The Pitfalls of Being a New Business Owner
Starting a new business is both exciting and challenging. You’re eager to start your journey but your worried to the mistakes that cause 1 in 5 businesses fail in the first year. The good thing is, you’re not alone in those feelings. While there is no fool proof plan in starting a business, there are certainly things that you can avoid, increasing the likelihood of your success. Here is a list of the most common mistakes that entrepreneurs make.
How to Make Sure Your Small Business Doesn’t Fail
Here are the three most common reasons businesses fail in the US. Use this guide to take the necessary precautions and actions to ensure that your business is fit for survival.
5 Dangerous Financial Mistakes you may have made
It is my hope is that you haven’t made any of these common mistakes. If you have, the good news is, you can turn things around from here. Use my tips and consult your accountant or financial advisor immediately.
How to Price Your Services? – A Guide to Charging your Worth
Don’t let that small but important fact get beyond you. Beauty industry professionals are something like medical professionals in that they go to school and acquire the necessary training to provide a service. Like doctors, most states require beauticians to have a license to work in a shop and provide certain services. Not only that, but cosmetology school, training, and certifications can be quite costly. It’s always important to re-invest into yourself and your skillset. Because you re-invest in yourself, you should charge accordingly for your services. Keeping tough competition in mind, it's important to know how to price your services. In this blog, I will not only provide you with some things to consider as well as provide sound advice on how to price your services. Read On.
Cash Businesses - How To Protect Your Dollars from the IRS
Businesses should make every effort to protect their money from the IRS. Business owners are required to track and account for every dollar earned and spent on necessary expenses. While having a cash business can be beneficial, there are some things to consider when filing taxes. For businesses, cash transactions can save a considerable amount of money. By only accepting cash, one can avoid having to pay per transaction, and avoid things like fraud. While operating in cash does guarantee quick and easy payments, cash-only businesses have a 55% probability of being audited by the IRS, while multi-payment businesses only have a 5% probability of being audited.
LLC vs. Sole Proprietorship
When owning a business, it is important to take the necessary precautions to protect yourself as well as your assets. Registering your business and making it a recognized entity with the state is one of the easiest methods of protection.
It can be overwhelming to determine which entity is best for you. Though there are many types of entities, the best two for small and new businesses are LLC and Sole Proprietorship. Both are inexpensive and relatively easy to obtain. Read the guide below as you decide which entity is best for your business structure.
Why No One Should Start A Sole Proprietorship.
Forming a sole proprietorship for your business is probably not the best idea. Registering with the state is the first official step for many up and coming business owners. While some businesses file right away, others wait until they’ve seen a certain amount of return, warranting the action.
Knowing what type of entity to file can be confusing, but we can almost guarantee a sole proprietorship is never the answer. For most businesses, a sole proprietorship carries more disadvantages than perks. With that in mind, MATS is here to explain why it’s rarely a good idea to file as a sole proprietorship.
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Feeling stuck? Feeling like you’re making money but still broke? Let a Madison’s Business COACH lead on a path that: Organizes your business, increases monthly revenue, and to sustain a growth pattern.