If you’re thinking of becoming the owner of a franchise-type of business, there’s something you need to know about franchising…and you may not like it. Now, what I’m about to share probably won’t be a game-changer if you’re really bent on buying a franchise, but you need to have as much factual information on this business model before you invest in one. Here goes: You’re going to have certain restrictions placed on you. And according to “Buying a Franchise: A Consumer Guide” published by...
You love your staff and want to show it by giving them more in a tangible way. Increasing their pay may not be the best strategy for you or your employees. Added pay is taxable to employees, so they net less (how much less depends on their tax bracket). And added pay has additional costs to you in the form of payroll taxes. What to do? Think about giving them fringe benefits. Overview You’re not obligated to provide any benefit (starting in 2014, employers with more than 50 full-time employees will have to provide health coverage or pay...
Think of basketball or soccer. In both of these popular sports, dribbling is what the players do to move the ball in the right direction. It's not the point of the game, it doesn't score baskets or goals, but it's an important skill, right? I think of dribbling as a great analogy for business planning. And here are some reasons why—and some lessons I suggest we can take from that. Dribbling is a means to an end—not the goal. Planning is like that too. It's about results, running a business—not at all about...
January is the month when we promise ourselves we will change for the better…we say we will eat better, work out more and spend more time with our loved ones. And by February, we find ourselves right back into our old habits. If you’re really lucky, the holidays may have provided a mental and physical break and rejuvenated your fervor for your business. Hopefully, you were able to spend time with family and friends and were reminded about what you work so hard for, and proved that time away from your work can do your work good....
Business cards? Didn't those go out with the dinosaurs? Actually, no. In fact, according to an Ipsos poll conducted last fall, business cards are still one of the most effective marketing methods available to small business owners. Surprisingly, 60 percent of the small business owners surveyed say they currently give out more business cards than they did five years ago. How can you make your business cards even more effective? 1. Make them memorable. Use design to make your card stand out from the pack. You...
Did you know that a DUNS number is the most widely used number for identifying companies in the United States? Did you also know that suppliers and creditors alike pull a Dun and Bradstreet (D&B) credit check on your business when you apply for credit? Part of establishing a creditworthy company includes establishing positive credit ratings with major business credit reporting agencies such as D&B. If you are serious about establishing credit for your business, then the first thing to do is get listed in D&B’s database and...
Funny, isn’t it, how the grass tends to look greener from the other side. It’s the same in business as well as in personal affairs. If I look around, I can spot five companies in five minutes that “seem” to be doing better than mine. They appear to have accomplished more, in less time, and seem to be doing better than my company. The fact is, that may or may not be true. Often things just LOOK greener. But there is one good thing that tends to come out of “grass-is-greener” musing: it inspires me to set...
Will great things finally start to happen in franchising in 2013? Should you become the owner of a franchise business in 2013? What are some of the trends in franchising? Let’s dig in... Employment Jobs aren’t what they used to be. The days of working for the same company for 30...
The storm that hit the East Coast of the U.S. on October 29 created devastation for individuals and businesses. Many companies were forced to remain closed for days or even longer because of damage to business facilities, employees being unable to get to work due to the failure of public transportation systems, closures of bridges and tunnels, power outages and long gas lines. Here is what companies should know about tax and financial opportunities to help recover from this storm and the lessons for everyone going forward. Tax relief The IRS...
The other day I had coffee with a former student, now in her late 20s, whose first taste of startups and entrepreneurship was in a class I used to teach at the University of Oregon. The class included—of course—a hard look at cash flow and business numbers. But she told me she had no idea how important the numbers were until she actually started her own business. “Back then, in class, it seemed like theory to me,” she said. “Like the business numbers were something that the bankers and accountants worried about,...
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