Posts tagged small business

3 Things Businesses Do To Make 9 Figures

It’s hard to make a buck, and even harder to make $100 million of them: “72% of all startups stall before they get to $100 million; only 3 percent ever see $1 billion.” So what’s the secret for those that do make it?

  1. They excel at market creation.
  2. They disrupt.
  3. They set new standards.

Via OPENForum.com: "3 Things Businesses Do to Pass the $100M Mark"

Just getting to your 2013 taxes? Tax reporter Kelly Phillips Erb explains why small-business owners should already be planning ahead for 2014:

As tax deadlines loom for the 2013 tax year, taxpayers, especially small-business owners, may notice that their tax bills are going up. That’s a trend that’s likely to continue as changes related to the Affordable Care Act and the American Taxpayer Relief Act of 2012 take shape.

Here’s what you need to know to get ready.

Just getting to your 2013 taxes? Tax reporter Kelly Phillips Erb explains why small-business owners should already be planning ahead for 2014:

As tax deadlines loom for the 2013 tax year, taxpayers, especially small-business owners, may notice that their tax bills are going up. That’s a trend that’s likely to continue as changes related to the Affordable Care Act and the American Taxpayer Relief Act of 2012 take shape.

Here’s what you need to know to get ready.

Meet some of the people who are revitalizing some of the nation’s most economically depressed cities with their small businesses.

The 10 Most Overlooked Small-Business Tax Deductions

Save yourself from a higher tax bill by seeing if you’re eligible for these tax deductions:

  1. Home office deduction
  2. Startup costs
  3. Inventory
  4. Accounting fees
  5. Bad debts
  6. Bank fees
  7. Carry overs
  8. Health insurance premiums
  9. Interest payments
  10. Self-employment taxes

Find out more on OPENForum.com.

Celebrity chef and Top Chef Master Marcus Samuelsson’s restaurant, Red Rooster, helped spark a wave of small business development in Harlem, a neighborhood that was once American shorthand for bad neighborhood.
Red Rooster’s success inspired other small business owners to open shop in the Upper West Side of Manhattan and brought a wave of possibility and economic development the likes life-long residents have never seen.
Via OPENForum.com: “The New Harlem: Meet the Small Businesses at the Heart of a Renaissance”

Celebrity chef and Top Chef Master Marcus Samuelsson’s restaurant, Red Rooster, helped spark a wave of small business development in Harlem, a neighborhood that was once American shorthand for bad neighborhood.

Red Rooster’s success inspired other small business owners to open shop in the Upper West Side of Manhattan and brought a wave of possibility and economic development the likes life-long residents have never seen.

Via OPENForum.com: “The New Harlem: Meet the Small Businesses at the Heart of a Renaissance

10 Hiring Tips for Your Small Business

Fish Where the Fish Are

Figure out where the best candidates for your company would be hanging out, whether virtually or physically. If you’re in the market for technical talent, drop by a hackathon or demo day. If you’re looking for someone in sales, a trade show would be a great place to see someone in their element and get a sense of how they deal with customers. Looking for someone with a niche passion? There’s likely a meetupfor it.

For nine more great hiring tips, visit OPENForum.com.

We learned a little bit more about Maria Contreras-Sweet, President Obama’s SBA chief pick, when she testified before the Senate Committee on Small Business and Entrepreneurship on February 13:

[She] is the founder of a Los Angeles bank and once served in the cabinet of California’s state government. She’s made loans backed by the SBA and run a state agency that dwarfs the SBA in number of employees and annual budget. She’s also a native of Mexico who adds to the cabinet’s diversity and has roots in the fast-growing community of Hispanic entrepreneurs.

Learn more about SBA chief nominee Maria Contreras-Sweet on businessweek.
(Official White House Photo by Chuck Kennedy)

We learned a little bit more about Maria Contreras-Sweet, President Obama’s SBA chief pick, when she testified before the Senate Committee on Small Business and Entrepreneurship on February 13:

[She] is the founder of a Los Angeles bank and once served in the cabinet of California’s state government. She’s made loans backed by the SBA and run a state agency that dwarfs the SBA in number of employees and annual budget. She’s also a native of Mexico who adds to the cabinet’s diversity and has roots in the fast-growing community of Hispanic entrepreneurs.

Learn more about SBA chief nominee Maria Contreras-Sweet on businessweek.

(Official White House Photo by Chuck Kennedy)

The 10 Biggest Tax Mistakes Small Businesses Make:
Failing to report information as it’s reported to you.
Filing certain forms and schedules.
Failing to properly apply limitations.
Not keeping good records.
Overreporting income.
Forgetting carryovers.
Not claiming the home office deduction.
Misclassifying workers.
Not filing on time. 
Using the wrong tax professional.
(To learn how to avoid making these costly mistakes, read more here.)

The 10 Biggest Tax Mistakes Small Businesses Make:

  1. Failing to report information as it’s reported to you.
  2. Filing certain forms and schedules.
  3. Failing to properly apply limitations.
  4. Not keeping good records.
  5. Overreporting income.
  6. Forgetting carryovers.
  7. Not claiming the home office deduction.
  8. Misclassifying workers.
  9. Not filing on time. 
  10. Using the wrong tax professional.

(To learn how to avoid making these costly mistakes, read more here.)

The dawn of Facebook business page rankings and anonymous, negative online reviews has made small business owners more vigilant about their company’s reputation online. The Small Business Administration has partnered up with Yelp to offer two, hour-long webinars on how to “engage with online reviewers and manage their online reputation,” covering:

  • Best practices for getting started with online review sites
  • An overview of how small businesses can join the conversations that are happening about their businesses online
  • Tips on how to handle critical feedback and respond to reviews
  • Ways to generate more buzz by creating exciting promotions and monitoring customer leads 

The first webinar starts February 11, 2 p.m. EST. For more information, visit SBA.gov.