Best way to start the new year with your business! Happy New Year! 2023

How should I start the new year with my business?

Here are a few steps you can take to start the new year off on the right foot with your business:

  1. Review your goals and objectives: Take some time to review the goals and objectives that you set for your business in the previous year. Evaluate your progress towards those goals, and identify any areas where you may have fallen short. This will help you set realistic and achievable goals for the new year.
  2. Create a plan for the new year: Once you have identified your goals and objectives for the new year, create a plan for how you will achieve them. This should include specific actions and milestones, as well as a timeline for completing each step. Be sure to involve your team in the planning process, as they can provide valuable insights and ideas.
  3. Review your budget: Take a look at your budget for the previous year, and compare it to your actual spending. This will help you identify any areas where you may have overspent, and will give you a better idea of how much you can afford to invest in your business in the new year.
  4. Set aside time for reflection and planning: With the demands of running a business, it can be easy to get caught up in the day-to-day tasks and forget to take a step back and reflect on your progress. Make sure to set aside time at the beginning of the new year to reflect on your accomplishments and challenges from the previous year, and to plan for the year ahead.
  5. Celebrate your successes: Lastly, don’t forget to celebrate your successes! Whether it’s a big milestone or a small accomplishment, taking the time to celebrate with your team can help boost morale and inspire everyone to continue working hard towards your goals.

Is S Corporation or C Corporation better?

S Corp vs C Corp

It depends on your specific business needs and circumstances. Both S Corporations and C Corporations are types of business structures that offer different benefits and drawbacks.

S Corporations are generally considered to be a good choice for small, closely-held businesses. One of the main advantages of an S Corporation is that the income is taxed at the individual level, rather than at the corporate level. This means that the business owners can avoid double taxation, which is a common issue with C Corporations. Additionally, S Corporations are eligible for the pass-through tax treatment, which means that the profits and losses of the business are passed through to the individual shareholders and taxed on their personal tax returns. This can help to reduce the overall tax burden on the business.

C Corporations, on the other hand, are separate legal entities from their owners, and are subject to corporate income tax. This means that the business itself is taxed on its profits, and then the shareholders are taxed on any dividends they receive from the company. However, C Corporations have the advantage of being able to raise capital more easily, since they can issue stock and sell it to investors. Additionally, C Corporations have unlimited growth potential, whereas S Corporations are limited to 100 shareholders.

Ultimately, the best choice for your business will depend on factors such as the size and type of your business, your plans for growth and expansion, and your personal tax situation. It’s a good idea to consult with a tax professional or attorney who can help you weigh the pros and cons of each type of business structure and choose the one that is right for you.

What kind of corporation should my business be?

Sole Proprietorship | Partnership | Limited Liability Company | Corporation

There are several different types of business structures to choose from, each with its own benefits and drawbacks. The type of corporation that is right for your business will depend on a number of factors, including the size and nature of your business, your personal financial situation, and your long-term goals. Some of the most common types of corporations include:

  • Sole proprietorship: A sole proprietorship is a business owned and operated by a single individual. This is the simplest and most common type of business structure, and it offers complete control and flexibility to the owner. However, the owner is also personally liable for all of the debts and obligations of the business.
  • Partnership: A partnership is a business owned and operated by two or more individuals. Partnerships offer a good balance between control and liability, as each partner is responsible for their own actions and decisions. However, partnerships can be more difficult to manage, as all partners must agree on major decisions.
  • Limited liability company (LLC): An LLC is a business structure that combines the flexibility of a partnership with the liability protection of a corporation. LLCs are popular among small businesses because they offer the benefits of both sole proprietorships and partnerships without many of the drawbacks.
  • Corporation: A corporation is a more complex business structure that offers its owners limited liability protection. This means that the owners (also known as shareholders) are not personally liable for the debts and obligations of the business. Corporations are often used by larger businesses because they offer a high level of protection and stability. However, they can also be more expensive and difficult to set up and manage.

Ultimately, the best type of corporation for your business will depend on your specific needs and goals. It is a good idea to speak with a lawyer or other professional who can help you understand the different options and choose the right one for your business.

What are the three most important things to do when starting a business?

When starting a business, there are many things that you need to do in order to set your business up for success. While the specific steps will vary depending on the nature of your business and your goals, here are three key things that are important for all businesses to consider:

  1. Develop a clear business plan: A business plan is a document that outlines the details of your business, including its goals, target market, and strategy for achieving success. Having a clear business plan will help you to focus your efforts and make informed decisions about how to grow your business.
  2. Conduct market research: Before launching your business, it’s important to conduct market research to determine the potential demand for your product or service. This will help you to understand your target market and make informed decisions about how to price your offering, where to locate your business, and how to market your product or service to potential customers.
  3. Establish a strong legal and financial foundation: To support the growth and success of your business, you will need to put the necessary legal and financial infrastructure in place. This may include registering your business, obtaining the appropriate licenses and permits, and setting up a business bank account. You will also need to establish a system for accounting and financial management to ensure that your business is profitable and sustainable.

What are the most important things to know when starting a business?

There are many important things to consider when starting a business, and the specific details will depend on the nature of your business and your goals. In general, however, there are a few key things that are important for all businesses to consider.

First, it’s important to have a clear idea of what your business will offer and who your target market is. This will help you to create a business plan and focus your efforts on creating a product or service that meets the needs of your customers.

Second, you will need to assess the feasibility of your business idea and conduct market research to determine the potential demand for your product or service. This will help you to make informed decisions about how to price your offering, where to locate your business, and how to market your product or service to potential customers.

Third, you will need to put the necessary legal and financial infrastructure in place to support your business. This may include registering your business, obtaining the appropriate licenses and permits, and setting up a business bank account. You will also need to establish a system for accounting and financial management to ensure that your business is profitable and sustainable.

Fourth, it’s important to build a strong team to support the growth and success of your business. This may include hiring employees, partnering with other businesses or organizations, and seeking the advice and support of mentors or other experienced business owners.

Overall, starting a business can be a challenging but rewarding process. By being prepared, staying focused, and seeking support when needed, you can increase your chances of success.

How do you start a business?

Starting a business can be a complex and daunting task, but it can also be an exciting and fulfilling endeavor. To get started, you will need to take several key steps, including the following:

  1. Develop a business plan: A business plan is a detailed document that outlines the goals, strategies, and financial projections of your business. It serves as a roadmap for the early stages of your business and can help you secure funding and partnerships.
  2. Choose a business structure: There are several different business structures to choose from, including sole proprietorship, partnership, corporation, and limited liability company (LLC). Each structure has its own advantages and disadvantages, so it’s important to choose the one that best fits your business needs.
  3. Register your business: You will need to register your business with the appropriate government agencies, such as the Internal Revenue Service (IRS) and your state’s Secretary of State. This will typically involve filling out some paperwork and paying a fee.
  4. Obtain licenses and permits: Depending on the type of business you are starting, you may need to obtain specific licenses and permits. For example, if you are starting a food-related business, you will need to obtain a food handler’s permit.
  5. Find a location: If your business requires a physical location, you will need to find a suitable space and negotiate a lease or purchase agreement.
  6. Set up your finances: You will need to set up a system for tracking and managing your business’s financial transactions, including setting up a bank account, purchasing accounting software, and deciding how to handle taxes.
  7. Market your business: Once your business is up and running, you will need to attract customers and clients. This may involve creating a marketing plan, advertising your services, and networking with potential clients.

Low Cost – Shoestring Budget Marketing

When you’re trying to grow your business, you either don’t have it, shouldn’t be spending it or can’t spend it.
MONEY.
In todays social or digital market there are countless ways to market and grow your business for FREE, other than your time.
Keep three things in mind: Brand. Content. Hustle.
I recommend doing all of the low or no cost marketing / social media options BEFORE you pay.
Don’t have time or the patience to market your own business? PM me and we can discuss your options.

5 Secrets to Instagram Growth

Shhhhhhh… 🤫 They aren’t secrets.

5 Secrets to Instagram Growth.

Create content (don’t worry about perfecting it just yet)

Post that content regularly, at least 4-5 days a week

Use that content for posts AND reels

Post consistently

Engage in the community (like posts, comment)

BRAND.

CONTENT.

HUSTLE.

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FRIENDS OF SMALL BUSINESS OWNERS! Support them.

FRIENDS OF SMALL BUSINESS OWNERS! Support them.

Like their posts (alllllll of them).
Comment on their posts.
Leave a positive review.
Follow them on social media.

Small businesses account for 64% of new jobs created each year.

20% of small businesses fail in the first year and nearly 50% by year three.

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5 Ways to Grow Your Business

GROW YOUR BUSINESS NOW before it’s too late.
5 Ways to Grow Your Business
Plan. – Business Plan | Marketing / Brand Plan
Build a potential customer list.
Sales funnel.
Focus on the numbers.
Research what everyone else is doing and being successful at.