How to Create a Financial Plan for Your Business Home A wise old Certified Public Accountant gave me some priceless advice when I began my entrepreneurial journey. “If the math doesn’t work, neither will your business.”  Upon seeing my blank expression, he explained it a little further. “A successful business earns more than it spends, and you ensure that happens (within reason) by creating a financial plan that controls every dollar you make.” How so? I asked. “Because your financial plan empowers you to control your cash flow, prepare for uncertainties, and take advantage of futu ..read more

11 Best Accounting Software for Small Business 2024 Home Bookkeeping is part of all small business operations, but only some can afford a full-time accountant. For many business owners, that means maintaining their accounts, taking up hours of their precious time.  Accounting software is an affordable solution.  It helps you track your cash flow (how money moves in and out of your business) and provides an easy-to-understand overview of your financial health. But with a packed accounting software landscape to choose from and too few spare hours in the day, researching the best ..read more

Operating Agreement Vs Articles of Organization: What is the Difference and Why it's Important for Your Business Home All future LLC business owners should learn the difference between an operating agreement and articles of organization for 2 crucial reasons. You need one to start your LLC. And the other to avoid internal conflicts and keep your limited liability intact.  The first is a legal must, the 2nd an optional extra in 45 of the 50 U.S. states. Now, filing government forms is tedious work, and an optional extra might not sound appealing. But odds are, you’ll need both ..read more

How Much Does a Business License Cost in Florida? Home The Sunshine State is a great place to start a business because it doesn’t charge individuals or separate entities (like LLCs or sole proprietorships) income tax, corporation tax is only 5.5%, and sales tax is a reasonable 6.6%. But before you start a business in Florida, you must know what business licenses you need and their costs. So, how much does a business license cost in Florida? Let’s find out.  What is a business license? A business license is a general term for any licenses, permits, or certifications your state, coun ..read more

What is a Virtual Mailbox for Small Business? Home Even though we live in an ever-increasing digital world, most entrepreneurs starting small businesses (and many individuals) need a physical address to receive mail or packages. And if you’re a remote business owner, a full-time traveler, a digital nomad, or a home-based business owner who wants to separate your personal and private business addresses, that can be a problem! Here’s where a virtual mailbox for small businesses provides a convenient and affordable solution. But you might have some doubts about using one! If so, allow us t ..read more

Grants for Women-Owned Small Businesses (And How to Apply in 2024) Home Are you interested in starting an independent business, in addition to or instead of your job, to diversify your income stream, build equity, and create more financial resilience? Great! This post is for you. In it, you’ll find a list of US-based business grants aimed at women from all backgrounds. Federal government small-business grants for women Small-business federal government grants are for specific purposes, like businesses in rural areas and development projects. While federal grants aren’t for daily exp ..read more

Preparing for Tax Season: Essential Tips for Business Owners Home Business taxes are pretty simple. You start a business, register for tax with the IRS, your state, and, depending on your location, the local revenue department. Earn a gross income, subtract your variable and fixed costs, determine your net profit, calculate your small business tax, subtract relevant deductions, and file a timely return. So, in reality, filing taxes for a small business can be stress-free, but only when you make preparation part of your daily bookkeeping routine! Follow these small business tax tips and ..read more

16 Recession-Proof Businesses Ideas Home With global financial uncertainty, post-pandemic inflation, an escalation in armed conflicts around the world, and fears of a possible recession on the horizon, it’s a tough time for aspiring business owners.  Though the US economy has been holding strong compared with Europe, China, or Japan, many people still struggle to make a living or are forced to work in more than one job to make ends meet.   But economic history has proven that some businesses continue to thrive during hard financial times. These are recession-proof and, ev ..read more

What is Entrepreneurship? Definition and Actual Tips for Success Home In 1995, graphic design teacher Lynda Wynman created her website, Lynda.com, with 2 purposes: To create a sandbox where she could play with the latest digital graphic design tools and enable her students to display their work. Lynda soon saw the potential and moved all of her teaching online. LinkedIn bought Lynda’s website/business, renaming it LinkedIn Learning for $1.5 billion.  Lynda is a true example of entrepreneurship. What’s the lesson here? Entrepreneurs don’t focus on products; they focus on problems a ..read more

How Much Does it Cost to Start a Business In California? Home With its booming economy and the highest US GDP, California is the land of sunshine and opportunity for entrepreneurs starting a new business. But doing business in the Golden State comes with a high price tag. Driven by complex business regulations, high taxes, and living costs. Even so, 4.24 million small businesses call it home; of those, 3.46 million are one-person shows.  Before you start a business in California and prosper in the land of milk and honey, let’s ensure you can afford the entrance fee. How much does ..read more