As humans, we all have biases. We’d like to think we’re all perfectly logical all the time, but the reality is that we have moments when we aren’t thinking clearly and we make faulty decisions. Cognitive biases cloud our thinking because we stick with what we think we know. One of the cognitive biases that can derail your […]
We all make mistakes. The key is recognizing those mistakes and taking steps to learn from them — before it’s too late. But are you making entrepreneur mistakes you’re not even aware of? You might be. Before these mistakes sink your business, take a step back and see if you’re falling into any of these […]
When you start your company, it helps to have a goal in mind. It seems obvious. Isn’t the goal to make money? However, you need something a little more if you want your company to succeed — especially if you want to succeed in the way you hope. Before you move forward, it’s a good […]
Many people dream of having their own business. Not everyone gets to realize that dream, of course. However, for those that do, there inevitably comes a time when they must give it up. It could be that they pass it on to someone else, such as a relative. Another alternative is to simply close up […]
Affiliate programs can be the lifeblood that jumpstarts a new business venture. By building relationships with top bloggers and online personalities, you can reach new audiences and take your business to new heights. But you have to pay a little something for the privilege. Learn more about how affiliate programs work and what you need […]
As you work on your startup and, later, grow your business, it’s important to consider your assets and how they can help you reach success. If you’re trying to figure out which assets you need to achieve success with your fledgling venture, there are three to keep in mind: 1. People Much of the time, […]
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 […]
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.