Accounting helps you keep track of your business’ expenses and income, as well as forecast how much money you will need in the future. If you start out in your small business balancing your bank accounts in a checkbook register or on a spreadsheet, that may work for the beginning, but you will want to find some sort of business accounting software to do the job properly. Using effective accounting software can help you better manage your expenses and income, see who owes you money and see what o More »Why you need business accounting
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The Internet makes life much easier in many ways, but if you’re planning on doing your banking online, you do need to take some precautions to avoid losing money. Internet banking has become so popular now that it’s possible to completely avoid setting foot in your bank once the account is set up. Some banks will even let you create your account online, without having to be physically present, making it that much easier to do everything from your preferred location. You can even bank with your p More »Tips for safer internet banking
When selling your business, getting a ballpark value is the first step toward getting a fair price. But who should advise you on an asking price? If you’re looking to sell your business you will want to get an appraisal. This will allow you to know how much your business is worth, giving you’re a base line for what you can ask. Finding the right person to value your business is the first step toward getting an accurate dollar amount. Pros and Cons of Accountants Accountants can take an inventory More »Can Accountants Value a Business for Sale?
Cash is the oil that keeps your business running smoothly. Without it, you risk imminent failure. Managing your cash flow can keep your business running, even during difficult times. You need cash to pay your vendors, your employees and your bills, so it’s necessary to have at least some cash on hand at all times. But what happens if your customers pay you late? This can seriously disrupt your payment schedule. It’s wise to manage cash flow months and even years in advance to ensure that you alw More »Is CPA better than PPC?
Bootstrapping by definition means spending less than the average business, but there are a few important principles that are often missed by business owners. If you want to achieve success without outside help, then it pays to be smart about the financial moves you make with your startup. Here you will learn exactly what you need to be doing in order to make your bootstrapped business a success. Starting a business without any outside money can be a daunting task, but it is quite achievable if More »Smart budgeting for a bootstrapped business
Why is it smarter to run a business under a LLC for tax purposes? As a small business owner, the structure of your company must take certain tax benefits into consideration. When considering your desired tax structure during company formation, you have to look at what type of entity will benefit your company the most. An LLC is a type of business entity that the Federal Government gives favorable tax benefits for under certain scenarios. An LLC was recently created in the late 20th century and More »LLC tax benefits
With health insurance costs soaring, employees are shouldering more of the burden. Employers who once covered all costs are now choosing plans that are a cost benefit for the business. Employees have to research to find the employer-provided plan that works for them. Health care spending accounts can help employees pay for a myriad of out-of-pocket expenses. Prescription drug charges. Copays. Orthodontics. Orthotics. The list of expenses not covered by health insurance goes on and on. The employ More »How to set up a Healthcare Spending Account
Choosing the right bank for your business is important, since you’ll be dealing with it for as long as you run your business. It’s a pain to change banks, so make sure you get the right one. Your bank should be one you are comfortable with and trust, but there’s a lot more to choosing the perfect bank for your business than just liking the people in it. You will need to consider the needs of your business and evaluate exactly what a financial institution can offer you before making a decision. T More »How to choose a bank
It’s very difficult to get where you want to go if you don’t have a plan in mind. A business plan helps you formalize your goals and makes it easy to check on your progress as the business grows, as well as ensures that you have something to show to banks or potential investors to prove that you know what you’re doing. A business without a business plan is not going to get very far. While it is certainly possible to reach success without one, a business plan is helpful in reaching your goals in More »Creating a Business Plan
Sometimes it seems like borrowing money from your friends or family is the only option to fund your business. If it is, weigh the benefits and drawbacks before stepping into the situation that can affect your relationship. Often, the biggest supporters of your small business are your friends and family. Naturally, you might consider asking them for a loan before going to a bank. But is it a good idea? Pros: Where Else Will You Find Such a Lenient Lender? If your relationship with the person offe More »Loans from Friefriends and family: pros and cons
While trade shows have become a standard in the world of sales and product development, you might still be on the fence about whether this is the right idea for marketing your product. There are a number of reasons that you should use trade shows to exhibit your products. Once you are familiar with these reasons you might wonder why you were hesitant in the first place. Exposure Exhibiting your product at a trade show doesn’t just give you exposure. It gives you exposure to the right people. Tra More »When trade shows are essential
Open for Business! This phrase has a nice ring to it...doesn’t it? But, how do you get ready to start your business? Here’s a checklist to get started. Every business starts with a kernel...a nub...a gem of an idea. It could be something simple or complex. Perhaps it is a new drug, or an invention, or a new service that you want to be the start of a business. With your idea in hand, get ready for the real work to begin. Getting Started 1. After the initial ideas phase, what follows is the brains More »10 Essentials for getting your business off the ground
Working from home sounds like everyone’s dream, but most people never make it happen. They just don’t know where to start. It’s not nearly as difficult as you might imagine to start your own home business, but it does require organization and tenacity. If you are willing to put in the hard work, you can make it happen yourself. Setting up your business at home can be a great idea for many reasons. It allows you to save money on rent and utilities, as well as giving you more freedom in your sche More »How to start a home-based business
Does bootstrapping really work? Would it work for you? Here are five case studies that show you that it can be done. Your bootstrapped business can be successful using these tips from companies that have learned how to bootstrap their way to success. Seeking funding and/or taking out a loan aren’t the only ways to guarantee success in world of startup companies. Many successful small businesses have bootstrapped themselves to success, without being dependent on venture capitalists, angel investo More »5 Companies That Bootstrapped Their Way to Success
Deciding whether or not to buy an existing business or start your own comes down to three things: what experience you have, what kind of business you want, and how open you are to taking financial risks. Once you decide these things you can make a decision on how to proceed. • How much experience do you have? There is much more risk involved with starting your own business versus buying your own. Michael Gerber, author of The E-Myth Revisited, estimates that 40 percent of new businesses fa More »Buy an existing business or start your own?