Kristin and I have been working with each other in small business since 2005. We have seen lots of good and bad times since we started working together. We have learned the most important truth about working with your spouse.
The truth is maintaining a great marriage is work. No matter how much you love each other. Between survival, family, and friends many marriages strain. In 2015 16.9 divorces happened per 1,000 married women according to researchers at Bowling Green State University. That is over 1.1 Million woman in 2015 alone and that was a good year.
However, all is not lost. There have been many family businesses that have stood the test of time. They have not only survived the marriage, they have not gone out of business....
Small businesses are formed for many reasons. We started ours because we loved our hobby of teaching, inspiring, and entertaining people. There are many reasons to start a small biz. You might want to work for yourself or make some more money. However, we live in a changing world. We cannot afford to lose track of the trends in small business or we risk losing the business we love. So we need to understand, where small business if going.
There are many changes that will continue to happen with Small Business. Record numbers will be starting up and failing every year. However, the biggest change is that the older definitions will start disappearing. Local business versus international business and online business versus offline business will merge into business.
It really has been changing with the invention of the online...
Have you ever had that day where you work for hours, and check off dozens of items off your to-do list and feel like you have achieved nothing? I have. I have had so many days I started to look at this years ago when I worked at UPS. I started to find that we have a way of creating busy work for ourselves. We create so much of it, we start to use systems to create track it. And private industry has responded with those applications. The task management apps and website.
It can make you get more work done. I am a big believer in getting more done in less time. However, It appears the systems can become a burden. I have worked with many large businesses and government agencies that would start creating more and more applications to track the work that then left the workers in a bind.
If you spend more time tracking yourself, then...
Have you ever been told that if you work hard you will succeed? I was. I believed it. For years whenever I had an issue I just started to work more. Work more hours! Push! Push!
I kept moving.
I would do great for a while and then I would burn out. Sometimes I would kill it and prosper, but to be honest most of the time I seemed to go nowhere.
It was frustrating. However, I just kept doing it. I would also get very focused on the work. I was told if I just work smarter. all my problems would go away. I just needed to focus on the type of work I was doing. However, that failed to make my life better, or my business larger.
I also went through a period, where I cut out all the work that I didn't like, that was the worse mistake. I lost touch with so much that was important to my business because I did not want to do work I did not like. I would store up all that crappy work until I was forced to do it. I managed to 10x the work I hated. This is a 10x you...
It is best to be concerned about your data. Between all of our smart devices and services that connect our data over the web. It seems like it is only a matter of time before we have our identity stolen.
However, panic is never a plan. We need to understand how the latest breach effects us and what we need to do to better protect ourselves.
Equifax is one of the three credit reporting agencies in the United States. This breach exposes the name, address, birthday, and Social Security number of 143 million people. 209 thousand people had their credit card information lost. And 182 thousand lost documents by Equifax according to www.equifaxsecurity2017.com. The first thing you need to do is go to www.equifaxsecurity2017.com.
Chances are you or someone in your family have been exposed. Here are the quick steps you need to do if you are part of the 143 million.
We all have so much to get done. Our small businesses can turn us into workaholics. Our family and friends are always trying to distract us. And all those hobbies take time. So can we really get it all done?
Think of how much life has changed for humans since the dawn of recorded history. We have created air conditioning, air planes, escalators, teddy bears, the Theory of Relativity and all those major changes happened in the first 5 years of the 20th century.
As a species, we are driven to make our life, and the life of our family members better. It has taken humans from small tribes of hunter gatherers to data scientist in ~5,500 years. So stop worrying about getting it all done, until we reach a utopian state we will always come up with new tasks to do next.
As a CPA, Kristin is asked many questions about how small business owners should deal with money and tax issues for small businesses. There is one question that she is asked to most.
Well, as with most questions involving the government and taxes it is never quite that simple.
The common options:
There are many reasons to pick any of these selections. However, the first thing you need to understand is an LLC is considered a disregarded entity for tax purposes. That means that if you have one owner, your business will be treated as a sole proprietorship by default. Have two or more owners? Your LLC will be a partnership by default. You can elect that your LLC be treated as an S Corp as well. If you ever decide to move your sole proprietorship or partnership to an S Corp you will save yourself paperwork if you...
Public speaking is an important skill for small business owners because it gives us another opportunity to show the world we are an authority and is great free publicity. In this episode, we discuss small biz speaking tips with Aurora Gregory, co-author of Get Picked and owner of Aurora Gregory Consulting.
As an 8th grader, Aurora was a finalist in a speech contest. She didn’t win but that just might have been the start of her career as a communicator. Some of the biggest brands in business have worked with her to get their message right, create communications programs that connect with target audiences and set marketing strategies – all achieving stellar results. Aurora’s gotten high marks as a communications trainer, helping people develop skills to deliver their most important messages to customers, media and presentation audiences. She has years of experience in leading speaker’s bureau programs that have placed hundreds of speakers at...
There are a lot of retirement plan options for small business owners. How do you determine which one is right for you? In this episode, we discuss all the options to help you find the right plan for your biz.
All the numbers in this post are valid for 2017. Each year, these numbers are updated by the IRS.
If you are just starting to save, an IRA might be an easy way to get started. An IRA will allow you to save up to $5,500 in 2017. If you are over the age of 50, you can make an additional catch-up contribution of $1,000.
There are two types of IRAs: a traditional IRA and a Roth IRA.
It's important to understand the difference between these two plans to ensure you are achieving your goals.
With a traditional plan, you put the money in pre-tax, which means you get a tax deduction now. However, when you take the money out at retirement, you must pay taxes based on your normal tax...
We can't believe it's been 100 episodes and almost two years since we started Small Biz Life. In this episode, Jeff and Kristin reflect on where they were on episode 1 and where they are today.
A lot has changed since we launched the show on September 15, 2015. Join us as we discuss what we've learned and how our lives have changed.