You're not the first owner to consider closing down a business and you certainly won't be the last. But it is a big decision and one that should be taken lightly. Regardless of your final decision, you need to prepare yourself for the necessary steps involved in the process. Closing down a business requires a certain process be followed. This process is just as important as the steps required to start a business. I have not failed. I've just found 10,000 ways that won't work. ~ Thomas A Edison 12 Effective Steps for Closing Down a Business 1. Admit [...]
At some point, growing businesses need more hands on-deck. But that doesn’t necessarily mean you have to invest the money to hire full-time employees—yet. Before you hire full-time employees, there are other staffing options you can explore. Bring on Extra Help With Our Six Flexible Staffing Options 1. Family and Friends Starting a business requires long hours and time away from family and friends. You can avoid the separation issue (and create new bonds) by hiring family and friends to help run your business. Family businesses account for 64 percent of the U.S. gross domestic product and create [...]
What Is Business Compliance? While definitely not the most glamorous aspect of running a business, complying with applicable rules and regulations is a must. Business compliance (known as “corporate compliance” for incorporated businesses) is critical for keeping your company in good standing with your state. The specifics of what you need to pay attention to depend on the legal structure of your company and where you’re registered to operate your business. The compliance requirements Limited Liability Companies (LLCs) and corporations have to meet can vary from state to state (and sometimes even from one municipality to another), so [...]
I coach kids sports. I started when my oldest son was playing basketball at the YMCA. I didn’t know much about the game as a coach, but luckily I had another dad to help me and we figured it out. It was so new to me and I wanted to do a great job. They were only 6 years old, so we got by. As my son grew, more and more coaching opportunities arose. I always got involved, one way or another. Sometimes my company would sponsor, other times I would help coach. He loved basketball and I [...]
With Thanksgiving just around the corner, our thoughts naturally turn to what we’re grateful for in life. As a small business owner, I know you’re thankful for your employees. After all, how would you run your business without them? In honor of Thanksgiving, here are 9 ways to say “thank you” to your employees. Give out bonuses. Let’s face it: Most people are highly motivated by money. There are a couple of ways to handle bonuses. You can set performance goals and give employees bonuses for meeting them—for example, giving a bonus to salespeople who surpass their quotas [...]
Starting and running a business as an LLC (Limited Liability Company) offers some advantages to business owners who want liability protection, taxation flexibility, and credibility without complexity. Next to a sole proprietorship, it’s the business legal structure that’s least complicated and void of cumbersome formality. But if you’ve already incorporated a business, can that entity be a member of your LLC? And what could that accomplish for you? Yes! Your Corporation Can Be A Member of Your LLC All states allow for other types of business entities (not only individuals) to serve as members of LLCs. Generally, there [...]
If you are over age 50 and thinking about starting a business, you're not alone. In fact, entrepreneurs age 50 and up are one of the fastest-growing categories of small business owners, according to the Small Business Administration (SBA). At 50-plus, you've got a lifetime of work experience to draw on — not to mention the wisdom that comes with age — in launching your new business. To help ensure your startup success, follow these tips: Tap into your experience. If you're not sure what type of business to start, think back to your past work and life [...]
Small business owners who encounter trouble securing traditional loans have an ever-increasing array of alternatives to choose from. Established banks working through the U.S. Small Business Administration offer the lowest interest rates on small business loans, but it’s tougher for entrepreneurs to obtain financing if their business is too new or too risky. Nontraditional lenders have stepped in to provide easier-to-obtain business loans for such entrepreneurs. The terms of this type of financing can vary widely, but expect to pay more for this speedier, easier option.
Did you know that 68 million employees don’t have a retirement savings plan at all? This is often due to the fact that their employers — often small businesses — don’t offer employer-sponsored retirement plans. And small businesses aren’t eager to offer retirement plans for employees, either because they don’t know how to go about doing it or they can’t afford to.
Taxes may be the last thing you want to think about as a freelancer, but they’re still really important to pay attention to. Looking back, did you maximize your business expenses and keep your accounts in order? If not, there’s still time to set yourself up for success come tax time next year.