July 1, 2012 was the 3rd anniversary of CorpNet opening for business. 3 years ago, we started our company with the goal of helping entrepreneurs start a business and manage their business filings. My husband Phil and I had been business partners before, in the “old days” of the Internet in 1997, but after a four-year hiatus we found that our industry of helping people incorporate a business online had radically changed.
We started CorpNet at a very bad time in the economic climate – 2009 was the absolute depths of the Great Recession. Optimism and start-up capital and customers were in short supply, making it tough for a lot of would-be entrepreneurs to commit to starting a business.
Given the tough economic climate, we felt that our company needed to compete on price. We were competing in a saturated market with “800 pound gorilla” companies with big marketing budgets and big brand recognition. Unfortunately, we made a few bad business decisions when we were just starting out. We had a poor business model that was not helping us achieve profitability. At one point, we were losing money on every new business incorporation package that we sold.
So what did we do? We decided to adapt. Just like so many other savvy and hard-working entrepreneurs that we work with, we decided to evolve and reinvent ourselves and find a new business model that would work better for our company. So we raised our prices. And now CorpNet is doing better than ever.
Here are a few lessons we’ve learned from being in business for three tumultuous but fun-filled years:
- Prepare to adapt: No matter how solid your business plan might seem, the reality of doing business might upend all of your expectations and research. So the best way to be prepared is to be prepared to change and adapt along the way. We had to make a serious re-evaluation of what our company needed to do in order to stay profitable, starting with the most basic pricing of our most popular products. Success doesn’t happen overnight, and some of the most successful businesses often have to overcome a few early stumbles before they put themselves on the right track.
- Trust your team: We love our CorpNet employees. They are like family to us. We are so grateful to have dedicated, talented problem solvers and customer relations experts working with our clients every day. We owe so much of our success during the past three years to our awesome team – thank you!
- Never give up: Even though our company was faced with a bad business climate, an unprofitable pricing structure and stiff competition, never in a million years would we ever consider giving up. (And we are still not giving up.) In the short time during the past three years, we’ve been able to create a brand for ourselves, and get up there with the largest competitors and be looked at as one of the most reputable companies on the market.
Back in 1997, Phil and I started a business on our living room couch, starting from nothing. We’ve had an amazing journey together as entrepreneurs and as a husband-and-wife team. I hope every entrepreneur who reads our blog and uses our incorporation services can have as much fun every day running your businesses as we have with ours.
Thank YOU for supporting us throughout the past 3 years and for giving us these three years of having fun and succeeding in business! We wouldn’t be here without all of our loyal fans and followers!
We look forward to serving you for many years to come.
Ready to start a business and create your own success story? Talk to CorpNet for a free business consultation on how to incorporate a business. CorpNet’s free tools, advice and guidance can help you choose a business structure, form an LLC, set up an S-Corporation or other corporate entity to protect your assets and attain the corporate tax benefits and financial advantages of doing business as a corporation.