Most businesses have already familiarized themselves with the change in tax laws, whether it is in preparation for closing out the books for 2018 or paying quarterly taxes. Nevertheless, experts point out that there are some adjustments that can still be legally applied to reduce a business owner’s tax burden this year.
New companies are often launched in a dorm room or created over drinks with friends or colleagues. Perhaps one person had the concept, but it took bouncing problems off of someone else to come up with workable solutions. This subsequently led to a new company where they are partners. Despite this casual setting for the birth of the new endeavor, it is a good idea to get an agreement of ownership in writing at some point early in the process.
Some entrepreneurs are at their best when they are starting a new business or launching a new product. There is the excitement of creating something from scratch, bringing in those first employees and literally (or figuratively) opening up the door for business. The next phase is more like a reality check where the entrepreneur needs to run an actual business instead of selling the idea of one.
Sears has made national news on a regular basis in recent years. The news was rarely good, with the storied retailer’s ongoing struggles to stay alive, the selling off of the company’s more profitable entities, the closing of stores (including three here in Georgia this year) and the sale or repurposing of stores in more desirable locations. The latest chapter is filing for Chapter 11 bankruptcy protection in October of 2018.
It appears that many baby boomers and those in nearby age groups are turning to business ownership as they get older.
When you are in the middle of creating a business, it can be hard to keep everything straight. There are lots of angles to consider, from getting funding to what type of marketing approach to take to what to even call the new company.
When you are getting a startup off the ground, you will need all the advice that you can get. Words of wisdom from successful entrepreneurs can be more precious than gold. This is especially true for female entrepreneurs who are starting a small business.
One of the signs of a successful entrepreneur is the ability to develop new skills. Developing skills is an investment not only in yourself, but in your business. The year 2018 is already underfoot, and it would be wise for entrepreneurs to dive in and develop new skills now, rather than later.
Let’s say that you have an idea for a rewarding business venture, but your company does not yet have the resources to make it happen. You have a few options: One is to abandon your idea and pursue something else. Another is to struggle on your own to make it happen. Both of these are practical options, but there is another possibility that you may wish to consider: Embarking on a joint venture.
Locating sources for funding is one of the biggest challenges that entrepreneurs face. Most entrepreneurial loan applications will be denied, and wealthy investors do not grow on trees. Many entrepreneurs must seek out alternative sources of funding.