3 Lowest Cost States to Start an LLC

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StrategyDriven Starting Your Business Article | 3 Lowest Cost States to Start an LLC | Incorporation

When you are starting a business, you have to make every dollar count. You may have no idea how much revenue you will bring in at first – and you know you are going to have to work out some kinks before your business becomes more stable. So, it makes sense to try to find the lowest cost state to form your LLC. Of course, there are multiple ways to measure “lowest cost” when it comes to forming a business. Are we talking about which state has the lowest LLC formation fees, or are we talking about which state is the most affordable to do business in?

There are many states that try to make doing business affordable, from Texas to Florida and throughout the country. But there are some that try to go the extra mile, either by making taxes extremely low, licenses and filing fees low, or both. Since you may have your own idea of what “affordable” means, we will examine this question from two angles. First, we can look at which three states are best for overall affordability for business, then we will take a quick look at which three states have the lowest LLC formation fees.

3 Most Affordable States to Form an LLC

1. Wyoming

The state of Wyoming does a lot to make starting a business as easy and attractive as possible. For one thing, it has a 0 percent corporate tax rate and a 0 percent individual income tax rate. That’s right, you don’t have to worry about paying either corporate state tax or individual state income tax. You will still be hit with federal taxes, but Wyoming is easy on businesses as far as taxes go. The effective property tax rate is also extremely low – at .61 percent. When you consider that the average property tax rate in the country is 1.19 percent, the affordability of the Wyoming tax system is readily apparent.

The sales tax rate in Wyoming is also quite low at 4 percent. That means your customers will not be as likely to experience sticker shock when they buy products from you since the sales tax they see will not be too high.

2. Nevada

Nevada is another one of the most popular states to form an LLC because it offers multiple tax advantages to businesses that make the state home. Just like Wyoming, Nevada has a 0 percent corporate tax rate and a 0 percent individual income tax rate. Your business won’t have to pay corporate state taxes and you won’t have to pay state income taxes. Again, you will still face federal taxes, but every little bit helps. The effective property tax rate in Nevada is also extremely low at .77 percent.

The sales tax rate in Nevada is higher than Wyoming at 6.85 percent.

3. South Dakota

South Dakota also strives to set itself apart as a business haven by making its taxes quite low. You will find a 0 percent corporate tax rate and a 0 percent individual income tax rate in the state and an effective property tax rate of 1.32 percent. So, it can be more expensive to own property – like your brick and mortar store – in South Dakota than Wyoming or Nevada – but if you don’t own property in the state then the property taxes are less of a concern for your business.

The sales tax rate in South Dakota is 4.50 percent.

Cheapest LLC Formation Fees

If you are just looking for states with the lowest fees for forming an LLC, you should consider the following locations:

  • Arizona. You only have to pay $50 to file your LLC formation documents in Arizona. Even better, there is no annual fee and no report due each year.
  • Missouri. The fee for filing in Missouri is higher than some other states at $105, but you don’t have to pay an annual fee each year nor do you have to file a report. That makes Missouri quite low to form an LLC in over the long-term.
  • New Mexico. The fee for filing an LLC in New Mexico is only $50 and there is no annual fee and no report due. That makes New Mexico just as affordable as Arizona.
  • Kentucky. The state of Kentucky has the lowest filing fee of any state in the country. They only charge $40 for you to file. However, they do expect you to pay $15 every year to keep your LLC official with the state.

Where Should You File Your LLC?

When you start looking more closely at your options for forming an LLC, you realize that there are plenty of different states that offer attractive deals. Some are extremely affordable to do business in and others make it very cheap to file your LLC. So, what should your main priority be?

The answer is, “It depends.” Deciding where to form your LLC is a personal decision that needs to be made based on what is most important to you. For absolute convenience, there is probably nothing better than forming your LLC in your home state. That’s because it is often simpler to handle paperwork and deal with government entities when you can go down the street to do so. But if you want to save money on filing fees or gain tax advantages, you may want to consider forming an LLC in a state that offers you the most of what you want for your business.

10 Interesting Facts About Water That’ll Leave You Astounded

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StrategyDriven Editorial Perspective Article |interesting facts about water|10 Interesting Facts About Water That'll Leave You AstoundedEveryone knows that water is critical for our existence. It covers approximately 71 percent of our planet and makes up around 60 percent of the human body. We use it to stay hydrated, keep clean, and as a fun way to cool off on a hot summer day.

Did you know you can also use water to impress your friends? It’s true! Learn some of the most interesting facts about water and you can “wow” them with just how smart you are.

Sound like a fun goal? Keep reading! You’ll be the smartest person in the room before you know it.

10 Interesting Facts About Water You Probably Didn’t Know

Some facts about water, like the ones mentioned above, are pretty cool. But, they’re also common knowledge. If you want to look really smart, you need to learn some amazing facts about water that are a little more obscure.

These 10 pieces of water trivia are a great start.

1. Most of the Earth’s Water Isn’t Drinkable

It’s true! Only about 1 percent of the water on Earth is drinkable in its present state. Although much of the planet is covered in water, it’s almost all saltwater.

In fact, only 2.5 percent of the Earth’s water is freshwater and 69 percent of it is trapped in glaciers and ice caps. While glaciers do melt and release some water during the summer months, it’s still not enough to bring this number above 1 percent.

2. Water Can Actually Cut Metal!

With a powerful-enough stream, you can actually use water to cut through metal! A waterjet is a tool used in machine shops to slice through metal and leave a smooth, clean edge. It does this by harnessing the power of pressure – a waterjet has about 30 times the pressure of a typical power washer.

Other waterjet cutting benefits include simplicity, accuracy, and the versatility to cut through other objects like tile and glass.

3. Americans Use an Average of 300 Gallons of Water a Day

In the United States, the average family uses about 300 gallons of water per day!

The biggest culprit? Flushing the toilet. This accounts for 24% of our daily water use.

The other ways we use water each day include:

  • Showers (20%)
  • Faucet (19%)
  • Washing Clothes (17%)
  • Leaks/drips (12%)
  • “Other” (8%)

An average of 30% of our water use occurs outdoors, mainly through activities like watering our lawns and topping off our pools. The other 70% of water use occurs from the indoor activities listed above.

4. Half of All Bottled Water Is Just Tap Water

Are you a water snob? If you prefer bottled water, you might be completely wasting your money. Turns out, about 50 percent of bottled water is just tap water that has been purified.

You can do the planet (and your wallet!) a big favor by just getting a filter or purifier for your home and drinking the water that comes from the tap.

5. The First Water Pipes in the U.S. Were Made from Logs

Water technology sure has come a long way! You might not know that the first water pipes in the U.S. were made from hollowed-out logs. Artifacts have recently been found that prove that this was a common system in larger U.S. cities back in the 1700s.

6. It Takes a Lot of Water to Make the Things We Need

Water is necessary to create almost all of the things that humans want and need. The amount required is sometimes astounding. Check out these facts:

  • It takes 37.5 gallons of water to make one egg
  • You’ll need 146 gallons of water to make a pound of corn
  • It takes 1,847 gallons to produce one pound of beef
  • The average amount of water used to make one pair of jeans is 2,900 gallons

7. Much of the World is in a Water Crisis

It might surprise you to learn that 785 million people (one in nine!) around the globe don’t have access to clean, safe water. In addition, 2 billion people don’t have an effective sanitation system.

This has caused a serious health crisis. Nearly a million people die each year from diseases related to water, sanitation, and hygiene-related diseases.

8. Women Carry Most of the World’s Water

In many countries, women and girls carry the responsibility of retrieving the water needed for daily living. In countries like sub-Saharan Africa, women spend a collective 16 million hours collecting water every day.

In Kenya, water collection accounts for approximately 4.5 hours of a woman’s average week. When women have to spend so much time meeting a basic need, it cuts into time that they could be working, expanding their education, or getting much-needed rest.

9. Water is Heavy!

If you’ve ever tried to carry a bucket full of water, you know that it’s pretty heavy. Although there are factors that can impact the weight of water – like temperature, atmospheric pressure, and gravity – on average, one gallon of water weighs about 8 pounds.

10. Frozen Water Weighs Less Than Liquid Water

The fact above only applies to water in its liquid state. Frozen water, also known as ice, weighs less by volume than liquid water. That’s why ice cubes float in your drink!

Keep Getting Smarter Every Day!

Now that you know the most interesting facts about water, you probably feel much smarter already. But, don’t stop there! We have plenty of great articles that can expand your knowledge even further.

Take a few more minutes to browse through our blog, then bookmark it and check back often. This way, you’ll never miss out on our best content.

Traditional vs Digital Marketing: Why You Don’t Have to Choose

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StrategyDriven Online Marketing and Website Development Article |traditional vs digital marketing|Traditional vs Digital Marketing: Why You Don't Have to ChooseTraditional vs digital marketing, which is better? Neither is. The fact is, you should be using both.

Used right, your traditional marketing campaigns will boost your digital marketing success and vice versa. The only way to achieve maximum marketing success is to use both strategies.

How is this accomplished? Find out below.

The following guide will explain the relationship between these two different marketing strategies. It also offers practical tips and examples of how to make these two beasts cooperate for greater success than you’ve ever seen!
Read on to learn all about it.

Printed Links

Lesson 1: stop thinking “links” are just for digital content. They’re not.

All of your printed ads should always “link” your audience to your digital campaigns in some way. We’ll explain with a few practical examples below.

Print With QR Codes

With QR technology, your magazine ads and advertising signs within public reach can literally link to a digital advertising platform. You can and probably should include a QR code on every printed ad your audience can aim a phone at.

What should these codes do? More important is what they can do. They can fulfill any digital CTA you can imagine.
“Scan here to join!” “Order here to get yours in 3 days!” “Download the app and get 10% off your next visit!”

Besides, why wouldn’t you do this? People love to scan codes for digital goodies. According to recent statistics, 11 million US households will scan a QR code this year.

Geotarget Your Digital Campaigns Through Print

One of the best applications of this technology is the ability to geotarget your digital campaigns via your printed ads. Simply have billboards and sign ads in a specific location point traffic to one of your digital ad campaigns.

This way, you can have your digital campaign reach the geographically-specific audience you want to target. Or, at least, it significantly increases your chances beyond locally-targeted online ads alone.

Furthermore, you can combine digital geotargeting with your billboards for a marketing double-whammy. That is, set your geotargeted digital ads to display on mobile devices in the same vicinity as your billboard to make sure you don’t miss anyone.

Alternative Digital Invites in Print

With or without QR codes, you can use your print ads to get the word out about your SMS marketing club. As an alternative to a QR invitation, simply print a text code. Example: “Text YES to 0403 for more information/to receive exclusive discounts/to hear the latest updates.”

You can also refer your print ad audience to your web address or YouTube channel. Or post a hashtag phrase at the bottom of your poster to link it to your social media marketing strategies.

From Your Website to Their Door

Now, let’s try linking in the opposite direction. Direct mail marketing gives you a better chance of marketing success with your website traffic. Specifically, it gives them one more option of how to receive your marketing messages.

Next to your website’s email newsletter signup, include an invitation for your printed newsletter. You can also offer catalogs, weekly sales ads, coupon books, or magazines with exciting content related to your brand and niche. You may even want to partner up with one or more other companies on a mutually beneficial publication.

Traditional vs Digital Marketing: It’s Not a Choice

“Traditional vs digital marketing” is a marketing myth. It’s an agreement, not a competition.

Stop choosing one or the other. Choose both. To truly excel at marketing, keep this guide and follow these tips.
If you found this guide helpful, click below to share on social media.

3 Essentials For Your Start-Up

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Every day there are hundreds of new start-ups getting ready to launch. It has never been a more perfect time to test your ideas than now.

StrategyDriven Starting Your Business Article | Entrepreneurship | 3 Essentials For Your Start-Up | Start-up

Entrepreneurship, owning a small business, or even going freelancing, is exciting and has never been more possible than it is now. There are a few key things that you should have in place before you launch a start-up, or at the very least, consider the implications for your business.

There is almost nothing that you can’t have as a service right now, from cloud solutions to fax from email. All of these things will make running your business easier and more manageable.

You can set almost anything up from the comfort of your own home, or if you prefer the local coffee shop. You don’t even necessarily need more than a few hundred dollars or less. Here are some essentials that you should consider.

Team

While you might be starting a business entirely by yourself, or simply freelancing, you still are going to need a team. It is important to note that this team could be a list of incredible tools to help you do your job better.

Or it could be things like a virtual assistant, managed IT, or other friend answers that have skills that you don’t. This will allow you to take on much bigger jobs earlier on. Are you likely to know a few people who fit the bill, so have a chat earlier on and see if they would be prepared to get involved with projects that much their skill sets.

Project Management

You are going to be in charge of all of the projects. Until that is, you reach such a point where you need a project manager to help you stay on track. Luckily there are plenty of online project management tools that can help you manage a team of freelancers, schedules, timekeeping, and even invoicing. Some of them provide much of the services for free.

You’ll need to decide what really suits what you’re doing. When it comes to taking things like meetings, you can do this via Skype and FaceTime. Many of these tools are free or offer a free limited option,  which means there is no excuse for ducking a meeting.

Online

The very basic of letting people contact you, see your portfolio, learn more about you will be your online presence. The first thing you want to do is claim a domain name. Try to use something easy to remember, relates to your business, can also be used on Facebook, Twitter, Instagram, and other social media sites.

You can typically purchase a domain name from the same place as you intend to have your website hosted. You may decide you do not need a full website package because you can build a website yourself. This is entirely possible with some of the easy-to-use drag-and-drop options or the 1-Click installs from WordPress.

Try to ensure that when you purchase hosting and domain name, you also have email inboxes, support, and access to your Cpanel.

Having all of the basics like these, your tools, your website, and some people in mind that you can work with will mean that you are more likely to start off on the right foot. Laying good business foundations will keep your business stronger through shaky times. Entrepreneurship, freelancing, and small business ownership is exciting but deserves planning and time.

How To Minimize Your Business To Maximize Growth

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When people start a business, they all head into it with a mindset of owning an empire that sees growth years on year. Now, unfortunately, reaching the level of a global empire isn’t something many of us will achieve, but there is no reason we cannot see constant growth throughout the years.

In this post, we are going to be looking at some very simple things you can do with your business that can show enormous amounts of growth very quickly.

StrategyDriven Managing Your Business Article | Entrepreneurship | Business Growth | How To Minimize Your Business To Maximize Growth

Why You Are Not Growing

If you have noticed that your business has reached a point where it has hit a metaphorical wall, then the time has come that you need to acknowledge that something is wrong with your business and needs changing.

One of the main issues is possibly that you are allocating your business funding correctly, and you are more than likely spending too much. While you may plan your spending carefully, more often than not, most businesses tend to spend money on things that they just don’t need to.

In the next section, we are going to be looking at a few of these, and hopefully, you will be able make a few changes that see your business start to grow overnight.

Stop Doing Everything

One of the biggest mistakes that businesses seem to make today is that they believe they have to have every department in house. While it used to be the way that your business would require many different departments, the modern world has a solution for this.

You can now take some of your most expensive departments and look at outsourcing them. You can easily find managed IT services and even outside call handlers. If you think logically, you can save up to 80% of your yearly wage budget by simply outsourcing some of your departments.

For many companies, this is a huge amount of cash, once you tackle this problem, think how much your margins change overnight.

Save On The Small Stuff

Other areas you can minimize are things like your workspace and your bills. There are many businesses now opting for shared office complexes. By taking on one of these, you lose the massive bills that come with leasing an office building, and you just pay a set rate monthly.

These complexes are often frowned upon, but the truth is that often they promote so much more productivity than your regular office, and the atmosphere is always amazing.

Sure, these solutions may seem incredibly simple, but you should realize that put together, they can take your business to brand new levels of success. If you are truly looking to make a difference to your end of year figures, then both of these can get you well on your way.

You may also find that once you have started, you will find brand new ways to save money. Just remember, just because you are minimizing doesn’t mean you are failing, it simply means you are thinking outside of the box.