Limited Liability Companies (LLCs) are a popular business entity with many entrepreneurs. Like corporations, LLCs offer valuable personal liability protection for their owners. Unlike corporations, however, LLCs aren’t required to adhere to the same burdensome record-keeping requirements and other corporate formalities corporations must follow. That said, while the administrative requirements for an LLC are far [..]
During the startup phase, it’s easy to get overwhelmed by the massive amount of work it takes to get your operation up and running. You’re so focused on the daily tasks needed to keep your doors open, it can be easy to put off administrative duties that aren’t aimed at bringing in revenue or attracting [..]
As we head into the peak of the holiday season, you’re likely spending more time than usual surrounded by your family and friends. It’s one of the rare times of the year when loved ones from across the country gather together to enjoy each other’s company and celebrate the passing of another year. The holidays [..]
Standard operating procedures (SOPs) are detailed instructions describing the procedures for carrying out recurring business tasks. At first, creating SOPs for your company’s processes might not seem very important. After all, if it’s just you and a couple other people doing all the work, creating step-by-step instructions for each key task might seem like a [..]
Scaling your business is about effectively planning and preparing for growth, so as your operation gets bigger, your costs and workload don’t increase to unsustainable levels. To properly scale your business, you should be increasing revenue at a rapid rate, while increasing costs at a much slower rate. Growth is only sustainable if you have [..]
Running a company is a massive responsibility, so putting a lot of thought and effort into your contracts might be pretty low on your list of priorities. But giving short shrift to your legal agreements can cost you big time—and in more ways than one. In order to save time and money, you may be [..]
While various types of insurance can protect your business from lawsuits and other liabilities, perhaps the greatest liability of all—especially if you’re the sole owner of your business—is what could happen to your company when you die or if you should become incapacitated by accident or illness. To ensure your business—and the income it provides [..]
Whether you are looking to start your very first business, or you’re an established business owner looking to develop another income stream, launching a side hustle can be an ideal way to do so. By developing your business as a part-time side gig, you can greatly reduce the personal and financial risk that comes with [..]
There are numerous advantages to running a business with a remote workforce. Without a physical office, startup costs and overhead are significantly lowered. You aren’t limited to hiring locally, so you have a much better chance at attracting top talent. And increased employee autonomy typically increases job satisfaction, which can boost productivity and morale, while [..]
Upon first glance, starting a business with your spouse can seem like the ideal opportunity. You get to spend more time together, make money, and build your own company with someone you implicitly trust. If you have an amazing marriage, you should be just as successful at running a business together, right? Unfortunately, it’s not [..]
