The reasons for choosing to base your business out of your home typically revolve around three issues: reducing the cost for office space, having more time for interaction with the family, and eliminating the commute. Another consideration is convenience. Convenience is a biggie; for me. Based on your personality and self-discipline, however, convenience can be a two-edged sword..Even though people often start a home-based business to have more time with their family, the very convenience of having an office down the hall frequently works against that goal. It’s just too easy to have dinner with the family, then slip back to the office to do a little more work.
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Great creative efforts begin with an idea. The idea for a novel. The idea for a sculpture. The idea for a movie. And, might I add, the idea for a business. Your startup is rooted in an idea. Not a compact, one-line idea. But a series of specific ideas which converge to form what we might call the IDEA – the singular Orchestrating Idea behind your business.
Continue readingEncore entrepreneur is a term that has come into use only recently. It denotes men and women who start a business in their 50s, 60s, and 70s as an encore to a previous career. According to the Census Bureau and the Small Business Administration, these encore entrepreneurs currently launch more than half of the 400,000 business startups each year in the U.S.
Continue readingPeople generally have a highly inflated picture of small business revenues and profitability. Now, if this is true for people in general, it’s safe to assume that encore entrepreneurs may slip into similar miscalculations. They can easily launch a startup with unrealistic expectations, both in terms of income or of the work required to reach that income level.
Continue readingWhat percentage of American businesses have no payroll? Would you guess 15%? Or 30%? How about 75%? Surprising as it may be, that 75% figure is closest to the truth. About three out of every four businesses in the U.S. are operated solely by their owners .These statistics tell you that the U.S. is a nation of micro-businesses.
Continue readingHere are things to consider when choosing an assumed name for your small business and registering it properly to protect your business identity.
Continue readingTrack One of our LeaderTrack Small Business Coaching Series is ideal for encore entrepreneurs in the earliest stages of starting a business. It assures that the fundamental elements of your business are put together soundly from the very beginning.
Continue readingIntroduction to a four-part series (plus this introduction) on choosing the best legal structure for your business. This introduction provides a high-level summary of the key issues which influence this decision.
Continue readingThe first part of a four-part series (plus introduction) on choosing the best legal structure for your company. This installment examines the pros and cons of the simplest legal structure, a sole proprietorship.
Continue readingThe second part of a four-part series (plus introduction) on choosing the best legal structure for your business. This installment looks at the pros and cons of choosing a limited liability company.
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