Browsing Tag
business expenses
10 posts
5 Tips for Getting Your New Business Finances Set up for Success
Over 3.2 million Americans filed a business application in 2020, 500,000 more than in 2019. Are you a member of this group? If so, you're proof that the entrepreneurial spirit is alive and well in America despite present day challenges. As a new business owner, you're likely struggling with where to spend your valuable resources...
4 Ways Startups Can Save Money During the Pandemic
Amid the COVID-19 pandemic, many startups have successfully pivoted their business models to accommodate customers and keep their doors open. These same businesses are also keeping a watchful eye on their expenses and finding new ways to save money. Saving money during the pandemic ensures more than the company’s survival. It also keeps employees from...
Don’t Let These 5 Sneaky Startup Expenses Break Your Budget
The budget is one of the most important components of your startup's business plan. An in-depth knowledge of your cash flow and expenses will allow you to make more informed decisions and manage your business more effectively. But, the only way your budget can help you is if it’s realistic. A good budget will include...
Entrepreneurs Share 7 Smart Ways They Use Business Credit Cards
A business credit card can be much more than a convenient way to pay for purchases. These cards can also provide lucrative rewards, superior fraud protection, and can smooth out cash flow. According to the Federal Reserve’s 2019 Small Business Credit Survey, 52 percent of firms with 1 to 499 employees use credit cards on...
5 Things Every Freelancer Should Know About Taxes
When I first started freelancing, there were at least a dozen things more urgent to me than taxes. Networking, incorporating, setting up a website, client pipeline... you name it. It wasn’t until tax time, nine months later, that I realized my mistake. How? TurboTax told me that I owed $13,200 to the IRS. I scraped...
7 Practical Ways to Manage Cash Flow So Your Business Never Goes Broke
Probably the biggest killer of any business is that it runs out of money. Often, it's not even for lack of a good product, but lack of cash flow. It takes years of experience for an entrepreneur to understand how to manage cash flow well. Money masters and members of The Oracles share their top techniques for...
Sole Proprietor? Here’s What You Need to Know About Filing Taxes
The first thing to know about being a sole proprietor is that a sole proprietorship is a specific type of business structure where the individual and the business are seen as the same entity. Is your startup a sole proprietorship? If you haven’t filed any paperwork formally incorporating your business and you are the only...
Many Entrepreneurs Hope Gig Economy Leads to New Career
The rise of the gig economy has reshaped the way Americans approach their careers. Just a decade or two ago, “moonlighting” was frowned upon by many employers, but attitudes have changed. Today, it’s not uncommon for full-time employees to have a side gig as they pursue their entrepreneurial passion or dream. Many entrepreneurs use the...
How Cash Flow Can Destroy Your Business (and How to Prevent It)
What’s the most important factor in keeping your business alive? You might think the answer is profitability; after all, as long as you’re making more money than you’re spending, you should have ample resources to keep your enterprise going. However, it’s possible to be profitable on paper and still come up with cash shortfalls, preventing...
5 Steps to Budget Smartly for Your Small Business
Smart budgeting is one of the most crucial indicators of small business success. Determining where funds must be allocated and where they must be cut creates the entire blueprint for growth. It isn't easy, but there is a very simple, very sobering trick to good budgeting: plan for the worst. The worst will rarely happen,...