Growing a Local Retail Store: Lessons Learned From 12 Years in the Book Business

By |May 24th, 2017|

Nicole Magistro never planned to own a bookstore. When she moved to Vail, Colorado in 2002, she had planned to earn her living the same way she had in Chicago—as a freelance writer.
But, when things weren’t quite panning out the way she had hoped, she decided to apply for a job at a local bookstore, […]

How to Hire Your First Employees

By |May 23rd, 2017|

Tony Hsieh, the CEO of Zappos, famously said in 2010 that hiring mistakes cost his company 0 million. Although Zappos is a company valued at well over a billion and that employs more than 1,000 people, small businesses could just as well lose precious dollars from hiring mistakes.
According to a study from the Society […]

What Every Business Owner Needs to Know About the FUTA Tax

By |May 23rd, 2017|

The Federal Unemployment Tax Act (FUTA) was passed to fund unemployment compensation payments to workers who have lost their jobs. FUTA, along with state unemployment systems, collect funds and distributes them to the unemployed.
FUTA is one the elements of payroll that business owners often misunderstand. Here is some context about the FUTA tax operates and […]

What Is Vendor Managed Inventory?

By |May 18th, 2017|

Vendor Managed Inventory, also known as VMI, is a mutually beneficial business relationship between a buyer and a vendor, where the vendor is responsible for maintaining agreed upon inventory levels for the buyer. While nuanced variances within the VMI family exist, standard rules of engagement for a VMI relationship include a buyer that openly shares […]

15 Essential Hiring Resources

By |May 17th, 2017|

Hiring is a huge time investment for managers. A recent study found that small and medium businesses have to go through 86 candidates before making an offer.
What’s more, over 30% of the people you make an offer to will turn it down, which means a lot of companies have to go back to the drawing […]

10 Frequently Asked Questions About Payroll Processing

By |May 16th, 2017|

Processing payroll is one of the most complex and time-consuming tasks a business must complete. If you’re new to the process, payroll can be confusing. Here are answers to some of the most frequently asked questions about payroll.
What Is an EIN?
The IRS issues employee identification number (EIN) numbers. This 9-digit number is used on federal […]

What Is Payroll?

By |May 11th, 2017|

Payroll is defined as the total amount of wages paid by a company to its employees and other workers. Your company’s payroll may be your firm’s largest business expense, and processing payroll is complicated. You must collect insurance premiums, retirement plan contributions and tax withholdings from employee pay.
While hiring full-time employees can help your business […]

What Happens Now? How to Recover After Small Business Failures

By |May 9th, 2017|

Let’s say you just lost your biggest customer.
Or you’ve been trying to grow your client base by hiring new help, but you’re not seeing a quick enough return on those employees. You’re not growing as much as you need to.
Maybe the new product you’ve been working on finally launched and nobody’s buying. You’re feeling like […]

The Small Business Stack: Essential Tools for Running and Growing Your Business

By |May 4th, 2017|

When Iliya Rezvine first started his transportation business, he had to be comfortable living without a salary.
Iliya runs Northeast Metro Ambulance, a transportation company based in South Jersey. He’s been able to scale his company from just one car to a fleet of 40, and they’ve reached an operational efficiency that allows them to transport […]

Celebrating National Small Business Week with 26 Startup Tips from Small Business Owners

By |May 4th, 2017|

Did you know there are 28 million small businesses in America with about 543,000 new businesses starting each month? A small business is defined by the U.S. Small Business Administration (SBA) as having 500 or fewer employees. Of those small businesses, 22 million are run by self-employed individuals with no employees. The remaining 6 million […]

Smooth Sailing: How a Ship Surveyor Successfully Navigated the World of Entrepreneurship

By |May 3rd, 2017|

Living in a tropical paradise and having a job that requires hopping on and off gorgeous yachts sounds like a dream job for most of us, but it‘s real life for Saagar Kadiyala.
In his mid-thirties with an easygoing demeanor and a ready smile, Saagar Kadiyala makes his living as a ship surveyor. He used to […]

What Small Businesses Can Learn About Inventory from Amazon and Walmart

By |May 3rd, 2017|

If you’ve ever hosted a party for a large group of people, you know how important it is to properly stock your kitchen. Miscalculate the number of burger patties, and your guests go hungry. This is the scenario every business must face as it grows and increases its inventory.
For big businesses like Amazon and Walmart, […]

How to Predict Cash Flow with Stagger Charts

By |May 3rd, 2017|

For business owners, predictability is the goal. If you could do away with the wild rollercoaster ride and have a better idea of what to expect month after month, you’d save yourself plenty of stress and gray hairs, right?
But this is where most people get stuck.
When entrepreneurship comes with so many ups and downs, stability […]

Setting the Record Straight: How to Grow an Inventory-Based Subscription Business

By |May 2nd, 2017|

Some people begin businesses so different from their original area of expertise that the path from one job to the other is a bit of a head-scratcher—a former corporate lawyer running a surf shop, for example, or a schoolteacher selling upcycled clothing. For Matt Fiedler, co-founder of record-of-the-month club Vinyl Me, Please, the steps leading […]

The 1099 Form, Explained and Annotated

By |April 27th, 2017|

When you’re a small business owner issuing tax forms to an individual, there are two different forms you can use. If the person in question is your employee, you fill out a W-2 form. If the person isn’t your employee, however—if they’re an independent contractor, for example—you fill out a 1099 form, instead.
Most of the […]