Business Basics: Business Finances

While some rare people have been able to simple transition from a hobby into a small business and not worry about money or income, most of us start a business to make money. It all seems simple enough: offer a product or a service, get clients, make money, right? To some degree, yes it is that easy, especially when you are your only employee, but when you start adding employees, offering different salaries or hourly pay, renting or leasing an office space, or adding assets to your company things get much more tricky.   Business Finances, a Brief Overview The first step to business finances is to get the help of a CPA or hire an in house financial manager, … Read More

Small Business: Bookkeeping Basics

Your small business is making money, clients are paying you, and you are starting to build a bit of savings. How do you keep track of it all? Careful bookkeeping, that’s how! This might not be the most fun aspect of owning a business, but diligent bookkeeping can can save your skin if the going gets tough. Besides, if you know how to balance a checkbook, then you are pretty well set to keep track of your small business’ books.   Bookkeeping Basics Keep careful track of your business records, systems and procedures, and internal controls. Business records include invoices, bank accounts, receipts, tax returns, time keeping, and assets. Systems and procedures include billing, deposits from clients, relationships with vendors … Read More

Small Business Taxes: Filing

For many small business owners, the move from independent hobbyist to actual business owner can be a tricky maze of business jargon, tax law, and unqualified advice. Yes, there are some tricky bits depending on how you file small business taxes with your state, but for the most part, you won’t need a legal team backing you in order to become a small business.   Sole Ownership This is the most basic form of small business entity. More or less, you file your papers and then you are considered a small business. Oftentimes, you have to also file a DBA (doing business as) if you want to operate your small business under a different name than your own. As a … Read More

Small Business: Creative Firm Billing

Over 90% of businesses in the US (closer to and over 95% in most states) are considered small businesses. Design, creative, and professional art firms and individuals strike out on their own as a small business at a rate of about 30% (compared to typical 10% for all other industries) of all businesses in the creative scope are small businesses with 5 or fewer employees.   If you own or work in a creative agency, chances are that you went to school and took art and design classes, not small business law or tax classes. This poses a huge challenge to setting up your own small business and making it successful. Luckily, there are plenty of other folks that have … Read More

Startup Migration and Small Business

Apparently this week is the week for socially conscious posts in the Businesstastic blog. We would be amiss if we did not address the issue of international workers, start ups, and the travel ban. Turns out, that it is incredibly limiting to isolate yourself – whether as an individual or a nation – when it comes to innovation. Presently, it is becoming harder for folks to get Visas for the US. The H1-B Visa is especially important as it the Visa that allows specialized internationals into the country for a longer period of time. Doctors, engineers, computer scientists, business professionals, and more are able to use the H1-B visa to get into and remain in the US, and that is … Read More