Tag: Business Owner
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How to Increase Profits for Small Business
Running a small business is an adventure, and every journey comes with its own set of problems. According to a 2019 “Small Business Credit Survey” conducted by 12 Federal Reserve banks, while a slim majority of small businesses reported revenue gains in 2018, a whopping 73 percent reported an increase in operating costs as well, […]
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Common Challenges Small Businesses Face
Small businesses face a variety of problems throughout their initial few years of operation. Some are more difficult to overcome than others, and according to the US Bureau of Labor Statistics, over 20% of small firms fail within their first year. By the end of their fifth year, half of them have failed, and by […]
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Paying Yourself as a Business Owner
The fact that you can pay yourself as a business owner is the most appealing feature of owning a business. You are not reliant on others to run the show or compensate you for your work, unlike in a corporate business structure. This means you have the freedom to choose how much money you make […]
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How to be a Successful Entrepreneur
Pick up these great practices and watch yourself grow into a savvy businessperson. Who doesn’t want to be a more successful entrepreneur? Whether you’re just sarting out or are a seasoned pro, o wning a business offers you a sense of independence and control. Entrepreneurs make their own judgments, fulfill their creative goals, and build long-term partnerships […]
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How to do Taxes as a Small Business Owner
It’s challenging enough to run a business without adding the additional complication of filing taxes each year. Making financial decisions without contacting an accountant or financial consultant can put you at risk and ultimately cost you more money. Working with your accountant throughout the year, rather than just while preparing your tax return, is the […]
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Tips to Get Your Employees Back to Work
Assure your employees that everything will be alright. As government lockdowns ease up, people will start to come out of their homes and try to find a way back to normalcy. One thing we can expect is to come back to work. This is good news for businesses but it may also bring about some […]
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What are the costs of launching a startup?
How much money is needed to launch a business? Having a rough idea on how much money you’ll need for your startup will come in handy when it comes to estimating profits and knowing if you’ll need to make a loan. Make a plan and be prepared for the costs that you will incur, this […]
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Three Helpful Invoicing Tips for Business Owners
Invoicing is a common difficulty for small businesses, especially when they first start out. Late invoices can drain cash flow and reduce profit margins that are already tight. It is, however, avoidable. These three Invoicing tips can assist you in effectively sending and receiving payments on schedule. Setting up solid systems for dealing with late […]
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7 Smart Ways to Save Money as a Small Business
It can be difficult for small businesses to save money from the start. They don’t always have a lot of resources at their disposal when trying to get their startup off the ground. In their first year, small business owners reported spending more than twice as much as they had anticipated. Small costs and expenses may not […]
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The Basics of Small Business Accounting
On its most basic level, accounting is how a business keeps track of how much money is coming in and going out. Small business accounting involves the process of tracking, recording, and analyzing the financial transactions of your business. It translates numbers into a comprehensible statement about the profitability of your business. If you’re a startup company […]