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Save Thousands by Converting from Sole Proprietor to LLC

These five steps make it easy to convert from a sole proprietor to LLC and can save you thousands I’ve been considering converting from a sole proprietorship to an LLC for my online business over the past couple of years. Nobody likes the double taxation you get with a corporation but there are some huge benefits for small businesses under the LLC structure with an S-Corp designation. Before … [Read more...]

10 Pros and Cons of Franchising

Understand the advantages and disadvantages of franchising as well as your alternatives before you commit to a contract I’ve owned a sandwich franchise and did very well for years. I sold the contract to another franchisee for a profit and booked solid returns every year I owned the location. Running a franchise business can be a great way to learn entrepreneurship before going out on your own … [Read more...]

7 Critical Parts of a Business Plan for Small Business Owners

The most important parts of a business plan can help even the smallest business survive and grow You can’t spell busy without business…ok, almost but it’s definitely true that business owners have enough on their schedule. That means the kind of high-level planning that goes into a business plan usually gets pushed aside for the tactical, day-to-day planning of how to make that next … [Read more...]

PayPal Working Capital Review for Business Loans

The PayPal Working Capital program can offer fast funding but loan costs make it difficult to compare with alternatives Bank loans have all but dried up for small business owners since the recession. More than ten years after the financial crisis and it’s harder than ever to get a loan for working capital or business growth. That’s meant online lenders have stepped up to fill the demand and … [Read more...]

Financial Statements for Non-Accounting Business Owners

Putting together you small business financial statements isn't just for seeking funding, use them to track and guide your business I have been writing a lot about putting together a business plan for small business owners and wanted to talk this week about something that is near and dear to my heart, financial statements. Nerd Alert! From a finance guy’s perspective, this section is way too … [Read more...]