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Managing A Home Business
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When you're hiring, keep in mind that, on the average, employees will cost you between 15% and 30% above their wages or salaries, depending on what benefits you offer.
Published by Levy Dalumpines 84 months ago in Managing A Home Business | +5 votes | 2 comments
Good tax planning not only minimizes your taxes; it also provides more money for your business or investments. As a home-based entrepreneur, you should view tax savings as a potential source of working capital.
Published by Levy Dalumpines 84 months ago in Managing A Home Business | +6 votes | 1 comments
Hiring an employee can be very time-consuming. To streamline the process, prequalify applicants either by phone or by requesting a resume. On the phone, ask each applicant to detail his or her qualifications, and don't be timid about letting a caller know that he or she doesn't measure up to your requirements.
Published by Levy Dalumpines 85 months ago in Managing A Home Business | +9 votes | 5 comments
The services of an attorney and consultant are vital during specific periods in the development of your business or in times of trouble, but your accountant will have the greatest impact on the success or failure of your business.
Published by Levy Dalumpines 85 months ago in Managing A Home Business | +3 votes | 3 comments
You need to keep all records regarding payroll taxes, even if you employ someone on a part-time basis. Payroll records can be categorized under federal unemployment tax (FUTA), social security (FICA), and income tax withholding. Every page of sales, cash receipts, and disbursements should be balanced to ensure the accuracy of your records, and every month you should reconcile your checkbook against your bank statement to guarantee that your records match those of the bank.
Published by Levy Dalumpines 85 months ago in Managing A Home Business | +0 votes | 0 comments
Numerous records need to be retained for tax and legal purposes. Retain all receipts for the petty cash fund. Keep all paid utility bills and suppliers' bills. Retain all bank papers such as canceled checks and duplicate deposit slips. Among your shipping documents, you should keep receiving reports, purchase invoices, and customer invoices.
Published by Levy Dalumpines 85 months ago in Managing A Home Business | +1 votes | 0 comments
Allowing your customers to pay you with a credit card can increase your business dramatically. Home-based mail order entrepreneurs know this well. Shoppers who see a mail order product advertised in a catalog or magazine are far more likely to order if they can simply phone and give their credit card number.
Published by Levy Dalumpines 85 months ago in Managing A Home Business | +3 votes | 1 comments
Even though your new home-based may not be pulling in giant sums of money, you still need a business bank account. You may be happy with the bank where you have your personal accounts, but that doesn't mean you should open your business account there.
Published by Levy Dalumpines 85 months ago in Managing A Home Business | +2 votes | 1 comments
The break-even analysis is important when you are in the planning stages of your business start-up. It is an essential piece of information which, in its most powerful application, provides quantitative support for your business plan.
Published by Levy Dalumpines 85 months ago in Managing A Home Business | +3 votes | 1 comments
Making money is what being in business is all about. Fortunately, there are several measures you can apply to help you determine the profitability of your home-based business once you are under way. These measures are: asset earning power, return on owner's equity, net profit on sales, investment turnover, and return on investment (ROI).
Published by Levy Dalumpines 85 months ago in Managing A Home Business | +1 votes | 0 comments
Ratio analyses determine the stability of various financial aspects of your home-based operation, enabling you to gauge your business' financial weaknesses and strengths. Ratio analyses also let you compare your company's performance to similar businesses in your industry.
Published by Levy Dalumpines 85 months ago in Managing A Home Business | +1 votes | 0 comments
The goal in pricing a service is to mark up the labor and material costs sufficiently to cover overhead expenses and generate sufficient profit. First-time business owners often fail without realizing that they have priced their services too low.
Published by Levy Dalumpines 85 months ago in Managing A Home Business | +3 votes | 0 comments
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