The other day, we looked at a growth strategy with life balance benefits for knowledge businesses that can hire remote fractional offshore resources instead of full-time local employees.  But what if you need a full-time on-site employee as your first employee? Well, the government does not make it easy for you. As an employer, you must adhere to various legal and practical obligations. This includes withholding taxes from employees’ wages and remitting them to the relevant government agencies. Depending on the size and nature of your business, providing benefits such as health insurance ..read more

As a business owner, you have options when it comes to staffing. However, too many first-time entrepreneurs have come from the corporate world and think that the only way to hire is to hire a full-time employee because that is what they see corporations do. However, such thinking can often lead to problems when it comes to small businesses. Most registered businesses in the US are simply businesses run by a single person or a couple, working full-time or as a side hustle out of their home. In addition to their billable work, a large part of their working week is consumed by fungible, non-billa ..read more

As Business News Daily reports, 60.7% of small business owners see hiring the right talent as a major challenge. For companies competing for skilled professionals, recruiting top-notch talent becomes increasingly more difficult by the day. Compounding the issue is the mass retirement of Baby Boomers, leaving a scarcity of skilled candidates. With fewer applicants applying for open positions, many employers are eager to hire candidates even when 82% of hiring managers say they saw signs that their new hire would fail. Bad hires ultimately lead to costly consequences in the long run, whether due ..read more

An essential business function that I attribute to the CEO role in a small business is to look outside of the organization at external factors to steer the business away from dangers or challenges and toward opportunity. This is why I recommend business owners keep up with current events to better predict the future. Demographic changes at both micro and macro levels are vital inputs that CEOs need to consider when charting the direction of their organization. By Cmglee – Own work, CC BY-SA 4.0, (commons.wikimedia.org) We often discuss populations based on their generation. For example, I’m a ..read more

Three-quarters of all registered businesses in the US are classified as nonemployer businesses. But that does not mean that because you are the only person in the business, you can’t get help from other freelancers and be a virtual business. There are many platforms that can help facilitate the finding, hiring, and managing of these resources. This video explores one of those platforms, “Upwork.” Transcript – lightly edited for clarity. Hey Steve Imke here of SteveBizBlog. Hey, you know most of the clients that I see are what you would call nonemployer businesses. They represent about 3/4 of ..read more

So, your family says that you make the best salsa and is encouraging you to sell it, but you don’t have the capital to build a commercial facility, hire workers, and set up a distribution network. Why not consider a co-packer? In entrepreneurship, the journey from concept to market can be daunting, especially for those with limited resources and expertise. Many aspiring entrepreneurs find themselves in a predicament: they have a brilliant product idea, but lack the capital, manufacturing know-how, and distribution network to bring it to fruition. In such situations, the conventional route of b ..read more

As the baby boomers reach retirement, many are looking at selling their businesses. This has created a great buying opportunity for many Gen Xers who are now reaching their maximum productivity to become business owners.  Buying an existing business is one of the least risky ways to become a business owner. It provides many advantages, including existing operations and customers, immediate cash flow, existing brand and goodwill, and many more. But if you are considering buying an existing small business, you should take into account several important business, legal, and financial factors ..read more

For years, I have advised my clients to carefully consider their entity selection, especially regarding Limited Liability Companies (LLCs.) However, by the time I meet them for the first time, most have already committed to an LLC. In my opinion, LLCs are oversold to entrepreneurs, and the ability to manage them is underrated. I believe a Sole Proprietor entity type is appropriate for many businesses with one owner. However, I’m also convinced that most founders are lemmings who follow someone’s recommendation that, to be a legitimate business, they must create an LLC without considering the c ..read more

Addressing feedback on employee performance is a delicate yet crucial aspect of effective leadership. The following strategies are designed to guide supervisors in the art of providing feedback to employees in a manner that encourages growth and development while preserving their morale. Emphasizing the positive intent behind mistakes, viewing them as learning opportunities, and using constructive language are fundamental principles for fostering a collaborative and supportive atmosphere. Open communication is also key, creating an environment where team members feel comfortable discussing err ..read more

Are you considering making the leap from a traditional corporate or government job to a life as an entrepreneur? Nearly every client I speak to thinks they want to start a business from scratch; however, understanding your entrepreneurial pathways is crucial before diving into the exciting yet challenging world of business ownership. This article will explore three pathways: starting your own business from scratch, buying into a franchise concept, and the often overlooked, acquiring an existing business. Each pathway comes with its unique set of advantages and challenges, making it vital to al ..read more