This year’s tax changes to the depreciation bonus could positively affect your business—especially when it comes to writing off assets. As a business owner, as in the past, you’ll be able to write off most depreciable business assets in the year you placed them in service. This year the depreciation deduction for depreciable business assets with a depreciation period of 20 years or less, is much more generous than in years past. Here is an overview of the new rules that you’ll want to keep in mind.
In the start-up of a business, unless you’ve just invented the cure for cancer, you’re going to need to market or advertise. Truthfully, even if you’ve invented the cure for cancer, you’re probably going to have to market and advertise, possibly even more than normal. After all, you’ll have to convince the skeptics that you’ve invented the cure for cancer. Yet, to advertise effectively, you’ll have to develop strong marketing. Therefore, let’s analyze the difference between marketing and advertising. Then, I’ll dive into how to develop a marketing plan.
In many businesses, vendors and suppliers are common. Many times, you can’t operate a business without them. In spite of the fact that you may become friends with vendors and suppliers, you’ll still have to negotiate pricing, warranties, and service with them to keep your costs down and your profit margins high. Ultimately, the relationships you have with vendors and suppliers can help drive the success or failure of your start-up business. Therefore, you want to master the art of negotiation. You want to know how to get the best prices from suppliers and vendors in a way that is honorable and above reproach. You want to do so without burning bridges or harming anyone. So let’s jump right in and learn nine ways you can negotiate pricing.
According to the College Board (2016) study, called The Trends In College Pricing, by the year 2024, the average sticker price on a public in State College is expected to move up to $34,000 per year. For private schools that number is estimated to be around $76,000 a year. Let’s face it, college is getting ridiculously expensive and if you have little ones at home that you expect to help pay for their college, then you need to know how to set aside money for that. 529 savings plans are an particular investment vehicle allowing you to save or put away money specifically for education TAX-FREE!! Yes, you read that right, tax-free. Now, let’s consider what you may or may not know about 529 plans.
As you’re building your BIG IDEA into a business, you’ll probably need to hire employees. Most likely, you’ll even experience some form of employee turnover or volatility throughout the course of your business. So how do you hire “good” employees? How do you know who’s capable, loyal, trustworthy, and dependable? Do employees like that exist? Can you weed out the unmotivated, unqualified, and unreliable? Well, over the course! In my years as a business owner, I’ve developed my own hiring practice, based on expert advice and what has worked for me. Therefore, I’d like to share the requirements for how to hire the right employees for your startup.
Most of the people who come in to talk about retirement are already middle-aged, and the end of their careers is looming within the next decade or so. Sometimes they’re prepared, but more often they’re not. I don’t get the pleasure of working with young couples and individuals as often as I’d like. Yet these people have the opportunity to make the most of their work years. With a little planning, some wise decisions, and a few (minor) sacrifices, they can help get on track for a secure and fun retirement. Add a little luck, and they may even be in a position to extend the fun by retiring EARLY!