Payroll can be tricky for small business owners. It’s a lot to learn if you want to tackle payroll on your own, and it can be costly to hire on a new employee or use an outside service. We asked our small business experts how they handle their payroll:
“We are a small organization with anywhere from 4 to 6 employees. In spite of the higher overhead, we use Paychex because of the ease of use and because of the clarity they provide while filing taxes.” –Denise Castronovo, Castronovo Chocolate Continue reading
Starting your own business is hard. I knew that going in, but I didn’t know just how tough the first few months were going to be. The initial setting-up jobs – the phones, the internet, the space (my living room) were simple enough, but it was when the actual work started that things began to unravel. With hindsight, there were things I wish I’d known before I started which may have helped the business settle down and begin to succeed more quickly.
I wish I’d known… Continue reading
The IRS, nearly every state tax agency, and even some cities require employers to withhold a certain amount from their employee’s paychecks to cover income tax, social security, and medicare obligations. These are payroll taxes, and it’s your responsibility, as a small business owner, to collect and send them in. The amount varies from state to state, and in some cases city to city, but there are three main steps to collection.
Everyone you hire fills out a W-4, which gives you some basic information like family size and other deductions. Continue reading
Starting a new business can be extremely exciting and extremely terrifying at the same time. You have a great idea and are free and independent to conquer the marketplace, but every aspect of running a business rests on your shoulders.
After the mountain of preparation, state and tax filings, presentations and planning, many do not think about their healthcare finances until it’s too late. Continue reading
Energy Project Finance makes sound business and ecological sense. Any organization that strives to bring down non-renewable energy costs should seriously consider it.
Businesses Can Achieve the Following Benefits through Energy Project Finance
One of the biggest challenges of implementing a green energy project is the financial feasibility. It is no secret that all businesses compete with each other (energy sources notwithstanding) and calculate profits on the basis of returns earned on investments made. That is the ultimate litmus test. Passing this litmus test results in the following tangible benefits: 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