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Small Business Cents
Well-trained employees are essential to the success of your business. Unfortunately, in a bad economy, a business’ training budget is often the first thing cut. It may make sense at the time, but the long-term implications can far outweigh the immediate costs saved. Over time, a lack of training may reduce motivation levels and business inefficiencies and, most detrimentally, result in staff turnover – which in itself can be costly. According to a 2008 article in HR Management, replacing a worker costs on average 100-125...
Need reminders about key tax filing and reporting dates? Have questions about business taxes in general? Then you might want to check out the IRS’ free Tax Calendar for Small Businesses and Self-Employed. Navigating the tax year as a business owner is no small feat, whether you are a freelance, start-up or growing small business. The tax landscape is ever-changing with new legislation and tax provisions impacting small businesses year-round. Updated frequently, the IRS Tax Calendar for Small Businesses and Self-Employed contains...
Not sure you have enough money to start a business? Before you raid your life savings or remortgage your home, you should know about some possible alternatives. According to the Kauffmann Foundation, the average cost of starting a new business from scratch comes in at just over $30,000. Of course, the actual number depends on many factors, such as your industry, business model, and even the state where you’re located. To help you ascertain what it will cost you to start your new business, take a look at this earlier blog: How to Estimate...
Have questions about small business taxes? Need a quick tutorial in any aspect of business taxes? Perhaps all you want is a reminder of key tax dates and deadlines? IRS.gov is a resource-rich site home to numerous online tools designed specifically for small business owners and the self-employed. Whether you are looking for answers or just need to improve your financial literacy, IRS.gov has a lot to offer. Here’s a quick look at some of what’s available from IRS.gov. 1. IRS Virtual Tax Workshop for New Small Businesses The IRS...
Is business travel critical to your small business success – but hurting your cash flow? According to a recent travel trends survey by American Airlines, 93 percent of small and medium-sized business travel managers surveyed said that face-to-face meetings are either crucial or helpful to the success of their business. But what about the costs of business travel? According to a similar survey last year, American Airlines found that small businesses typically allocate between 10 and 24 percent of their overall annual budget to travel...
If you’re a freelancer, independent contractor or consultant, scaling your business can be a challenge. After all, it’s just you. Business development and finding new clients takes time and effort, and there’s no guarantee you’ll secure the rate, volume of work or long-term relationship you need to sustain your business. For many freelancers, success and more income come from nurturing and deepening relationships they already have. Here are some ways you can do this: 1. Make Yourself Indispensable There’s a...
Thinking of buying a franchise? Do you understand the franchise business model and have you determined it’s a good fit for you? Perhaps you’ve also explored potential franchises and think you’ve found a match. But how are you going to finance your venture? What can you afford? How much financing should you seek? Should you even be doing this? To help you answer these questions, here are tips of the trade from franchising pro and fellow SBA.gov guest blogger, Joel Libava, a.k.a. The Franchise King®. Should you Be Doing...
Credit cards are a common online payment option for small businesses, but what about other services like PayPal, Bill Me Later and Google Wallet? These now ubiquitous tools make it easier than ever for anyone – not just e-tailers – to buy and sell goods online and via mobile devices. However, as with all business tools, they have their pros and cons. Here’s what you need to know. What Are Online Payment Services? Online payment services allow businesses to receive payment from any customer with an existing PayPal, Bill Me...
Looking to grow your business? Not sure you’ll qualify for a traditional business bank loan? Many new and established businesses may not qualify for credit in the form of traditional loans. That’s why the SBA has long operated a program of government-backed (or guaranteed) loans that make it possible for many small businesses to get the financing they need to grow their business without using working capital. What is a Government-Backed Business Loan? First, let’s dispel one myth – the government does not (generally)...
If you’re seeking financing for your business, you may have noticed promising signals in small business lending. Banks overall are reporting the biggest increase in lending to small businesses in four years. Month over month, the numbers are improving. Reuters reports that in May 2012, small business lending reached its highest level this year, up 18 percent over the previous year. (For more data read: Business Lending Showing New Signs of Strength). But who’s lending? If you’re shopping for a business loan, here are some...
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by Caron_Beesley, Community Moderator on Tuesday, October 9, 2012 - 07:08