Sometimes entrepreneurs come to us and say, “I have an idea for a business, I just want to gain a better understanding of running a business before I dive in. Is there an educational institute you can recommend?” While every small business owner opens their first business at different times in life and with varying amounts of education under their belt, there is one particular business school that’s caught our eye. Continue reading
Every home needs a spring cleaning and a business is no different. The constant influx of paraphernalia that accompanies any business can grow into an oppressive mountain of the unused and unwanted. There are other larger issues that might also be bloating your business, such as staff that you may be keeping on for sentimental reasons. A cull can be painful, but your business and mental state will benefit in the long run. Continue reading
Traditional practice and descriptions of business development are more concerned with marketing techniques to grow an enterprise. Most of the focus in these techniques centers on traditional marketing techniques with a strong emphasis on customer acquisition, (finding and reaching customers), and customer retention (keeping customers satisfied).
New business techniques focus more on going beyond the product and service that a business offers. It also encompasses advice, delivery and adapting to the customer’s needs. New business techniques are therefore concerned with an enterprises service and or product, marketing and design of a business model. Continue reading
One of the questions we get from new small business owners is “What do I do about payroll?” Yes, you can handle payroll yourself, but more and more these days entrepreneurs are opting for an outside payroll service. Small business owners are doing this for a couple of reasons:
To save some money.
When you choose to handle your payroll yourself, it becomes a full-time job. Most businesses that do their payroll from the inside hire on a new employee. Between the hiring, training, pay, and bonuses, hiring on an employee to do payroll becomes a huge expense. Not to mention the training and the software that will need to be purchased to actually do the payroll. By using an outside service, you get to avoid the hoops of hiring on a new employee and you save some money in the process. Continue reading
Each entrepreneur has a different path. Some realize their business dream a little later in life, and, others, as early as high school. We asked our small business experts how much education they received before starting up their businesses, and how they think that decision has played out for them.
“I started my business right after I graduated from college. In fact I graduated from college, moved to a new city, got married, and started my business all in the same month. I always knew that some day I would have my own business and by the time I was in my final year at LSU I realized that the best time to do this was right now, so I began doing freelance website development and Internet marketing. I signed a major client my first month so that made the transition to full time self employment much easier. 18 years later I’m still in the same business and glad that I ventured out on my own.” –Charles Ogwyn, My Internet Marketing Partner, Inc. Continue reading
Changes in credit card processing are coming. The three items above are not all the same thing, but they are related. First, an explanation, then, what merchants need to do, and finally, why you should care. (Hint: There’s a big liability issue.) Continue reading
Your eCommerce store is growing! That’s a good thing, right?
Well, for the most part, darn right it is. But as you’ve probably noticed, as your little online store grows up, so does the complexity of running it behind-the-scenes. And one of the most complex aspects of running a thriving online store is dealing with sales tax.
Today we’ll help you pinpoint some of the more onerous aspects of handling sales tax compliance in your growing eCommerce store, and what you can do to put a lid on sales tax.
Problem: You have sales tax nexus in multiple states
Let’s say that when you started your business you lived in and ran everything about your business – sales, fulfillment, customer service – out of your garage in California. Sales tax in this instance is simple. You have sales tax nexus in California and must collect sales tax from buyers in California. If you sell to a buyer in another state where you don’t have any significant connection, like Virginia, then you don’t collect sales tax. Simple, right? Continue reading
From our friends at Sollertia:
‘Working capital’ is one of those phrases frequently used in business, but often misunderstood. With this in mind, we at Sollertia thought it was about time somebody put a really good infographic together on the subject.
What is working capital?
Put in its simplest terms, working capital is the money to which a company has immediate access. When valuing itself, a firm may include the land and property it owns, along with fixed assets like machinery. These have value of course, but the cash is locked up in them, so getting access to it would take time and involve major changes.
Calculating working capital means weighing up your current assets against your existing liabilities. It might sound complex, but the infographic gives the lowdown on how you should go about this, and what you should and shouldn’t include. Continue reading
Productivity is at the heart of any successful business and taking steps to improve the efficiency of your work force might be easier than you think. If you think your work environment could do with a shake-up but don’t know where to start, you’re in luck. We have put together a list of 5 ways you could boost your business productivity with very little effort. Sounds good, right? Keep reading to find out more: Continue reading
Payroll may seem like a straightforward topic, but there is a lot more to it than just tracking hours and cutting checks. Unfortunately a lot of small business owners don’t realize that and, before they know it, they’re up to their ears in tax forms and reports they’ve never even heard of. Calculating, and staying on top, of payroll can actually be pretty complicated, especially if you don’t have a background in accounting. So what do small business owners absolutely need to know about setting up a payroll system?
You must withhold taxes
The federal, state, and local governments can all levy tax on income, and it is your responsibility as an employer to withhold the necessary amounts from your employee’s paychecks and send that into the proper agency. Continue reading