Review Category : Small Business

Five Jobs You Can Outsource Today

Growing up in a small town, we used to handle all our own chores.  There were no cleaning services that came to the house, no extra special coaches for lessons (the high school coach did it all), and nobody brought groceries to the house.  People banter about the impact of technology and how that has affected our society, but not often have people talked about the changing dynamics of outsourcing.  If you really don’t want to do something, there is a person waiting in the wings to get paid to do it for you.   Here is my list of five things you can outsource today. Waiting In Line – taskrabbit.com – Task rabbit will allow you to outsource a ton of different tasks, but if you want to pay someone to wait in line for the next Star Wars move that comes out, no problem they can find you your man (or woman) for the job. Walking Your Dog – ...

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How To Use Periscope In Your Business

If you have not been paying attention over the last year, a new app call Periscope (bought by Twitter in 2015) is gaining a lot of popularity.  This is a live streaming application.  Users can broadcast a live feed from their mobile device.  The company has not released its current number of users, but they have access to parent company Twitter’s 310 million users.  Their blog site states that over 200 million broadcasts have been streamed and over 110 years of live video are watched every day. So what can you do to integrate this technology into your business. Start by taking viewers behind the scenes of your business. People like to connect on a personal level.  Interacting with your customers and prospects to show them how your business works gives them a glimpse of who you are. Invite customers to have a live conversation. One of the features of Periscope is that viewers can leave real-time comments.  Hold a ...

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Don’t Be Fooled By Hillary’s Small Business Plan

I usually don’t read the USA today, but I happened to have a chance to read an article recently (http://usat.ly/2bVCjaz) about Hillary Clinton’s plan to be the President for small business owners.   I was intrigued by the article to see what real change might be coming and as an entrepreneur of many businesses I quickly realized that the proposal was something that only the Stay Puff Marshmallow business person would actually gain any benefit from currently.    Here are the points from the article and then I’ll share on each point my insights on what meaningful proposals could really truly help small business owners do better.  BTW, I haven’t really seen any proposal from Trump yet at all but I do know what I hear from local owners every week Hillary Proposed Problem: Citing licensing and other burdens, Clinton’s campaign says it takes longer to start a business in the U.S. than in countries such as Canada or Denmark.  I laughed ...

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How Did Apple Get A 14.5 Billion Dollar Tax

In the past week it was announced that the European Commission completed its investigation and concluded that Apple would need to pay back a 14.5 billion dollar tax to the EU.   While 14.5 billion only represents about 6% of the cash and investments Apple has on hand, the big question is what kind of precedence this might set for the future of big business overseas in light of the upcoming Presidential Election.   So, in simple terms, how did this tax even happen? This all started when Apple struck at tax deal with Ireland to locate their European Headquarters in Ireland in 1991.   Ireland create tax arrangement between now two Irish companies, Apple Sales International and Apple Operation Europe.    The profits that came from European sales for Apple were recorded in Ireland some of which were taxed and the majority of the profits were recorded through something called a “head office”.  In simple terms, this was an offshore company that wasn’t ...

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5 Things NOT To Do When Starting Your Own Business Or Setting Up An LLC

– Ted Jenkin | Atlanta Money Guy Topic: Five Things NOT To Do When Starting Your Own Business Or Setting Up An LLC Taped 7/07/16 Listen every Tuesday morning at 8:00 a.m. on ROCK 100.5 | Atlanta’s Rock Station to “Your Smart Money Moves” with The Rock 100.5 Morning Show and oXYGen Financial. Ted Jenkin, CFP® and Kile Lewis, CRPC® are the founders of oXYGen Financial, and our chief financial officers. All your money questions answered Breathe easier at http://oXYGenFinancial.net ...

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How The New Overtime Rules May Affect Your Business

The Department Of Labor is at it again, now changing the game for businesses as it pertains to overtime rules.   Since, that is what we really need . . . some more rules.  If it wasn’t challenging enough for small businesses dealing with making payroll and figuring out to maintain the costs of health insurance, now you’ll have to pay double attention to these new overtime rules which will become effective December 1st. Here’s a bet I’m willing to make on the record.  The cost for businesses across the country to manage and track all of these changes will far supersede the benefits that will actually be paid for people working overtime.  The administration believes by making these changes that many hard working Americans will earn overtime, but let me clue everyone in on four your smart money moves secrets. Right now, if you are a salaried worker who makes in between $23,660 and $47,476 and you have a reasonable ...

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179 Reasons Business Owners Need This Tax Deduction

In the flurry of tax changes that happened for 2016, one of the most overlooked deductions by small business owners is the Section 179 tax deduction.   This deduction was set up to allow business owners to deduct many different types of equipment used for their business.  In fact, there were certain loopholes within this tax code to allow for the purchase of certain vehicles as well. The IRS has set the Section 179 tax deduction limit in 2016 for $500,000 and the overall phase out is $2 million.   There was a little known act that got enacted called PATH (Protecting Americans From Tax Hikes Act of 2015).   PATH presented business owners with a significant opportunity to purchase software, technology, and equipment and if structured correctly expense all of it off in the year they pay for it versus depreciating it down the road. One of the most frequently asked questions is when businesses lease or buy equipment is whether or ...

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How Can A Ganjapreneur Get Life Insurance?

So, what the heck is a ‘ganjapreneur’ anyway?   If you have nothing great to do for a few hours and want to laugh out loud in a real way besides what you write on a text message, take a gander here http://www.ganjapreneur.com/marijuana-slang/ where you can see just about any marijuana slang you could ever imagine.  Ganja, is classically defined as another widely-accepted name for cannabis. The term ganja is often attributed to Rastafarian culture, but it is in fact the Hindi word for hemp, introduced to Jamaica by Indian indentured servants. Lately, its usage in western society has become incredibly mainstream and, in some cases, grossly over-commercialized.  Thus, the ever increasing ganjapreneur are those that start business in, on, or around the substance known as marijuana. As somebody who deals in life insurance, your first instinct is to tell yourself that nobody who smokes marijuana or even remotely puts it in his or her body is ever going to have ...

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When Is The Right Time To Sell Your Business?

There are different reasons why business owners decide to build a business.  Some do it for their family legacy.  Some do it for the potential of a big cash out down the road.   Some just build a business so they don’t have to work for the man, and get the business to generate enough income to support their lifestyle.   Whatever may be the reason you start a business, the question will come up at some point on when the right time (if at all) will come to eventually sell your business.  Here are some smart money moves thoughts on when may be a good time to sell your business. Historically low capital gain rates–  Currently, we have long term capital gain rate of 15% on most items, especially if you are considering doing an asset sale of your business.    It has been very uncertain where this rate will head in 2016 or 2017 with a new President,  but 20% is ...

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It’s SIMPLE the deadline is October 1st

After an owner makes heads or tails at the end of the year, they will usually determine whether or not money is left behind for setting up some sort of long term retirement plan within their business.   Since there are so many people setting up individual LLC’s or home based side businesses, you need to keep a close eye out this time of year for setting up one kind of retirement plan, a SIMPLE IRA.   The deadlines are just around the corner in the next few weeks, so could this be the right type of retirement plan for you? A SIMPLE IRA (Savings Incentive Match Plan For Employees) was first available to small business owners in 2001. A SIMPLE IRA plan is an IRA-based plan that gives small employers a simplified method to make contributions toward their employees’ retirement and their own retirement. Under a SIMPLE IRA plan, employees may choose to make salary reduction contributions and the employer makes ...

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Six Important Lessons For Every Entrepreneur

Most people daydream about the idea of running their own business.  The freedom to have no boss, set your work hours, and control your own financial destiny.  However, running your own business doesn’t come without taking on some bumps and bruises.   Here are ten important lessons that every entrepreneur should keep in the back pocket. Entrepreneurs Are Always Overly Optimistic-  I often use this phrase with the works; irrational exuberance.  Be very careful of letting your own rose colored lenses cloud the quality decision making your company needs based upon the facts. Measure Twice And Then Measure Again- No matter how many pro forma sheets you run and how many classes you sit through, nothing can prepare you for the certainty of uncertainty.  Make sure to margin for error in the beginning. If It Doesn’t Smell Right, Don’t Do It- You’ll have lots of salespeople wanting to sell you different solutions or products for your business.  If they don’t pass ...

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How Much Money Did My S Corporation Make

When business owners set up an S Corporation and creates a business entity, it is usually an accountant or bookkeeper (or both) that crank out the profit and loss statements for an S Corporation owner.   What can be confusing at the end of the year, because an S Corporation owner has multiple methods to receive cash through the business, is to actually figure out what you made in the business.   Taxes in many cases can be even more confusing to the S Corporation business owner.   Here’s a ‘your smart money moves’ breakdown to figure out just how much you made in your business. Salary- When you own an S Corporation, the IRS has salary guidelines on how much you should be paying yourself.  The IRS has created an outline of what’s called “reasonable compensation” that should be paid to the owner.    There are a myriad number of factors including industry averages, number of hours worked, and what is being paid ...

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How To Pass On Your Family Business

You have spent 15, 20, or even 30 years building up a business that you plan to pass on to your family.   Now, most of your time is spent laying out your future travel schedule, perfecting your golf game, or thinking about lazy Sunday afternoons hanging out having fun.   You are finding it hard to get away from the business because it still requires your attention, and now you are wondering whether or not your son or daughter are even interested in taking over this family business that runs like a machine.   How will you be able to pass on your family business that you have worked so hard for your entire life? Unfortunately, most business owners are so frantic running their business to create top line revenue that they don’t spend the time to lay out their own succession plan.   If you pass the business on to only one child, will there be some sort of sibling rivalry?   If ...

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Does Your Business Need A Buy-Sell Agreement?

One of the questions I will ask a business owner in my interview process is “Do you have a business will?”  By this line of questioning, I am simply asking what happens to the business if you die.   Some businesses have one or multiple partners and others businesses are owned by a single individual.   Far too often, most owners after they have built a successful business don’t take the time to flesh through the details of what will happen with the business in the event of death, disability, retirement, etc. One of the most important discussions for any owner is how to install a buy-sell agreement.    The buy-sell agreement is typically between partners or co-owners, although it could work with an outside third party if there aren’t other owners in the business. Think about this almost as a premarital agreement between two parties about the value of the business and what will get paid out to the other owners family ...

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