Ultimate Guide – Page 4 – Management Library

May 31, 2022November 23, 2022

What is a VoIP Number, How Does it Work & How Do You Get One?

Voice over Internet Protocol, or VoIP technology, allows you to make and receive calls over the internet. Although the technology has been around for some time, VoIP has never been as popular in the business world as it is today.

The VoIP global market size was just over $30bn in 2020. According to a VoIP industry analysis by Global Market Insights, the global VoIP market is projected to hit $95bn by 2027 as more and more SMBs move toward this technology. If you’re thinking about getting a VoIP number for your business, here’s all you need to know about what it is, how it works, and where to get one.

What is a VoIP Number?

A VoIP number appears and functions just like a regular 10-digit telephone number. The primary difference is the mode of transmission. While traditional landline numbers use a network of telephone lines, VoIP uses the internet to place calls.

When you use a VoIP number to call someone, it appears like any other phone number to the receiver. This means they won’t be able to tell the call isn’t coming from an actual landline.

Unlike traditional phone numbers, a VoIP number isn’t assigned to a specific device, location, or phone line. Instead, it’s assigned to a person. This person can use their VoIP phone number to place a call from anywhere as long as they have an internet-enabled device.

Since Voice over Internet Protocol isn’t location-specific, you can get the area code of your choice. This saves long-distance fees for callers. Getting a VoIP number is recommended for companies operating across the US.

How Does a VoIP Phone Number Work?

As mentioned above, VoIP technology works over the internet. It doesn’t need copper wire telephone lines to facilitate communication.

Landline numbers use analog signals to transmit voice. When you place a call with a VoIP number, your voice and data are converted into digital signals before they’re transmitted over the internet. If you call a regular landline, the digital signals are converted back into analog before they reach the receiver.

Illustration on how a VoIP phone number works

Using this technology, you can make and receive calls on your virtual number no matter where you are. All you need is an internet connection and an internet-enabled device such as a smartphone, computer, or tablet. Apart from voice calls, VoIP also supports text messaging and video calls if the receiver is using VoIP too.

Different Ways for Using a VoIP Number

You can make VoIP calls using three different methods. These include using an analog telephone adaptor, using an IP phone, or availing of the services of a VoIP caller.

Use an Analog Telephone Adapter on a Regular Phone

This method lets you use VoIP technology without fully switching from traditional to VoIP. Plug an Analog Telephone Adaptor into your traditional landline phone to connect it to the internet.

Use an IP Phone

Alternatively, you can get an IP phone. This is just like a standard telephone, but it comes with Ethernet ports to connect it with an internet router. These phones have built-in hardware and software to make and receive VoIP calls.

Use a VoIP Service Provider

If you want to make VoIP calls, signing up with a VoIP service provider, also known as a VoIP caller, is by far the most convenient and cost-effective solution. All you need to do is sign up, download and install the software, and start making Voice over IP calls from your computer or mobile phone.

If you go for a VoIP service, you don’t need to get any extra hardware as long as you’ve got functional speakers and a microphone. Let’s discover more about how to get a VoIP number from a service provider.

How to Get a VoIP Phone Number?

The easiest way to get a VoIP number is from a quality VoIP provider. The process is fairly simple. All you need to do is sign up with a service provider, and it’ll guide you through the rest of the steps until you’re ready to make and receive VoIP calls. Still, here’s an overview of what you should expect when you go with a VoIP phone number service.

Step 1: Choose a VoIP Service Provider

Before you get a number, we advise you to research a suitable provider that offers affordable plans and suits your business’s needs. Unfortunately, the VoIP industry is rife with scams, making it all the more important to pick the right service provider.
There are hundreds of VoIP services out there, each with unique pricing and features. We’ve reviewed some of the best VoIP service providers that you can use to get a VoIP phone number. Go through our top picks to make your choice easier.

RingCentral

Visit

Offering high-end features at an affordable price, RingCentral is indeed the leader in the VoIP market. It’s a good choice for businesses of all sizes as it offers a variety of plans that address different needs. Its most popular plan type, RingCentral MVP which includes messaging, video, and phone gives you unlimited calls in the US and Canada, unlimited SMS, voicemail transcription, and team messaging.

You can get top-tier features such as toll-free numbers, voicemail capabilities, and a mobile app even with the most basic plan that starts at $19.99/user/mo. RingCentral isn’t the cheapest VoIP service out there, but it’s worth the price tag. A word of advice, you might face a slight learning curve when starting with this service. To learn more about RingCentral’s features, read our complete RingCentral review.

Unlimited calls within the US and Canada
Mobile apps for iOS and Android
Built-in team messaging and document sharing

International calling costs extra
Overcomplicated for new users
A little expensive

Pricing

RingCentral MVP Essentials: $19.99/user/mo.
RingCentral MVP Standard: $27.99/user/mo.
RingCentral MVP Premium: $34.99/user/mo.
RingCentral MVP Ultimate: $49.99/user/mo.

Nextiva

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If you’re looking for a productivity-focused communication system, Nextiva can be a great choice for you. It comes with an abundance of features, however, the vast majority of them are locked in the more expensive plans. Still, the most basic plan gives you unlimited voice and video calling, single-level auto-attendant, internet fax, toll-free numbers, voicemail, and integrations with Outlook and Google Contacts.

Nextiva doesn’t place any user restrictions so you can have as many users as you want even with the starter plan. Advanced plans offer a productivity suite that includes an internal communication system, screen sharing, private group messaging, a team calendar, and a voting system. To learn more about Nextiva’s features, read our complete Nextiva review.

Unlimited calling within US and Canada
Mobile app to stay connected from anywhere
Customizable auto-attendant

Call recording is limited to higher-tier plans
Mobile SMS messaging is not available on the cheapest plan
Pricing can get a bit complicated

Pricing

Nextiva’s pricing structure is a bit complex. The average prices go down if you purchase a plan for more users. Here’s what you can expect the different plans to cost for users as less as 1-4 to 100+.

Essential: $17.95 to 23.95/user/mo.
Professional: $21.95 to 27.95/user/mo.
Enterprise: $31.95 to 37.95/user/mo.

Ooma Office

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If you want a mobile VoIP solution for remote work and traveling employees, Ooma Office offers what you need. It’s one of the more affordable VoIP services and it isn’t short on features either. A toll-free number, SMS, call logs, virtual fax, and multi-extension dialing are included in even the most basic plan. But a potential drawback is that Ooma’s desktop app isn’t included in it.

According to our in-depth Ooma Office review, what sets it apart is that each user gets a unique direct-dial number instead of an extension. This makes you look more professional as a business and also makes it easier for customers to reach your employees.

Desktop and mobile app
Unlimited calling in the U.S., Canada, Mexico, and Puerto Rico
Direct-dial numbers for each user

Desktop app is limited to the Pro plan
CRM and productivity integrations are not available on the base plan
Pricing isn’t transparent

Pricing

Getting to the Ooma Office pricing page takes some searching, but we’ve already found out the plans Ooma offers and what they cost. It has two price points that vary significantly in features.

Ooma Office: $19.95 /user/mo. – one-time activation fee, for 1 user: $29.95
Ooma Office Pro: $24.95 /user/mo. – one-time activation fee, for 1 user: $29.95

Step 2: Select a VoIP Plan

Different service providers offer different plans. Choose the one that suits your needs best and fits your budget. Remember that not all service providers offer the same kind of plans. So choose your service provider in accordance with your business type, size, and VoIP needs.

Step 3: Get a VoIP Number

Your VoIP service provider will have an interface that facilitates selecting and purchasing a VoIP number. This is a fairly straightforward process but may vary between services. Most providers let you choose your area code to make it easier for customers from a specific area to contact you.

That said, you can also choose to port your existing telephone number to VoIP. To do so, you’d have to contact your previous phone provider to transfer it. This may take a few business days.

Step 4: Complete Setup

Once you have your VoIP phone number, all you need to do is set up the hardware and software to start making calls over the internet. The cheapest and most convenient way to go about this is simply to use your computer and mobile phones for VoIP calls. If you want to connect office phones to the system, you might need to buy some additional hardware.

Benefits of Using a VoIP Number

Businesses all over the world are switching to VoIP technology and for good reason. VoIP numbers come with a range of benefits that can help take your business ahead. They not only save you time and money but also give your company a more professional image. Here’s what getting a VoIP number does for you.

Saves Money

Businesses can reduce their telecom costs by 50% if they switch to VoIP. This is primarily because VoIP uses the internet to transmit data. Not just that, but you also get additional features like auto-attendant, intelligent call forwarding, call queue management, and video calling with a quality VoIP service.

Offers Flexibility

The flexibility you get with a VoIP phone number is one of its biggest advantages. A VoIP number can be used on multiple devices at the same time, giving you the mobility and convenience traditional landline systems can’t.

Offers Scalability

As your business grows, you’d want your communication system to grow along. However, this is not easy with standard phone systems. You need additional phone lines and hardware to scale.

VoIP lets you scale with ease. You can add as many users as your bandwidth allows, and this is more than enough for most growing businesses. As VoIP services are cloud-based, adding more numbers is pretty easy.

Offers Remote Access

A VoIP number is not assigned to a phone line. This means you can use your number no matter where you are as long as you’ve got internet. With the best VoIP apps, you can have your business number in your pocket at all times.

Gives You Choice of Area Codes

Unlike traditional phone numbers, you can freely choose your area code with a VoIP service. You don’t have to be in a state to use its area code for your business phone number. Being able to choose your area code makes it easy for you to target customers from a particular area, and it also establishes your credibility as a local business.

Frequently Asked Questions (FAQs) for VoIP Number

Here are some of the most commonly asked questions about VoIP numbers, how they work, and the easiest way to get one.

How can I get free VoIP?

Some of the best VoIP apps like Google Duo and Viber offer their VoIP services for free. You can use these VoIP services for voice and video calls and text messaging free of charge. Here’s a list of free VoIP phone services to check out.

How to identify a VoIP phone number?

If you receive a call from a VoIP number, you can’t readily tell whether it’s a VoIP or a regular phone number. One way to tell is to use a reverse phone lookup service. Alternatively, you can turn on the caller ID setting on your phone and it may be able to identify a VoIP phone number when you receive a call from one.

Is a VoIP number secure?

VoIP technology is secure. The best VoIP services use end-to-end encryption to protect your conversations and data. However, there are a lot of shady VoIP service providers too so you must make your choice wisely.

So What Is a VoIP Number?

A VoIP number is a virtual phone number that lets you make calls over the internet. It looks and functions just like a regular number, but doesn’t need any phone lines to operate. The best way to get a VoIP phone number is to sign up with a service provider.

Quality VoIP services like RingCentral, Nextiva, and Ooma Office give you a wide variety of features to facilitate communication between you, your employees, and customers. Plus, VoIP technology offers several benefits including low costs, flexibility, scalability, remote access, and the ability to choose the area code of your choice.

May 13, 2022November 23, 2022

What Is the Difference Between an LLC and a Corporation?

Group of businesspeople standing in front of an office building

When starting a new business, choosing an entity type is one of the most important decisions you must make. Many entrepreneurs are torn between a limited liability company (LLC) vs corporation. While these entities are similar in many ways, they have profound differences that should inform what you choose.

What Is a Limited Liability Company?

A limited liability company (LLC) is a type of business entity that protects its owners from personal liability. It is a hybrid business structure that blends the features of a partnership and corporation.

The owners enjoy limited liability just like corporation owners and receive taxable dividends just like in a partnership. Some of the most notable limited liability companies include Johnson & Johnson, Nike, and PepsiCo inc.

No restriction in the number of owners and owners enjoy limited liability
Pass-through taxation and flexibility in taxation
Easy to operate plus flexible management options

Compared to other forms of business ownership such as a partnership or sole proprietorship, it’s costlier to form and maintain an LLC
Obtaining ownership interest might not be easy

What Is a Corporation?

A corporation is a business entity formed by one or more people with a shared goal. The most common types of corporations include S corporations, B corporations, C corporations, non-profit corporations, and closed corporations.

Generally, corporations are legal entities distinct and separate from their owners. The entity can borrow money, enter contracts, hire employees, pay taxes, and even own assets with zero attachment to the stakeholders. The majority of large businesses, such as Toyota Motors and CocaCola Co., are corporations.

Stakeholders are not liable for corporate debts and legal obligations
Buying, selling, or transfer of ownership is straightforward
Easier access to capital through stock trading
Established power structure–Shareholders, chief executive officers, and directors have well-established responsibilities
S corporations are not subject to double taxation

Complex application process
Excessive bureaucracy, and rigid formalities
C-corps are subject to double taxation
It can be costly to form, run, and maintain a corporation

LLC vs. Corporation: The Differences

LLCs and corporations are alike in many ways. At the same time, they have major differences, especially in terms of formation, governance, ownership, and taxation. This comparison chart summarizes the key differences which we will discuss in detail.

Limited liability

Yes

Flexible Management Style

Yes

Eligibility Restrictions

Yes

Limitless Shareholders

Yes

Capital Structure Restrictions

Yes

Single Taxation

Yes

Double taxation

Yes

Entity can go Public

Yes

Annual Reports

Not Required

Yes

Annual Shareholder Meeting

Not Required

Yes

Can Raise Funds From Investors

Yes

Directors are Public Record

Yes

Formation

There are strict formal requirements that must be fulfilled when forming both LLCs and corporations. Both entities must fulfill state maintenance and reporting requirements to ensure limited liability protection. However, corporations have more annual obligations. For example, they must hold annual shareholder meetings.

Moreover, corporations must file annual reports to keep the secretary of state updated about any changes or actions enacted through votes by the board of directors. LLCs don’t have strict record-keeping requirements, and some states, such as Ohio, don’t make it mandatory for such entities to file yearly reports with the secretary of state.

Ownership

To own a corporation, you have to buy a share or a percentage of the business stock. Shareholders are entitled to dividends and are not actively required to take part in running the business. Also, they can sell and buy shares as they wish.

On the other hand, LLCs are owned by members who set the rules pertaining to the requirements for membership and transfer of ownership interest. Depending on the set operating agreement, all members could receive equal profits and losses regardless of their financial contribution to the business. Again, all members own the business and participate in its everyday operations.

Transfer of Ownership

With corporations, ownership is wholly based on the shares owned. If a shareholder wants a stake in the company, they simply need to sell or transfer their stock to a willing buyer.

LLCs do not enjoy the same freedom. A member must draft a sales agreement with a new buyer and might have to record the sale with the state’s Business Registrations Agency. While there are no significant restrictions, a transfer process can be laborious and time-consuming.

Governance and Management Structure

All members in an LLC own the business and participate in its everyday operations. There’s no power hierarchy, and members can play specific management roles or appoint others to run the business. Generally, LLCs are member-managed, and the management structure is less formal.

On the other hand, corporations have a rigid governance structure with the board of directors at the top of the power hierarchy. Shareholders are at the bottom of the power chain. While they have a right to vote for the board of directors and officers, they do not make any business decisions unless they are pre-approved.

Tax Implications

LLCs and corporations are poles apart regarding their tax obligations. LLCs are usually taxed as pass-through entities unless the members choose to have them treated as C corporations. Pass-through entities or S corporations allow owners to pay personal income tax once they receive profits without subjecting them to corporate tax.

C corporations are not immune to double taxation. This means that the business pays taxes as an entity, and owners pay personal income tax after receiving income.

LLC vs. Corporation: What Are the Similarities?

Both of these entities provide personal assets protection for owners and require registration through a state-accredited business filing agency. Also, both entities enjoy perpetual existence even if a shareholder or owner passes on or resigns.

Perpetual Existence

LLCs with two or more members and corporate entities are not at threat of extinction if a member or stakeholder can no longer hold their position. As long as the business owners do not file Articles of Dissolution or set a dissolution date in the formation documents, the entity will continue to run indefinitely.

Business Registration

As expected, you must file formation paperwork with a state-accredited filing agency. It is also mandatory to obtain licenses and permits before kickstarting business operations. Read about the steps involved in registering a business here.

Limited Liability Protection

Both LLCs and Corporations provide asset protection for owners. This means that they are not personally liable for liabilities and debts incurred by the business. However, in some cases, limited liability protection may not prevail, for instance, when an owner personally guarantees a debt or commits a crime.

Frequently Asked Questions (FAQs) for LLC vs Corporation

Are you still torn between forming an LLC and Corporation? Here are the answers to some frequently asked questions. Hopefully, they will shed more light on the topic and help you make an informed decision.

Which One Is Right for Me between an LLC, S Corp, and C Corp?

LLCs and corporations have unique sets of pros and cons. Generally speaking, LLCs are the best choice for smaller businesses and entrepreneurs looking for a more straightforward business formation process. They have lighter state and federal regulations, fewer rules to follow, and relatively simple tax processes.

S corporations have substantially more regulations and legal requirements than LLCs. They are an ideal option for most types of businesses that want to enjoy the unique perks of a corporation, like the ability to trade stocks publicly and still avoid double taxation.

If your goal is to form a larger business, it is best to start a C Corporation. This option is subject to double taxation, and there are much more legalities, compliance, and regulations to follow. The primary benefit is that C Corporations are more attractive to investors than S corporations and even LLCs.

Why Do I Need a Registered Agent When Forming an LLC or Corporation?

Legally, you must enlist a registered agent during the business formation process. The agent serves as a link between your company and the state. It will ensure you receive all legal correspondences and government notices on time.

Must I Seek Legal Help When Forming an LLC or Corporation?

No. It is perfectly okay to handle all the paperwork in person and only pay the state filing fees. However, it is easier, faster, and affordable to work with online business formation companies like LegalZoom or ZenBusiness. They will provide the much-needed guidance to reduce the risk of blunders. Companies like Incfile even offer the option to file your LLC for free.

Bottom Line on LLC vs Corporation

So, what should you go for between an LLC and a corporation? The right answer will depend on the financial, operational, and legal implications you are ready to bear. Think of the business entity as the foundation of your venture that will set the rules you must follow. Because an ounce of prevention is worth a pound of cure, it is perfectly rational to consult a business lawyer before making your final choice.

May 11, 2022January 17, 2023

What Is Customer Lifetime Value (CLV)?

Customer lifetime value (CLV) is a metric you can track to discover who are your best and most valuable consumers. It measures how much a customer is likely to spend over a “lifespan.” Learn how to calculate your small business’s CLV, and ways you can improve unsatisfactory values.

What is Customer Lifetime Value?

Customer Lifetime Value reflects the amount of profit a company earns from a particular consumer over their lifespan. This metric studies the average amount a consumer buys, how often they make purchases, and the duration in years a customer shops at your company. The info helps quantify an individual’s happiness with your products and your business’s ability to bring people back for more.

Why Does CLV Matter?

CLV helps you to determine whether you need to invest more capital in retaining customers or bringing in new ones. Statistically, you have a much better chance of making a sale to an existing customer than a new one.

Generally speaking, it’s much harder to bring a new client on board than retain repeat customers. It often requires a big hook to lure a first-time shopper to your site. Customers have a lot of choice, so you need to spend time making your site or store unique. Then use marketing tools to make your products or services the most appealing.

The amount you spend to land a new customer is called customer acquisition cost (CAC). By comparing this value to a consumer’s CLV, you can see at a glance if you’re spending more to obtain new individuals than you are ultimately making off them in the long run.

Because of the costs required to bring in new consumers, most of your profits are going to come from repeat shoppers. Knowing each one’s CLV affords insight into strategies that can further drive growth.

Through CLV, you may notice customers favoring a particular type of product year after year. You can use these highly sought-after products to entice both new and existing shoppers. Similarly, you may notice clients sign up for your service for a year but are not making a point to renew.

Contributing Factors to CLV

Customer loyalty is a huge driving factor for bringing individuals back to your business, thus increasing CLV. If you don’t give shoppers a reason to come back to your site, what’s stopping them from purchasing somewhere else next time?

You can look at your company’s churn rate to determine whether or not you have a problem keeping people around. Every few months, it’s wise to look at how many customers you’re retaining and how that value compares to the number from last quarter.

It’s nearly impossible to keep 100% of your clients from year to year, but you should be seeing an overall increase in customers and not the opposite. Those who stop shopping at your business after a short time will have very low CLV scores.

From a product or service standpoint, it’s up to you to provide the best you can. Items that can’t stand the test of time or don’t perform as intended will not make customers want to buy from you again.

How CLV Works in the Real World

Tracking CLV across your client base at strategic intervals can help you better understand how your business is doing. For instance, crunching the numbers before and after a pivotal marketing campaign will reveal success if there’s an uptick in sales. No change or CLV loss quickly tells you that the campaign was a bust.

Looking at the overall CLV value, you can also see which types of customers are spending the most. You want to pay more attention to your most profitable clients to boost sales further. You can then hone your advertising campaigns to target the those who are spending the most on your site.

You can also use CLV to identify points of frustration that consumers may face while shopping. Having a difficult to navigate site or a weak return process can show up as reduced sales numbers or frequency.

How to Calculate Customer Lifetime Value

The calculation for customer lifetime value isn’t an overly difficult one, but you will have to brush off your math skills. The equation to calculate CLV is as follows:

CLV = Customer Lifespan * Customer Value

Customer lifespan is simple enough to discover. This number represents in years the entire length of time a customer has been shopping with your business.

Customer value is the product of two important aspects of an individual’s shopping behavior. To calculate this number, you must multiply the average purchase amount of a consumer by the number of times the customer shops in a given year.

Customer Value = Average Purchase Frequency * Average Purchase Value

An Example CLV Calculation

To demonstrate CLV in action, consider a local hair salon. A customer who makes a point of getting a cut and a color once a month for $80 is going to have a higher CLV than a mother who brings a child in once every two months to shorten things up a bit.

We can calculate the CLV for each of these customers over the course of five years. Our cut and color customer looks as follows:

Customer Value = 12 appointments per year * $80 = $960

CLV = $960 * 5 years = $4,800

Our child who gets a $10 haircut will have a significantly different value. Let’s check out the numbers:

Customer Value = 6 appointments per year * $10 = $60

CLV = $60 * 5 years = $300

While both clients are important, the regular cut and color has a much higher CLV. Incentivizing this client and other similar customers will earn you a lot more profit in the long run.

Ways to Improve CLV

To have a profitable business, you need your customer lifetime value to be higher than your customer acquisition cost. The higher the difference between the two, the more money your company will make. If these values aren’t where you want them to be, don’t fret – there are ways to improve CLV among your client base. Here are some of the best ways to give CLV a boost.

Invest in the Customer Experience

Whether you offer goods or services, your customers are the lifeblood of your business. Giving your customers the best experience you can will likely keep them coming back for more. Work out the kinks in your website, removing dead links and delays in the process that may turn a customer off. Make sure checkout is as simple as can be. Time is money, and customers will likely remember these details.

Ensure Your Onboarding Process Is Seamless

Whatever brings a customer to their first purchase on your site, it’s up to you to give them a reason to return. Sharing details about your brand on your web page or through a follow-up email adds a personal touch that other businesses may not do. If clients can relate to what your company stands for or a struggle you’ve overcome, they may feel more connected.

Start a Loyalty Program

What better way to keep customers coming back than through a loyalty system? By offering discounts for repeat purchases, you’re giving a tangible reason to return and shop more. Eateries may give away a 10th item for free. An e-commerce business might provide a discount through a coupon code for someone who shops regularly.

Make Returns Easy

It may seem counterintuitive, but allowing customers to return things with minimal hassle is as sure a way as any to bring them back. Shoppers will remember the painless process, making them more likely to come back down the road.

Upsell

Companies like McDonald’s and Amazon do a great job of this, presenting other products that would be perfect with the item you’re about to purchase. You can do the same, offering a slightly more expensive substitute or suggesting things that work well with what they’re buying.

Provide Omnichannel Support

No one likes endless hold times when trying to reach customer support, and having a poor response system can turn customers off in a hurry. Providing a direct line or short wait time should keep consumers coming back for more even if they experience an issue.

In this digital age, clients enjoy reaching out through other means besides the telephone. You can use a chatbot on your site to interact with people or encourage them to send a text message. If your business has social media accounts, you can even handle customer issues from there.

Remember the Power of Social Media

In addition to customer support, it’s possible to use social media to promote sales and stand out against the competition. With over half the world using various forms of social media, it seems foolish not to take advantage of this space.

Reach Out to Unhappy Customers

Unhappy customers are going to stop buying your brand and may report unfavorable experiences online for the world to see. Navigating these murky waters and attempting to rebuild a damaged relationship can go a long way. In a best-case scenario, you can win back a lost customer who will feel even more loyal because of the extra effort you made.

Tools to Help With CLV

You don’t have to look far to find tools that can help calculate CLV and improve a customer’s score. Hubspot has a free CLV calculator you can use to track this important value and several others.

Alongside tools for calculating CLV, many customer relationship management (CRM) services include features to improve the retention rate of your clients. With these tools, it’s possible to manage contacts, track interactions with customers, improve customer support, and much more. Some CRM platforms even offer free plans to get you started without spending a penny.

Frequently Asked Questions (FAQs) for Customer Lifetime Value

Understanding customer lifetime value can be challenging. This FAQ section answers some of the most common questions surrounding the topic.

What is a Good Customer Lifetime Value?

You always want to see a customer lifetime value that’s higher than the amount you spent to bring a new consumer into the fold. You’re in good shape if you see a CLV that’s at least three times higher than customer acquisition cost.

Why is Churn Important?

Churn is an important metric that tracks the loss of consumers over time. Customers no longer shopping at your business means less revenue, which can spell disaster for any size company.

Are CRM Systems Worth It?

Yes, CRM systems offer a slew of tools that help your business retain customers through marketing campaigns and client tracking. Furthermore, these services can give your shoppers an easy way to contact you and work through issues they may be experiencing.

Bottom Line on Customer Lifetime Value (CLV)

Having a firm grasp on customer lifetime value for your clients helps paint a very accurate picture of how your business is performing. This one number reveals your best customers and the products or services that keep them coming back for more. It also gives an idea of how much you can afford to spend when attempting to bring on new clients. Without CLV, you’re likely missing a lot of information about profitability and customer turnover that can lead to issues in the future.

May 9, 2022November 23, 2022

What is a 501c3 Nonprofit?

Organizations that qualify as a 501c3 nonprofit can enjoy various tax-related benefits. Although there are different types of 501c organizations, ranging from 501c1 to 501c29, 501c3 nonprofits are unique because their donations are tax deductible. Since they are also exempt from federal income tax, 501c3 organizations are the most sought after nonprofit status.

What is a 501c3 Nonprofit Organization?

A 501c3 nonprofit is an organization that is exempt from federal income tax. More specifically, section 501c3 is a part of the U.S. Internal Revenue Code (IRC) and a distinct tax category for nonprofit organizations. This means that 501c3s don’t need to pay any taxes on the money they make.

Although the Internal Revenue Service (IRS) acknowledges over 30 types of nonprofit organizations, only 501c3 qualified organizations can claim tax deductibles on donations. Most organizations that qualify for 501c3 nonprofit status are charitable organizations, private foundations, and churches and religious organizations.

Unlike corporations and limited liability companies (LLCs), nonprofit organizations don’t seek to make a profit. Typically, 501c3s want to make money in order to further a social cause or provide a public benefit. After a nonprofit organization pays off its office expenses, salaries, and so forth, it uses the excess money for the specific cause it supports.

Since 501c3 nonprofits don’t pay taxes, the nonprofit maximizes the amount of money it uses towards its specific social cause. There are 1,919,926 nonprofit organizations in the United States with churches and religious organizations as well as schools and educational institutions leading the pack.

How Does a 501c3 Nonprofit Work?

To qualify as a 501c3 nonprofit by the IRS, an organization must exist exclusively for one or more of the following purposes:

Charitable
Religious
Educational
Scientific
Literary
Testing for public safety
Fostering national or international amateur sports competition
Preventing cruelty to children or animals

If the nonprofit doesn’t exist for one of the purposes above, it will not qualify for 501c3 status.

The IRS also describes what “charitable” activities include:

Providing relief for the poor, distressed, and underprivileged
Advancing religion
Advancing science or education
Erecting or maintaining public buildings, monuments, or works
Lessening the burden of governments
Lessening neighborhood tensions
Eliminating prejudice and discrimination
Defending human and civil rights secured by law
Combatting community deterioration
Addressing juvenile delinquency

A common misconception about nonprofits is that they are only run by volunteers. However, most 501c3s have salaried staff that work for the organization. But nonprofits may use volunteers to perform some of the nonprofit services under the direction of paid staff.

Types of Different 501c3 Nonprofit Organizations

The organizations that qualify under section 501c3 are classified into two categories: public charities and private foundations. The difference between them is how they receive financial assistance.

Public Charity

Public charities receive most of their revenue or income from the government or the general public. To qualify as a public charity, the nonprofit must receive at least one-third of its income from public donations. These include donations from corporations, individuals, and other nonprofit organizations.

Individuals who donate to a public charity qualify for certain tax deductions that will lower their taxable income. Usually, individuals can claim a deduction of up to 60% of their adjusted gross income (AGI). Corporations can claim up to 10% when filing taxes.

Private Foundation

Individuals, families, or corporations are usually the ones who hold private foundations. This type of 501c3 nonprofit receives most of its income from a small number of donors. Furthermore, private foundations adhere to stricter rules and obligations than public charities. All 501c3 nonprofits are automatically considered a private foundation unless they can prove to the IRS that they meet the guidelines of a public charity.

What are the 501c3 Nonprofit Requirements?

If you’re considering starting a 501c3 nonprofit organization, it’s important to understand the requirements.There are specific rules and regulations a nonprofit must follow to maintain its status.

The 501c3 nonprofit requirements include:

It can only be organized and operated for exempt purposes
It’s forbidden from using its activities to influence legislation in a substantial way
It cannot be organized and operated for any personal or private interests
It can make profits, but all profits must go towards charitable purposes
Staff employed by the nonprofit must be paid “reasonable compensation” based on the fair market value that the job function requires
It’s required to remain true to its founding purpose
It must withhold federal income tax from its employee’s paychecks and pay Social Security and Medicare taxes

After an organization is considered a 501c3, the designation remains for as long as the organization exists unless the IRS revokes it. The IRS can revoke the 501c3 designation if the organization fails to follow the nonprofit requirements listed above.

Bylaws of a 501c3 Nonprofit

Similar to regular corporations, 501c3 nonprofit organizations have a set of bylaws and a number of directors and officers. Nonprofit bylaws are the rules that determine how a 501c3 nonprofit will be governed and run. You can view it as a constitution for the nonprofit organization.

It helps clarify the rules and priorities of everyone involved in the nonprofit. The directors of a 501c3 are responsible for overseeing the organization’s operations. The nonprofit’s board of directors is responsible for management level hirings, such as officers and managers.

The officers of a nonprofit, such as the president or secretary, are individuals with responsibilities and the authority to execute based on their job description.

Advantages and Disadvantages of a 501c3 Nonprofit

The primary advantage of a 501c3 nonprofit is that it’s exempt from paying federal income and unemployment taxes. Furthermore, patrons who donate to a 501c3 can claim a tax deduction for their contributions.

501c3 organizations are also eligible to receive government and private grants. However, the organization needs to have a mission that aligns with the purpose of the grant and a need for the funds. Another advantage of 501c3s is that they frequently receive discounts from retailers, food and supplies from other nonprofit organizations when needed, and free press from public service announcements.

On the other hand, once an organization is officially a 501c3 nonprofit, it no longer belongs to the founder. Instead, it becomes a mission-oriented organization that belongs to the public. Since the organization serves the public, it must operate with complete transparency.

Frequently Asked Questions (FAQs) for 501c3 Nonprofit

We understand that you may have additional questions about 501c3 nonprofits. So here is a list of common questions about nonprofit organizations and our answers.

Does 501c3, nonprofit, and tax-exempt all mean the same thing?

Although the terms are frequently used interchangeably, they don’t mean the same thing. 501c3 is a nonprofit organization that the IRS recognizes as being tax-exempt. Nonprofit means the organization exists for a nonprofit purpose. Tax-exempt status results from a nonprofit organization being recognized by the IRS for any purpose allowable under 501c3 to 501c27.

What is the most common type of nonprofit?

501c3 organizations are the most common type of nonprofits, including public charities or private foundations. These organizations include charities such as Feed America, American Red Cross, and ALSAC – St. Jude Children’s Research Hospital. When people think of nonprofit organizations, they typically think of a 501c3 nonprofit.

How do you lose your nonprofit status?

A nonprofit can lose its tax-exemption status by breaking the nonprofit requirements. For example, the IRS will revoke a 501c3 status if a nonprofit operates for private benefit, begins lobbying, or fails to pursue its original purpose. Therefore, nonprofits that want to pursue a new purpose need to alert and get approval from the IRS first.

Is a 501c3 public or private?

Under tax law, a 501c3 nonprofit is initially considered a private foundation unless it requests to be authorized as a public charity. Private nonprofits typically receive their income from a smaller pool of donors. They also have more control and can operate fairly independently because of the smaller pool of investors. However, most well-known 501c3 nonprofits are public.

How do you tell if a company is a nonprofit?

First, you need to gather information about the company, including its name, city, state, and country. Then, you can visit the IRS’s Tax Exempt Organization Search page and fill in the information you gathered.

Bottom Line on 501c3 Nonprofit Organizations

501c3 nonprofits are organizations with a distinct mission and cause. The majority of people know them as charities and churches, but private foundations can also be 501c3 nonprofits. As long as they qualify under section 501c3 by the IRS, the organization receives favorable tax treatment and is exempt from federal income and unemployment taxes.

May 6, 2022February 9, 2023

What Types of Business Licenses Do You Need?

Business licenses and permits grant you the right to legally operate your business in the U.S. However, there are various types of business licenses which are issued by federal, state, and local agencies. Learn which business licenses you need and how to get a business license.

How To Get a Business License

Each business license type has its own set of application requirements. Still, there is a general process which you need to complete no matter what kind of license you are applying for. Follow the steps below to get the right licenses for your business.

Step 1: Find Out What Business Licenses You Need

Learn what licenses & permits you need based on your business structure, location & industry type

Step 2: Gather License Requirements

Collect all the necessary documents & requirements

Step 3: Submit Your License Application

Fill out and submit your application for each business license type

Step 4: Wait for Approval

Submit missing requirements (if any) & follow up on the approval of your application

Step 5: Maintain Your Business Licenses

Renew your business licenses & permits before they expire

Step 1: Find Out What Business Licenses You Need

First of all, discover which kinds of licenses are appropriate for the business you are establishing, based on the following factors:

Business Structure: The structure type which you select when you start your business will determine your registration requirements. Some popular business structures are sole proprietorship, partnership, corporation, and limited liability company (LLC).
Business Location: The state, county, and city where you are planning to set up your business will have an impact on which local, state, and federal regulations are applicable to you.
Industry Type: Depending on the industry you are part of, you may need special licenses and permits to prove that you and your team are qualified to sell particular products or provide certain professional services.

Figure out the types of business licenses and permits you need by conducting research. You can explore the websites of government agencies to find useful information and download forms. In case you have questions regarding the application process, you may contact the agencies directly via phone, email, or contact form. On top of this, you can also check out government websites for helpful tips on how to start your business.

Step 2: Gather License Requirements

Collect all the essential documents and meet all the necessary requirements before you apply for a business license. While the exact paperwork may vary depending on the license types you need, here are some common requirements for most licenses:

Business description, plans, and location overview
Sales tax permit and other tax documents
Corporate records
Ownership and management documents
Filing fees

You may also be required to provide other requirements if you belong to some business industries:

Proof of professional qualifications or training credentials for you and key members of your team
Financial statements
Insurance records
Surety bonds

Step 3: Submit Your License Application

Apply for licenses and permits with the appropriate government agencies. Fill out and submit an application form for each business license you are pursuing. Carefully read and follow the instructions since every form has its own prerequisites. Although you can submit most forms online, some forms should be sent via mail or fax. Plus, certain forms must be notarized or signed by several parties.

Step 4: Wait for Approval

Stand by while your license application is still pending since the waiting period can vary. While some agencies approve business licenses right away, others could take several weeks or even months to grant approval. Feel free to reach out to the agency to follow up on your approval status after you have waited for a reasonable period of time. In case an agency contacts you regarding your incomplete application, send the requirements you lack immediately. After all, missing prerequisites can cause delays in the approval process.

Step 5: Maintain Your Business Licenses

Once you successfully gain your business licenses and permits, make sure to maintain each one so you can keep operating your business. Most licenses are only valid for a set period of time, which is why you need to renew them before they expire. Fulfill all the renewal requirements so you can continue to be authorized to run your business.

What Are the Types of Business Licenses

There are different types of business licenses and permits that you can apply for, depending on the kind of business you are setting up. Discover what these license types are and whom they are recommended for. Find out where and how to register each license and how much the application fees typically cost.

1. General Business License

A general business license is a government document that gives you permission to start a business in a certain jurisdiction. In general, it is commonly issued in the form of a tax registration certificate. You need to apply for a general business license with the city, county, or state agency that is responsible for business registrations. Submit the license application form, fees, and other requirements to get this license.

Recommended For: Most business owners in the U.S.

Estimated Fee: Approximately $50 or higher. Exact amount depends on the state, county, or city.

2. DBA License

The “doing business as” (DBA) license allows you to operate your business under a different brand name than your legal business name. While your business name is your personal name by default if you establish a sole proprietorship or partnership, you have the option of selecting a fictitious or trade name to rebrand your business.

You can register your DBA name with the county clerk’s office or the state government. In addition to this, certain states require DBA name filings to be made public to protect the interests of consumers. Take note that you don’t need to file a DBA if you are operating under your own name and if you own an LLC or corporation with a registered business name.

Recommended For: Business owners who wish to operate a sole proprietorship or partnership under a trade name

Estimated Fee: Ranging from around $5 to $100. Exact amount depends on the county or state.

3. Seller’s Permit

The seller’s permit is a kind of business license that grants you authority to collect sales tax on the taxable products and services you offer to customers. Once you acquire a seller’s permit, you are responsible for remitting the taxes you collected to the state. You must submit an application to your state’s Department of Revenue to get a seller’s permit. Take note that five states do not impose sales tax, including Alaska, Montana, Delaware, Oregon, and New Hampshire.

Recommended For: Business owners who provide taxable products and services to consumers

Estimated Fee: Free in most states. Ranging from around $12 to $100 in some states.

4. Federal Business License

The federal business license gives you permission to run a business which involves activities regulated by a federal agency. You should get a federal business license if your business is related to agriculture, broadcasting, investment consultancy, alcohol, and meat product preparation.

Government agencies that issue federal business licenses include the U.S. Department of Agriculture (USDA), Federal Communications Commission (FCC), Securities and Exchange Commission (SEC), Alcohol and Tobacco Tax and Trade Bureau (TTB), and U.S. Food and Drug Administration (FDA). Each agency has its own prerequisites so you must contact the relevant agency to discover the requirements for your business.

Recommended For: Business owners who belong to certain industries, such as meat product preparation, alcohol, investment, agriculture, and broadcasting.

Estimated Fee: Depends on business industry and issuing agency

5. Zoning Permit

A zoning permit allows you to operate your business in a particular location, given the type of venture you own and the industry you belong to. After all, different municipalities have their own rules regarding which kinds of businesses can run in certain spots. You need to get a zoning permit for your business from your county or city zoning department. You are required to follow the zoning guidelines in your area to gain a zoning permit.

Recommended For: Business owners running a brick-and-mortar store, distribution center, or manufacturing facility

Estimated Fee: Varies widely depending on the state and the size of commercial property. Ranges from around $50 to $1,500.

6. Building Permit

The building permit gives you permission to construct a new building or to remodel an old building. You or your contractor must apply for a building permit from the building department of your city or town. In order to get a permit, you will typically be required to submit your site, structural, and architectural plans. Plus, you might need to provide information regarding safety protocols, accessibility, electrical, plumbing, and occupancy.

Recommended For: Business owners who plan to start a new construction project or to make major changes to existing structures

Estimated Fee: Widely varies based on size, complexity, and location of the construction project. Ranges from around $400 to $2,200+.

7. Occupational License

An occupational license grants you the authority to provide certain professional services through your business. In order to get an occupational license, you need to prove to the board or other certifying bodies in your industry that you gained the necessary skills and knowledge in your field through proper training and education.

Some industries require you to take and pass a written or practical exam, while others expect you to complete training modules or educational courses. Keep in mind that the actual requirements will depend on the type of occupational license you are pursuing.

Recommended For: Business owners and team members who practice specialized occupations, such as medicine, healthcare, law, accounting, real estate, electrical work, plumbing, and cosmetology

Estimated Fee: Based on the type of occupational or professional license. Starts at $60.

8. Health Permit

A health permit allows you to operate your business by verifying that you have met the safety standards of the health department. You need to get a health permit if your business is related to food preparation and distribution or if it involves direct body contact with customers. If your business falls under these criteria, you must apply for a health permit with your county health department. You will typically be required to undergo facility inspections, as well as to complete certification courses based on your type of business.

Recommended For: Business owners of restaurants, food delivery services, beauty salons, massage parlors, and nail spas

Estimated Fee: Widely varies based on the business industry, size, and location. Ranges from around $100 to $3,000+.

9. Special State License

A special state license gives you permission to sell certain types of products, such as alcohol, gasoline, firearms, and lottery tickets. You need to apply for this type of license to prove that you have met state-regulated standards related to the sale of these items. Some examples of state agencies that issue special state licenses are the Alcoholic Beverage Control (ABC) and state gambling agencies. The requirements differ based on the type of license you are applying for and the issuing agency you are coordinating with.

Recommended For: Business owners who offer goods like alcohol, lottery tickets, firearms, and gasoline for sale to consumers

Estimated Fee: Depends on the business industry and issuing agency.

What You Need To Know About Business Licenses

Do I Need a Business License?

Yes. You need a business license to operate a business venture in the U.S., whether you are planning to build a small startup or a large corporation. It’s important for you to figure out which business licenses you should apply for because there is no one-size-fits-all solution when it comes to licenses and permits. You can determine the type and amount of business licenses you need based on the size, industry, and location of your business.

Should I Apply for a Business License Independently or With Professional Help?

It is possible for you to apply for a business license independently. After all, there are forms which you can download and information which you can read on official government websites. However, it is still a smart choice for you to consult with experts to ensure that your business meets all the regulatory requirements of the local, state, and federal government.

You can hire an accountant and lawyer if you need professional assistance in setting up a small, mid-sized, or large business. Aside from this, you also have the option of utilizing one of the best LLC services if you want to start your own LLC with minimal hassle.

What Do I Need To Do To Start a Business Aside From Getting a Business License?

There are other vital tasks that you need to complete aside from getting licenses and permits if you are starting your own business, such as:

Get an EIN: Apply for an Employer Identification Number (EIN) if you plan to hire employees or to offer products and services through your business. You can get an EIN online from the Internal Revenue Service (IRS).
Create a Bank Account: Open a business bank account to store your business funds and facilitate financial transactions. Consolidating your business resources in a dedicated account makes it easier for you to monitor your sales, profits, and expenses. You can also open a business account with EIN only.
Hire a Registered Agent: Enlist the services of a registered agent if you are establishing an LLC or corporation. A registered agent is a person or entity authorized to receive legal correspondence and documents on behalf of your business.

Frequently Asked Questions (FAQs) for How to Get a Business License

Learning how to get a business license makes it simpler for entrepreneurs like you to establish a business. Discover the answers to common questions about business licenses and permits.

What Is a Business License?

A business license is a government document issued by federal, state, and local agencies to businesses. It grants permission to entrepreneurs to start and operate a business in a particular geographical jurisdiction. It serves as proof that a business is legally authorized by the U.S. government to sell products and services or to manufacture or distribute goods.

What Are the Different Types of Business Licenses?

There are various types of business licenses that are available in the U.S., including the general business license, DBA license, seller’s permit, federal business license, zoning permit, building permit, occupational license, health permit, and special state license.

Each type of business license has its own application process, requirements, and fees which are determined by the issuing agency. Plus, every license has its own validity period and renewal requirements.

Which Factors Should I Consider When Choosing a Business License?

There are different factors which you should consider when determining which business licenses and permits you should apply for. The first factor is the structure type you are planning to adapt for your business. The second factor is the geographical location of your business. Last but not least, the third factor is the specific industry that your business belongs to.

Bottom Line on How to Get a Business License

Applying for business licenses is one of the first steps to starting your own legitimate business. We hope that this guide helped you figure out which types of business licenses and permits you need as an entrepreneur. Bookmark this page so you can quickly review how to get a business license.

May 5, 2022November 23, 2022

What is a Registered Agent & Why Do You Need to Hire One?

Businessman hiring a registered agent online

A registered agent is an individual or entity responsible for receiving official documents on behalf of your business. If you want to register your business in a state, you must also appoint a registered agent as mandated by state law. Continue reading to find out how to hire one or if you can be your own registered agent.

What is a Registered Agent?

A registered agent is also known as a resident agent, statutory agent, or agent for service of process. Its purpose is to be a business’ official point of contact with government and judicial authorities. An agent can be an individual or company, and they receive and manage official notices for your business. These official documents include but are not limited to:

Official letters and government correspondence from the Division of Corporations, Secretary of State, or other state government agencies dealing with registered businesses
Federal government correspondence, information, and notifications
Service of process notices (these are legal notices and are issued if your business needs to appear in court)
Tax forms and requests for tax payment
Notifications to complete permits, business filings, or reports

The agent also must relay these documents to your business in a timely manner so you can take due action. Every LLC, corporation, or a non-profit organization, must appoint a registered agent at the time of registration.

Different states have different eligibility criteria for resident agents. So you can be your own registered agent if you meet the requirements. You have to give your agent’s details on your articles of organization and file them with the state. This information then becomes part of public records. So, you can put your privacy at risk if you choose to be your own agent.

Why Do You Need a Registered Agent?

All registered businesses must appoint a valid registered agent if it wants to operate in a state. But why is that?

The primary purpose of an RA is to act as a reliable point of contact between a business and the general public, state and federal governments, and the courts. The requirement for companies to appoint a resident agent first came about as part of the due process of law.

If your business must deal with a lawsuit, legal proceedings cannot move forward unless you get proper notification. With an agent in place, it becomes easier for courts and other authorities to contact you. You also need to name your resident agent when opening a business bank account.

Who Can Be a Registered Agent?

Every state has a set of eligibility requirements for registered agents. Any individual or company that meets these criteria can be an agent in that state. That said, the general requirements are pretty similar for almost all states and they are:

Age: If you appoint an individual, your agent must be at least 18 years of age.
Residency: If you appoint an individual, they must be a resident of the state in question. If you use a company’s services, it must be authorized to operate in the state.
Physical address: Your agent must have a physical address in the state in question to receive all documentation at.
Availability: They should be available at the registered address during business hours throughout the year.
Consent: Some states require agents to submit a consent form to be an agent.

These requirements can differ slightly for different states. For instance, Arizona doesn’t require agents to be available at the registered office during business hours. Virginia only allows licensed lawyers, officers, or employees of your business to serve as registered agents.

Can I Be My Own Registered Agent?

Yes, you can. As a business owner, you can be the agent for your company as long as you meet the criteria set by your respective state. You can also appoint an employee or a fellow business member. But this begs the question, should you be your own registered agent?

On the surface, appointing yourself, a colleague, or a friend seems like the easiest solution. But it isn’t as simple as it seems. Being an agent means you have to be available at your office during all business hours throughout the year.

If you or your agent is not available for some reason during a delivery, your business may face severe consequences. This is why most business owners and employees don’t take this responsibility. Moreover, being your own RA means your name and contact information will be public. This may put your privacy at risk.

Smart entrepreneurs tend to hire registered agent services. These are third-party legal service providers that can be your agent in return for a reasonable annual fee. We recommend you hire a professional legal service for peace of mind, privacy, and to avoid legal issues.

Why Use a Registered Agent Service?

Hiring a professional registered agent service like Northwest Registered Agent or LegalZoom is a better choice than being your own agent. It’s also better than appointing an employee as one. Here’s why.

Saves Time

According to a recent study, 72% of small business owners say administrative tasks are the biggest time drain. This includes paperwork. If you take on the responsibility of being your own agent, you’re adding to the never-ending list of managerial tasks and taking on more than you can handle.

It’s always better to delegate tasks like these so you can focus on the things that matter while improving your work-life balance. Plus, when your contact information is public you’re likely to receive a lot of junk mail. Save yourself the hassle of sifting through tons of junk mail and let a legal service handle it for you for an inexpensive annual fee.

Gives You Peace of Mind

With a professional legal service serving as your RA, you no longer have to worry about being available during business hours at your office. This way, you can focus on running your business or take a vacation when you want. Your professional registered agent is always there to receive documents on your behalf and inform you timely.

More often than not, a resident agent service provider is also a legal service and can give you invaluable advice on how to proceed with your tax and legal matters. This is just like hiring a business legal assistant but at a much lower price.

Gives You Flexibility

A registered agent service lets you have flexible working hours. And you can expand your business to multiple states with ease. Every state requires that your statutory agent must be at a physical address in the state you’ve formed your LLC. If you choose to be your own registered agent, it isn’t possible to expand to another state without an official agent.

Professional registered agent services have physical addresses in all 50 states, so you can form an LLC in any state. If you’re thinking about forming an LLC in multiple states, hiring a statutory agent is a must.

Protects Privacy

Hiring a professional service of process agent means that their address and contact information is public, not yours. If you’re served a lawsuit, an RA service ensures to convey it to you in the most private manner. This saves you the risk of receiving a summons in front of people you know or your customers.

Legal Compliance

Last but not least, a professional agent helps you ensure your company stays compliant with the law. It sends you regular reminders to keep you updated with all state requirements. Plus, it files documents like annual report filings on time.

Plus, registered agent services also keep copies of important government and legal documents for safekeeping. If you lose your original documents for any reason, you always have a backup.

How to Hire a Registered Agent Service Company?

If using a professional agent service is a better choice for you, the next step is to choose one. The service costs anywhere between $100 and $300 per annum, with the majority of them charging $150 for a year. This is pretty inexpensive for the range of benefits that come with professional resident agent service.
Here are some of our top picks when it comes to registered agent services. Note that these are also part of our picks for the best LLC services.

Northwest Registered Agent

Visit

Northwest Registered Agent is the second-largest registered agent service in the US. It offers the service in all 50 states and is an excellent choice for you if you’re looking for high-quality customer service and strong privacy protection.

You get locally scanned docs, business address use, mail forwarding, mail scanning, annual report reminders, a company management system, and top-of-the-line customer support with Northwest. Apart from the agent service, Northwest also offers quality LLC formation services. Read our complete Northwest Registered Agent review to learn more about it.

Screenshot of Northwest Registered Agent homepage

Offers privacy protection
Quality customer service
Transparent pricing

Limited features
Pay extra for EIN service
More expensive than alternatives

Pricing

$125/state per year
$5200 in all 52 jurisdictions

LegalZoom

Visit

LegalZoom is a high-end online legal services provider that offers a registered agent service across the United States. With over 2 million businesses helped, LegalZoom is a well-known and reliable service provider, but it may charge you higher than other options.

LegalZoom alerts you whenever it receives important mail for you. With the Compliance Calendar, which comes at an additional $69, it can also email your business about critical tax and annual report deadlines. To top that off, you get unlimited cloud storage to store your documents safely. Read our complete LegalZoom review to learn more.

Screenshot of LegalZoom homepage — Source: LegalZoom

Well-established service with 2 million+ businesses helped
Offers a wide range of legal services
Robust customer service

More expensive than alternatives
Slow turnaround time
Excessive upsells

Pricing

$299 per year

ZenBusiness

Visit

ZenBusiness is a top-quality registered agent service you can avail of at a much lower price. It has a transparent pricing plan with no hidden fees and is up-front about its other services like compliance documentation and annual report filing. However, getting to the pricing plan can be a painstaking process.

ZenBusiness has an online document management system and sends you regular compliance alerts to make sure you’re up-to-date with all legal requirements. It also scans and uploads important legal documents to get them to you straight away and mails you physical copies if required.

Plus, if you use ZenBusiness for LLC formation, you get its agent service for one year completely free. To learn more about its services and pricing, read our complete review on ZenBusiness.

Screenshot of ZenBusiness homepage — Source: ZenBusiness

Inexpensive option
Transparent pricing
Free registered agent service with LLC formation

No free plan
Worry-Free Guarantee is not included with the regular agent service
Annual compliance costs extra

Pricing

Registered Agent – $99 per year
Registered Agent with Annual Compliance – $149 per year

Frequently Asked Questions (FAQs) for Registered Agent

Here are some frequently asked questions about registered agents to help you resolve any unaddressed questions.

Do you need to have different registered agents for different states?

If you want to register your business in multiple states, you need to appoint a registered agent for each state. You can easily do this with a registered agent service that covers all states. Not that you’d have to pay separate fees for each state.

How do I change my registered agent?

To change your registered agent, you need to file a Change of Registered Agent form with the state where your business is registered. Once this is done, you can cancel the service with your old registered agent.

Which is the cheapest registered agent?

ZenBusiness with an annual fee of just $99 is the cheapest registered agent provider. Northwest is not too pricey either with a fee of $125 per year.

Bottom Line on What a Registered Agent Is

Appointing a registered agent is one of the most important steps in registering your business as an LLC, incorporation, or non-profit organization. Luckily, understanding what an agent does is pretty straightforward. You can even do it yourself if you can stick around your registered office during normal business hours.

We still recommend you hire a professional registered agent to handle things on your behalf. It saves you time, protects your privacy, gives you peace of mind, and greater flexibility with your business.

April 27, 2022November 23, 2022

Payroll for Specific Jobs: Best Payroll Software By Industry

payroll software by industry concepts on a desk

Different industries have different needs and payroll obligations, so it’s essential to find the best payroll software for your industry. You may need specific payroll software that makes it easy for you to pay contractors or full-time employees, for example.

1. Nanny Payroll

Whenever you hire a nanny, it counts as adding a household employee and puts you on the hook with the Internal Revenue Service (IRS). You’ll need to file Schedule H (household employment taxes) payroll taxes. Failure to do so may result in large fines. There are many nanny payroll software solutions that can simplify and automate the majority of the nanny payroll process.

The best software for nanny payroll includes:

SurePayroll
Paychex
HomePay
NannyChex

Each of these software solutions offer nanny payroll services that help you file taxes correctly and avoid IRS penalties. By using one of the nanny payroll solutions, your only job will be to enter your nanny’s hours or salary, preview the taxes, and approve the payroll. The software will handle everything else.

2. Construction Payroll

Construction projects involve large teams and an extensive hierarchical structure. Dealing with all the different employee hours, salaries, and taxes for a big group isn’t easy or enjoyable. However, construction payroll software can automate most of the process and provide error-free payroll processing.

A construction payroll solution ensures your payroll runs smoothly. Construction projects have special union requirements that present unique payroll challenges. Furthermore, you need to keep track of all of your contractors and make sure their 1099s are filed correctly.

Construction payroll offers time-tracking features that allow you to create schedules by shift or job. Your workers can easily log their hours online for you to approve in just a couple clicks. Payroll software also automates your worker’s comp coverage payments with automatic, pay-as-you-go premiums.

General contractors (GC) are also responsible for paying wages all the way down the chain. Even if you fully pay your subcontractors, if the subcontractor doesn’t pay their subcontractors, you are still liable as the GC. A comprehensive construction payroll software confirms everyone down the chain is paid fairly based on the completed work.

In essence, construction payroll keeps your employees and managers happy so that the entire team can focus solely on the construction project at hand.

Here are the best payroll software for construction companies:

Gusto
QuickBooks Payroll
Payroll4Construction
Paylocity

3. Restaurant Payroll

Running a restaurant requires you to manage a lot of moving pieces. Payroll can be particularly complicated because workers tend to be paid differently than most full-time employees. You must track hundreds of shift hours, shift changes, tip splits, and overtime payments. On top of that, you have to file taxes for each employee that works in your restaurant.

Restaurants have an even more significant challenge compared to other industries because of the minimum wage requirement. Unlike standard employees, restaurant employees who collect tips as part of their income may also earn a unique minimum wage from other employees. This also depends on which state your restaurant resides in because different states have different minimum wage requirements.

Fortunately, there’s payroll software that specifically aims to help restaurant owners. The software included below ensures that your employees are always paid accurately and on time.

Here are the five best payroll software by industry for restaurants:

4. Payroll Software for Manufacturing Companies

Manufacturing companies face unique challenges and obstacles. This is because manufacturing companies have a variety of roles with different pay scales. Whether it’s machine operation, assembly work, packaging, shipping, or supervising, businesses in this industry need a payroll solution that can handle all of its complexities.

Every minute is crucial on the manufacturing line. Shutdowns or delays caused by employee absences, miscommunications, or safety violations results in loss of productivity and revenue. Modern payroll software solutions provide enhanced visibility and reporting capabilities that give payroll managers a clear picture of the process and labor costs.

Here’s the three best payroll software for manufacturing companies:

Paycor
Paychex
Gusto

Read our Gusto review and Paychex payroll review to know more about their pricing and features.

5. Payroll Software for Retail Stores

Managing payroll obligations for a retail store is a challenge. From managing inventory, hiring new employees, and keeping current employees satisfied, running payroll duties adds even more stress and difficulties.

Luckily, there are payroll software solutions for retail store owners that facilitate and streamline all of your payroll responsibilities. The software options in our list ensure that your employees are paid punctually in the correct amount.

Payroll software helps you track the W-4, I-9, W-2, and other withholding forms for each of your employees. It will also track time and attendance records as well as automatically pay your employees upon approval. Whenever tax laws are updated, the software will ensure your retail store stays compliant to avoid tax penalties.

Here are our top five payroll solutions for retail stores:

Not sure which to go for? Check out the OnPay payroll review or Gusto vs Onpay review.

6. Payroll for IT companies

Your IT company needs payroll software that keeps managers and lower-level employees satisfied and happy. Without a payroll solution, your company is vulnerable to wage and tax filing errors.

IT companies are unique because you may have employees located in different states or even different countries. Due to the nature of IT companies, remote work is gaining momentum in the industry. This brings new payroll and tax challenges that can be difficult to navigate without a modern payroll system.

Choose software solutions that are reliable and easy to configure. They ensure your employees receive accurate, on-time payments via direct deposit or a paycheck. Payroll software also allows your staff to efficiently navigate complex payroll flows while complying with tax laws and financial regulations.

The best payroll software for IT companies include:

7. Payroll for the Education Industry

The education industry faces many complexities that have hindered a smooth rollout of regulations, employee obligations, and transactions. Daycares, early childhood centers, schools, universities, and online education programs all face the pressure of achieving compliance with government regulations, employee certifications, and accurate pay obligations.

There are several payroll software solutions that specifically cater to companies that operate in the education industry. The solutions on our list offer comprehensive HR solutions in addition to their payroll features. This allows you to effectively recruit new educators, train your employees, and simplify the scheduling process.

For instance, Rochester University and Baptist Bible College use Paycor as their payroll solution. Paycor offers extensive tools for education operators, such as employee self-service, tax compliance, payroll automation, and I-9 and W-4 form filing. Read the Paycor review if you’re interested in knowing more about this software.

The best payroll software for education companies include:

8. Payroll for Healthcare Industry

The healthcare industry is one of the fastest-growing industries worldwide. As such, it’s imperative that your employees can work seamlessly without worrying about being paid fairly and on time.

Every hospital is equipped with a union of workers that include nurses and healthcare professionals. Your payroll solution should be able to handle the salaries of permanent staff members and those with temporary shifts. Payroll software keeps you in line with union regulations so you can create a healthier relationship with the workers and the union.

It’s also vital to implement payroll software to ensure your workers stay with your healthcare company. Hiring competent employees is a challenge in itself, so it’s essential to keep them satisfied.

Here are the best payroll software for the healthcare industry:

9. Payroll for the Public Sector

Choosing the best payroll software for public sector organizations doesn’t need to be challenging. The right payroll solution allows you to maximize opportunities despite all the public sector’s complexities.

Furthermore, payroll software empowers your organization to deal with the constant pressures and government changes to create operational efficiencies within your payroll processing. These solutions enhance your regulatory compliance and optimize your organization’s public spending. This way, your organization can focus on innovation and improvement without needing to stress about payroll obligations.

The best payroll software for public sector organizations are:

Paycor
QuickBooks
Gusto – Read the Gusto vs. QuickBooks Payroll article to see how Gusto compares to QuickBooks
OnPay

10. Payroll for Farms and Ranches

If you run an agricultural business like a farm or ranch, you’re aware that you deal with unique tax rules. For example, as a farm or ranch owner, you must file an annual Form 943, which shows how much money you withheld from each employee’s pay for federal income tax. Non-agricultural businesses file a quarterly Form 941. Payroll software will ensure your employees are paid accurately and that your business follows every tax rule and payroll law.

The best payroll software by industry for farms and ranches include:

11. Payroll for Remote Workers

Due to the COVID-19 outbreak in 2020, many companies have shifted to remote work and allowed their employees to work from home. Furthermore, many new startups have operated entirely remotely. For this reason, you need a payroll software dedicated to handling payroll obligations for remote workers.

Additionally, if your small business relies on spreadsheets to track payroll, your business may be vulnerable to many payroll issues. Using payroll software can help you avoid miscalculations, delayed payments, and data mismanagement.

Here’s the best payroll for remote workers:

OnPay
Gusto
Omnipresent

Bottom Line on Payroll Software by Industry

We understand how important it is to find the specific payroll software for your type of company. Different payroll software specializes in different industries, and choosing the right software can significantly enhance and optimize your company.

To better understand how payroll works, we recommend learning how to do payroll. This way, you’ll have an easier time navigating your payroll software and ensuring everything runs smoothly.

April 27, 2022November 23, 2022

What is Web Hosting? A Beginner’s Guide

The three main components to owning a website on the internet includes web hosting, domain name, and website. If you already have a domain name or are looking to buy one, the second step is to choose a web host for your website. Learn what you need to know about hosting a website and what to consider when picking your web hosting provider.

What is Web Hosting?

Just like renting an apartment or a house, hosting a website means that you are renting space on a server. A web host is a service provider responsible for maintaining, securing, configuring, and running physical servers that host websites. Servers are literally physical computers that house websites. When someone accesses your URL, the server will run and transfer all data such as text, videos, audio, photos, and other files to the visitor’s browser.

What’s the Difference Between Web Hosting & Domain?

Let’s use the same analogy of renting a house. Think of the land as the web hosting, the house you want to build as your website and the street address as your domain name.

A domain name is your website’s address. It is what gives your website a name, an identity. Some examples of domains are Google.com, Amazon.com, BBC.uk, and ManagementHelp.org.

Why You Need One

To run a website, you’ll need these three keys: a website, a domain address, and a web host. It is possible to self-host your own website, but that requires advanced technical skills and tools such as the right pieces of equipment, infrastructure, software, and hardware. Outsourcing this complex process to a web hosting company is the best choice, especially for beginners.

Types of Web Hosting

Now that you know what web hosting and a domain are, the next step is to understand the different types of web hosting to choose the best option for your business.

Many web hosts offer various hosting packages for different customers – from e-commerce to personal blog creators to enterprises. Ideally, for small businesses to get their first website up and running efficiently, we recommend starting with the simplest hosting option. Later, as your company scales and your website gathers more traffic, you can upgrade to another plan. We’ve wrapped up the main types of web hosting.

Shared Hosting

Cost: $
Technical expertise: Low
Server admin: Low
Performance: Good
Best option for: Beginners, freelancers, and small businesses

As the name suggests, shared hosting is the solution in which several websites share the same server, including storage space, memory, and bandwidth. Shared hosting is the cheapest option being the perfect one for first-time users with little to no technical expertise. Small businesses and personal websites that require a more straightforward configuration and setup would do well with this option.

However, the downside is that if something happens to your “neighbor” (another website on the shared server), your website might feel the effects. For instance, higher traffic on other websites might decrease your website speed and performance.

Virtual Private Server (VPS)

Cost: $$
Technical expertise: Advanced
Server admin: Root access to the server
Performance: Great
Best option for: Medium-size companies, large e-commerce stores, or websites and blogs with large numbers of visitors

Using a VPS hosting solution, you still get to share server space with other websites, but in this case, the host offers a partition for each user and dedicated server space. VPS can be an upgrade option from the shared plan, as it provides more robust performance and autonomy over your website.

However, it requires advanced technical knowledge to manage it, and you may have to hire a developer to maintain the virtual server. VPS hosting plans are a good option for businesses growing and scaling fast, websites with high traffic, and e-commerce shops.

Cloud Hosting

Cost: $$$
Technical expertise: Advanced
Server admin: Root access not always provided
Performance: Excellent
Best option for: Large e-commerce and enterprises

Cloud hosting uses a variety of virtual servers to host websites. Also, it works in a way so that if one server gets a spike in traffic or experiences a problem, the remaining ones will take over and maintain the website operating, so your website shouldn’t experience any downtime.

This is considered one of the most secure options for large enterprises and big e-commerce shops that need ample storage and high-performance capacities. Like VPS, cloud hosting requires advanced technical skills, but it’s more expensive than the previous options.

Dedicated Hosting

Cost: $$$$
Technical expertise: Advanced
Server admin: Full root access
Performance: Excellent
Best option for: Large digital businesses with heavy traffic

A dedicated hosting solution is the best option for companies that need complete server control and a dedicated physical server. This type of hosting lets you choose your operating system, configure and manage the server, and all the specifications within the hosting environment.

The whole website performance and optimization have to be done by you (or your team), so it’s highly recommended to have a dedicated team of professionals working on it. Costs are also high, so large enterprises with heavy traffic will benefit from this solution.

WordPress Hosting

Cost: $
Technical expertise: Low
Server admin: Low
Performance: Good
Best option for: Small-size companies and beginners

Optimized to run WordPress websites, WordPress hosting plan comes with many tools and services dedicated to WordPress sites, such as automatic software updates, customer support specialized in WP, plugins, and themes. WordPress hosting plans are low cost, easy to manage, and beginner-friendly.

How to Choose the Best Web Hosting for your Business?

Suppose you are an entrepreneur, freelancer, independent contractor, or run a small-size company, and this is your first time building a website for your business. In that case, you should consider beginner-friendly options such as shared hosting or WordPress hosting if you have a WP website.

As your website or business scales, and there’s a need for extra storage, speed, or bandwidth, you may consider upgrading to a more advanced hosting plan such as VPS or cloud hosting. Nonetheless, we recommend you choose a web host that offers different types of web hosting plans so you can migrate at any time you need.

However, there are a few essential factors to bear in mind before you choose the best web hosting provider. We’ve wrapped up the main ones:

Control Panel

In a nutshell, a control panel is a dashboard where you can access and manage all things related to your website, such as installing applications, creating and purchasing domain names, and managing email accounts.

Some of the most popular control panels are cPanel, Plesk, hPanel, Direct Admin, Webmin, and ISP manager. They all have different designs, features and tools, and it’s provided by the web hosting server – some hosts may even have proprietary control panels.

However, not all control panels are the same – every host provides its own, and at times they can be a bit complicated to navigate. So, it’s best to go with a web host that offers a user-friendly dashboard that’s easily manageable by all types of users.

Website Performance – Uptime/downtime

More than choosing the right web hosting provider or the best website builder for your website, it’s crucial to opt for the service provider with a fairly good uptime rate. Unstable web servers and excessive downtime can negatively impact your business, and you might lose sales if your website is too slow to load or if it suddenly crashes.

Security

It’s essential to consider a web host provider that guarantees security measures against attacks, at least, for its physical servers if you wish to keep your account and website safe. A step further in security measures will offer protection against cyber-attacks and malware. So, for instance, web hosts often provide SSL certificates (mostly included in web hosting plans), network monitoring, SSH access and backups. In addition, some web hosting plans even provide CDNs at no cost, which can be helpful in case there’s a DDoS attack.

Customer Support

This is the most important thing about deciding which web hosting you’re picking. You’ll need exceptional customer service support, preferably 24/7, if your website experiences a crash or any other technical issue and you need to solve it as quickly as possible.

Frequently Asked Questions (FAQs) for Web Hosting

Sometimes technical terms in digital technology can be confusing. So, some people might mix up a domain name and web hosting, for example. We’ve listed some of the most common questions about web hosting.

What does a web host do?

In simple terms, a web hosting service provider hosts, stores, and runs websites on physical computers, called servers, thus making these clients’ websites available on the internet.

Can I host my own website?

The short answer is: yes, you can. However, it has a few limitations as it requires advanced technical knowledge, skills, and tools to make it work – such as the right equipment, infrastructure, software, and hardware.

What’s the difference between web hosting and a domain?

Despite being different things, these two work together in order to have a website up and running. Web hosting is where the website is stored, and the domain address (or domain name) is the website’s address.

What are the types of website hosting?

There are five main types: shared hosting, VPS (virtual private server), dedicated hosting, cloud hosting, and WordPress hosting.

Can I host my website for free?

Yes, it’s possible. But it’s not convenient or efficient for an online business. Paid plans provide customers with memory, processing power, storage, bandwidth, customization, and performance management. You may save a few pennies with a free hosting website, but you might lose on the website’s performance, credibility, and autonomy.

Bottom Line on Web Hosting

Having a website involves a lot of decision making and some basic knowledge about a few terms if you wish to start your online business or simply have an online presence. Website hosting is the service provider that allows your website to be available for visitors on the internet.

Whether you’re a small business owner or a large enterprise manager, after choosing a domain name, the second step to setting up a website is to find a web host. There are several web hosts out there, so knowing a few things about the types of web hosting and what type of service is the best fit for your business will help you make the right decision.

April 22, 2022November 23, 2022

What Is a Payroll Card?

A payroll card is much like a prepaid debit card, but an employee doesn’t need a bank account to receive funds. Many people no longer regularly carry cash, so having your paycheck directly deposited onto a card is more convenient. It’s an ideal paycheck alternative for employees who may not qualify for a bank account.

The payroll card is one option for allowing greater flexibility and convenience to people without bank accounts. However, not all employers are able to offer paychecks through payroll cards.

What Is a Payroll Card?

A payroll card is a way of receiving a paycheck from your employer. However, instead of handing you a paper check or depositing money directly into a bank account, a payroll card is similar to a prepaid debit card or gift card. It carries a balance which you can spend down, and which can then be topped up by your employer on payday. Additionally, like a prepaid card, a payroll card isn’t linked to a bank account.

As a result, rather than being issued by a bank or credit card company, payroll cards are issued by a third party. Employers can work with those providers, who may offer payroll cards to employees as an option to receive their paycheck.

The issuer may be a payroll service provider or an employer may work directly with a card issuer like Visa or Mastercard. Some of the best payroll software options are also starting to offer payroll cards.

Prepaid General Use Cards

Payroll cards are one of several types of prepaid cards, specifically belonging to the general use category. Rather than being similar to gift cards or store credit cards, which are limited in use, they can be used anywhere a debit card can be used. In fact, in practice they are very similar to a standard debit card.

Modern payroll cards offer many of the same features as a debit card, including the ability to track your balance online and draw cash from an ATM. On the other hand, payroll cards don’t require you to obtain a bank account or meet the requirements for one. For some people, particularly in lower income brackets, it can be difficult to qualify for a standard checking or savings account. Of course, some people also opt to do without a bank account for a variety of other reasons.

Not having a bank account can present a number of challenges. In particular, without one, only cash transactions or transactions using money orders are possible. Payroll cards allow people who aren’t able to get a bank account, or who would rather do without one, the convenience of using a card rather than depending on cash.

Benefits and Disadvantages of Payroll Cards

Payroll cards offer some advantages to employers, saving the fees for printing checks or direct deposit. However, it remains a relatively uncommon choice among employees, with most preferring direct deposit. A quick comparison of the potential pluses and minuses to employees might reveal why.

Benefits

The benefits of payroll cards include:

Allows online shopping: One of the primary limitations of cash in the modern age is you can’t use it to buy stuff online. A payroll card can be used just like a debit card, including for online shopping.
Flexibility: You can use your card or get cash out at an ATM to use, if that’s your preference.
Convenience: Getting a check and cashing it takes time and potentially a trip out of your way. A paycheck is deposited immediately to a payroll card, without the delay.
No prerequisites: Unlike a bank account, there’s no need to have a minimum balance. Problems with previous accounts also don’t present a barrier.

It’s worth noting that bank accounts share all of the same benefits, with the exception of the last.

Disadvantages

There are only a few disadvantages to payroll cards, though they are significant:

Fees: Payroll cards usually come with a range of fees, including activation fees, inactivity fees, ATM fees, fees for paying bills, and potentially a long list more. In particular, there’s a fee for replacing a lost card.
Fewer Safeguards: Most bank accounts come with protections against fraud and identity theft. Payroll cards don’t have those same safeguards, which may make using them online less attractive.

Who Uses Payroll Cards?

In general, payroll cards are used by relatively few employees, despite being made available by more employers all the time. There are a number of reasons that might be the case, but the higher potential for incurring fees is probably a significant barrier to adoption. Payroll cards are more likely to be offered to lower income employees and any potential fees would end up taking a bigger bite out of their pay.

What Is Flexible Payroll?

Flexible payroll refers to a feature some payroll providers are just beginning to implement. The underlying idea is that, instead of having a fixed payday, employees can bank work and then receive pay when it’s convenient for them.

At the moment, there is still a regular pay schedule and flexible pay is deducted from a future paycheck, more-or-less like an advance. That may be at least partly because of payroll laws. However, it’s easy to imagine a future where the calendar of paydays is abandoned entirely.

Anyone who knows how to do payroll may wonder how that’s possible. However, payroll providers, such as Gusto, that use computers and cloud-based systems for managing time keeping means that they can keep a running tally, instantly transfer money, and still track deductions.

Frequently Asked Questions (FAQs) for Payroll Cards

Looking for the answer to a specific question? Check out our answers to common questions below.

Do Payroll Cards Have Fees?

Payroll cards can come with a number of fees. Common examples include:

1. Inactivity fees
2. ATM fees
3. Replacement card fees
4. Bill pay fees

Can I Use a Payroll Card Anywhere?

A payroll card should be usable wherever you could use a debit card. If they have a card reader for credit and debit cards, you should be able to use your payroll card. Additionally, it will work with online stores like Amazon.

Where Can I Sign Up For Flexible Pay?

Individual employees can’t sign up for flexible pay on their own. Instead, their employer has to work with a payroll provider that offers it as an option. An example is Gusto, a combination of payroll provider and software.

Bottom Line on Payroll Cards

Payroll cards offer a number of advantages. However, they’re unlikely to be widely adopted when fees are liable to cost an employee an appreciable part of their paycheck. While payroll cards may remain uncommon, flexible pay has the potential to become a popular and common feature.

April 18, 2022March 27, 2023

15 Best Project Management Conferences in 2023

Businesspeople in a project management conference

Every year, project management conferences come with a promise of learning and networking opportunities for project management professionals. The good news is that this year is no exception. If you have been looking forward to the next big event, here is a comprehensive list of the top project management conferences in 2023.

Interest in Project Management? You should try these tools!

1. Project Summit Business Analyst World

Date: June 12 to June 14, 2023

Venue: The Westin Arlington Gateway, Washington DC, USA

Estimated Turn Out: 500 to 1,000 delegates

Website: https://www.pmbaconferences.com/

Project Summit Business Analyst World is arguably one of the most significant project management events in North America. The speakers that will grace this conference are leading professionals in their respective sectors. Attendees can expect to have an illuminating learning and networking experience.

2. Project Management Symposium

Date: May 5 to May 6, 2022

Venue: Virtual

Website: https://pmsymposium.umd.edu/

Due to the pandemic, organizers of some project management events have moved online. The Project Management Symposium is one of these conferences. Fortunately, professionals from all over the world can attend this incredible symposium virtually.

If you attend the Project Management Symposium of 2022, you stand a chance to earn 44.25 PDUs which will go a long way in helping maintain your PMI certification. Even though this event favors certified professionals, the discussion will offer something for everyone.

3. Global Scrum Gathering

Date: June 5 to June 8, 2022

Venue: Denver, Colorado, USA, and Virtual

Website: https://www.scrumalliance.org/

The pandemic has prevented the Scrum Alliance from organizing a physical project management con since 2020. But now that health professionals have contained the situation, the organizers are hosting the Scrum Gathering in Colorado this year. However, they have considered people who may not want to travel to Colorado by providing means for them to attend virtually.

Many speakers from the agile environment will be sharing their knowledge and experience at this event. The topics of the event will go beyond project management software. They will touch on other broad aspects of running a successful business.

4. ACMP’s Annual Conference

Date: June 28 to July 1, 2022

Venue: Virtual

Website: https://www.acmpglobal.org/page/GC2022

The Association of Change Management Professional conference is around the corner. Due to safety concerns, the event will be virtual. The focus theme will be “Embracing th

e Changing World: Diversity, Technology, and Adaptability.” ACMP is determined to spearhead change in the practice of project management.

Attendees will learn about evolving project management aspects and how to embrace the change. And since ACMP is an authoritative champion for professionalism in project management, the participants will undoubtedly have an invaluable learning experience. They will also get an opportunity to mingle with like-minded professionals and enrich their contact lists.

5. 10th IPMA Research Conference

Date: April 22-23, 2023

Venue: Nanjing, China

Website: https://www.ipma-research-conference.world/

The International Project Management Association boasts of having over 72 member associations across the globe. Their 10th IPMA Research Conference will focus on the value of co-creation in project management. The organizers described the upcoming event as a symposium for professionals to exchange ideas. One of their objectives is to encourage dialogue and discussions between the participants.

Emerging trends in project management, business projects, digitalization, and project society will be some of the significant issues that will take center stage at the conference.

6. Agile 2022

Date: July 18 to July 22, 2022

Venue: Nashville, Tennessee, USA.

Website: https://www.acmpglobal.org/page/GC2022

Agile Alliance is one of the leading global non-membership associations built on the Agile Software Development Manifesto. The anticipated annual conference will focus on progressiveness in agile principles and value, innovation, and exploration in project management. Read about agile project methodology here.

The conference seeks to assemble various agile communities so that they can brainstorm, network, and share their professional experiences. This event is for all global practitioners interested in emerging practices, strategies, and ideas in agile software developments.

Innovators and agents of change from various parts of the world will attend. This conference welcomes both members and non-members of the Agile Alliance, and participants with membership will get a discount upon registration.

7. Future PMO

Date: October 26, 2023

Venue: London, England

Website: https://www.futurepmo.com/

The Future PMO will be a one-day conference for all project management and PMO professionals. Its organizers welcome attendees from all over the world. The speakers for this event will include PMO and project portfolio management experts. In addition, the event will be a social event encouraging networking.

The organizers of this project management event have set “Retro Gaming” as this year’s theme. And the conference will feature Laura Barnard, a top consultant and trainer on PMO strategies, as the keynote speaker. Federico Vargas, the CEO of G360, will be the other notable contributor to the conference.

8. Project Delivery Conference

Date: April 27 -29, 2023

Venue: Chicago, USA, and Virtual

Website: https://builtworlds.com/2022-project-delivery-conference/

Last year Builtworlds had to cancel the project delivery conference due to the pandemic. But there’s good news because the event will go down this year in Chicago. The best part is that you can participate virtually if you are unable to get there physically.

Global construction experts will share and exchange ideas and this will be an invaluable growth opportunity for rising talents interested in managing construction projects.

The highlights of this conference will revolve around innovative technology around building projects. Attendees will also learn how to manage risks in construction projects.

9. 20th European Pharma and Medtech PPM Conference

Date: May 18 to May 19, 2022

Venue: Basel, Switzerland

Website: https://whysummits.com/ppm-summit-basel-2022/

This year’s main focus for the 20th European Pharma and Medtech PPM conference is portfolio management in the biotech and pharma industry. Organizers have already picked “New Ways of Working “as the event’s theme. The conference presents a remarkable learning experience for all project management professionals in the medical technology field.

Other areas the event will cover include:

Leveraging new approaches to working, such as digital tools and agile
Building formidable cross functional teams
Collaborating with external shareholders
Incorporating mature products into project management

10. Women in Project Management (WiPM) Summit

Date: May 26, 2022

Venue: Westbury Hotel, Dublin, Ireland

Website: https://www.pmsummit.global/about-wipm

The WiPM Summit is a project management conference that seeks to empower women in project management. It is an event that will enable attendees to add to their portfolio of skills, network, and connect with their peers.

The organizers are still recruiting keynote speakers for the event. There was a similar event last year, and here is what the event had to offer.

11. PGCS Project and Program Management Symposium

Date: Aug. 22 to Aug. 24, 2023

Venue: Canberra, Australia, and Virtual

Website: https://www.pgcsymposium.org.au/

The PGCS conference is taking place for the 10th time and has found much success in the previous years. This year’s theme will be “Success is Never an Accident.” The organizers have advertised this conference as an occasion that will bring program and project management foundations together—they aim to help professionals work towards the successful execution of projects.

The event will cover the following topics:

Putting together successful teams for projects
Risk management
Structuring organizations to execute projects successfully

Delegates who will attend the event physically will have unlimited access to the live content and in-demand virtual content after the symposium. Virtual attendees also stand to gain immensely.

12. 33rd IPMA World Congress

Date: Nov. 19 to Nov. 25, 2022

Venue: Tokyo, Japan

Website: https://worldcongress.ipma.world/

This year’s IPMA world congress will tackle the role of project management in building a sustainable future. The ultimate objective is to explore the prospects of the digital age and its challenges. Participants will then try to develop solutions to the problems resulting from the ever-changing digital landscape in project management.

The program committee consists of speakers from America, Asia, Europe, and Australia. Most of them are heads of large corporations, practitioners from various fields and disciplines, and leading scientists.

13. Kanban Global Summit

Date: June 28 to June 30, 2023

Venue: San Diego, CA, USA

Website: https://resources.kanban.university/events/

The Kanban Global Summit is a resourceful conference featuring leading experts. The keynote speakers will share groundbreaking information on the Kanban methods during this event. Those in attendance will learn how to leverage various proven Kanban techniques to benefit their organizations.

Professionals will also participate in social receptions, coaching clinics, workshops, and insightful learning labs. The learning labs will encourage participants to focus on specific topics and ask questions. If professional and personal development is one of your goals in 2022, the Kanban Global Summit will be a great project management conference to attend.

14. Bridge PM & PMO Conference

Date: September 21-23, 2023

Venue: Vilnius, Lithuania, and virtual

Website: https://www.pmconference.org/

The Bridge PM and PMO Conference will be a hybrid event. Virtual attendees can participate in the event live via the Airmeet platform. The conference will feature thought leaders in various fields.

These will include Gilbert Silvius, the current HU of the University of Applied Sciences in Utrecht, Netherlands. He is a renowned expert in the area of sustainability in project management. The other notable speakers for the event include Dr Inga Popovaite, Joel Carboni, and Tajuana M.Taylor.

15. Agile & Beyond

Date: May 24 to May 25, 2022

Venue: Detroit, Michigan, USA

Website: https://agileandbeyond.com/2022/

Agile continues to champion excellent practices in the project management field. Agile and Beyond is another one of its many project management cons that will be seeking to sharpen practitioners’ skills. It will allow professionals to listen to maestros in project management and interact with like-minded talents.

The sessions in the events will revolve around agility, lean business practices, and software engineering. A typical day will revolve around insightful speeches from keynote speakers. Later, attendees will get the opportunity to interact and connect before calling it a day.

Read: Best Project Management Blogs to Follow

Frequently Asked Questions (FAQs) for Project Management Conferences

How Do You Get Project Management Training?

Many institutions around the world provide project management learning programs. These include colleges, universities, and professional associations. For certifications and continuous learning in the practice of project management, you may need to be a member of a professional organization.

What Does Project Management Consist Of?

Project management is a professional discipline that consists of initiating, planning, executing, and monitoring a project. It employs various techniques and methodologies such as lean, agile, and waterfall to achieve a project’s objectives.

Is Project Manager Part of PMO?

Functionally, both project management and PMO are interlinked. However, PMOs and project managers are different. A project manager oversees a particular project from its beginning to its completion. On the other hand, a PMO consists of a team of specialists that work on an organizational level. A project manager is not part of a PMO. Nonetheless, project managers can join the PMO if they are experts in various areas.

Is Project Management a Good Career?

Project management can be a great career. Nonetheless, your passion for project delivery would help you rise into top management. A genuine interest in people is one of the most vital traits a project manager will have.

Project management is also a lucrative career. The annual average salary for project managers in the US is $116,000.

Final Thoughts on Project Management Conferences

Project management conferences are instrumental in the professional development of practitioners. Participating in these events will expose you to the industry’s leading think tanks. You will get the opportunity to acquire tremendous professional knowledge in a few days.

What is a VoIP Number?

How Does a VoIP Phone Number Work?

Different Ways for Using a VoIP Number

Use an Analog Telephone Adapter on a Regular Phone

Use an IP Phone

Use a VoIP Service Provider

How to Get a VoIP Phone Number?

Step 1: Choose a VoIP Service Provider

Step 2: Select a VoIP Plan

Step 3: Get a VoIP Number

Step 4: Complete Setup

Benefits of Using a VoIP Number

Saves Money

Offers Flexibility

Offers Scalability

Offers Remote Access

Gives You Choice of Area Codes

Frequently Asked Questions (FAQs) for VoIP Number

So What Is a VoIP Number?

What Is a Limited Liability Company?

What Is a Corporation?

LLC vs. Corporation: The Differences

Limited liability

Flexible Management Style

Eligibility Restrictions

Limitless Shareholders

Capital Structure Restrictions

Single Taxation

Double taxation

Entity can go Public

Annual Reports

Annual Shareholder Meeting

Can Raise Funds From Investors

Directors are Public Record

Formation

Ownership

Transfer of Ownership

Governance and Management Structure

Tax Implications

LLC vs. Corporation: What Are the Similarities?

Perpetual Existence

Business Registration

Limited Liability Protection

Frequently Asked Questions (FAQs) for LLC vs Corporation

Bottom Line on LLC vs Corporation

What is Customer Lifetime Value?

Why Does CLV Matter?

Contributing Factors to CLV

How CLV Works in the Real World

How to Calculate Customer Lifetime Value

An Example CLV Calculation

Ways to Improve CLV

Invest in the Customer Experience

Ensure Your Onboarding Process Is Seamless

Start a Loyalty Program

Make Returns Easy

Upsell

Provide Omnichannel Support

Remember the Power of Social Media

Reach Out to Unhappy Customers

Tools to Help With CLV

Frequently Asked Questions (FAQs) for Customer Lifetime Value

Bottom Line on Customer Lifetime Value (CLV)

What is a 501c3 Nonprofit Organization?

How Does a 501c3 Nonprofit Work?

Types of Different 501c3 Nonprofit Organizations

Public Charity

Private Foundation

What are the 501c3 Nonprofit Requirements?

Bylaws of a 501c3 Nonprofit

Advantages and Disadvantages of a 501c3 Nonprofit

Frequently Asked Questions (FAQs) for 501c3 Nonprofit

Bottom Line on 501c3 Nonprofit Organizations

How To Get a Business License

How To Get a Business License in 5 Steps

Step 1: Find Out What Business Licenses You Need

Step 2: Gather License Requirements

Step 3: Submit Your License Application

Step 4: Wait for Approval

Step 5: Maintain Your Business Licenses