Perception is key! How you choose to present your business can set a lasting impression on the people who encounter it. Many individuals won’t give you the time of day if your business doesn’t appear to look professional and on par with other businesses in your industry. Have you given some thought as to how people perceive your business? Whether you’re just starting your business or feel that your branding could use some work, here are some tips to help push you in the right direction.
Time is one thing you constantly find yourself running out of when you’re a small business owner. Finding time to be present on various social media platforms as well as trying to stay consistent and posting often will have you wondering what time is left in the day for anything else. But you do it because you want to build up your follower base and you also know that the biggest advantage in posting to social media platforms is in driving traffic back to your website and showing that you are a trusted expert or that your product is quality.
There are hundreds of apps out there that you can consider to help you in freeing up some of your time as well as growing your social media accounts. I’m not going to list 100, but here are 12 that I recommend. I have tried all of these social media marketing tools and continue to use some of them in my every day schedule. If you have any questions about any of them, feel free to shoot me an email.
To protect your business and yourself, there are potentially 5 areas you HAVE to address at the outset to make sure you avoid problems down the road. From how you structure your business to protecting your business name, it all involves a process that you shouldn’t take lightly.
In any business partnership, a conflict will happen. It’s just a given. It is so easy to get emotional, especially when you have money and time invested in a business. But a conflict shouldn’t mean the end of a business relationship. There are steps that you should take to make sure that each partner feels heard and respected. These rules will also help you to find a resolution all while leaving your business relationship intact.
1. Predefine the roles and duties of each partner to prevent fights from occurring.
The most common issue in a partnership is that one partner may feel like they are doing all of the work or contributing more to the business than the other partner. Topics like this should be memorialized in the partnership agreement that you should’ve drafted when forming your partnership. Laying out the specific duties and responsibilities of each partner in your partnership agreement can cut out problems before they happen. Read more
It seems like everyone is saying they have a business nowadays, but does the IRS agree with you?
Well, why does it matter?
It matters because, with a business, you can use business losses to offset your income when filing taxes. With a hobby, you cannot deduct more than you have earned. You also can’t claim negative hobby income on your taxes. —> Hobby Loss Rule
Many legit businesses start out with a loss their first few years, but the IRS expects that you set up your business with a plan to make a profit. Then there are those individuals that just set up their business, but they are really just hobbies, in order to claim expenses and losses on their taxes. The IRS frowns on the latter of course. In order to prevent the IRS from considering your business a hobby, check out these guidelines straight from their website: Read more
This topic is not only important in how you pay the person that you’re hiring but especially important during tax season because it makes a difference in how the worker will pay taxes.
Employees are paid a salary or an hourly wage with possible overtime. They are taxed on their income when you, the employer, withhold federal and state income taxes as well as FICA taxes from their paychecks.
For an independent contractor, on the other hand, you do NOT withhold federal or state taxes or FICA from the amount you pay them. The independent contractor will pay their own income taxes, also known as self-employment taxes.