Tag Archives: #BusinessTips

How Can My Small Business Recover After a Natural Disaster?

When starting a small business, entrepreneurs must take into account every scenario, including what to do if they decide to buy out their business partner to how to handle paying taxes to protecting their intellectual property. Still, one scenario that often catches many small business owners by surprise is when a natural disaster, such as a hurricane, wildfire, earthquake or flood, strikes their community, damaging or even destroying their business. Rebuilding Your Small Business After a Natural Disaster As Hurricane Harvey and Hurricane Irma have recently shown, natural disasters can strike suddenly and devastate communities in an instant. The Denver Post recently published an article on what happens to small businesses following a hurricane. According to the article in the Post, following a weather-related disaster, approximately 40 percent of small businesses close down permanently. Even if a small business does reopen following a natural disaster, it can take years before…
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How Do I Pay for Taxes on My Small Business?

As anyone who has started a small business will tell you, it can be overwhelming. You have so much to deal with, from finding a location for your business to hiring employees to building a client base. However, one important aspect that new business owners may fail to account for is how to pay taxes on a small business. How Do Taxes Work for Small Businesses? Entrepreneur did an article with financial expert Dave Ramsey recently. We have featured tips from the piece in our blog, including blogs about whether it is a good idea to take out a loan to start a small business or get a business credit card. This week, we are focusing on Ramsey’s advice about how entrepreneurs should deal with paying taxes on their small business. According to Dave Ramsey, small business owners should make sure to estimate their tax payments and include them in…
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Should I Get a Business Credit Card?

Last week, we wrote about financial expert Dave Ramsey’s tips for starting a business, specifically, whether or not you need a loan to start a small business. This week, we are exploring Ramsey’s advice about whether it is necessary to get a business credit card. Is Getting a Business Credit Card a Good Idea? Recently, Dave Ramsey provided budgeting tips for small business owners in a Entrepreneur magazine article. One of the tips involved making the decision about getting a business credit card or not. In the piece, Ramsey is firmly against small business owners getting a business credit card. He believes that they should stick to using cash or a business debit card to ensure they do not overspend and rack up overwhelming debt. Ramsey advises that people tend to act more responsibly with business debit cards and cash, because unlike credit, it is quote unquote real money. Some…
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Should I Take Out a Loan to Start a Small Business?

Entrepreneur published an article recently in which personal finance expert Dave Ramsey discussed his top budgeting tips for small business owners. One subject that came up in the article was about whether or not it is a good idea to take out a loan to start a small business. Do I Need to Take Out a Loan to Start a Small Business? According to Dave Ramsey, in most cases, you should not need to take out a loan to start a small business. The article is written in a question and answer format. Ramsey is asked whether it is ever okay to take out a loan to start a small business or if you should always use cash to avoid racking up debt. Unlike some of his peers, Ramsey does not believe there is such a thing as good debt and, therefore, he does not recommend using a loan to…
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How Do I Buy Out My Business Partner?

When you go into business with someone, there are bound to be ups and downs. However, in many cases, business partners are able to overcome their differences through compromise and dedication. Unfortunately, in other cases, there are differences that just cannot be overcome. If that is the case for you and you want to keep your business, you may eventually find yourself asking, How can I buy out my business partner? How to Buy Out a Business Partner Inc.com published an article on how to properly dissolve a business partnership. Here are the tips that the piece included regarding ending a business partnership: Check Your Partnership Agreement – When you and your business partner started your business, you may have had a partnership agreement drawn up. If so, your partnership agreement may include a plan for how you two would end your partnership if you ever decided to part ways….
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