The San Jose Sharks, in a period of transition and currently without a head coach, won the NHL draft lottery Tuesday night, following a regular season in which they posted just 19 wins and 47 points for last in the league.
The San Jose Sharks, in a period of transition and currently without a head coach, won the NHL draft lottery Tuesday night, following a regular season in which they posted just 19 wins and 47 points for last in the league.
Are you interested in starting a business or growing your existing business? Bringing on a business partner can offer several advantages. These include expertise in different business areas, strategic connections and more capital.
But select the wrong partner and you could be setting yourself up for years of personality conflicts and lawsuits. And ultimately, the end of your business.
Before you even think of approaching a potential business partner, consider whether you really need one. Then, get clear on the type of person who will be a good match for your own skills, values and goals. It’s much harder to undo a business partnership than it is to create one. Here’s what you should know before taking on a business partner.
What does a business partnership entail?
A partnership is a relationship between two or more people who carry on a business together. For tax purposes, partnerships are known as pass-through businesses. This means the partnership doesn’t pay taxes. Rather, partnership income or losses are passed through to owners. The owners then pay taxes on their share of profits on their individual tax returns.
Partnerships are the second most common type of pass-through business in the U.S., just behind sole proprietorships. That popularity stems, at least in part, from the ease of creating a partnership.
According to SCORE, a nationwide network of volunteer business mentors, partnerships aren’t a legal business entity. In some cases, they don’t have to be registered with the state. This is unlike corporations and limited liability companies (LLCs) do. Essentially, if you go into business with another person without incorporating, you’re in a partnership by default.
Despite that informality, forming a business partnership isn’t a decision to take lightly. Even if you don’t have a formal agreement, you have basic legal responsibilities to other members of the partnership. Such as:
Sharing planning and decision-making rights
Maintaining appropriate financial records
Sharing business profits and losses based on each partner’s investment
Compensating partners for expenses they pay on behalf of the business
Getting your partner’s consent before bringing on extra partners
Returning your partner’s original capital contribution should they to leave the partnership
How to identify a solid business partner
Choosing a business partner is like choosing a spouse. You’re trusting this person with your financial investment and your future. That’s why it’s so important to choose your partner wisely.
So what kind of criteria should you look for? Consider these six questions.
What are your goals?
What happens if you want to grow your business internationally, but your partner wants to keep it small and local? Not being on the same page about target market, investments and long-term strategy can lead to a lot of unnecessary conflicts. You and your partner should have similar goals for the future of the business.
How are their finances?
Unless you already have an open relationship with your potential partner, you likely won’t know much oft their financial history. Going into business with someone with poor credit or shady financial dealings can get you into trouble. Consider having a potential partner submit to a background check and credit check.
Do they have complementary skills?
People tend to want to do business with other people who have similar temperaments, skill sets and backgrounds. While this can be a good basis for friendship, it’s not always the best for a business partnership.
Look for a partner who is better than you at certain things. For example, if you’re the whiz with numbers, you might need someone who is a great communicator or leader. But, if your focus is big, long-term strategies, you might need a partner with excellent attention to detail. Bringing complementary skills together makes your partnership greater than the sum of its parts.
Do you have a personal relationship?
Partnering with your spouse, sibling or best friend might seem like a great idea to start. But proceed with caution when forming a business with someone with whom you already have a personal relationship.
According to a PWC survey, 23% of owners and executives in a family-owned business say they’ve never had a disagreement with their family members. Meanwhile, disagreements are a regular occurrence for 7% of family-owned businesses.
Close relationships can suffer if the business fails due to conflict. Which many do — data shows 20% fail in the first year alone. This isn’t to say that you should never do business with friends and family. But if you do, make sure you have a written partnership agreement. Outline responsibilities and how you’ll resolve potential conflicts.
Have you considered a trial run?
Until you’re actually in business with someone, it can be tough to understand their work style or how they’ll react in difficult situations. If you don’t have any experience working with your potential partner, consider doing a trial run. You could work on a project together or hire them as a consultant.
This allows you to see how well they communicate. See if they pull their weight and work through challenges. If it goes well, you can formalize your business partnership. If it doesn’t go well, you have a chance to walk away sooner rather than later.
Do you have a written partnership agreement?
No matter whom you choose as your business partner, you need a written partnership agreement. This agreement spells out the rules for how the partners will manage their business. It includes responsibilities, investments, profits and losses, company management and conflict resolution. It can also address what happens when one partner wants to sell or leave the business.
Don’t skip the formal agreement because you’re starting a business with family or afraid of hurting someone’s feelings. A partnership agreement is always important. But it can be even more crucial when you’re starting a business with a friend or family member. Plus, a well-thought-out agreement can help lessen misunderstandings and preserve your relationship.
Each state has its own laws governing formal business partnerships. So it’s a good idea to work with an attorney who specializes in contract law. They can help you create a custom (and legally enforceable) partnership agreement.
Of course, hiring an attorney costs more than downloading a partnership agreement template you might find online. But a well-drafted agreement can protect your investment, efficiently resolve disputes. And it saves you tens of thousands of dollars in legal fees later.
Janet Berry-Johnson, guest blogger and author of this post.
Are you interested in starting a business or growing your existing business? Bringing on a business partner can offer several advantages. These include expertise in different business areas, strategic connections and more capital.
But select the wrong partner and you could be setting yourself up for years of personality conflicts and lawsuits. And ultimately, the end of your business.
Before you even think of approaching a potential business partner, consider whether you really need one. Then, get clear on the type of person who will be a good match for your own skills, values and goals. It’s much harder to undo a business partnership than it is to create one. Here’s what you should know before taking on a business partner.
What does a business partnership entail?
A partnership is a relationship between two or more people who carry on a business together. For tax purposes, partnerships are known as pass-through businesses. This means the partnership doesn’t pay taxes. Rather, partnership income or losses are passed through to owners. The owners then pay taxes on their share of profits on their individual tax returns.
Partnerships are the second most common type of pass-through business in the U.S., just behind sole proprietorships. That popularity stems, at least in part, from the ease of creating a partnership.
According to SCORE, a nationwide network of volunteer business mentors, partnerships aren’t a legal business entity. In some cases, they don’t have to be registered with the state. This is unlike corporations and limited liability companies (LLCs) do. Essentially, if you go into business with another person without incorporating, you’re in a partnership by default.
Despite that informality, forming a business partnership isn’t a decision to take lightly. Even if you don’t have a formal agreement, you have basic legal responsibilities to other members of the partnership. Such as:
Sharing planning and decision-making rights
Maintaining appropriate financial records
Sharing business profits and losses based on each partner’s investment
Compensating partners for expenses they pay on behalf of the business
Getting your partner’s consent before bringing on extra partners
Returning your partner’s original capital contribution should they to leave the partnership
How to identify a solid business partner
Choosing a business partner is like choosing a spouse. You’re trusting this person with your financial investment and your future. That’s why it’s so important to choose your partner wisely.
So what kind of criteria should you look for? Consider these six questions.
What are your goals?
What happens if you want to grow your business internationally, but your partner wants to keep it small and local? Not being on the same page about target market, investments and long-term strategy can lead to a lot of unnecessary conflicts. You and your partner should have similar goals for the future of the business.
How are their finances?
Unless you already have an open relationship with your potential partner, you likely won’t know much oft their financial history. Going into business with someone with poor credit or shady financial dealings can get you into trouble. Consider having a potential partner submit to a background check and credit check.
Do they have complementary skills?
People tend to want to do business with other people who have similar temperaments, skill sets and backgrounds. While this can be a good basis for friendship, it’s not always the best for a business partnership.
Look for a partner who is better than you at certain things. For example, if you’re the whiz with numbers, you might need someone who is a great communicator or leader. But, if your focus is big, long-term strategies, you might need a partner with excellent attention to detail. Bringing complementary skills together makes your partnership greater than the sum of its parts.
Do you have a personal relationship?
Partnering with your spouse, sibling or best friend might seem like a great idea to start. But proceed with caution when forming a business with someone with whom you already have a personal relationship.
According to a PWC survey, 23% of owners and executives in a family-owned business say they’ve never had a disagreement with their family members. Meanwhile, disagreements are a regular occurrence for 7% of family-owned businesses.
Close relationships can suffer if the business fails due to conflict. Which many do — data shows 20% fail in the first year alone. This isn’t to say that you should never do business with friends and family. But if you do, make sure you have a written partnership agreement. Outline responsibilities and how you’ll resolve potential conflicts.
Have you considered a trial run?
Until you’re actually in business with someone, it can be tough to understand their work style or how they’ll react in difficult situations. If you don’t have any experience working with your potential partner, consider doing a trial run. You could work on a project together or hire them as a consultant.
This allows you to see how well they communicate. See if they pull their weight and work through challenges. If it goes well, you can formalize your business partnership. If it doesn’t go well, you have a chance to walk away sooner rather than later.
Do you have a written partnership agreement?
No matter whom you choose as your business partner, you need a written partnership agreement. This agreement spells out the rules for how the partners will manage their business. It includes responsibilities, investments, profits and losses, company management and conflict resolution. It can also address what happens when one partner wants to sell or leave the business.
Don’t skip the formal agreement because you’re starting a business with family or afraid of hurting someone’s feelings. A partnership agreement is always important. But it can be even more crucial when you’re starting a business with a friend or family member. Plus, a well-thought-out agreement can help lessen misunderstandings and preserve your relationship.
Each state has its own laws governing formal business partnerships. So it’s a good idea to work with an attorney who specializes in contract law. They can help you create a custom (and legally enforceable) partnership agreement.
Of course, hiring an attorney costs more than downloading a partnership agreement template you might find online. But a well-drafted agreement can protect your investment, efficiently resolve disputes. And it saves you tens of thousands of dollars in legal fees later.
Janet Berry-Johnson, guest blogger and author of this post.
The Best NAICS Code for Your Business is Out There—and Within Reach
You may have heard of NAICS codes and SIC codes. And you may also have heard about how they can mark your business as low or high risk.
Today, let’s look at choosing the best NAICS code for you and how to do so easily. Since SIC codes are on their way out, we won’t look at them. But the principle is the same.
It’s a question of risk. More on that in a moment.
Some Background
The North American Industry Classification System has industry codes to define establishments based on what they do most of the time. The codes sort businesses to gather, analyze, and then publish statistical data on the US economy.
For example, if your company is a salon, the code might be 812112, which is for beauty salons. But that’s not quite right if you have a nail salon, which should use 812113 instead.
For salons, there are only a few possible codes, corresponding to various services. A salon offering services for hair, nails, and permanent makeup could choose from three codes.
Which Coding System do Banks and Business Credit Reporting Agencies Use?
Lenders, banks, insurance companies and business CRAs use SIC and NAICS codes. They want to see if your business is in a high-risk industry. So you could get a denial for a loan or a business credit card based on your business classification. Some codes can trigger automatic turn-downs or higher premiums. Or your business might receive reduced credit limits.
The IRS will use the code you pick, to see if your business tax returns are comparable to other businesses in your industry. If your tax deductions do not reasonably resemble other businesses in your industry, your business could be subject to an audit.
Furthermore, some companies get a high-risk label when they do not choose the right code. But if you get how the classification system works, then you can choose the right business NAICS code on your first try.
Avoiding High Risk Codes
The riskiest businesses tend to be cash-intensive. Or they can be businesses with a higher chance of personal injury or property damage.
The NAICS keeps a list of high-risk and high-cash industries. Industries on the list include casinos, pawn shops, and restaurants. Before you choose a code, look over the list.
But keep in mind, that list of high-risk and high-cash industries is from 2014 and may be incomplete or even out of date. Per the NAICS, there are no plans to update it at this time.
OSHA also requires injury and illness reports from certain high-risk industries.
None of three salon codes are on the list. But this doesn’t mean they shouldn’t be. After all, salons harbor any number of hazards. Wet floors from dripping towels can make a floor slippery. Curling irons and hair dryers are sometimes too close to wash basins. Shampoos, dyes, and nail polish remover can cause allergic reactions. And a rough masseur can injure a customer’s back.
But the other side of the risk coin is occupations which are cash intensive businesses. A pawn shop might not have much of a specific risk of injury at all. But the large amounts of cash normally associated with one mean that it’s a tempting target for thieves.
More Reasons a Business May Be High Risk
Experian in particular tends to mark certain industries as high risk when they aren’t cash-intensive. And they have no physical plant where anyone can get hurt (such as is the case with purely online businesses). So, what gives?
There are a few reasons.
Traditionally late-paying industries and/or a high risk of payment default. For example, single family home builders in the late 2000s were going bankrupt, and considered a high risk for extending credit.
Industries with a low barrier to entry. There may not be an education requirement, or maybe no licensing is necessary. There may not even be any regulations governing the industry. As a result, people go into these businesses who really don’t know what they’re doing. Hence they can go out of business just as easily as they go in. Think of the number of consultants and life coaches you see these days, maybe even among your friends. Often, those businesses don’t stick around. Even if they do, if the industry is so glutted, they might not make too much money.
Use the NAICS search function and their business activity code lookup
Select the NAICS number with the closest fit—if there is no good fit, expand your search. Also click on the code name to open it for more information
Can You Perform an NAICS Code Lookup by Company Name?
Yes, you actually can. Keep in mind, it’s not exactly a list of companies by NAICS code. Which makes sense, as the NAICS would probably prefer selling something like that. However, if you go to the NAICS Company Lookup Tool, you get a few options.
You can look up a company if you have their name and ZIP code, or you have their name and D-U-N-S number, or their name and complete address.
As a result, I was able to look up Apple’s NAICS codes (their headquarters in Cupertino, California has a ZIP code of 95041. Hence if you were Tim Cook, and were asking, “What is my NAICS code?”—that would be how you would get it. But they won’t let you conduct more than one search without paying.
Choosing a Business Code: Back to Our Example for a Moment
For our salon example, it’s hard to say which code is best. Chance are they are all equally risky. Of course you want to be honest when picking a code. But if more than one code could apply, it’s okay to choose a code which will not get you denied by lenders.
If you make your own conditioner and the like, that may turn out to be a better code, 325620. That way, you may be able to still operate your real salon business without being considered risky.
A better code can be the difference between business funding—and no funding.
But Does Risk REALLY Matter That Much?
It matters less than you may think. If traditional lenders will say no, then it’s time for some internet sleuthing. A quick Google search for business loans for salons pulls up over seven million hits. You don’t have to get money from a traditional lender.
But check a few things, e.g.:
Do they lend to independent salons or just to larger franchises?
What does the Better Business Bureau say about them?
Is your local Chamber of Commerce and/or industry association familiar with them? If so, what do they say?
And then proceed as you wish. If you’ve found a reputable lender and they don’t care about SIC and/or NAICS codes, then the codes kind of don’t matter….
Codes and Fundability
Your NAICS code is a part of the calculus of fundability of your business. Lower-risk codes will tend to be better. But if your business has several other positive fundability factors, the code matters less. A well setup business with $2 million in sales every month should be able to get money no matter what their code is.
The Best NAICS Code For Your Business: Takeaways
Choosing the wrong code could end up costing your business and get you labeled as high-risk. This could directly impact your insurance premiums. It could affect your financing ability, even your credit limit recommendations. This small error of selecting the incorrect code could have a big impact on your business in the future. Always do your research before choosing.
Here are some examples of industries considered high risk.
Restricted Industries (automatic decline):
Ammunition or Weapons Manufacturing; wholesale and retail.
Finance: Federal Reserve Banks, foreign banks, banks, bank holding companies
Gaming or Gambling Activities
Pawn shops
Political campaigns, candidates, or committees
X-rated products or entertainment
High-Risk Industries (subject to stricter underwriting guidelines):
Computer and software related services.
Dry cleaners
Entertainment (adult entertainment is considered restricted).
General contractors
Gasoline stations or convenience stores (also known as c-stores)
Healthcare: specifically nursing homes, assisted living facilities, and continuing care retirement centers.
Hotels or motels
More High-Risk Industries
Jewelry, precious stones, and metals; wholesale and retail
It can be hard to get a business loan. This is especially true if you are applying for loans from a traditional bank. Sometimes alternative lenders are a better option. You may not realize that companies like PayPal and Square offer loan options for their customers. There are also companies, like Fundbox, that require you to be a customer with them first. These are not banks, so they are referred to as alternative lenders. How do you decide if PayPal loans, Square loans, or Fundbox loans right for your business?
Are Loans from PayPal, Square, or Fundbox Easy Business Loans?
Getting a business loan is not always easy. It can take a long time to find one that is right for your business. This is partially due to the fact the requirements vary widely between lenders. The number of requirements vary as well.
Sometimes you not only need a good credit score, but also collateral, a minimum time in business, and minimum average revenue. Not all businesses meet all of these requirements at once, making it hard to qualify.
Other Options
There are alternative lenders, however, that make things a little easier, even if they aren’t exactly easy business loans. They may have less stringent requirements or rely on things other than collateral or credit score. Fundbox, PayPal, and Square are just a few examples.
If you have a business account with them already, you can get PayPal loans. No personal guarantee is required, and they do not do a credit check. Instead, loan amounts and eligibility depend on your sales via the platform. The maximum loan amount depends on your account history with the company.
To be eligible, you must have a Premier or Business account with them for 90 days or more. In addition, if your account is Premium, you must have at least $20,000 in annual sales with them. If it’s a business account, you must have at least $15,000 in annual sales on the account. You also have to pay off any existing loan with them before you can get another one.
Since payments are automatically deducted as a percentage of each sale through the account, the amount you pay each day varies with your sales volume. As a result, the more you sell, the more you will pay on the loan that day.
You’ll make no payments on days without sales, but there is a minimum repayment requirement every 90 days. Depending on the loan terms you choose, you must pay at least 5% or 10% of your total loan amount (loan + the fixed fee) every 90 days.
The 5% minimum applies to loans estimated to take 12 months or more to repay, based on your business’ past sales through the company and other factors. The 10% minimum applies to loans estimated to be repaid within 12 months.
Are PayPal Loans Right for Your Business?
If your sales volume is strong enough to keep up with repayment and not put your business at risk, it could be a great funding opportunity. It’s probably not something you should open a account with them for on it’s own, but if you already have one it is definitely an option to keep in mind.
Loans from Square
You can also get loans through Square if you have a Square account. Similar to PayPal loans, applying will not affect your personal credit score. Loan eligibility is based on a variety of factors related to your business, including its payment processing volume, account history, and payment frequency.
Loan amounts range from $300—$250,000. You’ll get a customized offer based on your business’s card sales through Square. There is no interest, just an ongoing flat fee.
The fixed fee is the difference between the total amount you owe and the initial loan amount. It will never change, regardless of how quickly or slowly you repay the loan. It automatically deducts until your loan is fully paid.
Like PayPal loans, daily payments fluctuate with sales. On days with higher sales, you will pay more than on days with lower sales. You must pay a minimum of 1/18 of the initial balance every 60 days.
Square doesn’t require collateral for business loans of $75,000 or less. For loans over $75,000, they take a security interest in your business assets. They will file a UCC statement with the Secretary of State where your business is organized. There is no personal guarantee.
Is a Square Loan Right for You?
If you work with Square and need less than $75,000, you don’t even need collateral. That can be a great option. However, if you need more than $75,000, the required UCC statement may be a turn off.
If you do not already work with either of the other two, Fundbox may be a better option. Cash flow financing is easy with Fundbox. They just want to know about your cash flow when deciding whether to fund your business. They will connect directly to your online accounting software, and that’s all you need to do.
Fundbox offers a revolving line of credit rather than term loans. Amounts range up to $100,000. They will auto debit your weekly payment from your bank account. The minimum personal credit score requirement is lower than that of most traditional lenders as well.
You pay in equal installments over the course of a 12 or 24 week plan. Available credit replenishes as you pay, and there is no penalty to repay early.
To qualify, your business must be based in the US and you need to have a 600+ personal FICO score. Additional requirements include:
$100,000+ in annual revenue
A business checking account
Ideally 6 months or more in business
Are Any of These a Good Option for Your Business?
That’s the real question, right? How do you know which one to choose? If you already have a relationship with PayPal or Square, and you qualify, then a Square or PayPal loan may be a good option. Unless you would prefer a line of credit, then you may want to consider Fundbox.
Of course, if you do not have a relationship with the other two, Fundbox it is. If you aren’t already using one of the payment processing companies, the lending options alone aren’t really a reason to start. Still, they could play a factor in a decision between the two if you are considering one or the other.
Why Choose one of These Options Over Traditional Funding?
The main reason is the lower credit score requirements, or lack of credit score requirement at all. Also, the fact that collateral isn’t really an issue unless you are trying to borrow more than $75,000 from Square. These aren’t the only options however. Credit Suite has a number of funding options to fit almost any business. We can help you find the best fit for your specific needs.
Buying a domain name is exciting. It means you’re taking the first steps to establish yourself and create a professional website. But, it can also be overwhelming.
Not only do you have to find an available domain name, but you have to choose between dozens of top-level domains (TLDs) such as:
.com
.co
.org
.io
.co.uk
.net.
.gov
The list goes on!
Picking the right TLD is just as important as choosing the rest of your domain name. You want the best option for your business type to establish trust with your target audience and one that’s memorable.
In this guide, you’ll learn about the different TLD types, which ones you can and can’t buy, and how to know what type is the best fit for your business.
What Is a Top-Level Domain?
A top-level domain (or TLD) is the last segment of a domain name.
For example, the TLD for NeilPatel.com is “.com.”
.com is just one of the many options available, though.
The Different Types of Top-Level Domains
The Internet Assigned Numbers Authority (IANA) officially recognizes three types of TLDs.
1. gTLD: Generic Top-Level Domains
The gTLD contains the most common top-level domains, and anyone can register most of these domain extensions.
Some of the generic top-level domains in this category include:
.com
.co
.org
.net
.xyz
.biz
.info
In 2011, ICANN extended gTLDs to companies and organizations. It helps brands register their name as a domain extension.
A few real-life examples are:
.barclays
.cern
.google
Some companies choose to use extended gTLDs as redirects. For instance, if you go to search.bing, it redirects to bing.com. Others, like .cern, strictly use their extended gTLDs.
Businesses can also register generic TLDs around their industry niche.
For example:
.realestate
.democrat
.republican
2. sTLD: Sponsored Top-Level Domains
An sTLD are domains sponsored by a specific entity like a business, government, or other groups.
In this category, you’ll find domain extensions for:
.gov
.edu
.mil
.int
.coop
.museum
.jobs
.post
.travel
3. ccTLD: Country Code Top-Level Domains
The last type of top-level domain is ccTLD. These domain extensions are reserved for countries, sovereign states, and territories.
These codes are two letters long and represent the country or territories’ abbreviated name.
For example:
.us – USA
.uk – United Kingdom
.eu – European Union
.ru – Russia
.ca – Canada
However, ccTLDs are not only for countries. Businesses use ccTLDs to geotarget users in different markets.
For example:
hm.com – USA
hm.co.uk – United Kingdom
hm.co.za – South Africa
How to Choose the Perfect Top-Level Domain
Think of your domain name as your brand’s search representative.
Some TLDs may hinder your branding because of spam associations, while others could improve your search result rankings.
Below, we’ll unpack some of the most common TLDs to help you select the perfect domain name for your business.
Some Top-Level Domains Aren’t Available to Everyone
Not all domain names are available for anyone to buy. These are restricted top-level domains known as rTLDs.
To obtain an rTLD, you need to meet specific criteria laid out by the TLD’s registry.
For example:
.gov and .mil are reserved for official government and military uses and are controlled by the US government.
.edu is an extension only available to eligible postsecondary constitutions in the U.S., some governing boards, and nonprofits where 75 percent of their members are eligible educational groups.
.name is reserved for individuals.
Trademarked rTLDs aren’t available unless you can prove you are the trademark owner. For example, you can’t buy a .nescafe or .walmart domain name unless you own the company in question.
rTLDs can also be geo-location domain names. You can’t buy a .nyc domain name unless you have a valid New York City address.
These controls help prevent fraud and forgery and give users a sense of security when using these sites.
How to Buy an rTLD
If you meet the requirements for some of the most common rTLDs, here are the steps to take to purchase them:
.mil: Go to the Department of Defense‘s official website. You need to fill out the official form for website registration and submit additional information such as government point of contact and select the correct government component.
.gov: Go to the official DotGov registration site. You can check if the domain you want is available, review the requirements, and download the authorization letter template.
.edu: Go to the Educause website. The site details the eligibility of domain names, provides domain name prices, and offers a tool to check domain availability.
When to Use .com Domain Extension
If you run a business, blog, or another professional website, a .com TLD is probably the way to go.
The .com stands for commercial. It’s one of the best TLD domains to use because people view it as credible, trustworthy, and more memorable than other obscure domain extensions.
A study from GrowthBadger found .com is the most trusted TLD. Plus, people are 3.8 times more likely to simply assume a domain ends in a .com than anything else, meaning if they try to go directly to your website, they’ll probably end with a .com by default.
However, there’s a catch.
Anyone can register a .com domain extension, and because it suits a range of business types from business coaches to online stores, it’s not easy to find a .com no one has snatched up already.
If your perfect domain name is unavailable, not all hope is lost. There are strategies you can use before settling on a complete rebrand. For instance, you could try to buy the domain from its current owner or use a reasonable variation on your company’s name.
You can try an alternative domain extension like .net (more on this below) or add a country code if it makes sense to do so.
When to Use .org Domain Extension
The .org stands for “organization” and is commonly used by nonprofits, social causes, groups, and clubs.
Examples include:
charitynavigator.org
kidneyfund.org
doctorswithoutborders.org
Using the .org extension can give your brand more credibility than other extension options.
That said, anyone can register a .org—there isn’t a regulating body. However, it’s best to buy another domain extension if your site doesn’t fit into one of those three categories.
Why?
Users already associate the domain with nonprofits and groups, and it could be confusing if you’re a SaaS business with a .org. Worse, if you don’t run a nonprofit, consumers could feel like you’re trying to trick them by having a .org.
If you run a nonprofit and want to use .org, keep in mind that 44 percent of people remember .com TLDs, while only 32 percent recall .org extensions.
The lower memorability score could end sending people to the wrong site. But, you can avoid this by buying the .com version in addition to the.org. It will protect your brand because no one else can buy the .com, and you can set up a redirect to your .org site.
When to Use .net Domain Extension
The .net domain extension is another option for businesses, but it’s not a great fit for everyone.
The .net stands for network, and the extension is for:
internet service providers
network services
online technology companies
database providers
If your business has nothing to do with tech, it usually won’t be the best option. An excellent example of an exception to the rule is behance.net. The website is an online design community and has nothing to do with providing internet or database services.
However, it works for their brand because it is a network for designers and clients to find each other.
From an SEO point of view, the .net is better than most other lesser-known extensions if you’re in the tech industry or work for another brand .net fits with. It’s been around long enough for people to remember it, and it’s considered trustworthy and authoritative.
How to Buy a .com, .org. ,or .net TLD
Ready to buy a domain name? Fortunately, it’s usually a straightforward process.
Two of my favorite domain registrars are Bluehost and Namecheap.
Both sites are easy and straightforward to use, though they serve different purposes. Bluehost provides hosting and other services, while Namecheap is strictly for buying domains.
You can buy common TLDs such as .com, .net and .org as well as alternative domain extensions like .io, .so, .new, etc.
How Does Your Top-Level Domain Affect SEO?
Besides branding, choosing a TLD has an impact on your SEO. Here are the main things you need to consider when deciding on a TLD domain.
Public Perception and Spam
Unfortunately, some TLDs are associated with nefarious online behavior. If you use them, Google might assume your site isn’t safe, and you’ll never make it to the top of search results.
According to Spamhaus, these are the TLDs with the spam worst reputations:
.date
.surf
.cam
.bar
.icu
Besides search engine rankings, using an alternative domain extension can affect your click-through rate (CTR). For example, if your target audience is unfamiliar with the TLD, they might not view your site as safe, and you won’t get traffic.
In the same study from GrowthBadger, these were the TLDs that have the lowest trustworthiness, factoring in things other than spam:
.blog
.io
.biz
Using an Industry-Specific TLD
Depending on your industry, using an industry-specific TLD could boost your SEO.
For example, several start-ups use the TLD of .tech or .io. Other options include using .food for a food blog or .travel for a tour operator.
Using an industry-specific TLD tells Google and people what your site is all about, which can help improve your rankings and CTR.
Examples of sites using industry TLDs:
visitdurban.travel
voodoo.io
nothing.tech
Yes, we know we just said .io had a low trustworthiness rating. This is because many folks simply don’t know what it refers to, which is understandable. This TLD is a play on I/O, meaning input/output in computer science terms, so it follows that tech (particularly gaming) companies would use it.
Geotargeting
Is your business tied to a specific location?
You might get an SEO boost by using geotargeting in your TLD.
It signals to Google that your site serves a particular country or city, and it could make your pages visible to people searching from those locations.
You can also use TLD geotargeting if you have a business that operates in multiple countries worldwide.
For example, Amazon has:
amazon.com (USA)
amazon.co.uk (United Kingdom)
amazon.nl (Netherlands)
amazon.de (Germany)
amazon.fr (France)
Conclusion
A top-level domain is an integral part of your website’s structure. Before you buy one, take the time to look at the different TLD options and select the best one to represent your business online.
If you need to change your TLD or domain name later, you can. But, you’ll need to 301 redirect the old domain and every page to the new one, and it can take up to six months for your traffic to recover.
It’s much easier to start your website on the right foot than have to go through a site migration process, hindering your bottom line and SEO content marketing efforts.
Which top-level domain will you choose for your business?
Starting your own business is one of the most rewarding ways to make a living. You get to see profits and growth as a direct result of the hard work you put in. But being a small business owner – or freelancer – comes with all sorts of unique challenges. In addition to selling your product or services, you also have to handle scheduling, bookkeeping, and financials for yourself.
Making sure you’ve got the right tools in place can make a huge difference to the success of your business. One of the tools you’re going to need: a solid business bank account. Below we take a look at why you need a business bank account, how to make the best choice when deciding on which business bank account to choose, what features you should be looking for, and how to make sure you’ve got a solid application for approval.
The main advantage of having a business banking account is that it allows you to separate your personal finances from the finances of your business. If you’re a freelancer or sole proprietor, this saves you time and energy come tax season. If you’ve got employees then having a business bank account is something you’re definitely going to need.
Did we mention that taxes are important for small businesses? They are. Having a separate account for your small business lets you easily know what is a business expense and what isn’t. That makes for a streamlined process when filing taxes or handing them off to an accountant. The process saves you time and money. Also, mixing up personal and business finances is one of the easiest ways to get yourself in trouble with the IRS.
It Makes You Look More Professional to Customers, Clients, and Peers
Opening a small business account means you accept payments to your business name. This means if a customer were signing a check to your company they’d make it out to the name of your business, rather than to your name personally. That perception matters.
It Allows You to Start Building Credit for Your Business
A small business bank account is the cornerstone to building your business credit. This allows you to apply for things like business credit cards, mortgages in the business name, and business lines of credit. All of these are important things for growing your company in the future.
What Companies May Have Difficulty Opening a Business Bank Account?
Just because you’d like to open a business bank account doesn’t automatically mean you’re going to be able to. When you apply for a business bank account the bank will do background checks to make sure that you’re going to be a good customer.
Common reasons why someone might be denied a business bank account include poor personal or business credit history, the registered location of the company, engagement in banking activities that are deemed high risk, and association with high-risk industries. The last issue can be a particular problem for folks trying to open up a small business. While their own activities might be perfectly legal – or legal in their own state – association with an illegal business can sometimes lead to rejection.
For instance: when a person is selling CBD they might get rejected for its association with marijuana, which remains illegal at a federal level. Another example of high-risk clients for banks is any company that may have a high degree of chargebacks from customers, like the travel industry.
There are a couple of things you can do to help your high-risk business get approved for a bank account. The first is very basic: make sure you have got all of your legal documentation – and other material needed to sign up for a bank account – in perfect working order when going through the application process.
Being meticulous about what your business is and how it operates makes it harder to be turned down. You can also look for merchant accounts that specifically deal with high-risk clients, though those accounts can come with greater fees.
Things to Look for in a Business Bank Account
There are a number of different factors to consider when looking for a business bank account. Here are some things you’re definitely going to want:
Mobile and Online Banking
You shouldn’t have to go into a brick-and-mortar location to do your banking. Being able to bank on the internet – and on your phone – means that you can get your banking done anytime and from anywhere.
Mobile Check Deposits
If you’re able to bank on your phone, you also want to be able to deposit checks through the app. That way you’re not encumbered with going into a physical location every time you have a check to cash.
Easy Access to Transaction Records
When running a business you’re going to want easy access to all the money going in and out of your account for bookkeeping purposes. Having easy access – and easy to understand – transaction records makes that a lot easier.
Separate/Sub Accounts for Taxes and Expenses
Having sub-accounts within your main account where you can automatically allocate money for taxes, savings, and expenses makes it easier to make sure you’re actually turning a profit with your business. It’s also imperative to the wildly popular profit-first model.
No Hidden Fees
Understanding what you’re paying for each month and how much it costs allows you to save for the future. With tons of great options for a business bank account, you shouldn’t be putting your hard-earned money towards paying unnecessary banking fees.
After you’ve decided which business bank is right for you, you’re going to want to look at what you need to open for a business bank account. The type of information varies depending on whether you are a sole proprietor, LLC, corporation, or partnership. You can double-check that you have the proper documentation necessary by taking a look at this article. In general some things you’re going to want the following:
A certificate with name and date of birth
Organizing document that has been filed with the state
Partnership agreement
Monthly credit card revenue if opening a merchant account
EIN
Personal identification
Business license
Here are some common reasons why you might be denied a business bank account:
The business name you submitted to the bank is not the exact same name and spelling that is on your business license
Your business name denotes the fact you’re in a high-risk or illegal activity (Examples: Frank’s Guns)
You’re using a residential address or PO Box for a retail business. Virtual addresses can be accepted but you may have trouble getting a D-U-N-S number if you use one. The DUNS number is a unique number associated with your business that is used to support credit reporting
You have a poor credit score with a previous business or personal account
Getting started with a business baking account can seem intimidating at first, but having a business account for your company will save you a lot of time and hassle in the long run.
Graham Isador is a writer in Toronto. His work has appeared at GQ, VICE, and Men’s Health, among other places.
Email beats all other marketing channels and can generate $37 for every $1 you invest.
Even though email marketing can generate a ton of revenue, it’s still not easy.
You need to know which email tools are best, how to use them so you don’t end up in spam folders, and how to create emails that convert.
Even for fully-staffed marketing teams, it can be overwhelming.
Email marketing agencies are perfect for overcoming these challenges.
They know how to use the tools and run fully-scaled email campaigns. They can also distill your brand and offer into great campaigns that generate revenue.
Today, I’ll walk you through how to choose an email marketing agency that’ll help you unlock all the business value email holds.
Good?
Well, let’s start from the basics.
Know Your Goals and Desired Outcomes
Before you jump straight to the top email marketing companies and pick one to work with, it’s a good idea to pause first.
Why?
You’ll get much better results.
Famous email agencies, like the ones I’ll recommend, usually have a track record of overseeing successful email marketing strategies and campaigns.
However, it’s never a one-size-fits-all situation.
Some agencies only excel when working on specific projects or campaigns. Others drive better results when working with specific kinds of businesses.
Knowing your goals and desired outcomes with email marketing gives you the right lens to evaluate different agencies and know which one is best for your needs.
Not to mention, it’ll help your agency get started a lot faster. The clearer the goal, the better the outcome.
Let’s take a look at some examples.
Example #1: Build and grow your email list
Without an email list, you can’t do email marketing.
And if you have a small list of, say, 33 email addresses, you’ll never get the full benefits of email marketing either.
The first step is to build your email list.
You’ll achieve this by choosing an agency with experience executing list-building campaigns to get your first 100, 1,000, or 10,000 email subscribers.
Take yourself, for example.
You won’t give a company your email address for nothing, right?
Absolutely not! We all get enough spam as it is.
Similarly, most people would only subscribe to your email list in exchange for something valuable.
In the digital marketing world, this could be an ebook, a checklist, or other forms of relevant content promoted to the audience whose emails you’re targeting. Consider choosing an email marketing agency with experience creating and promoting amazing content. The better the content, the faster your list will grow.
Example #2: Increase your email open and click-through rates
Low open and click-through rates will destroy your list.
If your open and click-through rates are low, you’ll run into a cascading series of problems:
Your audience isn’t seeing your offers. That’s less revenue.
Email service providers like Gmail, Outlook, and Yahoo will notice your low performance. Then they’ll flag you as spam or stop delivering your email altogether.
Now your open and click rates get even worse.
Even if you improve your campaigns later, they won’t deliver nearly the same results.
Improving your email reputation is REALLY hard.
Instead of risking this email cycle of doom, it’s a good idea to partner with an agency that knows what they’re doing.
They can look for early signs that something’s wrong, course-correct early, and keep your email reputation safe.
In this case, look for an email marketing agency that is exceptional at developing strategies and tactics to help increase your open and click-through rates.
The two examples above were to show that your goals and desired outcome with email marketing go a long way in determining what agency to choose.
They were also to demonstrate that no agency is a one-size-fits-all for all email marketing problems.
Set your goals first, then look for an agency that specializes in those goals.
6 Characteristics That Make a Great Email Marketing Agency
There are hundreds of email agencies out there. Maybe thousands.
And if you visit the websites of these agencies, every single one claims to be the best.
But what characteristics make an email marketing company great? And how can you vet and choose an agency to work with?
1. Great Content Creation
Think of all the emails you receive from other companies.
Do you know why you can’t wait to open and engage with some, but would ignore, delete, or unsubscribe from others right off the bat?
In most cases, it’s because you don’t value the content of those emails.
Amazing content keeps people opening and reading. Then when you send an offer, they’re willing to consider it.
Great content is the core of any serious email strategy.
Check to see if they focus on a process for crafting engaging email content. The best ones always do.
2. An Impressive Client Portfolio
Excellent email marketing agencies didn’t achieve that status overnight.
They worked with dozens or hundreds of brands to execute successful email campaigns.
Because of this, they should have plenty of top-tier brands in their portfolio. And case studies that show you exactly what was done.
Not all of this can be shared publicly. But when you’re exploring options with agencies, ask for examples during your initial calls. The agency should have plenty of examples to point to. If they struggle to come up with some, look elsewhere.
It’s a great way to quickly vet agencies of all types.
3. Thought Leadership
Exceptional email marketing agencies are always on top of email trends. It’s constantly evolving and you don’t want to work with someone that’s using tactics from 5 years ago.
An easy way to check for this is the agency’s blog, YouTube channel, or their own email list. Within 20-30 minutes of consuming their content, you should learn a ton. And it should all be cutting edge.
That’s a good sign they’ll be able to apply those same tactics to your email campaigns.
4. Deep Expertise with Email Tools
Great agencies will have used them all.
If you ask them which tools are best, you’ll quickly learn:
Which are most popular
Strengths and weaknesses of each
The handful of tools to avoid
But don’t worry about which tool they recommend. Pay attention to their depth of knowledge when speaking with them. They’ll probably start by recommending a single tool. Then as soon as you ask any follow up questions, they should have plenty of qualifications, nuance, and detail to their answers.
You should get the feeling that the agency knows this stuff cold. If not, find someone that does.
5. Has Specific Rules to Avoid Spam
If you’ve been hit hard by spam flags, you might need an agency that specializes exclusively on reviving domains with negative email reputations.
Most of us don’t need to go that far.
But you absolutely want to work with an agency that knows how to stay out of the spam box.
Also ask new agencies about how they stay out of spam, their processes to keep things clean, and early warnings that they like to look for.
You should be blown away with the thoroughness of their answers.
If not, keep looking.
6. A Great Company Culture
By choosing an email marketing agency to work with, you’re entering a business relationship with another business entity.
So, before you proceed, check that their company culture fits with yours.
Without a good fit on culture, you’re going to get email campaigns that don’t jive with your brand. You could anger your audience and turn them away. Or play things too safe and leave money on the table.
There’s no right answer on culture, just make sure their culture and yours fit well.
Ask for samples of recent campaigns that they’ve done. They’re likely to do similar work for you.
How to Work With an Email Marketing Agency
Working with an exceptional email marketing agency isn’t like dashing into a grocery store, filling your cart, and dashing out in a few minutes.
There are steps you’ll need to take that ensure your partnership with one leads to business growth via email marketing.
1. Align your in-house team
Most email marketing agencies won’t work in isolation but as an extension of your in-house digital marketing team.
Hence, to ensure a smooth partnership between you and them, you should:
Have meetings with stakeholders in your company to align relevant teams on the need to work with an email agency.
Communicate how the agency’s work would impact your business and why it is necessary.
As needed, appoint employees to work directly with the email marketing agency.
Doing this ensures team alignment between the agency and your company. Also, it keeps the agency in sync with your values, company culture, and the goals for choosing to work with them.
2. Discovery session
As you first go out to contact an email marketing agency, they won’t jump straight into sending you a proposal or contract.
The best email marketing agencies act like doctors who only prescribe after they diagnose.
And to start diagnosing your challenges and goals with email marketing, expect to fill an inquiry form, followed by a discovery session.
3. Research & strategic recommendations
Before making a specific proposal, any good email marketing agency will do an extensive round of research on your current campaigns. This will include things like:
Signing up for your lists and looking at your current campaigns
Mapping out your signup flows
Checking landing pages and signup offers
Looking through social profiles and email funnels from other channels
Once they have a complete picture of where you are today, they’ll be able to put a proposal together.
4. A working contract with project deliverables
A typical work duration with an email marketing agency spans several months.
To take on that kind of scope,agencies usually prefer to send a formal proposal and contract for you to sign.
Take your time and this stage and go through the proposal in detail. You should feel great about every piece. If you have any concerns, work through them now. It’s really easy to change scope, budget, or goals now.
Once you fee good about it, get the contract signed.
5. Onboarding
Expect an onboarding process customized for your team after you sign the contract.
During this step, the agency will usually ask for all your internal document and tool access. Expert to send them invites for your Google Analytics and email tools. Also put together every piece of internal documentation that you have on your email campaigns. The more info they have, the better.
From here, the agency will get started on the work and should have regular check-in calls along the way.
How to Find The Right Email Marketing Agency For You
To choose an email marketing agency that’s right for your needs, the steps I recommend are:
Be sure about your business goals and desired outcomes from email marketing.
Consider agencies with the characteristics above.
Choose an agency with expertise in the area you need help with. And where possible, also prioritize those that have worked with reputable brands.
Finally, know that email is part of your digital, and by extension, content marketing strategy. Hence, it’s best to choose a company with bandwidth for those.
To help, we reviewed hundreds of agencies and found these to be the best.
The 5 Top Email Marketing Agencies
#1 Neil Patel Digital – Best For Email Content
Every time you send an email, people unsubscribe.
That hurts the long-term prospects of your email list.
Since every email has a real cost and makes your list smaller, it’s best to make them count.
The best way to do this is with great content. Your unsubscribes will be lower, your list will be more engaged, and you’ll generate more revenue in the long-run.
Content, including email content, is one of the core areas of expertise at my agency, Neil Patel Digital.
#2. InboxArmy – Best for Full-service Email Management
InboxArmy comes highly recommended, as a full-service email marketing and management company.
This agency’s services include email strategy development, template design, email automation, and other.
InboxArmyserves companies such as Airbnb, LandCentral, and Jockey. If you’re looking for serious email pros for your B2C company, I’d reach out to them.
#3 Fix My Churn – Best for SaaS Onboarding Emails and churn
User onboarding emails are a very unique skill set. The content, CTAs, sending logic and tools are completely different. If you want to improve your SaaS emails, you really need experts in this area.
Fix My Churn applies top-level SaaS copywriting skills to create email onboarding and churn-eliminating sequences to turn free and trial users into happy, long-term customers.
Led by its Founder and SaaS email expert, Val Geisler, Fix My Churn has earned a reputation as an email marketing agency for SaaS companies like Buffer, Aweber, Podia, InVision, and others.
I’d also consider them if your have any type of subscription offer.
#4 Action Rocket – Best for Enterprise Email
Action Rocket needs no introduction as an email marketing agency for enterprise companies.
This agency even works with leading email software companies like Campaign Monitor, MailChimp, Litmus, and others to shape the email marketing space.
Using its vast years of experience, Action Rocket strategizes and develops custom email and CRM programs for enterprise companies, including Marks & Spencer, the BBC, and others.
If you want serious muscle behind your email strategy, reach out to them.
#5 SmartMail – Best for Ecommerce Email
SmarMail is our recommended email marketing agency for ecommerce businesses.
Every business model has its own unique challenges with email and ecommerce is no exception.
You need cart abandonment emails, promotional emails, lifescycle emails for repurchases, and receipts with guaranteed email deliverability.
This agency excels at helping online stores acquire, convert, and retain customers by strategizing and launching email marketing campaigns based on automated triggers across buyers’ lifetime cycle:
SmartMail has an excellent track record, helping ecommerce companies generate about $187 million in revenues. Their clients include French Connection, Skechers, and others.
Get Email Right to Drive Growth
Email marketing isn’t going anytime soon. It is here to stay.
And it generates a ton of cash. Choosing the right agency will get you that growth a lot sooner.
Set your goals, then start looking for the right agency for you.
Even if you plan on doing email inhouse, the right agency can get everything set up correctly from the beginning. That will save your team a ton of time and prevent disastrous mistakes like getting all your emails stuck in the spam folder.
Got a crawling, indexing, or site-wide ranking problem? SEO traffic isn’t just about having the right content. One wrong technical seo setting can bring your entire site down. And many technical errors are so obscure that they go unnoticed for years. Even small problems can add up, slowing you down and resulting in less traffic. … Continue reading How to Choose The Right Technical SEO Agency
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Graham Isador is a writer in Toronto. His work has appeared at GQ, VICE, and Men’s Health, among other places. 
