Tag Archives: SmallBiz

3 Tips for Starting a Small Business

Starting a small business can be extremely fulfilling, but it is also a huge challenge, especially for first-time business owners. When you start a small business, you will have questions from day one, such as: Do you need to keep your day job? How will you support yourself and your family until your business takes off? Will your business plan translate to the real world? What are the state and municipal laws regarding your type of business? Here is a little advice to help small business owners start out on the right foot. Tips to Successfully Start a Small Business Forbes recently featured an article with advice for how to successfully start a small business. The top three tips from the article were: Fix a Problem – One of the best ways to build a customer base is to provide a service that solves a problem that your target market…
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Small Business Guide: Company Retirement Plan Options

Retirement strategies aren’t just for large companies. Small companies need them, too. Thankfully, there are several solid retirement plan options for small companies. The one that’s best for you and your company depends on factors such as your company’s size and type. Here are your options and what businesses they work best with. Small Business Retirement Plan Options Simplified Employee Pension (SEP IRA) – A SEP IRA is going to be your simplest option, as it’s painless to set up and doesn’t have many contribution limitations. Keep in mind that this simplicity means less features and customizability. The employer funds this plan entirely. It’s best for self-employed individuals or businesses of ten employees or less. SIMPLE IRA – SIMPLE stands for Savings Incentive Match Plan for Employees, which sums it up well. Employers must match all contributions employees make to their own retirement plans, with annual limits upwards of $10,000….
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What Effect Will Small Business Bankruptcy Have on My Credit?

If you’re a small business owner struggling with debt, filing for Chapter 7 Bankruptcy can help you to get back on your feet. Whether you will be held personally liable for your business debts depends on the structure of your business. Continue reading to learn about the specific factors in small business bankruptcy that can leave you personally accountable for debts. Determining Personal Liability in Small Business Bankruptcy What type of business entity is the business? – Whether you formed a specific business entity and the type of this entity largely determines the responsibility for business debts. Sole proprietorship – If you didn’t form an entity and are a sole proprietor, you may be responsible for all business debts. You and the business are one and the same, under law. As a result, filing for business bankruptcy equates to filing for personal bankruptcy. Limited partnership, Corp, or LLC – In…
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When is Selling a Business a Good Idea?

Selling a business doesn’t have to mean that it’s not operating successfully. Sometimes, the best time to sell a small business is precisely when it’s doing well. Doing so can lead to bigger and better opportunities. Here are some factors to consider when deciding whether to sell your company. How to Know Selling a Business is the Right Choice Value of business – Running a business is a risky proposition. Roughly 90 percent of start-ups raise under $20 million and last less than two years before they go under. Realistically, the longer you follow the dream you started with for your company, the riskier it gets. By knowing that the value of your company will eventually peak, however, you will have an edge in knowing when to sell. Potential buyers – You can’t sell your company if no one is willing to buy it. To determine if larger companies are…
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4 Legal Tips for Starting Your Own Freelance Business

One of the greatest obstacles you may face when starting your own freelance business is the amount of legal verbiage you must sift through to ensure you meet all rules and regulations. However, they are a necessary part of starting a business. You shouldn’t let them prevent you from pursuing a meaningful enterprise. Tips for Starting Your Own Freelance Business Know which permits and licenses you need – Even if you plan to run your business out of your home, there’s a good chance your state requires a permit for that (The Home Occupancy Permit). If your state doesn’t require one, it may still be worth getting. Most people prefer to work with a company that is licensed. A permit makes your freelance business precisely that. Register and calculate your taxes – In lieu of an employer, you will have sole responsibility for paying your taxes. Register with a certified…
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