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  • Better budgeting and forecasting

    Docstoc - Fri, Feb 24, 2012 7:01 AM EST

    Budgeting and forecasting are a necessary part of any small business’ cash flow. To avoid going over budget, use these tips to guide you. Every year, your staff probably fights to get their budgets approved. It’s impossible to meet all requests, but there are ways to ensure you don’t go over budget at the end of the year. And while we live in uncertain economic times, you can improve your sales forecasting process as well. 1. Listen to Your Team Your goal is to keep spending down, but don’t let More »Better budgeting and forecasting

  • How to choose a bank

    Docstoc - Fri, Feb 24, 2012 7:01 AM EST

    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

  • Boneheaded startup finance blunders

    Docstoc - Fri, Feb 24, 2012 7:01 AM EST

    When you are just starting your company, you will find that money is a concern and if you haven’t planned well, it could easily become a big issue. Nearly all new business owners run into at least one financial problem, usually one that could have been prevented with just a little more advance planning. Underestimating Expenses This is one of the more common issues faced by business owners. Nearly everyone underestimates their startup and operating costs, so you need to be very thorough in your More »Boneheaded startup finance blunders

  • Smart budgeting for a bootstrapped business

    Docstoc - Fri, Feb 24, 2012 7:01 AM EST

    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

  • Managing volatile cash flow

    Docstoc - Fri, Feb 24, 2012 7:01 AM EST

    Running your own business often means income isn’t steady, so it can be difficult to plan financially. Learning to handle unpredictable cash flow will help you avoid the financial roller coaster. When you don’t bring in a specific amount every month, it can be very difficult to plan ahead. Many businesses face the issue of unpredictable cash flow in the early months or even the first year and those who freelance will have the same problem. It’s impossible to predict how much will come in and so More »Managing volatile cash flow

  • 10 Ways Business Owners Cope with Rising Costs

    Docstoc - Fri, Feb 24, 2012 7:01 AM EST

    Rising gas prices, healthcare costs, and declining sales resulting from the Great Recession provide challenges to staying in business. Here we offer 10 ways to cut costs and stimulate sales during the economic drought. 1. Introduce new, lower-priced products Whether it is designing a new line of dresses with lower-cost fabrics or a revised menu with cheaper ingredients, inventing new, cost-effective items taps into your creativity to save dollars. 2. Location, location, location Are you using More »10 Ways Business Owners Cope with Rising Costs

  • Tax benefits of nepotism

    Docstoc - Fri, Feb 24, 2012 7:01 AM EST

    When you run a small business, there are a number of advantages to hiring your children. These advantages come with built-in secondary advantages come tax time. Once you are familiar with these perks you will likely wonder why you didn’t hire your kids sooner. Hiring Your Kids and Taxes The greatest tax advantages will be reaped if your company is unincorporated and your children are under the age of 18. Once your children reach the age of 18 you will no longer enjoy any of the economic advantag More »Tax benefits of nepotism

  • LLC tax benefits

    Docstoc - Fri, Feb 24, 2012 7:01 AM EST

    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

  • Buy an existing business or start your own?

    Docstoc - Fri, Feb 24, 2012 7:00 AM EST

    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?

  • 5 Companies That Bootstrapped Their Way to Success

    Docstoc - Fri, Feb 24, 2012 7:00 AM EST

    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

  • Choosing the best business location

    Docstoc - Fri, Feb 24, 2012 7:00 AM EST

    The right location can make or break a business. Learn how to look for the right location. The location of your business can be just as important as what you sell and how you market it. No matter what business you are in there are some routine things to consider for figuring out the best place to host your business. Following these guidelines will help you to make the best business decision. Geography There are a number of things to consider when choosing the geographic location of your business More »Choosing the best business location

  • Loans from Friefriends and family: pros and cons

    Docstoc - Fri, Feb 24, 2012 7:00 AM EST

    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

  • Small business loan vs. bootstrapping

    Docstoc - Fri, Feb 24, 2012 7:00 AM EST

    There are a few ways to help pay for your startup in its early days before revenue starts coming in. But should you pay your own way or get a loan? If you are starting a small business, you’ve got a few options when it comes to financing. If you’ve got enough saved, you can bootstrap the business and pay your own expenses until revenue starts coming in. If money is tight, or you want to otherwise conserve your cash, you might be better off taking out a small business loan. Bootstrap the Biz If y More »Small business loan vs. bootstrapping

  • Valuing my business

    Docstoc - Fri, Feb 24, 2012 7:00 AM EST

    Overestimating or underestimating the value of your company can make it difficult to get the right amount of funding or the right price when selling your business. Whether you want to sell your business or bring in outside investors, it’s important to know what the valuation of your business is. There are a few different formulas business owners use, but you’ll mainly be looking at the following: Value of Liquidation: if you were to sell all your assets, what would they be worth? Value of Assets More »Valuing my business

  • 10 Essentials for getting your business off the ground

    Docstoc - Fri, Feb 24, 2012 7:00 AM EST

    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

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