No successful marketer decides to start their own agency because they love accounting. Not even the most passionate digital marketers who love getting deep into the data, like I did when I started Adficient.
When tax rates rise, small businesses feel the brunt of the impact, but they also pass along increased costs to consumers. In recent news, many residents of the Bay Area are having a hard time getting used to the April 2017, half-cent sales tax increase imposed on a number of cities and counties that make up the startup epicenter. Keep reading to learn why taxes increase and how this year's rate hikes impacted small businesses, which cities are feeling the effects, and what you can do to ease the burden at your business.
Some entrepreneurs were put on this earth to start, run, and grow businesses. And then there are business owners who started as enthusiasts and turned their real-life passions into their livelihood.
Whether your passions include playing video games, crafting, designing clothes and accessories, or helping your community, that emotional investment can be all you need as a foundation for a lucrative business. If you want to power your business to loftier heights, take note of these seven inspiring business ideas that started off as pet projects.
They say “the more, the merrier,” and in most cases it is undeniably true. But for a tight-knit team of founders, widening the circle to bring in your first employee is a big—sometimes daunting—milestone. As such, getting the timing right is absolutely vital.
Going from entrepreneurs to employers, your team may be wondering if a new worker will lift your business to new heights or sink your prospects. So, when should you hire employee number one?
As the saying goes, “do what you love, and you’ll never work a day in your life.” While usually easier said than done, Evan Varsamis and his lifelong friends, Cassie and Michael, found a way to follow this advice when they started Gadget Flow.
When it comes to conveying what your company is passionate about, many business owners start by putting pen to paper and writing out their mission statement. Obviously, this is important. As a brand, a mission statement allows you to own your organization’s public-facing story. But aside from what you write about your commitment to your community, there’s another way you can demonstrate what your company stands for and how you plan on changing the world: Your budget.
The way you spend your business’s capital represents not just what your team values, but what you value as a leader. You want to build a budget that paints an accurate picture of how you prioritize each part of your business.
For a startup to survive and succeed, it needs to manage cash flow with utmost care and skill. Founders and business owners often find it challenging to maintain a steady handle on their burn rate, and this has become a common reason for many startup failures.
Even if you’ve reached profitability or raised a significant amount of capital, you can still fall short if you don’t manage to meet your overhead, payroll, and other operating expenses that keep your business afloat.
You’re a startup CEO. You’re running your business fast and lean. Getting your company’s financials cleaned up and organized is on your to-do list, but so are a thousand other things. You’ll get around to it—just as soon as you secure the loan that will help you scale up.
I hate to break it to you, but as long as your financials are a mess, that funding is going to stay forever out of your reach. At Lighter Capital, we field a lot of loan applications, and the number one reason we reject potential borrowers is that the entrepreneur is unable to produce financials. And we’re not the only ones who feel this way.
Over the course of your life, you’ve probably known someone who holds on to all their receipts, no matter how old or trivial those receipts may seem. Maybe it was your grandfather and his shoebox. Maybe it’s your mother and her filing cabinet. Maybe it’s you and that overflowing desk drawer.
While the practice of saving receipts can verge on obsession, startups have good reasons to retain and organize those little scraps of paper with care. Receipts help your business keep track of expenses, so you can provide proof of purchase for any future exchanges or claims under warranty, understand what your organization is spending too much money on, reimburse employees when necessary, and, of course, deduct everything you possibly can on your taxes.
If you run an eCommerce business, you’re quite familiar with shipping products. But did you know that states have different ideas of what UPS or post office shipping fees are considered taxable?