The modern business must take advantage of useful tools to run at peak efficiency. Some tools improve productivity, while others remove excess downtime among employees or lower the risk of human error. If you're looking for efficient business practices to streamline your venture, the following eight options offer excellent places to start. Efficient Business Practices to Focus On Virtual Phone Systems According to a Gallup survey, as of 2016, 43 percent of employees work at home at least part of the time. When managing remote employees, you need a way to keep them connected to their offices, especially if they [...]
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 CorpNet, we field a lot of questions centered on what aspiring entrepreneurs need to do from an IRS-standpoint to start a business. Almost daily, I see inquiries arrive about obtaining an EIN (Employer Identification Number). I’m glad people ask about that because it is indeed an important item to check off a startup’s to-do list. What Is An Employer Identification Number? You may see EINs also referred to as “Federal ID number,” “Tax ID Number,” or Federal Tax ID Number.” It is a nine-digit number used for tax filing and reporting and for other business documentation purposes. [...]
Big plans come with a big price tag. As most entrepreneurs and small business owners know, there are times when the cash you have on hand can’t cover the expenses essential to growth. It’s at this point that you’re confronted with the question of funding: Do you go with an SMB lender, or do you try credit cards? The Case Against Lenders SMB lenders know that you’re in a jam and that you want your money as fast as you can get it. This is why you’ll see many lenders emphasize the amount of money you can get [...]
So your small business needs access to more money. Whether you have to buy equipment, stock up on inventory, open another location or simply meet payroll, a number of financing options are available. But with so many business loan choices, it’s tough to determine the best one for you, and selecting the wrong option can be a serious misstep. Here are some of the most common financing options, which we’ll explore in more detail below.
Launching a startup is one thing, but finding funding enough to keep it going through those difficult growing pains can be quite another. If you start a business without enough cash for at least the first year, you could be setting yourself up for failure. Fortunately, there are several funding options for you to consider.
Have a great idea for a small business but need money to launch the idea? Getting a lender to give you a loan isn't as easy as filling out an application. Rather, many lenders are selective in which business loans they approve. Here are five tips to help you secure the small business loan you need.
Regardless of the business you’re in, it pays to be prepared for unexpected expenses. While some surprises are less expensive than others, there are times when having access to extra capital can mean the difference between keeping your business moving forward or making do without.
One of the biggest challenges a startup faces is finding the capital to get off the ground. Traditional lenders want to see a track record of a couple of years, and even online lenders typically want to see at least a year. Nevertheless, there are more options available today than ever before for entrepreneurs looking to fund their fledgling companies. Here are a few of them:
If you’re considering incorporating your small business, read this first. This is not a decision to be taken lightly, so make sure you’re aware of what you need to know and do to run a corporation.
If you're wondering about the best business structure for your new company, side business or freelancing gigs, know that your choice in legal structure can have a significant impact on your business, determining everything from how you pay taxes, to how much paperwork you've got to contend with, to what happens if you get sued.
As the summer heats up, vacation season kicks into full swing. Employees with office jobs enjoy all those traditional perks like paid vacation days, while time-pressed, cost-conscious startups, small business owners, and contractors are left wondering how to get that much needed time off without jeopardizing their business and clients.
Do you know the difference between an S Corp and a C Corp? Have you ever wondered if you should form an LLC for your business or where you should incorporate? Or maybe you’re not sure if you need to create a non-profit for your activities? These are just a few of the frequently asked questions about incorporation.
The New Year is in full swing, but before you start kicking off all those new projects, have you given your legal situation some thought? With a full year behind you, it’s the perfect time to reflect and reboot so here are 5 tips to get your business legal ready in 2013: 1. Notify the state of any changes to your business (if necessary) If your business is structured as a corporation or LLC, you’re obligated to alert the state where you incorporated of any changes to the business. For example, if your business changed its address or official company name (even if you just dropped the .com from your official name), authorized more shares, or had any changes to your board or members, you’re required to file Articles of Amendment paperwork with your state. This form will take you just minutes to complete, and is important to making sure your business stays legit.
Ask any small business owner or self-employed person to name their least favorite tasks, and bookkeeping, money management, and paying taxes will all make the list. While these chores may not be popular, they’re absolutely critical.
Congratulations! You've come up with a great idea for a new company. That’s half the work in starting a business. The other half is the hard work and dedication it takes to actually run it. And while you have a list a mile long that you need to take care of before you can actually open your doors, don’t overlook these tasks that many entrepreneurs forget about. Taking care of them up front will make your business operate that much more smoothly in the long run.
For the small business owner, there’s typically little separation between business and personal. You bring your work home (or you may even work from home). You’ve probably invested your own money in the business, or skipped a pay check or two to keep the business going. However, too many small business owners make the mistake of using a personal bank account for their business. While it may seem like a silly formality to open a business account, using your personal account can affect your legal liability. If you’re still using your personal bank account for your business, here’s what you need to know to protect your personal assets.
Are you considering VC funding? Want to apply for a business loan? Did you know that your legal business structure impacts the type of capital and financing you can access for your business? Determining which kind of legal structure is right for your business will depend on what kind of financing you want to seek as listed in this post.
Many small businesses consider themselves 'too small' to worry about incorporation. However, whetherowever, you're a self-employed social media consultant or a landscaper, incorporating or forming an LLC (Limited Liability Company) must be on the top of your business strat-up checklist so you can protect your personal assets against liability and save on taxes!
The most important thing to remember is that you can’t build business credit over night. Business owners should think about their business credit from day one. Even if you’re self-funded now, you never know what challenges or growth opportunities will develop down the road. Having access to credit can only help you adapt to changing conditions and position yourself for success.