Starting a small business is exciting, but handling the finances can be a bit tricky. Think of budgeting as your friendly guide in this money maze. Whether you’re sketching out initial plans or navigating the early stages of your business venture, we’ll unravel the essentials of building a solid budget.
When choosing the right financial partner for your small business, it’s essential to consider not only the financial products and services required for operation, but also other qualities that can impact the long-term success of your business. Not all financial institutions are created equal.
The freedoms and advantages that come with being your own boss are undeniable. Nonetheless, self-employment has trade-offs, such as the lack of an employer-sponsored retirement plan. The good news is that there’s a tax-advantaged retirement account that caters to the needs of self-employed individuals and small business owners – it’s called a SEP IRA.
Small business owners spend a portion of each day making crucial decisions. One such decision is choosing the right credit card for their organization. With a slew of options available, what should you look for in a business credit card? Before you start your search, take a few moments to learn the key differences between business and personal credit cards.
Running a business is no small feat in and of itself. But when news begins to spread of a looming recession, a whole new set of challenges emerge. Whether your company is consumer-facing (B2C) or serves other businesses (B2B), you can expect customers to tighten their purse strings. The good news is that you have time to prepare.
Life as a small business owner is never easy. But the last couple of years has brought obstacles no one saw coming. Finally, as the challenges brought forth by the pandemic started to wane, new burdens emerged. Supply chain issues and record levels of inflation have business owners scratching their heads, wondering if this run of bad luck will ever end.
Running a small business is no easy feat. Aside from the day-to-day activities, most owners also manage the company’s finances, operations, and marketing. Keeping it all running smoothly comes down to one thing – cash flow. Cash flow refers to the movement of money in and out of the business and is the lifeblood of every organization.
Nowadays, with more and more information being backed up and stored on the cloud, you might wonder if you really need a safe deposit box. The answer is really dependent on the individual asking.
As a business owner, you know how vital cash flow is, and you may need to tap into credit frequently. Whether it’s covering inventory, making payroll, or everyday expenses, many businesses rely on credit. But what type of credit should you have - a credit card or a business line of credit?
Did you know that, just like individuals, your business needs a good credit score? Whether you’re thinking of turning your side hustle into a full-time gig or starting a new business, establishing business credit is imperative.
