For many businesses, the people you employ are your most valuable—and most expensive—asset. Payroll often makes up a large portion of a business’s expenses, so it’s important to spend some time working on this portion of your forecast. But, if you’re just starting out or are working on a business plan for a new idea, you probably don’t have anyone on the payroll yet and maybe don’t even know what your staffing plans are. That’s OK and the exact reason why you should work on a personnel forecast. We’ll take you step-by-step through the process so you can figure out what your payroll costs are ..read more

Securing investment dollars is often the number one priority for entrepreneurs when starting a business. Many will seek outside support—angel investors, personal investors, venture capitalists, and peer-to-peer lenders generally top the list. However, each “type” of investor brings a different level of risk — and, let’s be honest, not all businesses are attractive to investors. You may need to fund the enterprise on your own. This presents the question—how much of your personal money should you put into your own business? Pros and cons of using your own money for startup costs One major drawb ..read more

Ongoing financial planning and forecasting are critical for business growth. But as a small business owner, it can be difficult to do any of this thoroughly and efficiently. Maybe you’re not a numbers person or feel that it takes time away from you actually running your business.   Now, managing and analyzing your business finances doesn’t have to be a frustrating process. In fact, by proactively looking for improvements, you can set yourself up for more effective and fruitful financial management.    Here are a few tips to help you better manage your business finance ..read more

When starting a new business, you’ll likely wear many hats. It isn’t unusual to act as CEO while also tackling marketing tasks and coordinating operations. As you find your footing and begin to scale, you might feel ready to hire a formal executive team.  The right C-suite positions for your business will depend on your unique needs, budget, and long-term goals. What’s right for one company may not make sense for another, but the goal is always the same — to hire talent that will ultimately help the business thrive. With that said, here’s a closer look at when — and how — to hire an exec ..read more

Employee retention, for both startups and established businesses, is more important than ever. More and more employees are leaving roles to join companies that offer greater flexibility, increased benefits, higher pay, or even a more mission-driven culture. All of these benefits are rooted in the need for employees to feel valued and believe that the company’s success will lead to their success. Now, did you know that you can actually create a benefit plan that gives your employees ownership interest in your business? Directly connecting their contributions to the success of your business to ..read more

Are you starting a business? You’ll need more than a good idea. There are legal, tax, financial, and strategic factors to consider. Not to mention the mental and emotional impact of being an entrepreneur. As you begin your startup journey—consider the following tips to set your business up for success.  Need help tracking your progress? Download our free Startup Checklist and review the complete guide for starting a small business.  1. Be passionate about your business idea You won’t love everything involved with being a small business owner. Diving into the financials, dealing with ..read more

The pandemic has upended our perception of remote work. More professionals than ever before are spending time working from home and even working while traveling. This creates a unique opportunity for entrepreneurs looking to start an Airbnb.  Before you jump into starting your own vacation rental business, you’ll need a business plan. This article will cover the steps to create your Airbnb business plan, along with some tips to run it successfully.  Need more guidance? Download our free Airbnb business plan pdf for a full business plan outline that you can use to jumpstart your own ..read more

Did investors reject your business? That’s completely normal. In an average year in the U.S., more than six million businesses are started. Close to 30,000 of them will land angel investments, and fewer than 5,000 get venture capital. In more than a decade of angel investment, and having participated in hundreds of pitches—I’ve never seen one business succeed without multiple rejections along the way.  Whether it was angel investment, venture capital, small business loans, or any other outside investment. The reality is that experiencing rejection is a part of entrepreneurship. You’re th ..read more

Starting a business involves brainstorming, planning, and ensuring that you comply with all necessary legal obligations. Not only do these requirements ensure that businesses operate within the law but it also protects small business owners and their consumers.  Let’s take that innovative new business idea and walk through all the requirements you need to consider to successfully start a business that’s legally recognized. What legally defines a small business? A small business is an independently owned and operated entity that engages in commercial activity and fulfills the set industry ..read more

One of the most common goals among startups is to acquire funding. The big question though is how do you attract investors to your business? While the company website may not be the first place you think of using to accomplish this goal—it can play a central role in attracting more investors and partners. In today’s market, most networking and customer interaction occur digitally which means there’s less opportunity to impress a potential investor face-to-face. Your company website is typically the first impression a potential investor has of your business. It can either build credibility or ..read more