As an aspiring entrepreneur, it’s natural to overestimate the ease of entry for an online business. After all, since you won’t have to pay for a physical retail space, or in many cases, an office, your overhead will be drastically lower than your competitors. You know you’ll need to budget for the cost of production. […]
It’s been said that many businesses fail within the first few years. The statistics differ when it comes to just what percentages of them fail verses the percentages that actually make it. Startups are no different in that some make it and some don’t. But if you have a failing startup, getting out of it […]
Everyone has a formula for doing a business “right.” You know that when you start your business, there’s a right way to build your list, fund your ideas, post on your blog, and do any number of things. In fact, there are so many things that you’re supposed to do — and do right — […]
I am often told that I am out socializing…a lot. While it may look like fun and games on Instagram, the truth is there’s a reason I attend so many industry events. Quite frankly, they lead to more money. Just recently, I’ve had to tell business coaching clients to get out there more. It’s very […]
Many of us are faced with business opportunities on a regular basis. Deciding what’s worth embracing, though, can be difficult. Whether you’re starting a new business or whether you’re trying to expand your current business with a new opportunity, it’s vital to know how to appropriately evaluate it. As you look forward, here are some […]
Millions of people received a tax refund last year. In fact, when you look the total number of refunds issued by the IRS in 2017 you may be surprised by the numbers. Nearly 75% of returns received resulted in a refund averaging around $2,782. No doubt some of the refunds were used to make frivolous […]
I attend several events around the city for bloggers and influencers. To be honest, it’s a bit surreal to me. When I started blogging almost eight years ago, no one knew there was money in it. Now that the general population knows they can earn income blogging, they all want in. The problem is they […]
I recently attended a networking event for freelancers where several people said they were having issues trying to decide on a service to provide. Their current situation is one where they have multiple skills, but they don’t know what they should stick to. Just because you have multiple skills doesn’t mean you can or even […]
Have you been thinking that your side gig is doing really well? Perhaps it’s just reached a point where you say to yourself, “Hey, with a little push, this could be a real business!” That’s a great place to be. It’s a place full of surprise and optimism, and the idea that freedom is just […]
Many naysayers claim that artificial intelligence could destroy the world, often using the storyline in “The Terminator” to prove their point. In reality, AI can do more to save the world. Fortunately, it seems as though more people are beginning to understand the benefits of AI rather than fearing it. For example, Strategy Analytics found that […]
Even if you are a solo-preneur or freelancer, the new expanded regulatory and compliance environment can impact you. Any business must consider the federal, state, and local laws that govern how a business is formed and managed as well as being knowledge about how to deal with taxes, deductions, and disclosures - among the many things covered under the area of regulations. While the business environment has added many opportunities to create and run a successful business of any size, especially with the advent of online marketplaces for selling and exchanging goods and services, the level of complexity has skyrocketed. In fact, many regulations are still being worked out when business transactions involve online transactions or those that cross geographic territories and then involve other governments and varied regulations.
One of the most frequent mistakes a business owner makes or can make is to unknowingly break a law or be ignorant of a regulatory or compliance issue. It's understandable to lack specific information about regulations given the differences across federal, state, and local lines as well as in regards to what can be done legally online. Since compliance and regulations continue to change -- some quite frequently -- it is easy to see how these types of mistakes can happen. Then, there are external factors beyond a business owner's control like retailers that were held responsible for accounts being compromised through their debit and credit card payment systems. The new health insurance regulatory environment means that even the self-employed like freelancers have to prove to the federal government that they are in compliance with paying for an insurance plan. On all levels, regulations can become problematic for a small business owner.
The result of these mistakes can be very costly as many business owners have discovered. From fines and penalties to tarnished brands and business failure, not following the letter of the law on every aspect of business hurts. Rather than compliance killing your business, we recommend regularly turning to our blog category dedicated to information regarding Regulations to help you stay updated on the regular changes and updates to various business functions and processes. Using our own team and individual experiences with compliance and regulatory issues we use a systematic investigation and research system to provide you with the increasing regulatory changes that occur in the government. With our business partners, we have put together a library of regulatory articles, blog posts, and guides that cover a wide range of topics.
These topics include tax compliance issues like whether you need to issue a 1099-MISC or not to a subcontractor, allowed tax deductions for a freelancer, and what to make sure you do not overlook with business taxes; PCI Compliance fines and how to avoid them; the evolution of financial compliance; how to keep customers safe when they use credit cards to purchase goods or services from you; how to get health insurance as a self-employed person; things to think about with sponsored content and the use of anyone's intellectual property online; and disclosure during employee promotions. These examples of topics from our Regulations category provide an overview of the type of relevant and beneficial information we seek to deliver to our customer base. We look forward to also hearing from you about specific compliance issue that you face and would like us to cover in future posts.