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By Dennis Byrne Absolutely, a one-participant 401(k)retirement plan is not new, and for many self-employed small business owners it may be one of the best ways to prepare for future retirement needs. In recent years a one-participant 401(k) plan has been called aSolo-k, a Solo-401(k),a Uni-k, or simply a One-participant k. The one-participant 401(k) plan is a traditional 401(k) plan covering a business owner with no employees, or that person and his or her spouse. These plans have the same rules and requirements as...
Thinking of going it alone? Becoming a freelancer is an attractive option for many professionals, but can you make it work for you? One of the most critical steps involved in planning and growing your freelance business is setting your rates. However, when you are charging for a service, this is easier said than done and getting it wrong (either way) can compromise your worth, your cash-flow and your business. Here are three tips for setting your freelance rates, structuring your pricing, and negotiating with clients. Setting Your...
By Dennis Byrne If you keep a clearly marked supply of cigar boxes with all your receipts and expenses in them you’ll be sufficiently organized come tax time. Right? Wrong! This is 2011 for crying out loud. Savvy businesses scan, store and organize essential information and tax laws and regulations, depending on the business, can be complex. As a small business owner, tax software packages can help make filing and paying your taxes easier, but how do you know which one to choose? Here are three tips to consider when selecting your tax...
By David Hall With the economy still going up and down, this is a great time to dive into your books and see where you can cut your costs. Remember that it is easier to cut costs than find new business - and if you can manage, do both; your business will make more money. Renegotiate Your Lease / Mortgage If you are renting a facility or have a mortgage, you may want to consider renegotiating to cut costs. Mortgage rates are currently very low and if your business is not in trouble, you could refinance to take advantage of lower rates....
Many business owners face the frustrating reality of late or non-paying customers. This article explains the laws and regulations that you must comply with when attempting to collect on customer or vendor debt. For a primer on collecting customer debt, read Getting Your Customers to Pay Up; Parts 1 and 2 by Caron Beesley. In part two of her series, Ms. Beesley explains that common options for business owners looking to recoup late or non-payment include developing flexible payment plans, hiring debt collection agencies, or heading small...
Many people have difficultly shopping for others, which make gift cards an enticing option. Consumers will spend billions on gift cards this year and as a small business, you do not want to an opportunity by not offering gift cards. You may think you are too late by missing the holiday season, but some of the major gift card holidays are Valentine's Day, Mother's Day™, Father's Day™, and graduation. Using Gift Cards Many people do not feel they have the technology to offer gift cards, but it is getting easier and easier...
As your business is on the verge of expanding, the idea of joint venture may be appealing to you. These need-to-know basics should help you consider whether a joint venture is right for you and your business. What is a Joint Venture? A joint venture is when two or more businesses enter a temporary partnership. This partnering is usually associated with a specific contract or product that it is mutually beneficial to both businesses. Partnerships may be formed for a variety of reasons. A business may hold a specific patent or...
Untitled Document With the New Year beginning and the holiday season wrapping up, tax return season is upon us. As a small business owner, tax software packages can help make filing and paying your taxes easier, but how do you know which one to choose? Here are three tips to consider when selecting your tax software. Choose Correct Business Entity Type When buying software, many people debate between purchasing the most expensive package, thinking it will definitely have what they want, or the cheapest, thinking it will get them by...
If your sales have not recovered from the recession, you may consider lowering the price of your products or services. Recalling Economics 101, people lowering the price will increase demand; however, you need to consider all the costs of lowering your price. There are two trains of thought for when to lower your price: try to increase demand and due to competition, both have their own dynamics and should;t be treated the same. Lower Price to Increase Demand Consider the Worth to Your Customers Resetting your price can be a very...
Some of the first computer software ever produced was accounting software. Over the past few decades, accounting software has become more robust and much easier to use. If you are planning to start a small business or if you already have a small business, you know the importance of your accounting. You need to know where you money is, where it is going, and where it will come from and accounting software can help you do that. Here are some things to consider what purchasing your accounting software. Add-ons For years, accounting...
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by nicoj, Community Moderator on Wednesday, June 8, 2011 - 10:52