When starting your own business, a carefully researched and well-thought-out business plan allows you to determine whether or not your business concept will succeed and make money. A solid business plan can't only serve as a roadmap to guide your company's progress but also allow you to test the validity of your business model, research the market, understand your competition, and avoid potential pitfalls. How will you do that? Learn more here!
Many entrepreneurs structure their business as an LLC because, like corporations, LLCs offer personal liability protection for their owners. But unlike corporations, LLCs are not legally required to adhere to many of the same corporate formalities required of corporations. Although the administrative requirements for an LLC are far less strict than for a corporation, you’ll still need to abide by some operational formalities if you want to maintain your personal liability protection.
You may be wondering why you need to hire a lawyer to help you run your company. This is true today when you can access just about every conceivable legal document online for cheap from the countless online do-it-yourself document services. But without the guidance and support of trusted legal counsel, you're likely not aware of all the ways your business is leaking money, putting yourself and your family at risk, and possibly limiting the positive impact you have on the lives of your clients.
Too many start-ups fail to make the transition from idea to execution or encounter major setbacks along the way. In the midst of developing your growing start-up, don’t make the common mistake of disregarding tedious, but vital tasks such as making sure all your legal, insurance, financial, and tax ducks are in a row. Establishing a solid legal system can help you avoid costly mistakes and save time and stress down the road.
Building a business from scratch can involve years of working long hours for little to no financial reward. In fact, whether your company can generate a profit or not, starting your own business can consume your life like few other activities. However, buying an existing business isn't without its own challenges. It'll also require hard work and sacrifice, and no matter how successful the company was under its former owner, there's no guarantee you will experience the same prosperity.
Every entrepreneur understands the value of effective business planning but seldom are those who are aware of the critical role estate planning plays in their company's success. Without a proper estate plan, the business you worked so hard to build could be at serious risk if something happens to you or in the event of incapacitation. Don't put your most valuable asset at risk. If you haven't created a proper estate plan, your business is missing one of its most essential components.
Business startups are amazing ways to becoming an independent business owner. Nevertheless, buying an existing business has more advantages than starting from nothing. It's more likely to have an established customer base and a more recognizable brand. With a solid foundation, you can review existing policies and processes. Instead of spending years building a name and creating connections, you concentrate on. But with an already built business, you can now focus more on growth and expansion.
Due to government-mandated business closures and stay-home orders, many owners and employees of small businesses were forced to work virtually. Working virtually has shown promising benefits in employees' productivity, which many companies see as a significant idea to utilize and maintain remote workforces. However, there are factors to consider in implementing and managing remote workforces. Here are relevant factors to consider and preparations to implement.
The staggering events of 2020 have greatly affected each person’s overall mental and emotional health. Faced with sudden changes such as sickness, loss, or unemployment it is difficult to stay positive. No pun intended. However, this may be an opportunity to invest in your most important asset—yourself. It is a time of unearthing your skills and talents that may have been stored away all this time. As each person is unique you surely have something to offer that nobody else could. You could be t
The coronavirus outbreak has most business owners on their toes. The constant emphasis on the slightest human interaction through skeletal arrangements results in taking in more tasks on your already full plate. From implementing safety measures to protect your employees, formulating strategies to mitigate the outbreak’s impact, to finding ways to generate more revenue — you feel the need to do it all. Here is some advice on how to navigate the volatile business environment in the new normal.