Signing a commercial lease as a business owner should not be taken lightly. A business owners' biggest expense may be a store-front or office space when they are first starting out. Like any contract, it may be too late to make any changes to a commercial lease once you've signed it. A commercial lease is a legal, binding document that may prevent you from growing your business - or worse, run it into the ground. Here are four simple things to consider before signing your commercial lease.
There are many reasons to invest in a start-up. Small-business investments have been one of the more popular ways individuals and families begin their journey to financial independence. The right investment, in the right company, at the right time can be very lucrative. That being said, there is a possibility of losing your entire investment without ever seeing a profit. Working with an investment broker is one way to go about the investment, but there are many investments that happen privately. Most small-business investment opportunities come from friends, family, colleagues, or by word-of-mouth. If you ever find yourself with an opportunity to invest in a business, we would suggest you tread carefully. Here are some things to remember when preparing to invest in a start-up company.
If you're a small business owner, you've most-likely considered entering a partnership at one point or another. From an outsider's perspective, joining a partnership can seem like a great use of resources, capital, and energy. However, most partnerships don't pan out the way partners would hope because many business partners enter a partnership for all of the wrong reasons. Some of these reasons include not having enough connections, shortage of financing, lack of skill set, or simply not wanting to operate alone. That being said, there are many variables that may come into play and derail a partnership as the business picks up.
When should my hobby become a business? It sounds like a simple question but there isn't a simple answer, unfortunately. Whether it's sewing, painting, cooking, or performing - any hobbyist and business owner should understand the IRS's rules for what qualifies as a business or a hobby. Whether your venture is a hobby or a business affects your tax liability. In addition to the tax implications, you should also consider your legal requirements and protection.
When you are a business owner, you work hard to make ends meet and grow your business. The last thing you want to do is put all of your hard work at risk simply because you failed to do something right. One of the main components of any business is a business contract. As such, here are three mistakes you want to avoid with your business contract.