You’re an entrepreneur who is excited about growing your small business. Maybe you’ve identified the perfect niche market designing websites for local restaurants or installing high-end home security systems. You’re passionate about your company’s services, growing your business, and polishing your brand. Your focus on those elements of your business is really important to your […]
Sales keep your business going, but they are arguably not the most important part of your business. Whiles sales mean money in the bank in that moment, what really separates business in the long haul is customer retention. A successful business is about what you do before and after you make the sale. If you […]
It’s likely that Generation Z already shops for your products and knows all about your industry. Although the oldest among them have just reached the mid-20s mark, they enjoy tremendous spending power: According to a deep-dive report from Millennial Marketing, Gen Z boosts the economy by up to $143 billion. But don’t just think of Gen Z as […]
For most startup founders, it takes a while for the business to become profitable enough to pull out a substantial paycheck – enough to live on, that is. But in the meantime, what do these entrepreneurs do to pay the bills and keep food on the table? The Uphill Climb to Profitability Anyone can start […]
Ping pong tables, on-site massages, and free haircuts might look great on paper, but let’s be honest: They’re gimmicks. Even if they manage to attract a candidate’s attention, they’re unlikely to be the reason he or she sticks around. Benefits are supposed to be a key differentiator for employers, but the reality is that most […]
An interest in investing in companies focused on making a social impact has been steadily growing, with companies like Bain Capital, UBS, and TPG Growth getting involved in impact investing. Bain Capital launched a $390 million double-impact fund, while TPG has its $2 billion “The Rise Fund.” The Impact Engine began as an accelerator fund […]
Stock market indices may have stabilized, but you wouldn’t guess it by speaking to small business owners around the country. For the first time in eight quarters, a Florida Chamber of Commerce survey of small business owners found that economic uncertainty beat out workforce quality as their primary concern. But it’s not just in Florida […]
You have an idea for an exciting new business. You’ve done your research and you’ve written a business plan. Now it’s time to answer the big question – how to finance a business. Let’s take a look at your options and the things you’ll need to consider in your quest for business funding. Business Funding […]
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 […]
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.