Hiring your first employee is a pivotal milestone for any small business. It is a sign that your business is growing and thriving. Imagine this: You’ve been running your small business, Lana’s Bakery, for a few years. The demand for your delicious treats has steadily increased, and you struggle to keep up with the orders.
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Key Takeaways: Referred customers have a 25% higher lifetime value, resulting from their higher contribution margin, lower churn, and lower acquisition cost Referral Programs and Customer Value | Journal of Marketing First, this article presumes you’ve reached product-market fit and followed the steps required to launch your company. If not, you can check our previous
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Key Takeaways: The New Industry Approach to Text Messaging Text Messaging for Small Businesses: A New Approach The U.S. wireless service industry is implementing a new approach to combat spam and improve the delivery of legitimate text messages. Businesses that send text messages to US ten-digit phone numbers must register the phone numbers they use
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Have you always wanted to be your own boss? Do you have a great business idea and the drive to make it happen? How do you know if the time is right to establish your business? There are many personal factors to consider before making the jump into entrepreneurship. For example, do you possess the
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You know you need extra help around the office, but you may be unsure whether hiring an independent contractor makes sense. Are you starting your own business and need a freelancer or other professional to help get you off the ground? If your needs don’t require adding an employee, hiring an independent contractor can be
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Business owners looking to hire must first learn how to properly classify workers. In this article, we will discuss why it is important to classify correctly, how to minimize the risk of misclassification, and the differences between employees and independent contractors. After reading, you should have a good understanding of how to properly classify workers.
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Now is the time for you to build business credit. Begin by establishing your company’s credit history, one that is separate from your personal credit profile. In this article, we will discuss four structural components that are necessary when building your business credit. Having the right kind of business credit for your company is crucial
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Tax-Free and Tax-Deferred Retirement Accounts should be part of your retirement strategy. We will discuss the characteristics of different investment vehicles and demonstrate the importance of tax-sheltered growth for retirement savings. Retirement Finance Fundamental Investment Vehicles Personally Established Accounts Are Available to All. You may not have yet established a company retirement plan as a
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We will debunk the myths that prevent business owners from having a retirement plan As small business owners ourselves, we understand juggling priorities, finite resources, and the desire to build wealth through business ownership. However, the top reasons for not having a retirement plan are based on faulty reasoning, false assumptions, and personal bias. Top
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Small business owners face a variety of retirement planning choices. So how will you select your retirement strategy? We will discuss retirement planning, consider portfolio diversification, and demonstrate the importance of tax-sheltered growth. “Hoping you will have enough money is not a retirement strategy. Doing nothing is not a strategy.” Personal Finance, Garman/Forgue Retirement Finance
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