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 …
With the country emerging from pandemic lockdowns and economic activity beginning to expand, small business owners are optimistic about the future. Supporting local businesses can help them grow and thrive in a post-pandemic economy. But what if you could help a business while also helping yourself? Investing in a small business can be a great way to diversify your assets …
Many business partnerships eventually come to an end. Like other types of relationships, when business partners decide to split up, the process can be amicable or contentious. For personal and professional reasons, dissolving the partnership on good terms is in the best interest of all partners. A smooth split will prevent unnecessary conflict and legal expenses and allow the partners …
Summer is a popular time for businesses to hire temporary workers. Restaurants, golf clubs, resorts, amusement parks, and other warm-weather entertainment destinations depend on the summer months to boost their bottom line for the entire year. Despite the current labor shortage in some areas, this summer is expected to see a hot labor market as people emerge from pandemic lockdowns …
It has been a tough year for small businesses. Across the country, millions of small businesses have temporarily closed their doors due to the COVID-19 pandemic. Even now, as the pandemic eases and operations begin to pick back up, many small businesses report that they are struggling to fill open positions. But business owners are resilient and creative. Despite the …
Owning a business can impact every area of a person’s life. The impact is uniquely felt within a marriage. Married business owners must consider the ways in which their marriage may impact their business and vice versa. Failure to think about how these two significant institutions interact can have unforeseen consequences—everything from addressing time management to distribution of liability may …
Determining whether to start a business is a major life decision. For small business owners, deciding when and how to sell the business is arguably even more consequential. Before selling a business, the owner is likely to spend many hours and even days worrying and considering the options: Is the market right? What price should I set for my business, …
If you are considering purchasing shares in a company, do you understand the potential risks as well as the perks? What are the rights and privileges of a shareholder? And how do you protect these rights once you have them? Before becoming a shareholder, review the shareholders’ agreement carefully with the help of a lawyer. The shareholders’ agreement typically provides …
You have probably heard the term promissory note, but do you understand what a promissory note is and when one can and should be used? A promissory note is simply a written promise to repay someone who has loaned you money. More specifically, it sets forth the terms for repayment of a loan on or by a specified date. A …
Where do you find a good plumber? Who can recommend a good Italian restaurant? Who is the best divorce attorney in town? Sometimes these answers are found by asking family, friends, and neighbors, but many people find answers to these questions on social media and review sites such as Google, Yelp, Amazon, Facebook, and TripAdvisor. Customer reviews and testimonials are …
Before launching a business, entrepreneurs spend a substantial amount of time and money researching and developing their products or services. You may have worked with graphic designers and a marketing team to create a brand name and logo for your products or services. As the business grows and your products or services take off in the marketplace, competitors or counterfeiters …
Companies grow by investing time and money in various resources, including their employees. Yet business owners are often anxious about losing their investment, i.e., the time they spend training new hires and the confidential information they share with their new employees. Once confidential information is shared, there is a risk that an employee will leak the company’s trade secrets to …