RievaLesonsky

About Rieva Lesonsky

Rieva Lesonsky is CEO of GrowBiz Media, a custom content and media company focusing on small business and entrepreneurship, and the blog SmallBizDaily.com. She’s a nationally- known speaker, best-selling author, and authority on entrepreneurship, and for more than 30 years, she was the long-time Editorial Director of Entrepreneur magazine. Lesonsky regularly writes about small business for numerous websites and for corporations targeting entrepreneurs.

Buying a Business Checklist

Want to buy an existing business? You’re not alone. BizBuySell.com, a marketplace for business buyers and sellers, reports continued strong business-for-sale activity in the second quarter of 2018. Small businesses sold for a median sale price of $239,000 in the second quarter of 2018. BizBuySell.com predicts 2018 will be a “recording-breaking year when it comes to small business transactions.” As a result, more sellers are putting their businesses up for sale—adding to the already sizeable number of baby boomer entrepreneurs who are selling their businesses in preparation for retirement. You probably have good reasons of your own for [...]

2018-07-18T13:57:59+00:00 July 19th, 2018|Categories: Startup and Launch|

How to Become a Virtual Bookkeeper

Coming from the corporate world, leasing office space seemed like the obvious choice when I started my own company. But after 18 months of commuting to an office and paying rent and other overhead expenses, my two partners and I realized the cost—and time—savings of transforming into a virtual business. Luckily, we all had space to work from our homes, and with the right equipment, we made the transition to being a virtual business without a hitch. If you’re just starting out or, like us, tired of paying for office space, there is another option: Become a virtual [...]

2018-07-10T07:09:43+00:00 July 10th, 2018|Categories: Startup and Launch|Tags: |

Five Side Hustle Options for Single Moms

Throughout my career, I’ve managed all kinds of people with all kinds of living situations. Out of all my employees, I’d have to say single moms are among the hardest working and most dedicated — no matter what life challenges are thrown at them. Making enough money to support yourself and your children as a single mom while still handling all of the childcare duties yourself is one of life’s biggest challenges. For some single moms, the traditional 9-to-5 job may not fit their schedule (nor sufficiently pay their bills). One way around this: Start a side hustle [...]

2018-06-27T14:09:23+00:00 July 3rd, 2018|Categories: Startup and Launch|Tags: |

Don’t Let Poor Accounting Firm Management Stifle Your Growth

What barriers to business growth is your accounting firm facing? Although the answers to that question might vary from industry to industry, I’m sure most boil down to similar sentiments. I know in my business, bandwidth can be a barrier to growth—but not bandwidth in the technical sense. Instead, we’re sometimes limited by our own bandwidth and how much our team can accomplish with the time and resources we have. Sometimes we manage our bandwidth well, and sometimes we don’t. There were times we tried to take on a task we should have outsourced, or skimped when a [...]

2018-06-15T06:26:35+00:00 June 26th, 2018|Categories: Growth and Expansion|Tags: |

Fictitious Name Registration: Know What It Is and Why You Need One

Why You Might Need to Process a Fictitious Name Registration As a small business owner, it’s important to able to pivot quickly if the marketplace isn’t buying what you sell. That was a lesson I learned immediately after I started my business in 2008. Initially, our business planned to connect small and midsized business owners with companies that wanted to market to them. But did I mention it was 2008? As the economy crashed, big companies cut their budgets and the costly services we’d planned to sell were a no go. We had to start over, including using fictitious [...]

2018-06-12T07:51:17+00:00 June 12th, 2018|Categories: Ongoing Management and Protection|Tags: , |

Accounting Franchises: Are They Really Worth the Money?

Traditionally, when you think about starting an accounting business, you envision building the business from scratch and all that entails—doing market research, financing your startup, differentiating your business in the marketplace, etc. But there’s another option you may not have considered: buying a proven concept of accounting franchises. There are a number of accounting franchises available, some of which you may have heard of and some you likely haven’t. The decision to start an accounting business on your own or with the support of a franchise system depends on what kind of operation and lifestyle you want to [...]

2018-06-05T06:16:03+00:00 June 5th, 2018|Categories: Seed and Development|Tags: , |

LLC vs. PLLC: Which Structure is Right for Your Business?

Choosing the appropriate form of business for your company is complicated—and if you are an attorney, physician, accountant, architect or other licensed professional, there are some extra factors to consider. As a professional, you may want to opt for the liability protection and flexibility that a limited liability company (LLC) offers, as opposed to forming a corporation or partnership. But in many states, professionals whose jobs require licensing by the state aren’t legally allowed to form an LLC. Instead, they must form a professional limited liability company (PLLC). In this article, we’ll look at the difference between an [...]

2018-05-29T06:37:28+00:00 May 29th, 2018|Categories: Startup and Launch|Tags: , |

The Accountant’s Role in Business Formation

How much do you value your accountant? If you answered “plenty!” then you’re in good company. According to a survey* by Wasp Barcode Technologies, small business owners ranked accountants as the most important professional to their businesses. Not surprisingly, when asked how familiar the business owners are with accounting functions, most answered in the middle range. Most business owners would never attempt to file their business taxes without the help of an expert accountant, so why wouldn’t you turn to your accountant for help with business formation, too? Most business owners hire an accountant for taxes and accounts [...]

How to Apply for a Trademark Application

Every now and then a trademark application case hits the headlines that makes you cringe at its arrogance (Apple’s fight to stop any sort of apple symbol being used in a logo) or just makes you laugh (Taylor Swift attempting to trademark the phrase “this sick beat”). And then there’s the outright scary—Facebook wanting to stop any business name from using the word “face.” These are extreme examples, but because brand recognition plays such a vital role in today’s business world, companies have become very aggressive when it comes to protecting their names and identities. So, what are [...]

2018-05-10T05:49:32+00:00 May 15th, 2018|Categories: Ongoing Management and Protection|Tags: |

CPA Burnout is Real: Take These 5 Steps to Push Through

Are you distancing yourself from relationships, feeling a loss of personal accomplishment or just overall suffering from emotional exhaustion? You could be on the dangerous road to CPA burnout. Whether your accounting firm is just starting out or growing by leaps and bounds, running your own business can be extremely stressful. You may never have imagined that your entrepreneurial dream could turn into an entrepreneurial nightmare, but CPA burnout is real. Running your own CPA business means being all things to all aspects of your business. Not only are you the boss (the buck does stop with you), [...]

2018-05-03T05:03:12+00:00 May 8th, 2018|Categories: Ongoing Management and Protection|

How to Use Facebook Live for Business

Despite the reparations Facebook has recently had to make on their reputation due to privacy issues, there’s little doubt most of the platform’s 2.13 billion monthly users will stick around—and that means your business needs to stay on Facebook, too. More than 65 million businesses have a Facebook page and for now, the social media platform can still do a lot for your company. One popular Facebook tool that helps you attract attention for your business and enables followers to get to know your brand better is Facebook Live videos. These live videos can be used to promote [...]

2018-04-30T07:32:02+00:00 May 1st, 2018|Categories: Growth and Expansion|Tags: |

Five Ways to Optimize Your Accounting Firm Operations

If you’re like most entrepreneurs, you frequently get the urge to change the way you do things and replace them with new systems and fresh ideas. After all, spring is the time for new beginnings, and your accounting firm operations could probably use a bit of a refresh. As you well know, your operations are the crucial activities of your business, from sales and accounting to marketing and customer service. It’s important for all parts of your operations to balance and support each other. Keep reading to learn how to optimize your accounting firm operations and boost your [...]

2018-04-19T08:48:41+00:00 April 24th, 2018|Categories: Ongoing Management and Protection|

What Is a 501c3 and When Do You Need One?

Have you always dreamed of starting a nonprofit organization so you can give back to your community? Maybe you have a charity that’s close to your heart, such as research for autism or helping the homeless, and you’ve always wanted to have the same kind of impact through your own nonprofit. Whatever your vision, making your nonprofit organization a success starts the same way as any other business—by staying in compliance with government regulations. Your nonprofit organization is accountable to state and federal agencies, including the IRS, which is where 501(c)(3) (also referred to as a 501c3) status [...]

2018-04-17T07:19:56+00:00 April 17th, 2018|Categories: Startup and Launch|Tags: |

The CPA’s Guide to Using Accounting Automation

What does accounting automation mean to your accounting business? From one perspective, you might mourn the loss of business related to simple accounting that your clients can now handle on their own thanks to automation. No longer are most business clients in need of basic services such as data entry, basic bookkeeping or preparing simple tax returns. Here are just a few of the lower value accounting services that accounting automation now enables clients to handle on their own: Maintaining a database of customers and vendors Tracking customers’ accounts Maintaining a database of items in inventory Creating sales [...]

2018-06-05T06:16:03+00:00 April 10th, 2018|Categories: Growth and Expansion|Tags: |

Accounting Service Pricing: Change Your Philosophy to Increase Your Profits

Most small business owners don’t charge enough for their services. Because the competition is so fierce, they typically undervalue what they offer out of fear that if they charge too much, they won’t attract enough clients or the right kinds of clients. But the truth is, the more you strengthen your relationship with your accounting clients and demonstrate your value, the more you can charge for your accounting services. If your competitors are charging more than you, don’t make the mistake of thinking you’ll attract more clients by charging less money. More often, charging less can put you [...]

2018-06-05T06:16:03+00:00 April 3rd, 2018|Categories: Growth and Expansion|Tags: |

March Madness: Small Business and How to Prepare for Victory

There are many reasons the NCAA March Madness tournament is heavily featured in the news and on television screens across the country. It’s exciting to watch and follow the 68 college basketball teams battle and try to eliminate their competition over the three weeks of the tournament. Even fair-weather college sports fans get into the matchups (your employees probably have a bracket pool going). I know in my house, the games are on constantly. Probably the most exciting part of the matchups is seeing how the lesser-known schools do against the big guys that are favored to win [...]

2018-03-26T06:21:52+00:00 March 26th, 2018|Categories: Growth and Expansion|

Best Marketing Strategies for Small Business

Whether your business is just starting out, or whether you’re a seasoned veteran, marketing is a must to keep your company thriving. Marketing is crucial in good economic times and bad. And fortunately, the best marketing strategy for small businesses doesn’t have to put you in the red. Now more than ever, energy, enthusiasm and creativity are the most important factors in whether your marketing works. Here’s a rundown of the best marketing strategies you can try for your business. Marketing Must-Do’s When you’re starting a business, you’ve got to let the whole world know about it. Here [...]

2018-03-07T07:47:06+00:00 March 22nd, 2018|Categories: Growth and Expansion|Tags: |

The Bookkeeper’s Guide to Outsourcing

How many of your bookkeeping clients are business owners outsourcing their accounting tasks to you? If you’re lucky, probably quite a few, since small and large businesses alike have plenty of complicated financial needs. Smart business owners know that outsourcing tasks not in their wheelhouse are a great way to free up valuable time that can be better used to grow their businesses. Just as with your clients, wearing all the hats in your bookkeeping business is not the best use of your skills. When does hiring expert help make more sense for your needs and your bottom [...]

2018-06-05T06:16:04+00:00 March 20th, 2018|Categories: Growth and Expansion|Tags: |

Seven Tips for Optimizing LinkedIn for Accountants

With more than 546 million users, LinkedIn is the world’s largest professional network. The social network has established a solid niche for itself by focusing on workforce needs such as finding new business, searching for jobs and building professional relationships. Plus, if you know the secrets to using it successfully, LinkedIn could be a major revenue generator for your accounting business. Here are seven tips for getting started with optimizing LinkedIn for accountants, CPAs, and bookkeepers. Optimizing LinkedIn for Accountants 1. Make the Most of Your Profile Before you start, it’s important to know the purpose behind your [...]

2018-06-05T06:16:50+00:00 March 13th, 2018|Categories: Growth and Expansion|Tags: , , |

How Will 2018 Tax Reform Affect Your Small Business?

It seems like you just got your business taxes handled for 2017, and now you have to start worrying about 2018 taxes. That’s because the tax reforms signed into law last December under the Tax Cuts and Jobs Act will most definitely affect your business taxes—and possibly your company’s legal structure as well. Sole proprietorships are the most common form of business organization in the United States because they are easy to form and offer the owner complete control of the business. Profits are passed through to the owner, and business income and expenses are reported on the individual’s [...]

2018-03-07T05:11:31+00:00 March 8th, 2018|Categories: Ongoing Management and Protection|Tags: , , |