One question that I often hear is what type of business organization should I choose and how business structure affects tax. While reading Accounting Today, which I am sure that all of you do, I saw this infographic (How Business Structure Affects Taxes) recently and thought it was a great reference for a small business owner. In addition, I am working on a new series for business structures that will come out in a few weeks.
The online accounting education site Accounting Degree Review recently created an infographic on “How Business Structure Affects Taxes,” comparing the benefits and requirements of various entity types such as sole proprietorships, partnerships, C corporations, S corporations, LLCs and cooperatives.
You can check it out at this link or below.
Price setting is often a place of mass confusion for small business owners. I know for myself it is hard to find the price that optimizes profits while maintaining my competitive advantage. Understanding the difference between margin and markup on price increases is a must for properly achieving your profit goals.
Triangle of Triple Constraints
When performing a service, the provider is often times caught in a quandary between price, time, and quality. The Triple Constraint Theory of Project Management states that one is given the options of Fast, Quality and Cheap, and told to pick any two.
The triangle of triple constraints reflects the fact that the three properties of a service are interrelated and it is not possible to optimize all three. One option will always suffer. This dilemma is no different in operating a small business because the owner can’t be everything to everybody. So the question becomes how you can manage this issue.
A couple of years ago, a massive wind storm that produced extraordinary damage across the Midwest has caused me to realize that success depends on the support of other people. The night started at my 31st birthday party in which the electric went out soon after everyone arrived. I spent the first half-hour with the grill pulled up to the back door and cooking during the horrible storm. It was much cooler in the moment, I guess you had to be there.
I am usually not a huge fan of big business or corporate policies. However we all must deal with the realities of life when convenience or necessities dominate. With that said, this week I was at Wal-Mart and witnessed an action by an employee that every small business owner should emulate. Continue reading
Last night I was faced with a dilemma that many of us are forced into almost everyday, however this one proved to be very public. On our way home from a father’s day party my family and I were traveling on the highway when we passed a donkey running the opposite direction down the hill. My first thought was “that is pretty funny but lets go home.” Unfortunately, I let that little thing called caring or try to make a difference take hold. Continue reading
There are many reasons that keep people from starting a small business and taking control of their lives. I want to give you nine steps that you need to follow when initially starting a small business. The goal of this is to relieve anxiety caused by the fear of the unknown in regards to state and federal agencies. Continue reading
What the heck does it mean to feed your brain? As I continue to study the path to success, the theme of feeding your mind keeps reoccurring. I have to admit that I enjoy eating so this idea struck me as something that I could probably do well. However, what exactly does this abstract concept of feeding your brain actually mean. Continue reading