Damijo | Featured Contributor 

Starting a business for anyone can be tough and will take a lot of courage and grit to see it thrive. As women, we tend to have a lot more on our plate, especially when we have a family to take care of. The many hats that we wear while keeping our dreams and aspirations alive can feel almost impossible. There is a way for you to make your dreams a reality by learning the 3 things women need to overcome in their journey to success.

1. Doubting Your Strengths

In life and in business, sometimes your only option is to go out on your own and be your own boss in order to make the money that you want and deserve, spend the quality time with your family that you desire, and to fulfill your inate desire of purpose. In those moments, you have to know that you are not alone. Did you know that according to the NAWBO (National Association Of Women Business Owners) as of 2015: 

  • More than 9.4 million firms are owned by women, employing nearly 7.9 million people, and generating $1.5 trillion in sales as of 2015.
  • Women-owned firms (51% or more) account for 31% of all privately held firms and contribute 14% of employment and 12% of revenues.
  • One in five firms with revenue of $1 million or more is woman-owned.
  • 4.2% of all women-owned firms have revenues of 1 million or more

Out of all the women building and thrive in the “owning their own business world”, you have got to know that you are not alone and someone is dealing with the exact same situation that you are dealing with while trying to build your business. Connecting with like minded women who are going through and know and understand what you are going through is a huge strength that will help you through out your journey.

2. The Guilt Trip

It is so easy to guilt yourself into believing that you are not being fair to your children or your spouse by building a successful and profitable business. There are two parts to this equation:

  • Legacy is so important. Truly, living life is not getting easier, it is getting more expensive, and more in demand. Having the ability to build a business so that you can eventually have more time with your family and also leave a legacy is more important and needed than ever.
  • Your spouse may love and want to provide for you and your family and that is ok. That being said, we have all been taught in school, at work, and in many other different scenarios that two is better than one. Splitting the load (income, household duties, and the care of the children) in two will help you progress faster and with less stress.

There is no need to feel guilty for wanting more and better for you and your family. Striving to get there is essential and you should never feel guilty for that.

3. The Misconception of What a Female Business Owner Means to YOU

Many times you may think that being a female business owner means more flexibility, or more money, and not giving up on your dreams. Even though that all of that is usually true, these things go deeper. More flexibility for you may mean being able to better coordinate a time with your spouse so you won’t have to have a babysitter or put your children in daycare. Or it may mean that you have more time to spend with a sick or aging family member. More money can mean an extra 5 or 10 thousand dollars a year to pay off some debt that you acquired or it could mean building a multi-million dollar business so that you can travel, invest more, and help others. Not giving up on your dreams may be just as simple as building something that is bigger than yourself or as complex as being the first person in your family to do a particular thing.

Once you have taken what it means to be a female business owner deeper and to the root of what that means specifically for you and your family, you will be able to lose the guilt easier, find your strength, and really become that  Boss Woman that you desire to be.

 

Should I Incorporate or Form an LLC in Another State? by @DeborahSweeney

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By: Deborah Sweeney, CEO of MyCorporation.com

New business owners often ask me that question and, unfortunately, it cannot be answered with a simple yes or no. It begins when business owners hear about lower taxes and fees in other states and start to wonder if they can take advantage of that business-friendly atmosphere, even though they don’t technically do business in that state. Forming an LLC or incorporating turns a business into its own legal entity, separate from you, and it can be formed anywhere within the United States. But it isn’t simply a matter of paying Nevada to incorporate within their state, and then continuing to do business in California while only paying Nevada taxes and fees. Before you decide to form a business entity in another state, consider the following three points.

Choosing another state isn’t a good option for some types of business

If you run a traditional brick-and-mortar business – something like a local bookstore, or a restaurant, or a computer repair company – forming a business in another state isn’t a very good idea. Locally-based businesses already have to contend with local regulations and fees, and forming a business in a state other than the one you do business in complicates matters further. Even if you are able to save a little bit of money on taxes, the extra headache associated with all of the regulations placed on foreign businesses by the state they are operating in may not be worth the hassle.

Sometimes, you cannot avoid the taxman

The state treasury is going to try anything it can to get the money it feels it deserves, and sometimes creating a business in a more tax-friendly state isn’t enough to help you avoid having to send in a chunk of your profits to the state you do business in. California, for example, has laws on the books that enforce its taxes and regulations over those of the state of formation if the majority of a business’s transactions take place in California. If the state you do business in has similar laws, and some do, you will still have to pay corporate income tax, even if your state of formation doesn’t collect one. This isn’t the case for every state, but most states do charge a franchise tax to any entity operating within their borders. If you run a multi-state business, this is just the cost of inter-state commerce, but if you are just trying to avoid having to pay a lot in taxes, unfortunately forming your business in another state may not be the answer to your problems.

There will be other fees and regulations

On top of the taxes that some states force foreign corporations and LLCs to pay, more often than not a foreign business entity will have to pay extra for permission to operate within the state they do business in. It is also more expensive to file annual reports and other renewals, and you will have to have a registered agent in both the state the business was formed in and the state you do business in. All of this can add up, so unless your company was going to do business in multiple states anyway, the cost of being a foreign corporation could be prohibitive.

There are some good reasons for choosing to incorporate or form an LLC in another state. Some states, like Nevada or Delaware, have regulations that are easier to comply with and lower tax rates. If you’re going to run a multi-state entity, choosing a business friendly state as your home base is understandable. But if you are a small business owner trying to save money, it doesn’t make much fiscal sense to go through the effort of forming a company in another state and then qualifying as a foreign corporation or LLC in your home state. In fact, it may be more expensive to go that route. Contrary to what some business analysts may have you believe, forming your business in another state is not a silver bullet for your tax woes. So talk to an accountant, a business attorney, or an experienced third party before forming a business outside of your home state to make sure that is a wise path to follow. It may not be.

Photo Credit: nerdmeister® via Compfight cc

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Author Bio:

Deborah Sweeney HeadshotDeborah Sweeney is the CEO of MyCorporation.com. MyCorporation is a leader in online legal filing services for entrepreneurs and businesses, providing start-up bundles that include corporation and LLC formation, registered agent, DBA, and trademark & copyright filing services. MyCorporation does all the work, making the business formation and maintenance quick and painless, so business owners can focus on what they do best. Follow her on Google+ and on Twitter @deborahsweeney and @mycorporation.