Business owners must constantly weigh risks versus rewards when evaluating growth strategies. An example is owning commercial property, which involves more responsibilities and expenses than leasing a space. However, over the long term and in the right circumstances, commercial real estate may be a smart investment with a high upside. Buying a business property is a different process from buying …
Small businesses with fewer than 50 employees are not legally required to offer health insurance to employees, but health coverage is one of the most desirable job benefits. Approximately two-thirds of business owners provide health insurance as a way to hire and retain the best workers. Whether employer-sponsored health insurance is required by law or is offered as an optional …
The limited liability company (LLC) is a popular entity structure among small business owners that provides governance and taxation flexibility and shields personal assets from business liabilities. To enjoy the benefits and legal protections of an LLC, however, owners must register their company with the state by filing articles of organization (sometimes called a certification of organization or certificate of …
Employees are essential to your small business. Hiring and retaining workers is one of the biggest challenges that business owners face. In this highly competitive labor market, employers are looking for competitive edges to attract—and keep—employees. While many workers currently place a greater emphasis on job attractors other than compensation, pay remains highly important to candidates. Any problems associated with …
Running a contest or sweepstakes can improve customer engagement, create new leads for your business, increase sales, and provide valuable data for advertising campaigns. People love to win free stuff, and a contest can be a fun and cost-effective way to promote your business. However, if a promotional event does not comply with state and federal law, it could end …
Americans are known for putting in long hours with little rest, which can lead to burnout, lower productivity, and decreased job engagement. Although employers are not legally required to offer paid time off (PTO) to their workforce except in a few states, most choose to do so. Those that offer PTO benefits may have a competitive advantage. Nearly a third …
When starting a business, entrepreneurs typically have two options: they can either build a new business or purchase an existing business. Buying an existing business can offer the advantages of name recognition and a proven business model. The advantages can be even greater if the business is a franchise with hundreds or even thousands of locations. Purchasing an existing business, …
The online marketplace Etsy has gone from a niche craft seller to one of the largest commerce companies in the world. Etsy has millions of active sellers worldwide, most of whom are based in the United States. Many Etsy sellers rely on the site as a primary or secondary income stream. Collectively, they contribute billions of dollars per year to …
When you started your limited liability company (LLC), the last thing you probably had on your mind was ending it. Many LLCs are created for specific purposes, however, and when that purpose has been served, its members may think about winding up the company. LLCs may also terminate due to member retirement, conflict, or death; state administrative or judicial orders; …
Cash flow measures how much cash is flowing in and out of a business. A positive cash flow is one of the strongest determinants of a business’s success. It shows that a company can fund its debts and pay for immediate needs such as equipment and staffing, and also that it has enough money in reserve to invest or survive …
Some activities are inherently risky. Visitors of certain types of businesses such as ski resorts, gyms, and amusement parks know there is a chance they could get injured when they engage in the activities those businesses offer. To protect themselves against potentially costly lawsuits, businesses can use a liability waiver to shift the risk from themselves to their customers. Liability …
The internet has been a game changer for small businesses, allowing them to reach new markets, hire nonlocal talent, and compete with larger companies. Not having an online presence where customers can discover and interact with your business is now almost unthinkable. You may also have remote team members and vendor partners that are vital to your success. But the …