Small Business Finances: The Key Financial Pillars of Building a Start-Up

Here's a note from a reader: "...thank you for the information you provided on Entrepreneurship on Fire. I was deeply encouraged and felt led to contact you. I am a 24 year old entrepreneur, economics and finance major, former athlete. Recently I quit my IT sales job to focus on my a project I have been working on since December. My partner and I are launching the site in 6 weeks- online sports media business. Just wanted to ask a question- What are the key … [Read more...]

Time Management for Part-Time Entrepreneurs

Part-time entrepreneurs have the best and worst of both worlds. While they face less financial risk by keeping their full-time jobs while growing their business, they run up against the problem of time management. How do you find the time to grow your business when so much of your time is already spoken for? The secret to managing your time is all about using the time you have in the wisest possible way. Here are four tips for doing just that: 1. Know where … [Read more...]

Which Retirement Plan Should You Choose for Your Business? [Solo 401k vs SEP IRA]

One of the most common questions I see from new entrepreneurs is about their retirement plan options. Specifically, I see a lot of people talking about the Solo 401k vs SEP IRA. Today I'm going to explain what those two plans are, show you the differences, and share why I chose the Solo 401k. In short, I find that the SEP IRA is the perfect tool for the part-time entrepreneur (someone who has a small business but is still eligible … [Read more...]

The Real Reason You Need Umbrella Insurance

Umbrella Insurance: Get it before you get blown away by a lawsuit. Did you know that simple things like owning a swimming pool, having teenage drivers and a family dog, owning residential rental estate, and even throwing parties in your home can make you susceptible to being sued? Even the type of car you drive or how likely you are to be Googled can help determine the probability of you becoming entangled in a lawsuit. I have to admit that being sued is one of … [Read more...]

I Chose the Solo (Individual) 401K for My Small Business

After a couple of years away from the corporate world, one thing I did miss was my 401K. The company I used to work for dumped the matching contribution at some point, but I still loved that plan. I could defer taxes on several thousand dollars in income each year. That's a huge benefit it my book. This benefit pushed me to save the maximum each year and amass a decent retirement account for a guy in his thirties. I also had a Roth IRA, which is a great compliment to … [Read more...]

7 Types of Office Space for the Upstart Entrepreneur

Over the past several years, I've been experimenting with different types of office space. I run a solo, online business, and an annual conference with three employees (only one of whom has lived locally). My office needs aren't much. Still, I think it matters where you work. Don't you? I've worked in my old home (the bedroom, the loft, the kitchen table), the local coffee houses, my local library, at a friend's place while he … [Read more...]

Get the Most from Your 2019 Mileage Tax Deduction

"I'm deducting this right now!" Do you drive for your job? Then you might be eligible for a mileage deduction. Here is an easy-to-understand guide to the IRS standard mileage deduction. Happy filing! 1. What kind of driving is deductible? If you drive for business in some way and your employer does not reimburse you for gas, those miles are eligible for the deduction. Common jobs that accrue deductible miles include realtors, sales, and contractors. In addition, … [Read more...]

Will Your Small Business Survive Your Death?

This article is from friend and attorney, Robert Newton, who's website, Bizbrook.com aims to guide you in your journey from employee, to self-employed, to employer. Check out his recent series, 10 Steps to Starting a Business. What will be there to keep your business afloat long after your ship sinks? It's a daunting question. Each of us possesses a strong aversion to discuss our own mortality, much less deal with it. But, as Mr. DeVoe and Mr. Franklin … [Read more...]

Do You Need Insurance For Your Internet Business?

Killer internet business idea: check. Business plan: check. Domain name: check. Customer base: check. Insurance: ch…wait, what? For many internet business owners, internet business insurance is not one of their first (or even fifth) concerns. While no traditional small business owner—with stock to lose, a storefront to maintain, and payroll to meet—would consider operating without insurance, many internet startups do just that. The question is, are these internet … [Read more...]

The Best Small Business Credit Cards of 2018

You work hard for your business. Why not make your business work hard for you? There are some amazing perks to using a Small Business Credit Card. Earn points on everyday business purchases, and then redeem those rewards to pay for travel-related expenses such as airfare, gas and hotel rooms. Both credit cards and charge cards are available. New cardholders may be eligible for up to 80,000 Bonus Rewards Points upon approval and a … [Read more...]

Should You Take on Personal Debt to Fund Your Business?

Today, as banks continue to be tight-fisted when it comes to small business lending and investors remain cautious, business owners in need of financing might be tempted to use their personal assets to fund a business. But any source of funding that taps into personal assets comes with a high potential cost. While some established business owners will seek financing through business loans and capital financing programs, personal financing in many cases is a new … [Read more...]

6 Financial Benefits of Working from Home

Do you work from home? Are you considering it? It can be a big financial benefit for you. I've been working from home for several weeks now since I quit my day job. I've loved it. More importantly, I feel like I can give some honest feedback about how you can save by working from home more. Here are a few ways I've been saving or at least had the opportunity to save: 1. Lower Car Insurance That's right. One of the first things I did once I no longer had a … [Read more...]