Small businesses need to cope with a number of challenges in order to survive and grow in a competitive environment. Excessive regulatory procedures make the situation even more difficult. Tax is a tricky area with several complexities that may be beyond the understanding of a small business owner with little to no financial expertise. Here we explain some of the hurdles that small businesses experience when it comes to accounting, recording and paying taxes.

 Maintaining accurate records

Maintaining accurate accounting records is key to calculating the correct amount of tax liability and filling out the tax returns correctly. For small businesses, this can be a very time-consuming process. Small businesses rarely have the luxury of having an employee dedicated to accounting and bookkeeping. Usually, it is the owner who maintains the books and files the tax return. If the owner is not experienced, it can become very difficult especially as the business grows. This can lead to errors in bookkeeping and calculating the tax liability.

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Finances

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As an entrepreneur, it’s important to accept that business matters won’t always run smoothly. There will come a time when the venture encounters a brick wall. The ability to break through those barriers is what separates the minor success stories from the sustained triumphs.

 

Those obstacles can come from a wide variety of sources. Here are just five of the most common problems you could face, along with what can be done to beat those problems.

 

Productivity Has Fallen

 

Time is money, and a drop in productivity could spell disaster. Ensuring that all computers and machinery remain in good health is vital if you want those levels to remain high. However, it’s equally vital to remember people.

Read More “My Business Has Hit A Wall, What Now?!”

Small Business

If you’re new to buying life insurance, then you need to know about the state and federal laws that govern insurance companies. They can be tricky to understand because laws are regulated differently. For example, employee sponsored life insurance policies are regulated by federal laws, which preempt any state laws for personal policies.

If you’re married and you live in a community property state, once you purchase a policy, then the law states that you both are equally entitled to the policy. If you’re concerned about your income affecting your premium rates, there’s no need to worry. Income is never used to determine premiums. In most states, your age and gender will determine your premium rates.

Read More Life Insurance for Entrepreneurs

Entrepreneurship

Did you know that a large percentage of businesses don’t make it past the one year mark? In this day and age, it can be difficult to build a business up. Especially when there are millions of other companies that are already established in what they are doing. In this article is going to be the pros and cons of starting a business, to help you better decide on whether to take the leap into entrepreneurship.

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Read More Should You Start A Business In This Day And Age?

Starting a Business

When you think of cheap business startups, you think of overhead costs. Time is also a cost, though, and it’s one we don’t often consider when we look into starting a business for ourselves. Starting a new business sounds really great but without a lot of time it feels like a far off dream.

So here are five truly cheap startup ideas that anyone can manage in their spare time and grow into something more profitable.

Massage Therapist

Massage therapy is a traveling profession, and you’ll meet a lot of people. Not for the squeamish. You should be sociable and OK with touching other people. If that sounds like you, the cost of massage supplies, like a table and some essentials, plus some training is about all you’ll need. Some states may require certifications, so be sure to check in your area to comply with local laws and regulations.

It’s not difficult to advertise, and you can easily offer competitive rates. Invest in enough training to know what you’re doing without hurting someone, but don’t invest in a lot of schooling until the work is really paying dividends.

Read More Five Cheap Startup Ideas that Scale

Startups

Millennials — otherwise known as Generation Y — are the “go to” demographic for modern businesses. Youth is prized highly by companies who want to sell to the demographic with disposable income and impulse-buying tendencies.

 

Capturing this demographic’s attention is rather difficult though, especially if you’re from a different generation. With the attention of consumers more distracted than ever before, how can you zero your marketing in on this most elusive of generations?

 

Believability Over Slick Presentations

 

Millennials are a generation who put a lot of stock into authenticity, as discussed in this article: http://www.huffingtonpost.com/matthew-tyson/millennials-want-brands-t_b_9032718.html.  They are more ad-aware than any generation before them — so be as honest as you can possibly be when it comes to advertising your company. It doesn’t matter how slick you can make your ads; if they read as insincere, then millennials aren’t going to be interested. Don’t over-exaggerate claims of your product and service. Just keep it simple and honest, and you should be able to capture millennial attention.

 

Video Has Killed The Text-Ad Star

https://pixabay.com/en/film-projector-movie-projector-596519/

Read More Marketing To Millennials

Marketing

What’s your reason for becoming an entrepreneur?

I want the real reason and not some response about how you’re meant to be an entrepreneur.

You made the choice to become an entrepreneur because you wanted to pursue the opportunity of making a lot of money.

And there’s nothing wrong with that source of motivation.

I’d like to ask you, though, “what activities are you using to make money?”

This is a question that must be asked because if you aren’t making money as an entrepreneur, then you’re wasting your time.

The flow of money into your business is dependent on marketing and sales.

Therefore, you need to create an effective marketing strategy that efficiently converts prospects into customers.

You might be saying out loud as you read this, “that’s easier said than done!”

I’ll take that response of frustration as indication that you aren’t experiencing the sales you’d like to have.

There’s probably multiple reasons as to why your lack of sales is occurring, and I can go on at quite a length discussing those issues.

Instead, I want to focus on giving you a great solution to your sales woes.

Read More Are You Generating Quality Leads with Online Quizzes?

Online Business