Many self-made millionaires in their 30s maintain that working smart and working hard can bring you from just making ends meet to a 7-figure income in as little as a decade. It can happen in many ways but it depends on how well you manage your life. Here are a few tips to help you stay focused on the things that matter toward your personal and financial success.
Starting your business can be a complex process – especially when it comes to finances. Turning your idea into a reality takes proper financing and management. Here are key things you need to focus on when financing your business.
As a small business owner, it is important for you to meet critical deadlines to avoid fines, notices, or worse, closure of your business. We suggest setting up a compliance calendar helps you stay on top of critically important dates. Here are some of the most critical deadlines you may need to meet in the next few months. Consult an experienced lawyer like us if you have questions about deadlines applicable to your business.
You've invested a lot in making your business a success, and it's hard to think about relinquishing ownership or control of it, so if you're considering passing your family business on to your heirs, it's especially important to put a plan in place ahead of time to ensure that what you've worked hard for over so many years will never be wasted and will successfully be passed on to the next generation. Planning is critical and is the key to creating a lasting legacy for your family.
Creating a culture in your small business where employees are valued and appreciated is the best thing to attract stellar talents. It is important to cultivate a work-life balance in this era when go go go is a norm to retain these talented candidates who value the same balance. Read here to know some of the strategies your small business can use to attract excellent employees, even in a tight job market.
Your "When I die" file is one crucial part of your plan as it will give your loved ones access to all your planning documents, financial accounts, digital assets, etc. in the event of your potential incapacity or death. Failure to execute this file will result in your family an agonizing work and endless expenses in tracking down your assets and worse, they will all end up as if they never existed. Read here to know what to include in your file.
As a small business owner, it is particularly crucial that bad debt has to get off your books for the success of your business. Writing off bad debts can quickly ruin the financial position of your company resulting in cash flow problems, reduced profitability, and difficulties in meeting financial obligations. Read here to know more. Consult with an experienced lawyer like us so we can guide you to avoid losses from bad debts.
As a small business owner, it is necessary that you understand the business credit terms. Like personal credit, business credit is a reflection of how well your company manages money and whether your company can be trusted by the way it manages money. We advise separating your business and personal affairs to optimize your opportunities and help you grow your business. Consult with a business law attorney like us to help you structure your business plan.
Putting a proper Estate Plan in place gives you confidence and peace of mind that your assets will be protected and that your loved ones will be provided and cared for no matter what happens to you. Without one, your heirs could face huge tax burdens, hefty attorney fees, or worse, the courts could designate how your assets are divided and even who gets to raise your children.
Good record keeping is not only important to help you monitor your business' details and progress, but it is also essential to protect you and your business from penalties, fines, and other legal actions. Read here some of the records your business may be legally required to keep. Consult with us if you have questions or if you need help navigating the maze of record-keeping requirements under local, state, or federal law.