For over a year I’ve seen an increasing trend in my business for very large companies to delay their invoice payments much longer than in the past. While my terms have always been net 15 or net 30 days for … Continue reading
Encore entrepreneurs and small business owners must limit their cash flow dependency on factors they cannot control. The sudden reversal of fortunes in the oil industry of late demonstrates how quickly a seemingly robust sector of the economy can suddenly fall upon hard times.
This is why its imperative for encore entrepreneurs and business startups to diversify their customer base, so that they are not excessively dependent on one segment of the economy doing well. Unwittingly I made that mistake myself by allowing too much of my new business to be vulnerable to the downturn in the oil patch.Continue reading
Today’s print edition of USA Today highlights the growing community of encore entrepreneurs —or what they call "silver entrepreneurs." The article cites a variety of reasons why last year nearly one-in-four of all business startups were by men and women … Continue reading
if you’re relying on investors, vet them carefully before you bring them on board. Be sure that their commitment to your company and their personal financial capacity is adequate to see you through the unexpected. If there’s any question that their commitment and capacity are high, you probably want to look elsewhere for your capital.
On the other hand, if you are self-financing your startup, be certain that you yourself have the resources to cope with major unexpected expenses in getting your business underway. Always remember that startups most frequently fail, not because they cannot earn a profit, but because they run out of cash.Continue reading
Solo 401Ks were particularly designed to serve the needs of small businesses which employ only the owner or the owner and his or her spouse. Since the overwhelming majority of small businesses in the U.S. are in this category, most startups are ideal candidates for a Solo 401K.
A Solo 401K is set up and administered in an entirely different way from a traditional 401K. And compared to traditional 401Ks, 503Bs, and the more familiar types of IRAs, a Solo 401K gives you much greater control of your retirement funds and increased flexibility as you invest them.
What sets a Solo 401K apart from any other instrument like it is the absolute and total control that you have over your funds. Your company, through an affiliated trust fund which it creates, is the custodian of your Solo 401K funds. And you personally serve as the trustee. This means that you have neither the expense nor the cumbersome rules of a bank or brokerage house being the custodian of your funds.
You have complete control of where your money is invested and when it is invested. There are no outside approval loops to go through. And if you already have other retirement programs, you can roll them all over into your Solo 401K so that you have this level of freedom and control over all of your retirement funds.
Synopsis Once your Solo 401K is established, you can roll your other IRA-type accounts into it. You then have the exceptional flexibility of a Solo 401K with all of your retirement savings. However, there are certain safeguards that you must … Continue reading
Synopsis What makes Solo 401Ks attractive is the flexibility that you have in managing your retirement savings and the range of investments that you can make with the money. No other IRA-type program offers anything near the range of options … Continue reading
Synopsis While a Solo 401K offers distinct advantages over other retirement savings arrangements for small business owners, setting one up a Solo 401K does require assistance from someone with technical expertise. While this expertise is reasonably inexpensive, it is nonetheless … Continue reading
Synopsis Compared to other IRA-type instruments, a Solo 401K allows for the highest level of contributions, the greatest management control of your retirement account, the widest range of investment options, and the greatest flexibility in effecting investments. Author: Mike Armour … Continue reading
Last week two of my clients launched a product which was immediately the buzz on sports blogs and news sites all over the web. This week television shows are calling, asking for interviews.
The product, called Schutt Vision, is the first point-of-view camera that is small enough, light enough, and rugged enough to be incorporated into a football helmet and provide fans with an opportunity to see the action from the perspective of players on the field.
Any business startup can profit from four lessons taken from the rollout success of the company that created the helmet camera.