What does life look like for a small business owner, especially after a year as unprecedented as 2020? We teamed up with our friends at Guidant Financial to survey small business owners. The results, and state of small business in 2021, may be found in their report 2021 Small Business Trends.
Small Business Challenges
This report takes a closer look at what drives today’s small businesses and what entrepreneurs expect the future to hold in 2021. It also examines the impacts of COVID-19 on small businesses. However, COVID-19 is not the only challenge facing startups. The 2021 Small Business Trends report examines top non-COVID-challenges. These include the following aspects of business ownership:
- Lack of capital/cash flow — 23%
- Recruiting/retention of employees — 19%
- Marketing/advertising — 15%
- Time management — 14%
- Administrative work — 13%
- Managing/providing benefits — 8%
- Other — 7%
Luckily, we can help solve some of these small business challenges.
MyCorporation’s offerings allow entrepreneurs to tackle today’s small business challenges for a brighter tomorrow. Our friends at FreeLogoServices also provide solutions to address non-COVID struggles facing small businesses. Take a look at where we help benefit entrepreneurs and their businesses.
Small businesses rely on websites and building a strong web presence. They use websites to communicate and engage with customers. A small business website allows your business to increase its online visibility. More visibility means it’s easier for customers to find and shop with you online, increasing sales and the business as a whole.
One of the most common small business challenges amid COVID-19 is lack of a website. According to studies, only 50% of small businesses have a website. This means 50% of small businesses are missing out on growing sales and customer base.
However, building a website is easier than ever. LogoMaker’s Do It Yourself Website Package offers everything entrepreneurs need to build their website. In just a few minutes, you can use the easy drag-and-drop website builder feature to create and personalize a website for your small business.
Brand Logo and Trademark
Entrepreneurs often focus on making the “perfect” logo. This is a common small business challenge. Focusing on creating a perfect logo can take up a lot of time and energy in a startup’s marketing efforts.
Subsequently, similar small business challenges can be found in trademarking this logo. What if an entrepreneur conducts a trademark search and discovers that their logo — the same one they put so much effort into — is already registered? The logo is in use. The entrepreneur will need to return to the drawing board again.
On the other hand, we do provide solutions for these small business challenges.
LogoMaker makes it easy to make a logo instantly. All it takes is following four steps. First, enter your logo text. Second, choose a design. Third, pick out your colors and fonts. Save it all at the end. You have created a unique, customized logo!
After that, you will need to register the logo as a trademark. First, conduct a trademark search. Our services allow you to search currently registered and pending trademarks. This ensures your trademark is unique. Once you confirm your trademark is unique, file a trademark application. This allows you to register the mark at the federal level. It gives business owners exclusive rights to the logo and ensures nobody may plagiarize the mark.
Obtain an EIN
One of the biggest small business challenges is recruiting and retaining employees. In order for a small business to hire employees, they must first obtain an employer identification number (EIN).
What is an EIN? An EIN is a nine-digit number that is also known as a tax ID. It is issued by the IRS to uniquely identify employer tax accounts. Employers looking to hire and pay employees must obtain an EIN as it is a requirement for small business owners.
In addition to hiring employees, a tax ID has financial benefits for entrepreneurs. It allows businesses to open a business bank account. This ensures the finances of the business are separate from those of the owner. Having an EIN also allows businesses to establish a business credit profile and start building business credit.
It’s not uncommon for small business challenges to revolve around time management. Entrepreneurs often need a point of contact between themselves and the state. This where a registered agent can step in and act on your behalf.
A registered agent, or RA, acts as the state’s means to communicate with a corporation or LLC. They receive service of process on behalf of the entrepreneur. A registered agent organizes the paperwork. This may range from annual report notices to franchise tax forms. They deliver it in a discrete, timely manner to small business owners.
Designating a registered agent is usually a requirement across all 50 states. In order to act as a registered agent, however, there are a few requirements. RAs must be available between general business hours. They need to be a resident of the state of formation and have a physical street address. Entrepreneurs may also act as their own RA as long as they are able to meet these rules. However, some entrepreneurs may find they are unable to do it. In that case, they may work with a third-party organization — like MyCorporation! — for registered agent services.