It’s estimated that over 70% of U.S. businesses operate as sole proprietors. That’s not surprising, considering that doing so requires no formal business registration forms, few compliance requirements, and income tax reporting simplicity. But as businesses grow and evolve, their owners may decide to change from a sole proprietorship to an LLC.

Many choose the limited liability company (LLC) structure because it offers nearly the same ease of administration as a sole proprietorship while providing some important advantages. In today’s post, we’ll review these advantages and walk through how to change from sole […]

Uncertainty is not unfamiliar territory for business owners. However, this past year has brought a significant amount of it to entrepreneurs everywhere and in nearly all industries. Many companies are facing serious challenges. While survival may be their short-term goal, focusing on paths to growth can help position them for success long-term. Developing sound strategies for growing a business, executing those strategies, and streamlining processes are all part of the equation that makes a tremendous difference, whether in an environment of consistency vs. unpredictability and of abundance vs. scarcity.

Let’s take a look […]

Abraham Lincoln once said, “My best friend is a person who will give me a book I have not read.” While I cannot give you these books, I can tell you about them. My list of favorite 2020 business books will offer information or inspiration (or both) to help you start or grow smarter and faster.

Building for Everyone: Expand Your Market with Design Practices from Google’s Product Inclusion Team

The premise of this book, written by Annie Jean-Baptiste, the head of product inclusion at Google, is that it is […]

Whether you’re looking for startup funding or money to take your business to new heights, you’ll need to explore your options for getting a small business loan at some point in the life of your small business.

Some entrepreneurs prefer to use funds from personal savings, family, friends, and even credit card advances. However, most small business owners would rather establish a good relationship with a lender and secure a small business loan to meet their financial needs.

Here are five tips to help you find a small business loan.

1. Know Your Credit Score

Before […]

Every business owner hopes to reach the peak of business success. You know, when you’re just crushing it—when smooth operations and growing profits allow you to breathe a satisfied sigh of contentment and pride. This year that feeling may seem farther from your reach than ever. A slower economy and a world trapped in daily self-distance protocols may leave you feeling directionless and disconnected.

But, remember what Albert Einstein once said, “In the midst of every crisis, lies great opportunity.”

Here are seven ways to ride out the pandemic and come out on top.

1. […]

It is really a guessing game to predict when we’ll all be able to return to some sort of pre-pandemic normalcy, so it’s important to find the positives in our current situation. We’ve all heard it, right? When life gives you lemons, you need to turn it into lemonade and something positive.

Sometimes, however, it’s hard to find the ingredients for whipping up that lemonade!

Phil and I have tried really hard to stay positive at home and at work. We’ve found a few core ingredients to help us stay focused on keeping our […]

Many business owners operate multiple businesses and there’s a good reason for that: Once you have one business and business structure in place, it’s much easier to get a new business off the ground than if you had to start from scratch each time.

At some point in your entrepreneurial life you may come upon an idea or opportunity too good to pass up. But you have no intention to stop operating your current business. So, the question becomes how should you structure the new business—should it be a part of the original […]