Starting a business may be challenging in a number of ways. The most difficult aspect of starting a business is raising funds in the early stages. The health of your business is dependent on creating and sustaining a consistent cash flow. If you don't have cash flow, your business can't pay your bills, hire employees, buy items, or keep consumers coming back. You could consider getting an MBA to help you make a lot of money. However, all you need is a little common sense on how to manage it.
If you're thinking about starting your own business, you must have a distinct vision for success. Many would-be entrepreneurs start the business field with exaggerated hopes for success.
You must approach your new endeavor with an open mind, just like any serious endeavor. In light of this, the following eight queries should help you decide if company ownership is the correct career route.
Using independent contractors (ICs) can give your company an edge in today's thriving gig economy, but if you're not careful, contractors can also be a serious liability. In fact, working with ICs comes with a number of unique legal and financial risks that can be potentially ruinous to your business if not handled properly.
If you are thinking of starting a business, you’ll find all sorts of advice about how to go about getting your new venture off the ground. Indeed, there are entire websites devoted to the topic. Yet, with so much information out there, it’s hard to know what you should heed and what you can ignore. To make things simple, we’ve compiled a list of six essential strategies for getting your new business up and running with the least amount of hassle and risk.
Establishing and enforcing healthy professional boundaries with your clients is critical for all business owners, especially if you own your own business and work from home, where the lines between work and home life are easily blurred. If you need support establishing healthy professional boundaries, reach out to us, your Family Business Lawyer™.
When running a small business, every dollar counts, so it’s critical to keep a tight rein on your expenses, especially when you are just starting out and have limited revenue. If not monitored carefully, spending can quickly get out of control and put a serious strain on your operation’s financial health. With this in mind, here are five cost-cutting measures that can help your company stay in the black.
If you have not yet put in place an estate and succession plan for your business, you’re going to leave the people you love most—your clients, your customers, your team, and your family—in the lurch when something happens to you. We get it - there are plenty of reasons to put off estate planning, and as business owners ourselves, we truly understand the common excuses for why you probably haven’t created your estate plan yet. But as a family business lawyer, stop making excuses!
If your company has (or plans to have) employees, a well-written employee handbook is an essential communication resource between you and your team. Your handbook ensures that your team is not only aware of your rules and policies, but also the federal and state laws governing their employment. It should reflect the way you do business, and whatever policies you include in it should be consistently enforced.
When you realize that your biggest personal and business expense is taxes, it can come as quite a shock. Seeing so much of your money wind up in the government's hands can feel like a shakedown. So, it's crucial to strategize to reduce your taxes. Some people resist enforcing creative tax strategies because they're worried it will get them in trouble with the IRS. However, as long as you do things properly, there's nothing illegal about strategizing to pay the least amount of taxes possible.
Often owners and managers of small businesses often know each other before they go into business together. Sometimes, they're even related. Preexisting relationships can help propel small businesses forward, especially when there are high levels of trust and competence. However, familiarity is sometimes accompanied by a lax attitude toward operational formalities. So, it's best to have a skilled business lawyer who can help you structure your operational strategies properly.