You started gardening to de-stress, and now your family room is filled with exotic orchids. What began as a hobby has evolved into a side hustle—you’re selling propagated orchids to other enthusiasts. With income flowing in, you wonder if it’s time to treat your orchid-growing passion as a business. Once hobbies generate income, they often … Read more
As a savvy business owner, you understand the importance of having key person life insurance to protect your company in the event that you — or a partner — unexpectedly pass away. The policy proceeds can be used to pay off debts, hire a replacement, or buy time until a decision about the future … Read more
As we near the halfway point of the year, it’s time time to think about scheduling a mid-year checkup. No, we’re not talking about the height/weight/blood pressure kind of checkup, we’re talking about the income statement/balance sheet/cash flow kind of checkup — a review of your business’s financial operating fundamentals. If you review your vital … Read more
When you started your business, you may have formed a corporation to protect your personal assets from lawsuits against your company. However, you must also operate your business like a corporation — or risk losing the liability protection you expect to have. No matter how long you’ve been in business, always treat your corporation … Read more
Your small business does many things. It supports the community by providing goods and services. It supports the local government by paying taxes and fees. And it supports your employees by providing their livelihoods. Your business provides for you, too, now and for the future. But don’t count on that just “happening.” You need a … Read more
Are your customers frequently late in paying their bills? If so, you may have considered charging late fees to encourage timely payments. While this strategy can be effective, weighing the pros and cons and ensuring your approach aligns with your business values and customer relationships is essential. The Pros of Charging Late Fees: Encourages Timely Payments: Late … Read more