Business Basics: Building Value

When you start your business you might not be thinking about building value into it. You might just be thinking about having enough customers to stay afloat, play your employees, and hopefully have enough left over to pay yourself. But building value into your business is important. Basically you are reinvesting money wisely. You don’t even need to be thinking about selling your business to build value into it.   Building Value Wisely While you might not be intending to sell your business, managing your business on a daily basis like you intend to sell is a great way to build value without thinking about it as building value into your company. In a sense, it is like adding equity … Read More

Business Basics: Selling Your Business

While you might be thinking, “I just started my business, why would I think about leaving it or selling it?” having an end game plan helps you align your business goals to doing what you want to do with your business. Do you want to simply close up shop, and move on? Are you planning on selling your business to the highest bidder so that you have a nice retirement nest egg? Or are you looking for the business to die with you?   Moving On: Your End Game If you are very attached to your business – it has your name, it is everything you have ever worked for, it’s a family legacy, etc – then you might want … Read More

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

Business Basics: Teams

We’ve discussed the important things to think about when you are making your first hire, but what about when you are creating teams of individuals to work on a project. Maybe you have hired the individuals who work for you with this in mind, but you might also be working with contractors and vendors – figuring out all the pieces to the puzzle can be tricky.   Who Works Well Together? An old adage is that you don’t have to like the people you work with; you just have to work with them. While this is certainly true, it really helps to like the people you work with. There are some people that might never work well together, but it … Read More

Small Business Survival: The Pivot

There are many small businesses out there that started with one idea or concept, ended up on the verge of failure, pivoted, and succeeded. Facebook, YouTube, Twitter, Groupon, HP, Apple, and even Sony all started down one path and saw a better path to success. A well timed pivot can mean the survival of your small business.   The Art of the Pivot It seems to be rooted in the idea of satisfaction, does the pivot. If YouTube founder Steve Chen had been satisfied with a video dating site, or Mark Zuckerberg had been satisfied with a hot-or-not website, the world might be a different place – certainly, the internet would be different. Instead, these founders saw that their websites … 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

Net Neutrality: Day of Action

Today is the Day of Action when the issue of net neutrality is in the headlines. If you are like Nilay Patel, net neutrality is a bit of a moot point because the US has no real choice in ISP. If you are on Oregon Senator Ron Wyden’s side, you might be blindly optimistic – for good reason – in hoping that the internet remains a place where neutrality and freedoms reign. While the likes of Comcast and Verizon have sued the FCC over net neutrality issues because of course they have. It wouldn’t look great if the big ISPs came out in favor of something that would allow them to make billions more for providing internet.   What Does … Read More

Tech Week and Small Business

Yesterday we wrote about the Technology Week summit in Washington D.C. and how the Trump administration is looking to update the government’s technology. The government also has yearly budget of around $80 million for its technology and some of the biggest names in tech like Jeff Bezos, Tim Cook, and Eric Schmidt are vying for a piece of that pie. While the government is more than likely to contract to these big names for the biggest projects, there is potential for small businesses to reap some of the rewards as well. What Tech Week Means for Small Business One of the discussions happening revolves around immigration. President Trump has been transparent in his efforts to tighten up the borders and … Read More

Steps to Starting a Business

Steps to starting a business

Are you thinking about starting a business? Chances are, you are very excited, however, you may also be feeling overwhelmed. Fortunately there are a lot of awesome resources out there to help get you started. The U.S. Small Business Administration website lists 10 steps to starting your own small business. There are many excellent resources already included on the SBA website. We’ll dive a little further into each and summarize some key points. Write a Business Plan A business plan serves as a guide for your business success and generally projects 3 to 5 years into the future. It also helps you keep track of company goals and financial projections. Having a good business plan is a must, as it will … Read More