legal

Expect The Unexpected With Your Business Expenses

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When you look at your small business, you probably do so with pride. It’s something that you’ve worked hard for, paid for, grafted for and are caring for as gently as you would a baby. Your business IS your baby, in fact, and when it comes to having children, you learn very quickly how expensive they can be. You don’t have to be financially minded to know how much it costs to keep your small business running smoothly. Increasing your profits isn’t always the easiest thing to do, especially when costs are always shifting, decreasing and increasing without much warning.

Typical expenses for your business are a long list. Inventory, supplies, utilities, rent if you’ve got office space; all of these are for you to keep up with every month and this can be fairly stressful! You don’t have to be in charge of the finances to know about the expenses that your business has, but you should be able to keep up with the unexpected ones as they crop up. There are some less obvious business expenses, and here some of them are below:

  • Building a business takes some time and protecting it as it grows is important. Insurance provides a shield for your business against legal issues and financial scares. As a business, you need to have liability insurance at the very least because you need to safeguard your business as much as possible. If you have drivers on your team, then you will need to insure their business vehicles, too.
  • Most businesses need to think about their permits with the state that their business resides. There are many different permits that a business could need, and you can read about those here.
  • Okay, this shouldn’t be a hidden expense; taxes are a given with a business. However, it is possible that if you’re not on top of your expenses you will need to be visiting alexanderlawfirmllc.com to discuss paying an IRS debt. No one wants their business to owe money, least of all to the IRS.
  • When you’re gathering in supplies for your products to make them, you need to consider the costs of every element and account for the additional business equipment that you’ll be buying. Equipment can also add maintenance costs to your business as you ensure that they are kept up with.
  • Sending out invoices in a timely manner doesn’t always mean that they will be paid in the same way. Within your business, you have to ensure that you plan for invoices to remain unpaid for some time. Your cash flow will depend on customers paying invoices on time and if you don’t consider that they may not pay for service on time, then you could be missing out.

Your business is going to take more than a financial advisor on board to tell you all about the expenses that you will incur. It’s about doing your own research; don’t forget to do so.

 

 

The Art Of Selling Your Business

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There is only one thing as satisfying and complicated as starting your very own business and that is selling your very own business and that’s because more to it than just dotting I’s and crossing T’s. Girl, we’re talking about the financial and emotional considerations that crop up during a sale.

The reason for this is simple: no one starts a company with the intention of selling it. You start a company to solve a problem you came across, to make a difference, improve your lot and do something cool. The idea to sell is one that comes out of nowhere, possibly because the market makes for that environment or because an outside offer landed on your door.

Whatever it is, though, there is a lot of planning that needs to take place, and that’s what we’re here to help with.

  1. Patience Is Key During A Sale

While most companies are sold to key employees because these people a) have a passion for the industry and b) know exactly how the business works, there is still a need for patience on your part. The reason we say this is because the length of time a sale takes hinges on who the buyer is. That said, whether it’s an internal buyer, a competitor in your area of a massive corporation wanting to take you on, the process always takes longer than people expect.

  1. Preparation Is The Secret Of Perfection

If you want to get the perfect deal, you need to be prepared and that means knowing the real value of your business. The best way to do this is to arm yourself with a legal expert, someone like Dickson Frohlich Law Firm, and multiple valuations depending on who the buyer is, the nature of the business, and the deal being proposed. The other thing that you will want to do os have all your financials at the ready, dating as far back as four years if needs be.

  1. Haggle With Your Responsibilities

One of the things the new owners will ask for is you be there to help shepherd your old employees into the new system. This is not uncommon, but it is worth negotiating what this request entails. That means the length of the commitment, what expectations they have for you and how this might affect your future plans. It’s also worth knowing what the ramifications of any refusal to do so are, of which the big hit will be the money offered as part of the deal.

  1. Know What Happens Next

Life after you sell is another huge area you need to look at. You will want to have some idea of what you do with your time, how you will spend your money and how you want your life to look. The reason for this is as much for your own sanity, as well as understanding whether a non-compete clause is something you are happy to sign. After all, this is a change of careers in a way.. The point is: do some analysis into life after the sale. It will help you out both personally and professionally.

Some Of The Best Ways To Protect Your Business Financially

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It’s no great secret that if you want to run a business while and for the long term, you need to make sure that you are protecting it financially as well as you possibly can. Of Course, it can be difficult to do this if you are not sure exactly how, and the truth is that it often takes a prior knowledge, or plenty of research, to ensure that you have a good grasp of what you really need to do. In this article, we are going to take a look at just a few of the things you can do to ensure that you are protecting your business financially as well as you possibly can, and that is something which you should always aim for in the life of any business.

Insurance

You might well have been aware of the fact that insurance can be helpful for a business, but it is almost certain that you haven’t thought of every kind of insurance which might benefit you and your company. There are a number of different kinds of insurance, in fact, which you can think of trying out, and you will find that the more protected you are in this way, the safer you feel on the whole, so it’s worth looking at. Having insurance for your building, contents and everything else of that sort is vital, but you should also think about insuring against potential future losses too. Having Professional Indemnity Insurance – Qdos Contractor or otherwise – can help you to protect your own finances if you are at the receiving end of a claim in which it is claimed you have caused a customer financial loss. Preparing for these kinds of situations is invaluable, and something that you should be aiming to do as early on as possible.

Legality

One of the biggest ways that companies need to pay out is by getting in trouble legally in some manner or another. So in general you will find that it is financially sensible to make sure that you stay out of trouble with the law, and that you don’t do anything which could cause you to have to pay out large amounts. This is easier said than done, and in fact many businesses accidentally get in trouble with the law. But having a legal advisor can be a great way to get around this, as can ensuring that your tax accountant is happy with what you are doing. These preventative measures will ultimately mean that you are much less likely to be in financial trouble in the future, so it’s clearly definitely worth it.

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Source

Assets

You must know your assets if you are to protect your business financially, as knowing where the actual money lies ensures that you can do something about it when you are in a position of struggling. If you don’t really know your assets, you might want to think about looking into whether or not you can list them, as this will ensure that you are in a better financial position overall anyway.

Job Injury: How to Quickly Recover from Getting Hurt at Work

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Many people are injured on the job each year. You may believe that most injuries are in high-risk or dangerous jobs, but anyone can be injured regardless of what they do for a living. After all, anyone can slip and fall, get electrocuted or run into other serious issues in the seemingly safest work environment. If you have recently been injured at work, you understandably want to move past the situation and recover fully as soon as possible. These helpful tips will guide you through the recovery process.

Get Medical Treatment

If you are a stoic individual who prefers to stay away from medical offices unless absolutely necessary, you may be inclined to try to rest and recover at home. However, it is best to get the medical treatment that you need so that you can recover fully as soon as possible. In addition, you need to document your injuries as well as your treatment so that you can obtain compensation for them. Documentation may also be essential if you need to pursue legal action.

Follow Your Workplace’s Reporting Rules

Your workplace likely has very specific reporting rules that must be followed after an injury occurs. If you had to leave suddenly to seek emergency medical care, you should contact your employer as soon as possible to discuss the requirements. If you are physically able to complete the paperwork before seeking medical attention, it may be best to cross this item off of your list as soon as possible.

Examine Workers’ Compensation Benefits

Your employer should discuss workers’ compensation benefits with you, and these benefits may pay for most or all of your medical expenses. In addition, they may reimburse you for lost wages. Some people have trouble filing a claim or getting a claim approved. You may need assistance from a family member if you are not well enough to focus on this step in the process.

Talk to a Personal Injury Lawyer

Some workplace injury events may not be resolved to your satisfaction through a workers’ compensation claim. In some cases, you may feel as though you suffered needlessly because your employer was negligent, or you may be permanently disabled. In situations like this, it may be a smart idea to consult with a personal injury lawyer such as Blomberg Benson & Garrett and to learn about your legal options.

Workplace injuries can be painful and stressful. They can disrupt your life and leave you struggling financially. These important steps will help you to recover as soon as reasonably possible.

Checklist for Starting Your Home-Based Business

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Starting a home-based business can fill you with a full range of emotions. On one hand, you may be thrilled to get the chance to be your own boss and work from home, but you may also feel intimidated or even fearful about the unknown aspects of the process. While there are no guarantees that your venture will turn into a profitable success, thinking about a few important points up-front can help you to better prepare yourself and your home for the days ahead.

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Image credit: https://pixabay.com/en/write-plan-business-startup-593333/

Assess Your Qualities

As amazing as working from home and running your own business can seem, you need to be honest with yourself about your traits, work habits and abilities. Not everyone who wants to have a home-based business has what it takes to succeed. Spend ample time honestly answering these questions before you take any further action to launch your business:

  • How much money can I afford to invest?
  • How much time and energy can I invest?
  • Will my family and friends be supportive?
  • Are my goals realistic?
  • Do I think I can realistically run a successful business from home?
  • How will my strengths and weaknesses affect my home-based business?
  • Is there space in my home to set up a dedicated office area?
  • How will a home-based business impact family life?

In addition to analyzing honest answers for these questions, take a closer look at your skills and personality traits. The successful home-based business owner has personal drive, is self-motivated and is very disciplined. In addition, this person has exceptional time management skills, loves to work independently, enjoys solving problems and is eager to continue learning new things. Being tech savvy is also a beneficial trait for entrepreneurs who work at home.

Take Care of Legalities

After you have ensured that you have what it takes to be successful with your venture, you should reach out to a business lawyer to address the legal aspects associated with running your own business.

You will need to register your business name and determine what entity you will run the business as. For example, will you start a partnership, a corporation or another type of legal entity? Your lawyer may also help you to walk through the steps required to obtain a business license and will review business compliance requirements with you personally.

Prepare Your Workspace

Now that you have taken care of the necessary up-front work for your home-based business, you can start setting up your home office. Select a workspace carefully. In most cases, choosing a removed area of the home that is quiet and that can be dedicated entirely to your business activities is smart. However, if clients will visit your home office, setting up an office in the front of the house is a better idea.

After you have decided where to set up an office, make a list of all of the equipment, supplies and furnishings that you will need. Properly budget for these items, and measure the space so that you ensure everything fits properly. To save money, you may be able to buy some items on consignment or used. However, all items should be high-quality and functional. For example, you need to have a good task chair that is comfortable to sit in for long hours each day, and you need a fast computer that meets your requirements. Lighting is also a critical element to pay attention to. Your home office ideally will have a combination of task, ambient and accent lighting.

Remember to spend ample time exploring options for technology, equipment, supplies and more before you make any buying decisions.

Analyze Your Finances

In many cases, a home-based business owner’s personal finances will be directly affected by business activities. You must understand your personal financial situation. Running a business out of your home is a cost-effective way to keep overhead low while you are starting out, but there are plenty of other expenses that will affect your financial situation. This includes one-time expenses, such as office equipment and furnishings. It also includes recurring costs, such as accounting fees, insurance, supplies and more.

Estimate how long you think it will realistically take you to break even and to turn a profit. You should have enough personal funds available to make ends meet until your business produces enough income to support your personal lifestyle. If not, consider lining up funding through a partnership, a loan or another financing option.

Create Balance Between Work and Family

A home-based business can affect the entire family in different ways. One area of the home may be off-limits to your family members. Your family members must be respectful of your work time and remain as quiet as possible while you are working.

Try to set up a home office and a regular work schedule that decreases the impact on your loved ones. You may also discuss the business and your needs with your family members. By doing so, you could identify and address concerns up-front.

In the End

Remember that these are only a few of the many factors that require your attention before launching a business. For example, you also should prepare a thoughtful business plan, crunch numbers related to business operations and more. Your preparation in each of these areas can help you to lay the groundwork for a truly successful home-based business.

Author Bio: Joe Peters is a Baltimore-based freelance writer and an ultimate tech enthusiast. When he is not working his magic as a marketing consultant, Joe enjoys spending time with his family, reading about latest tech gadgets and binge-watching his favorite TV shows. You can reach him @bmorepeters 

3 Ways the Internet Can Make Your Life Easier

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Are you someone who uses the Internet in some capacity or another? If so, include yourself among many people nationwide doing the exact same thing.

That being the case, the amount of Internet usage of course varies from person to person.

Someone who meets a lot of people on a regular basis can use the worldwide web to get more information on them.

In conducting a background check, you learn more about each person you meet. So, are you ready to have the Internet play a role in making your life easier?

Put the Worldwide Web to Work

Remember these three ways to put the worldwide web to work for you:

  1. Searches before meeting people

As mentioned, doing online searches can benefit you in ways you might never have known before.

For instance, are you getting back into the dating world? If so, you want to make sure that the person you agree to go out on a date with is who they claim to be.

A fair number of people behind computers are not always honest with those on the other end of online dating. As a result, the latter can be victims in more ways than one.

When you do a background search of the person you are contemplating going out with, you are more informed. By knowing their name, you can plug that into the computer and start searching away.

Another example would be if you are considering rooming with someone.

As many Americans look to save money these days, the idea of having a roommate or two has picked up.

Once you have a potential roommate’s name, do a quick online search of them to make sure they check out. In doing so, you will feel better about your decision to go with them or move on to someone else.

  1. Securing your family

When you have a family to protect, you will do anything it takes to keep them safe and sound.

With that in mind, you can use the Internet in more ways than a background search to protect them. As valuable as that search is, it can’t help your child when he or she is sick or injured (see more below).

That said medical emergencies with kids do not always come at the best times of the day. As a result, you can’t always get in touch with your family doctor.

There are online medical sites offering basic tips to care for a child with various symptoms. As such, you can make them more comfortable until they can get in to see your doctor.

Such online information can also prove quite valuable in a medical emergency. Sites provide info on dealing with everything from the flu to if your child ingests poison.

By using the Internet at a moment’s notice, you could improve your child’s condition, even save their life.

  1. Knowing your rights following a vehicle accident

Unfortunately, many American families will be in vehicle accidents this year. With that being the case, it is important to know where to turn for both medical and legal help.

When it comes to the former, those injured in your family may need long-term physical rehab to recover. Countless medical facilities offering services in the rehab business are online with informative websites waiting to assist.

Once you have done some searches of those in your area, you can whittle them down. From there, decide which one best suits the needs of the person or persons requiring them.

With your legal rights, what happens if a family member is in a serious accident where the driver leaves?

With a hit-and-run accident, you could end up footing the bill. That is unless you get their license plate and/or have an eyewitness.

In a license plate lookup following a vehicle accident, you can pin down a responsible party.

When it comes to the Internet, these examples are but a smidgen of how the web can make your life easier.

About the Author: Dave Thomas covers business and technology topics on the web.

How Not to Let Your Pop-Up Shop Dream Burst

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A pop-up shop is a short-term venture that makes temporary use of a physical space in order to create a long term, lasting impression with potential customers, but if you’re already thinking about running a pop-up, then you probably already knew that.

If you haven’t already considered it, then are a number of reasons why you should. A pop-up shop allows your business to communicate with a larger audience and make them aware of your brand’s promise and everything that offer. It is a highly engaging and immersive way of marketing and selling a business, and it beats sitting in the office all day marketing online (although that is crucial in this day and age) or sitting on the telephone. If it is your plan to set up a pop-up venture, or if you haven’t considered it all, make sure to check the hints and tips below to make that when, or if, you do it, the idea doesn’t burst.

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Pop-up shop

Use flags and banners

An interesting way of grabbing the attention of the passing public is by utilising flags and banners, those if which found at selbys.net. This is a marketing and advertising option that differs from the run-of-the-mill use of billboards for promotion as it’s something a bit different, and people like different. Different is more likely to catch the eye of the general public.

Hand out your information personally

Going old school by handing out flyers and posters is a way to personally ensure that the general public are getting your information. Of course, they may just scrunch up your flyer and throw it in the bin as soon as your back is turned, but at least you know the information got to them in the first place. This strategy is most effective for businesses that are heavily involved with the local area and are oriented around it.

But don’t become intrusive

Before setting up a pop-up, however, you must be aware of everything that you will be taking on. Firstly, you have to keep on the right side of the law. When being in such an immersive and communal environment, it’s easy to get caught up in the moment and become a bit too intrusive. Retaining a distance from prospective customers, knowing who should and should not approach and always knowing when you’re beat are just some of the way that you can remain as far away from the boundaries as possible.

Important points to remember

Remember, it is still a business, and should be treated as such. This means no slacking off in the nearby coffee shop (or pub), and no finishing early; you wouldn’t do that in an office, so why do it here. Also, do not even attempt a pop-up venture if you have difficulty speaking to people. If you haven’t got the courage to approach somebody and try to sell them your product, then unfortunately, this idea just isn’t for you.

Pop-ups are a great and fun idea when it comes to business. Make sure to click here for more information on setting up a pop-up.