Both new and veteran small business owners can benefit from knowing a little more about maximizing deductions and getting a better handle on tax time. Whether you are a small business owner who scrambles every year at tax season to substantiate deductions and report all expenses or you are a small business owner who is organized and ready for tax season time and again, you will appreciate at least one of these six tips for making tax time easier for small business owners. Read More 6 Tips for Making Tax Time Easier for Small Business Owners
It can be hard to get an accurate temperature of the small business climate. Some experts will tell you that small businesses are doing quite well; while others will say small business owners are struggling. The inconsistencies of information being put out will make a person wonder if it is worth it at all to become a business owner.
There are arguments about the tax code being too hard on small businesses.
There are arguments about the economy being too slow for small businesses.
There are arguments about small businesses having a lack of resources and support.
While these arguments may be valid, they are not the end and be all that determines a business’s ability to perform within the marketplace. The ultimate determining factor that leads to a business’s success is the business owners ability to develop the strategic process which will produce successful results.
I say this because I have encountered many business owners who do not understand how to develop a profitable business. For one reason or another, they have missteps within their business operations which cause their business to lack sustainability. As these missteps go unchecked, they continually erode overtime, leading to a business which can’t avoid failure. Read More 4 Reasons Small Businesses Fail
We all go into a new business venture with the hope that it will be successful. But any successful entrepreneur will tell you that an important aspect of success is learning to accept and manage failure; there may likely come a time when you have to decide whether to push forward against the obstacles, or when it is time to throw in the towel on a failing enterprise and cut losses so you can move on to your next venture. A good entrepreneur knows how to make this decision effectively.
Someone once said, “If you are going to fail, fail early” and there is truth in this adage. Learning to accept when the time has come to let go can help you identify challenges and work through solutions in the future. There is some merit in learning how to fail, and paradoxically, these experiences groom you for future success as an entrepreneur.
Some straight-forward questions can help you diagnose the success of your company, and inform your decision regarding when to move on. Honest responses to the following five questions can help predict the future potential of your endeavor. Read More Failing or Succeeding? How to Diagnose Your Company
This blog contribution is being made by Paisley Hansen, a freelance writer.
Over 90% of startups fail and there are about 627k new business started every year. This is not meant to be an in-depth business overview but merely some tips to keep in mind to assist a startup in not contributing to that 90% statistic.
Keep track of ALL your expenses
This may seem obvious, but you may be surprised how much is being spent on non-essential items and services. Make a record of everything purchased and organize them by what is essential and what is discretionary. Many startups when securing the first round of funding, or turning the first profit, splurge on office spaces. It’s hard not to “show” your success. You don’t need to go all out, just snag some cheap office furniture and make do.
Even if this is done over a short period of time it can uncover a lot. A careful review of spending can show how much wasteful spending can be channeled to more important functions. Investing in reliable software, or even just high-quality office organizer that you can use to keep track of and organize your budget may be worthwhile, depending on your needs. Read More 5 Tips to Budget as a Startup
When people ask me how long have I been an entrepreneur, I tell them I have been an “entrepreneur” for the last 8 years. Notice I put quotation marks around entrepreneur. I will explain the reason for this later in the post.
I graduated from high school in 2007. I had been working at Wendy’s since 2005 and left there after I graduated to go work at UPS. UPS only lasted a couple of months. I just couldn’t see myself continuing down the path of being a highly praised but underpaid worker.
While at UPS I created my entertainment company. Man was that an eye-opening experience. The creation of this entertainment company was my main reason for leaving UPS. I was going to take the entertainment industry by storm. So I thought.
When I left UPS I needed another job asap. My plan was to go apply at Family Dollar. Instead my mom asked me to come work with her since she was opening a new office in downtown Atlanta.
So I was going into 2008 set and ready to make things happen, so I thought again. I had my new entertainment company and I was the “COO” of my mom’s tax business.
To cut a long story short, things started off “great” and ended terribly. My attempt at creating a studio for my entertainment company drained my pockets and my role as COO did not go as I envisioned.
The reason this occurred is because I didn’t truly understand entrepreneurship nor business ownership. Entrepreneurship is turning an idea into a product/service that has demand in the marketplace. Business ownership is taking that product/service, scaling it for growth and employing others to manage your business operations. Read More What 8 Years of “Entrepreneurship” Taught Me
Tax season is a time when, like it or not, we reflect upon our financial decisions over the past year. Some of our choices will result in extra funds we’ll have to send to Uncle Sam, and thankfully, others will help keep money in our pockets.
While most of us don’t necessarily look forward to tax time, those who do usually feel a sense of victory in receiving a sizeable refund after taking advantage of as many tax deductions as possible. And there are many things that you, too, can do to help ensure that you aren’t paying a dime more than you have to this tax season. Here are a few suggestions to help make that happen: Read More Don’t Pay More than You Have to In Taxes
If there is one thing that entrepreneurship can promise; it is that you will constantly learn as you progress forward. And this learning process is what separates successful entrepreneurs from average entrepreneurs.
I say this because successful entrepreneurs learn from both success and failures. Average entrepreneurs seem to never really learn from either. And therefore, they remain in the same average position their entire entrepreneur career.
I make this observation due to the fact that I have been around a lot of entrepreneurs and business owners over the years. The successful ones are always challenging themselves to accomplish more and backing their talk up with complementary actions. The average ones talk loudly proclaiming this and that, but never put forth the effective actions which will move them beyond their average position. Read More Gaining Perspective on Entrepreneur Success