Small Business Tips

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A small business blog featuring tips to help entrepreneurs succeed in the small business world. Topics include family business, human resources, marketing, money, networking, operations, ownership, startup, taxes and technology.
Business Startup Blunders

When starting a new business venture it’s easy to skip over the little things that may come back to haunt you in a big way. The real defininition of entrepreneur should be “a business-minded person who’s willing to constantly solve unforeseen problems.”

Tamara Monosoff of Entrepreneur Magazine offers the following booby traps you may encounter when starting a new business venture:

Trap #1: Universal Product Codes
Trap #2: Product Liability Insurance
Trap #3: Electronic Data Interchange
Trap #4: Chargebacks
Trap #5: Slotting Fees
Trap #6: Timing

Source:
Business Booby Traps


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By Chris Brunner
Wednesday, November 21st, 2018 @ 12:02 AM CDT

Startup |

Starting a Startup

According to a survey by Yahoo! Small Business and Harris Interactive, 66 percent of American adults say they’ve considered starting a business. But many never take the leap.

The key word in “small business” is small… your business can take up as much or as little time as you want it to. The art of the start is really about setting yourself up with a system that provides clear direction and keeps you moving forward no matter what challenges you face.

Here are some tips from Cornelia M. Flannery of Entreprenuer Magazine to help steer you in the right direction:

1. Choose a Business That Fits You.
2. State Your End Goal.
3. Identify the Milestones That Make Up Your End Goal.
4. Choose One Milestone From Your List.
5. Identify the Tasks Required to Achieve Your Milestone.

Source:
Start a Business in 10 Minutes a Day


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By Chris Brunner
Tuesday, November 20th, 2018 @ 12:00 AM CDT

Ownership |

Reducing Taxable Income with Retirement Funds

Taxes stink. Ah, but as citizens of this wonderful country we must pay our dues for services. Most business owners know that the more you make the more you are taxed.

The best way to reduce your taxable income and greatly benefit yourself at the same time is through retirement funds, such as a 401(k) plan. I recently started a Solo 401(k) for myself and can place up to $44,000 a year into it, reducing my taxable income by this amount each year.

Your 401(k) can mean the difference between paying the government or creating a future for you and your family.

How should a 401k be balanced?

Money magazine suggests these allocations:

1) Aggressive–for those with 35 or more years until retirement

50%–large cap stocks
15%–mid cap stocks
15%–bonds
10%–small cap stocks
10%–international stocks

2) Moderate–for those with 20 years until retirement

35%–large cap stocks
35%–bonds
10%–mid cap stocks
10%–small cap stocks
10%–international stocks

3) Conservative–for those within 10 years of retirement

40%–bonds
30%–large cap stocks
10%–mid cap stocks
10%–international stocks
10%–cash

Read more about 401(k) plans:

• Forbes.com – A Way To Max Your Tax Savings
• U.S. Dept. of Labor – 401(k) Plans For Small Businesses
• About.com – Maximizing Your 401k Plan
• SmartMoney.com – The Solo 401(k)


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By Chris Brunner
Monday, November 19th, 2018 @ 12:02 AM CDT

Taxes |