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Know The Most Small Business Owners Not Interested in Retiring

In the corporate world, many employees start counting down the days until they can ride off into retirement. Small business owners, on the other hand, would rather keep working well past retirement age, new research finds.

The latest Wells Fargo/Gallup Small Business Index revealed that if money weren’t a consideration, 53 percent of small business owners would choose to keep working in their current ventures, with 17 percent saying they would look to start a new business if money wasn’t a concern. Just 27 percent of the small business owners surveyed would immediately retire if they could.

“Many owners don’t want to retire at all, but (instead) keep working in their business in some capacity as long as they are able,” the study’s authors wrote. “These attitudes reinforce a generally upbeat small business environment today.”

Overall, small business owners are optimistic about their prospects for retirement. The research found that, if they do decide to stop working, 76 percent of small business owners believe they will have enough money to live comfortably in retirement. That’s up considerably from the 66 percent who said the same thing in

Simple Tips To Calculate Your Net Worth

Do you know how much you’re worth? Most people don’t but as a business owner, your personal net worth may be important. Although your business is probably legally separate from your personal assets, a bank that considers giving you a business loan will likely ask for personal collateral if your business has little real value. Calculating your net worth gives you an accurate picture of how much of your personal worth you’re pledging to your business.

On a more personal level, having a clear picture of how much you’re worth helps with financial planning. Do you have enough saved for retirement; where is your debt and are there assets that could help you pay it down it down faster? What percentage of your net worth is in liquid investments and is it allocated appropriately? Your net worth is more than a single number—it’s an entire report full of important data.

Terms

Before diving into the calculations, you need to know a few terms:

Asset- Any property with real value. Real estate, a car, and jewelry or art are a few examples.

Illiquid Asset- Something that can’t be converted to

Tips To Reduce Business Debt

Your business is no different than your home—too much debt can cripple you. Although it might be ideal to run a debt-free business, that’s virtually impossible. The best you can do is to manage and reduce it as much as possible. Here are some ideas.

1. Know Your Numbers. Don’t just be familiar with your numbers—know them. Knowing them means that you know the cost of each of your raw materials, labor, rent or lease costs, and everything else. Do you know what each item costs down to the penny? Do you know the interest rate on each of your debts? If you don’t, you’re probably paying too much for something.

2. Be Smart About Your Ordering. Sometimes you stock a poor-margin item that gets people into your store, but as a general rule, if it’s not getting you to the margins that others in the industry report, it may not be worth your time. Sales that result in ultra-low margins are costing you money. Identify unprofitable sales and eliminate them or look for a lower price from suppliers.

3. Increase your Margins. Speaking of margins, each

Some Tax Season Tips for Small Businesses

Small business owners must comply with various federal, state and local policies in an extraordinarily complex tax system. Although tax season doesn’t officially begin until next year, it is prudent to consider the existing tax structure, as well as review any upcoming changes, that apply to the Internal Revenue Service and other taxation entities.

Dr. John J. Petosa — a licensed CPA, attorney and faculty member at the Whitman School of Management at the University of Syracuse — owns a private accounting and legal practice with a focus on tax preparation at state and federal levels. When preparing for the 2017 tax season, Petosa advised business owners not to assume that “business-friendly” platforms or Affordable Care Act (ACA) changes promised by the new administration will actually become policy. Instead, they should prepare themselves to file within the existing tax structure, he said.

“If a small business falls under the requirements of the ACA, it is my suggestion that they continue to take steps to comply with the act,” Petosa told Business News Daily. “It is the law of the land unless it is otherwise revisited. Failure to comply with certain parts can subject a small business to significant penalties, so compliance is

Best Tips for Selling Your Business and Retiring

The majority of business owners are planning on the proceeds from the sale of their business to fund their retirement. However, the 2013 State of Owner Readiness Survey revealed that over 80% of business owners have no formal transition plan.

Historically, only 25% of businesses up for sale actually sell. Those odds are likely to become worse as millions of baby boomers attempt to sell their businesses over the next decade in the Exit Bubble®.

Combine the lack of readiness with the historically low success rates for selling a business, and you could be looking at the perfect storm for business owners. Below are five tips to increase your odds for a successful business sale:

1. Start planning NOW! It is never too early or too late to start planning the sale of your business. You’ll need to become informed on the emotional aspects to anticipate, and educated on the numerous tactical complexities of the business sale process. This will help put you on a level playing field with buyers and increase the odds of a successful sale.

2. Create a clear vision of what comes next. One of the biggest reasons businesses don’t sell is that business owners don’t have a vision of

Some Small Business Money Mistakes

Of all the roles a small business owner takes on, often the most challenging is managing the business’s finances. The reasons are many, but most small business owners don’t have a background in business finance, and at least at the start, are more focused on bringing in business and serving the customers than they are on record keeping and financial planning for their business. As a result, many work long and hard at their businesses with only mediocre success to show for their efforts. Others fail completely.

You can improve your chances for success – and your profitability — by being aware of and steering clear of these common small business money mistakes.

Insufficient Cash

Insufficient cash is one of the leading causes of business failure. Startups often overestimate how quickly they’ll start making money, and underestimate all the expenses they’ll incur. But startups aren’t the only businesses prone to failure due to insufficient cash. Once you have a steady flow of business you can run into cash problems in a couple of ways. One is a failure to realize the difference between cash flow and sales. You can have plenty of sales on record, but unless you get paid in advance for

Tips To Avoid Overpaying for Everyday Business Expenses

You’re a small business. You probably don’t have the money-is-no-object budget of big businesses when it comes to every day expenses. In fact, you’re probably trying to pinch pennies while providing your employees the tools they need to do their best work. So how do other business owners save money on—well—everything? Here are a few ideas.

Don’t Hire. Contract!

Gone are the days where you have to bring on a part-time “employee.” Employees need an office and/or equipment, you’re on the hook for a portion of their taxes and insurances, and you have to invest a considerable amount into training.

Instead, hire a contractor or freelancer. They’ll require some training but outside of that, all you pay them is the cost of the job. No taxes, no worker’s comp. insurance—just a fair wage for outstanding work.

But be careful. The IRS has very strict rules when hiring a contractor. For the most part, you can’t have any control over their schedule, you can’t act as their manager, and you shouldn’t provide them with any type of company uniform, among others. If you break the rules, they’re an employee. If you’re not sure, use IRS form SS-8 to figure it out.

Cut the Office Supplies

Nobody is

Easy Tips to Let Customers Pay with Their Smartphones

If your customers aren’t asking already, they will. Doing business with smartphones is likely to become the standard in coming years and as a small business owner, you better be ready when the masses show up with only a phone as a way to pay.

You Have to Change Anyway

The last thing you want to do is invest in a technology that may or may not catch on. It’s not like mobile payment is wiping out traditional payment methods but the good (or bad) news is that you have to invest in new equipment anyway.

Most business owners know that as the United States switches over to EMV credit cards, they have to invest in new card readers anyway. During that switch, merchants can pay a few extra dollars to purchase a card reader that has the technology to accept mobile payments. Experts in the field say that the cost is relatively low—about $250 per payment terminal.

Businesses have until October of 2015 to make the switch. That’s when credit card companies are supposed to shift liability for fraudulent technology from themselves to the company with the most antiquated equipment. If you fail to upgrade before that date, you will likely be the

Some Payment Types Should Your Business Accept

Most business owners would say that the most important thing they do is accept money. Without money, every other business activity is irrelevant because money is the lifeblood that keeps the business open. Of course, building relationships is important and essential but unless your business has a healthy stream of capital rolling in, you’re destined to close your doors.

You’ve probably heard that if you want your customers to do something you should make it as easy as possible for them to do it. If you want them to sign up for your e-mail list, give them more than one way to give you their information. If you want them to visit your store, make sure there’s plenty of parking, you’re open at convenient hours, and your location is as central as practical.

How you collect money follows the same rules. The easier it is for your customers to pay you, the better it is for you. But here’s the problem: the easier it is for you to get paid, the more you’ll likely have to pay for that convenience. Which of the many payments should you offer and why?

It Depends

Don’t you hate it when you can’t get a hard and fast

Tips to Increase Your Small Business Profits

As a small business owner, you know that sales, alone, aren’t an indication of your business success. The true measure of success is your business’ profits. True, increasing your total profit for the year usually requires increasing sales, but here’s the rub: if you’re not careful, the cost of increasing sales could lead to decreased profit margins or even a loss. So how can you boost your small business profits this year? Here are eight strategies to fatten up your bottom line.

1. Attract new leads with information marketing

Today’s customers are hungry for information. They want to educate themselves before they talk to a sales person or make a purchase. Providing them with that information can make your business more profitable because it helps you win the customers’ attention, contact information and ultimately their orders. Do it by offering information-packed downloadable special reports, white papers or checklists for free. The information doesn’t have to be long. It just has to be informative and promoted with an attention-getting headline. Promote the giveaway on your website and through social media and require at minimum an email address to gain access to the information. Be sure the giveaway includes a call to action to

Tips To Prepare a Price Quote

It seems so simple, doesn’t it? What’s so hard about giving somebody a price quote? The truth is that there’s a lot more to think about than just the number because a price quote is so much more than just the price. It’s a window into you, your business, and what the customer can expect if they do business with you. Savvy customers can find a lot of information in your quote well beyond price. Here’s how to do it right.

Before the Quote

You receive a call, e-mail, or a customer comes to your store asking for a price quote. They simply say, “Can you give me a quote on some repairs I need on my home?” Before you prepare the quote, get to know your customer. If you’re in the contracting business, you’ll probably end up at their home but first, qualify them.

Do you handle the type of home improvement or repair they’re looking for? Do they need it done within a certain time frame and can you meet it? Where is their home? Is it within your service area? Don’t waste their time or yours if it’s not a job you can do, it’s not a product you stock

More Information About Insurance in the Gig Economy

There are plenty of reasons to become a freelancer. The new “gig economy” is one where people are opting out of being on a company’s payroll. Instead, they’re forming their own company and taking contract jobs. There’s plenty to like about such an arrangement. There’s often more flexibility in your schedule and although you go from a couple of bosses to often many, you get to pick who you work with. Owning your own business can also be financially lucrative as you gain a reputation for dependability and quality work.

But as we’ve been exploring in our gig economy series, there’s a lot to consider before quitting your job and going freelance. We looked at the tax implications—the fact that you no longer have an employer paying a portion of your Medicare and Social Security taxes. That represents a lot of money.

Next, we looked at retirement. You no longer have a 401(k) that your company is paying into on your behalf. Retirement planning is now a solo endeavor so your pricing has to be high enough that you can contribute to a retirement account each month.

There’s one other major piece of freelancing you have to take into account—insurance. When you were

Should You Know About Income Tax Basics

We live in the post-recession economy. Along with more skepticism over the future of the economy, many have bought into the gig economy—where people take individual contract jobs rather than working for a larger company. Some might call it the American dream but if you don’t plan correctly, it could turn into something of a nightmare.

The Facts

A study by authors from Princeton and Harvard Universities found that the number of freelancers grew from 10.1% in February of 2005 to 15.8% in late 2015. Computer jobs hold the most freelancers but customer service, medical, and writing industries attract many as well. Freelancers beware—you might be setting yourself up for financial turmoil if you don’t think of yourself as a business owner. It has to do with taxes.

Taxes

As a freelancer you have to pay taxes just as you would if you worked for a larger company but with one important caveat. You’re responsible for all of the taxes. What you may not know is that when you are an employee, your employer pays half of your total Social Security and Medicare taxes. Thus, as an employee of someone else’s business, you paid 6.2% of your salary (up to the taxable maximum) for

Simple Ways To Reduce Attorney Fees for Your Business

Whether you are just starting a business and need to form an entity, have an existing business and are negotiating contracts with third parties or are in the process of selling your business, an attorney will undoubtedly play a critical role. It’s important to keep in mind, however, as vital as an attorney’s advice is in these situations, it doesn’t mean you have to pay an arm and a leg for it. Set forth below are three strategies to minimize attorney fees and stay within your budget:

1. Know What You Need

The first step to ensuring you receive quality legal services for an affordable fee is to know exactly what you need from your lawyer. Prior to seeking out a lawyer, write down any questions you would like to ask and take notes of your situation. Will you need help with specific documentation or just need more general legal advice? The more organized you are before you speak with a lawyer, the better off you’ll be.

2. Negotiate Fixed Fees

Small business owners are particularly sensitive to costs associated with hiring counsel when they have a legal need. For this reason, business owners should negotiate fixed fees for their transactional needs rather than

Best Tips To Start a Business with No Money

You have a dream but no money to put toward the dream. That’s not uncommon among entrepreneurs. Don’t let the lack of money deter you from a business you know other people would find benefit from. Here are a few ideas of how to get your business off the ground with no money.

1. Some are Easier Than Others

If you don’t have any startup capital, service-based businesses are perfect. Product based businesses require you to purchase and then resell. Service-based businesses like consulting, advising, or things like content creation or web design, only need equipment you probably already have.

2. Get Creative with How You Raise Funds

Consider the story of how Outbox Systems started. The founders had a dream of connecting two software applications together but didn’t have the money to build it. Instead, they worked out a deal with another company where they would build a similar product for a discounted rate yet retain the rights to sell the product to others. That’s creative financing. How can you get creative with how you raise money?

3. Sweat Equity is Free

Starting a business is hard. It’s not comfortable. Expect long days, a lot of hard conversations, and plenty of people telling you it