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...]

10 Simple Tactics Business Owners Can Use to Increase Revenue

All business owners want to make more money in less time. But how? There’s so much to do and so little time to do it. No matter how you look at it, you will almost always have to trade some of your time for money. But that’s the key -- making sure you spend your time wisely and in the most impactful way. Here are 10 tactics you can implement to increase revenue, be more productive and spend less time wasting money. 1. Make Your First Hire a Smart One A lot … [Read more...]

Solo 401k vs SEP IRA: Which Should You Choose for Your Business?

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 for a 401k through their full-time … [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...]

Can I Contribute to Both Accounts and is the Limit Shared?

Do you have more than one retirement account? Super, over-achieving savers often run into questions about their ability to contribute to multiple tax-advantaged retirement accounts. Here's a recent question from a reader: I have a traditional IRA and a Roth IRA. I make under $50K a year. According to your article I need to split the $5,000 max contribution amount between those accounts (i.e. I cannot contribute $5,000 to each account). Is that correct? My answer: … [Read more...]

Free Alternatives to GotoMeeting, GotoMyPC, and Carbonite

There's been a lot of noise lately about advertisers, politics, stock prices and such. I'm not going to get into the details. But what struck me is that many people pay for services from companies, when a free alternative exists elsewhere. You guys know I don't like paying for things that should be free. That's just crazy. For instance, did you know that there is a free alternative to GotoMeeting? It's called MeetingBurner. Additionally, there is also a free … [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 2018 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...]

Start a Business with No Money: Do You Want it Bad Enough?

Want to improve your finances by adding more income to the mix? Start a business. Want to start a business of your own, but think you need a lot of money or small business funding to kick things off? BS! Sure there are some types of businesses where full ownership will be limited if you can't come up with your own capital to fund things (e.g. a franchise). But don't think for a second that you have to possess a lot of cash to get a business up and running. In … [Read more...]