Small business owners are no strangers to risk management. Owning and operating a small business entails a certain level of unpredictability. Despite your best efforts to stay on top of supply chains, marketing, sales, competitors, employees, and cash flow, unexpected issues can knock you for a loop. You have survived plenty of bumps in the road and emerged stronger than …
Your family and your business are two of your top priorities. You would not do anything to compromise either of them. But working with family members in a family-owned business presents unique challenges that can cause lasting damage to both if not properly managed. Family-owned businesses are capable of the same success as any other business. Walmart, Chick-fil-A, Comcast, Carnival, …
Trusts are usually associated with estate planning, but trusts can also apply to business operations. As a small business owner, you can hold the business in a trust instead of using a business entity such as a limited liability company (LLC) or corporation. Business trusts offer several potential benefits—and drawbacks—compared to a traditional business structure. Understanding their pros and cons, …
You spend a significant part of your life building your business, and it becomes a major part of your legacy. But when you die, everything you have built could fall apart if you have not taken the time to create a business succession plan. Without a plan in place, your business’s fate may be decided by a court instead of …
Multilevel marketing (MLM) businesses sell products or services directly to retail customers using commission-based, nonsalaried representatives who are encouraged to recruit new representatives and form their own sales networks. They can have thousands of representatives and generate billions of dollars in annual revenue, although many of the people who join them make little to no money. Some may even lose …
Giving money to charity might seem counterintuitive to those running a for-profit company. However, it is important to keep in mind that charitable giving can not only make a big difference to the recipients of your generosity, but it can also provide a net gain to your business. In addition to the potential tax advantages of charitable giving, donations have …
Myth: When my employer hands me a beneficiary designation form for my employer-provided life insurance policy or gives me the link to complete the form online, it is optional and not a priority. This is false. When you are asked to complete a beneficiary designation form, you need to fill it out as soon as possible. If you were to …
The owners of a limited liability company (LLC) are called members. At some point, an LLC member may find that they want or need to withdraw from the LLC. That member, as well as the other owners of the LLC, may wonder how to accomplish this. To properly withdraw from an LLC, there are a few key questions that the …
Just a year ago, businesses across the United States shuttered temporarily in response to the novel coronavirus. Some of these businesses could not weather the virus storm and closed for good. Now that COVID-19 vaccines are available, many businesses are wrestling with deciding when to resume in-person operations and bring their staff back full-time. At the time of writing, 1.5 …
The key to a successful business is having the right people, financial knowledge, effective processes, and a well-researched business plan. According to the Bureau of Labor Statistics, approximately 20 percent of businesses fail in their first year, and 50 percent fail by their fifth year. Forming and running a business is hard regardless of whether the business provides products or …
Hiring workers is an important step for a business. A business owner is faced with a chicken-and-egg dilemma: Is it better to hire employees anticipating that the business will grow, or wait until the business has grown and then hire employees? When a business is starting out, a full-time employee may not be needed. Business owners may instead consider hiring …
Congratulations! Your business has grown and you are ready to hire your first employee. Where do you begin? What will the employee’s schedule be and how much will the employee get paid? Will your new hire be an employee or an independent contractor—and what is the difference? Did the employee sign an employment agreement? Before your new hire begins, there …