Small Business Spotlight of the Week: MyCorporation Amanda | September 19th, 2012
Let’s face it: most of us are rubbish at knowing what’s going on when it comes filing legal documents. You tell us to file our taxes and we respond with TurboTax. We’re not well-versed on the process, what forms need to be filed, when and where said forms should be filed, and what the expense could be. This can become a huge burden and a potential liability when starting your own business. There are slews of legal paperwork to be sussed through, a small budget, and no guarantee you’re getting it right.
Which is why this week’s small business spotlight came to fruition. MyCorporation provides new businesses with document filing services and management. Though its premiere services are helping businesses incorporate or form an LLC, they also provide filings for trademarks, copyright, 501(c)(3) tax exemption, and much more. MyCorporation has created a network for entrepreneurs to tap into on their website, including services like helping you find an accountant and a forum where you can ask questions to other small business owners. You can check out their small business blog here.
CEO and President, Deborah, shares some more below about shaping a small business resource:
How would you explain what you do to somebody’s grandmother?
At MyCorporation, we help business owners and entrepreneurs incorporate and form LLCs for asset protection and tax savings. A corporation or LLC provides a barrier between the personal assets of the owner and the assets and liabilities of the business. MyCorporation also provides document filing and management services for businesses at all stages, including trademarks, annual business filings and business document storage.
What are some industry specific challenges you faced?
While MyCorporation is an industry leader, after leaving the safety of the large corporate environment of Intuit, we had to face competitors that had grown significantly and had large marketing budgets. We needed to focus on what we did best – excellent customer service and a laser focus on serving small businesses and entrepreneurs. Because of our attention to detail and customer service, we have continued to thrive in the industry.
What was your biggest learning curve/experience?
My biggest learning curve as a business owner was employee management. Being a lawyer, I managed files and clients, but never employees. Having 40+ employees, I continue to work on the right ways to motivate, incentivize and hire the strongest, most dedicated talent. It is an ongoing process for a growing business.
What made you use crowdSPRING?
When I purchased the MyCorporation division out of Intuit, I wanted to create a new identity for the business – one that was entrepreneurial. In that quest, I looked for other unique, entrepreneurial ventures to help us do that. I came across crowdSPRING. It was a unique way for our leadership team to see multiple options for our new business identity without spending huge amounts of money. It worked wonderfully! We love our logo!
What’s the craziest story you have from starting your own business?
I think my purchase of the MyCorporation division out of Intuit is the most unique/crazy part of the MyCorporation history. It is quite unusual to have an employee purchase a division of a publicly traded company and ultimately hire on each of the employees and succeed! It’s an adventure every day, but three years later, it’s been well worth the risk.
If you could go back, would you do anything differently? If so, what and why?
For whatever reason, I’m not sure I would do much differently. That is not to say that I have not made mistakes – I have. But, I think I have learned the most from some of my biggest mistakes. From those circumstances, I learn how to improve and do things differently the next time. It sounds cliché, but it’s oh so true.
How do you see your company growing in the future?
We continue to grow by providing services that continue to help and support the business owners and entrepreneurs with whom we do business. When we do a great job, they tell their friends and other business owners. We also continue to listen to our customers and expand our products and services based on their feedback. It is this great cycle of providing the services entrepreneurs need, listening to additional needs and fulfilling those needs. That is why we continue to grow and thrive, and I believe that is what will carry us into the future.
Six words of advice to those looking to start their own company.
Work very hard. Believe in yourself.
MyCorporation’s call for a logo and stationery design received 229 entries.