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Managing inventory is a task that can make or break your small business. With too much inventory, profits suffer and storerooms overflow. With too little, items get back-ordered, customers get frustrated and business is lost. And striking a balance is hard, especially with disruptions to the global supply chain in the last few years causing… […]
5 Ways to Control Your Inventory So It Doesn’t Control You Read More »
Entering into entrepreneurship is a daunting task. In truth, there will be many moments where you just feel like giving up. There will be many sleepless nights and long days. Similarly, there will be plenty of naysayers with an infinite number of reasons why you’ll never make it. But you’ve got what it takes to
The New Business Owner: Attitude and Success Part II Read More »
It’s a small business’s worst nightmare: You’ve been notified by your payment processor that your transactions are being investigated for potentially fraudulent activities. Your account has been frozen, you’re not allowed to process any transactions until further notice and what funds were being processed aren’t going to be deposited. Your entire revenue stream is stalled….
Your Payment Processor Froze Your Account — Now What? Read More »
Personal guarantees and collateral are both ways of promising a lender that you’ll make good on your debt. You may have to offer both to get an SBA loan. Collateral ties a loan to a specific asset, like your business’s inventory or your home, which the lender can seize if your business can’t repay the…
SBA Loan Collateral vs. Guarantee: What’s the Difference? Read More »
Knowing what you need to file — and when — will help you avoid costly IRS penalties and interest. Here are some of the major business deadlines to circle on the calendar. Business tax deadlines for federal tax returns Sole proprietorships: Schedule C and personal tax return (IRS Form 1040) due April 17, 2023. Partnerships:…
Business Tax Deadline for LLCs and Sole Proprietors 2022-2023 Read More »
When deciding between a business bank loan and an SBA loan, the right fit will depend on the number of years your business has been in operation, your annual revenue, your credit history and a handful of other factors. Generally, bank loans offer the lowest interest rates and best terms on business loans, which make…
SBA Loans vs. Bank Loans: How to Choose Read More »
You wouldn’t be where you are right now without tenacity. No matter how many times you’ve been kicked in the teeth, you’ve always been willing to get up and dust yourself off. You’ve probably even done so with a big, defiant smile on your face. It’s true that business owners are a special breed. However,
Attitude and Success Part I: The Seasoned Business Owner Read More »
This article has been reviewed by tax expert Erica Gellerman, CPA. Ket highlights: Sole proprietorships are subject to pass-through taxation, meaning the business owner reports income or loss from their business on their personal tax return, but the business itself is not taxed separately. A sole proprietor will submit a Schedule C with their personal 1040…
Sole Proprietorship Taxes: Everything You Need to Know Read More »
When you first began your business, you were probably willing to work with anyone who could fog a mirror. However, as your business has grown, you’ve had to become a little more selective. Your business has become more complicated as it has grown. All of a sudden, you’re looking at the vulnerabilities in your company
Small Business Marketing: Creating the Perfect Buyer Persona Read More »
The best cash registers are simple to set up, are reasonably priced and offer the features your business needs to get the job done. After all, an unnecessarily complicated system can turn checkout into a headache for you and your customers. Standard electronic cash registers often work best for brick-and-mortar businesses that need to take…
Best Cash Registers for Small Businesses Read More »
With the recent rise of resale apps like Depop and Poshmark, the idea of selling old clothes online is becoming more fashionable. Many people have turned clothing resale into a lucrative side gig or even a full-time job, gaining thousands of followers and making dozens of sales per week. The secondhand-clothing market is projected to…
How to Kick-Start Your Online Clothing Resale Gig Read More »
If you’re looking for business insurance near you, you’re probably searching for a local agent you can trust. After all, you might get small-business insurance from this person for years and rely on them for help navigating crises like natural disasters and employee injuries. If your insurance needs are simple and you want coverage right…
Business Insurance Near You: How to Find an Agent Read More »
During the ongoing labor shortage, businesses are offering hiring incentives, increased compensation and flexible schedules to attract workers. They may also want to consider whether they’re taking full advantage of an often-marginalized, but willing and able, segment of the U.S. labor force — older workers. Older workers, classified as those age 40 and over by…
Are Older Workers a Solution to the Labor Shortage? Read More »
Dropshipping is a fulfillment method where a business relies on a third party to ship orders instead of keeping inventory in stock. Retailers that dropship products will market and sell products but never handle them. Many small-business owners are adopting dropshipping as a stand-alone model or a supplement to shipping directly from their brick-and-mortar stores….
Dropshipping: How It Works, What Small Businesses Need to Know Read More »
Small-business owners tend to stand by their bank. For some, that allegiance is due to loyalty: 40% of business owners say their bank appreciates their business, and 30% feel they are treated better than the average customer, according to J.D. Power’s 2021 U.S. Small Business Banking Satisfaction Study. In other cases, it’s due to inertia….
5 Signs You Need a New Business Bank Read More »
The simplified employee pension individual retirement account (SEP IRA) helps self-employed workers save for retirement and get similar tax benefits as employees with traditional retirement plans. Learn SEP IRA rules and eligibility, and the pros and cons of these accounts for small-business owners. The post What Is a Simplified Employee Pension (SEP) IRA Retirement Account?
What Is a Simplified Employee Pension (SEP) IRA Retirement Account? Read More »
Square and Shopify offer payment processing services that support in-person and online sales and include point-of-sale, or POS, software features. But they differ in pricing, contract requirements and features. While Shopify might be better suited for focusing on e-commerce sales, Square offers more flexibility. Here’s how they compare. Deciding factors SquareShopify Software costFree with add-ons….
Square vs. Shopify: Which Is Right for Your Business? Read More »
Payment terms are the conditions of a sale. They’re usually associated with invoice payments, and specify how and when clients provide payment for goods or services. Terms include when payment is expected, accepted payment methods and any discounts for early payment and/or late fees. They help confirm expectations for clients and business owners alike, ensuring…
Payment Terms: How to Use Them for Small Business Read More »
Self-checkouts can take many forms, from grocery store kiosks to QR codes at restaurants. Including self-checkout hardware or software as part of your business operations gives customers the option to order and pay for their items without having to interact with an employee. Self-service point-of-sale systems can be essential for some businesses but inconvenient for…
Self-Checkouts: Pros, Cons and How Businesses Can Use Them Read More »
If your business has employees, most states require you to carry workers’ compensation insurance. But whom you have to cover and how you buy this insurance will depend on where you work. Here are the workers’ compensation insurance requirements by state, plus information on different types of coverage and common exceptions states may offer. Workers’…
Workers’ Compensation Insurance Requirements by State Read More »