Tag: up

10 Steps to Setting Up a Payroll System #business #development #manager

#small business payroll

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Whether you have one employee or 50, setting up a payroll system not only streamlines your ability to stay on top of your legal and regulatory responsibilities as an employer, but it can also save you time and help protect you from incurring costly Internal Revenue Service (IRS) penalties.

Here are 10 steps to help you set up a payroll system for your small business.

Obtain an Employer Identification Number (EIN). Before hiring employees, you need to get an employment identification number (EIN) from the IRS. The EIN is often referred to as an Employer Tax ID or as Form SS-4. The EIN is necessary for reporting taxes and other documents to the IRS. In addition, the EIN is necessary when reporting information about your employees to state agencies. You can apply for an EIN online or contact the IRS directly.

Check Whether You Need State/Local IDs. Some state/local governments require businesses to obtain ID numbers in order to process taxes.

Independent Contractor or Employee – Know the Difference. Be clear on the distinction between an independent contractor and an employee. In legal terms, the line between the two is not always clear and it affects how you withhold income taxes, withhold and pay Social Security and Medicare taxes, and pay unemployment taxes.

Take Care of Employee Paperwork. New employees must fill out Federal Income Tax Withholding Form W-4. Your employee must complete the form and return it to you so that you can withhold the correct federal income tax from their pay.

Decide on a Pay Period. You may already have a manual process for this, but setting up a pay-period (whether monthly or bi-monthly) is sometimes determined by state law with most favoring bi-monthly payments. The IRS also requires that you withhold income tax for that time period even if your employee does not work the full period.

Carefully Document Your Employee Compensation Terms. As you set up payroll, you’ll also want to consider how you handle paid time off (not a legal requirement, but offered by most businesses), how you track employee hours, if and how you pay overtime, and other business variables. Don’t forget that other employee compensation and business deductibles such as health plan premiums and retirement contributions will also need to be deducted from employee paychecks and paid to the appropriate organizations.

Choosing a Payroll System. Payroll administration requires an acute attention to detail and accuracy, so it’s worth doing some research to understand your options. Start by asking fellow business owners which method they use and if they have any tips for setting up and administering payroll. Typically, your options for managing payroll include in-house or outsourced options. However, regardless of the option you choose, you — as the employer — are responsible for reporting and paying of all payroll taxes.

Running Payroll. Once you have all your forms and information collated, you can start running payroll. Depending on which payroll system you choose, you’ll either enter it yourself or give the information to your accountant.

Get Record Keeping Savvy. Federal and some state laws require that employers keep certain records for specified periods of time. For example, W-4 forms (on which employees indicate their tax withholding status) must be kept on file for all active employees and for three years after an employee is terminated. You also need to keep W-2s, copies of filed tax forms, and dates and amounts of all tax deposits.

Report Payroll Taxes. There are several payroll tax reports that you are required to submit to the appropriate authorities on either a quarterly or annual basis. If you are in any way confused about your obligations, take a look at the IRS’s Employer’s Tax Guide. which provides some very clear guidance on all federal tax filing requirements. Visit your state tax agency for specific tax filing requirements for employers.





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How To Set Up An Email Address For Your Business #entrepreneurship #ideas

#business email address

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How To Set Up An Email Address For Your Business

These days it is almost more important to have an email address for your business than a physical address. Setting up an email account for your business can be done a few different ways. The easiest way is to set up a free account. You can also choose to go through your domain provider or through your website hosting company. Whichever way you choose, your company will benefit from it.

If you have a domain name that you purchased but have not established a website yet, you can still have an email address or several email addresses with your domain name as the extension.

Name.com offers three free email package options for hosting customers, with multiple email addresses that all flow through a central mailbox. This is the most common practice when establishing a company email, mostly because it’s an almost auto-pilot way to do so. Your hosting service, for many businesses, is your one-stop setup. They can handle your domain registration, your email creation, and design your website.

Establishing a business email is as simple as creating an account; after choosing a business name and picking a password the rest is practically automatic, especially if you are setting up a domain registration or hosting in the same breath.

We offer a great product to help you set up an email address for your business in just one click Name.com Email. All you need to do to set up your custom email address using name.com is press setup and then pick which domain name you want to use. You ll be able start sending messages immediately. Click here to create your email now.





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How to Come Up With an Idea for a Business #business #credit

#start up business

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How to Come Up With an Idea for a Business

In their book, Start Your Own Business , the staff of Entrepreneur Media, Inc. guides you through the critical steps to starting a business, then supports you in surviving the first three years as a business owner. In this edited excerpt, the authors offer suggestions for figuring out just what kind of business you d like to start.

How do you start the business idea process? First, take out a sheet of paper, and across the top, write Things About Me. List five to seven things about you things you like to do or that you re really good at, personal things (we ll get to your work life in a minute). Your list might include: I m really good with people, I love kids, I love to read, I love computers, I love numbers, I m a problem solver. Just write down whatever comes to your mind; it doesn t need to make sense.

On the other side of the paper, list things you don t think you re good at or you don t like to do. Maybe you don t like to meet new people or you re really not that fond of kids or you don t like public speaking or you don t want to travel. Don t overthink it.

When you re finished, ask yourself: If there were three to five products or services that would make my personal life better, what would they be? Determine what products or services would make your life easier or happier, make you more productive or efficient, or simply give you more time.

Next, ask yourself the same set of questions about your business life. Also examine what you like and dislike about your work life as well as what traits people like and dislike about you.

Finally, ask yourself why you re seeking to start a business in the first place. Then, when you re done, look for a pattern (i.e. whether there s a need for a business doing one of the things you like or are good at).

Inspiring moments

Inspiration can be found anywhere. Getting an idea can be as simple as keeping your eyes peeled for the latest hot businesses; they crop up all the time. Many local entrepreneurs made tons of money bringing the Starbucks coffeehouse concept to their hometowns and then expanding from there. Take Minneapolis-based Caribou Coffee. The founders had what they describe as an aha moment in 1990 and, two years later, launched what is now the nation s second-largest corporate-owned gourmet coffeehouse chain. Other coffee entrepreneurs have chosen to stay local.

And don t overlook the tried and true. Hot businesses often go through cycles. Take gardening. For the past few years, gardening products and supplies have been all the rage, but you wouldn t consider gardening a 21st century business. The same goes for shoe cobblers and seamstress businesses with people wanting shoes and clothes to last longer or fit just-so, these businesses are in demand, and supply is short.

In other words, you can take any idea and customize it to the times and your community. Add your own creativity to any concept. In fact, customizing a concept isn t a choice; it s a necessity if you want your business to be successful. You can t just take an idea, plop it down and say, OK, this is it. Outside of a McDonald s, Subway or other major franchise concept, there are very few businesses that work with a one-size-fits-all approach.

One of the best ways to determine whether your idea will succeed in your community is to talk to people you know. If it s a business idea, talk to co-workers and colleagues. Run personal ideas by your family or neighbors. Don t be afraid of people stealing your idea. It s just not likely. Just discuss the general concept; you don t need to spill all the details.

Hopefully by now, the process of determining what business is right for you has at least been somewhat demystified. Understand that business startup isn t rocket science. No, it isn t easy to begin a business, but it s not as complicated or as scary as many people think, either. It s a step-by-step, common-sense procedure. So take it a step at a time. First step: Figure out what you want to do. Once you have the idea, talk to people to find out what they think. Ask, Would you buy and/or use this, and how much would you pay?

Determining what you want to do is only the first step. You ve still got a lot of homework to do, a lot of research in front of you. Most important: Do something. Don t sit back year after year and say, This is the year I m going to start my business. Make this the year you really do it!





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Same-Day Franchise Financing Up To $250K #incorporate #a #business

#franchise loans

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Franchise Financing

Looking for an easier way to get financing for your franchise? You ve come to the right place. Balboa Capital is a leading direct lender that specializes in franchise financing. We can structure and deliver a flexible, affordable solution that works within your budget. We make the entire process quick and efficient, and you will work with a single point-of-contact every step of the way. If you are purchasing new furniture, fixtures and equipment (FF E), starting the re-imaging process, or launching a property improvement program (PIP), we can help.

  • Financing Plans Up to $1 Million Per Owner/Operator
  • Franchise Working Capital Loans up to $1 Million
  • Credit Lines up to $500,000
  • Up to 70%/30% Soft Cost/Hard Cost Financing
  • 24-60 Month Terms
  • Up to 84-Month Terms for Acquisition Financing and Remodels
  • Easy Application Process
  • Competitive Rates
  • Fast Funding
  • Possible Tax Deduction Ask Your Accountant




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Start up business ideas #bakery #business #plan

#business ideas

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You need to have a viable business idea. You must also have what it takes to make it work. You also must have enough money.

If you’ve got what it takes to start your own business, and you’ve done your research, forming a business is the next exciting leg on the journey.

Many people struggle with the financial side of managing their small business. Not everyone has a head for figures or wants to become an accountant.

If you want to run a legitimate enterprise, you must pay tax. It’s worth understanding your tax obligations before you start up to factor them in.

Many people, including some leading business representatives, argue that small firms are over burdened by the weight of business law.

It might be a cliché, but it remains true – planning without action is futile, while action without planning is fatal. You need a business plan.

Marketing matters. Marketing drives sales for businesses of all sizes by ensuring that customers think of their brand when they want to buy.

Premises provide the second-biggest overhead for many businesses. If you can start your business from your home, it will be much easier to break even.

The success or failure of a business can often rest in the hands of its most valuable asset – its people. But managing them can be a challenge.

There can’t be many firms in the UK, however small, that don’t use IT in some way. Many businesses simply couldn’t exist without IT.

Half of all new businesses fail within five years. So how do you survive and thrive? Find out how to scale up and become a high-growth business.

Start up business ideas





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How To Set Up A Business Email Address #better #business #bureau

#business email address

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Three Ways to Set Up Your Business Email Address

Not only does a business-branded email address show the world you’re credible, it’s an easy way to start building your company’s online presence – an essential component to the growth and success of your business in this Web-reliant world.

Once you register a domain name for your business, there are generally three ways on where to host and use your new branded email address:

1. Email Service Provider, Like Gmail –

When you purchase your domain name, you’ll have the option to create a business email, and then redirect it to an existing email account like Gmail. It’s a smart, immediate way to look professional when you’re just starting out.

Simple to set up, you can manage your personal and professional emails in one central location. Keep in mind that if your email service provider goes down, you won’t be able to retrieve your emails. And customer support is usually not included.

2. Web Host Provider Who Offers Managed Email Services –

The company you bought your domain name from or using to host your website usually offers a business email service for a low-monthly fee. This is a convenient, more comprehensive way to manage your professional emails and is relatively easy to set up.

Reasonably priced, this option only requires you to manage one provider and typically includes customer service. But the email interface may have limited features and functionalities, and there could be additional costs to increase storage.

3. Online Office Suites –

If you’re in need of other online business tools, consider a package like Google Apps for Work and Office 365 Small Business. Some office suites allow you to purchase tools a la carte, such as document editing, online storage, video conferencing, and secure file sharing or you can just start with the email only option.

In addition to business-class email with 99.9% uptime, you’ll be able to create unlimited email addresses, sync up your email and tools to all of your digital devices, and have controls to secure your company’s data and devices.

Even though all three methods are effective, take into consideration how your business operates (i.e. email dependency, number of staff, budget, etc.) and choose the option which suits your needs best.





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Setting up a cleaning business #international #business

#cleaning business

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setting up a cleaning business

setting up a cleaning business

Me and my friend have been talking about setting up our own cleaning business but not to sure on where to start. we would be grateful if anyone could give us any advice on — what insurance do we need and how much it cost?
how to price up a house to clean bearing in mind there is 2 of us working? or if there is anything we need to do before starting our new business.
thanks

My friend and I are thinking about doing the same. I will be keeping an eye on this thread

cleaning business advice x

hi everyone hope your all well. i was wondering if any of you lovely ladies could help me. i would love to start a cleaning business with my friend but we have no idea where to start we would be grateful if anyone could give us a little advice on how to start up. insurance. pricing houses do you price ph or by each individual house. do you use your own products. how to advertise without braking the bank. and anything ales you could help us with..

thanks hun good luck to u and your friend to xx

1) Working with a friend you have to think about sharing money. What’s the plan? Are you just going for a 50:50 split? Have a think about it because you’ve got a couple of options: a) form a Ltd Company or b) both work as sole traders . There are pros and cons for both! You don’t need to worry about registering with HMRC until you’re actually making money and tbh they won’t kick up a fuss as long as you’ve registered by the end of the tax year.

2) You’ll need public liability insurance and if you intend to take on employees in the future you’ll need employee liability insurance – but for the moment, a policy for both of you will do. Do a quick google for insurance for cleaners and a bunch of sites will pop up.

3) Pricing – your choice. There’s a lady on another parenting website who prices per job and then she races through it to make more money in a shorter time.

4) Owning your own products will save you time. Why do I say that? Well, every single cleaner I’ve had at home has given me a list of stuff she wanted me to buy or she’s gone out and bought a list and then given me the bill. Would’ve saved herself a lot of bother if she’d just bought her own stuff! You might even be able to put these through as expenses for your business, but you’d have to ask an accountant about that!

5) In your game you’re going to have to concentrate on local advertising which generally means word-of-mouth, flyers, ads in shop windows. However, in this modern world most people do an internet search when they want to buy something – something like 80% of women will google something before buying! So it’s going to make sense to get a small website up and use Google places to get a pin in your home town.

The Business Of Women – Empowering Women Through Entrepreneurship

My cleaner charges per hour and I think that is pretty much standard.

The best way to get business is by word of mouth – I personally wouldn’t want someone in my house who was just some random person off the internet or from an agency. Use Facebook, set up a separate profile and ask yor friends to recommend you to their friends, use any contacts you have through the kids’ schools or playgroups etc. My cleaner also offers one-off blitz cleans which makes her quite good money over the summer or before Christmas. Good luck.

Hi. I am a distributor for Wikaniko (We-Can-Eco) and my Company offer an eco cleaning package for people who want to start up as cleaners. There is so much to consider such as public liability insurance, book keeping, products, advertising, CRB checks, etc. The Wikaniko package incorporates everything that you need in order to attract a
weekly income doing domestic cleaning in your local area and even helps you to register as self employed.

There is a small cost involved, but Wikaniko even help with this.

It might be something to consider.

thanks for the info ladies x just need to think of a business name now lol xx

No expert but I changed my business name from something cheesy like for example merry maid to my surname example smiths cleaning service, my surname became most popular where I got more business and sounds more trusting and professional as people saw it as a little family run business that they tend to prefer x

Mum to 5 year old girl Robyn
17 weeks pregnant

best way to advertise my house cleaning business x

good morning ladies. iv just set up my own domestic house cleaning business and was wondering what is the best way to advertise that is either free or dosnt cost to much.
thanks

facebook! its the most popular way nowadays for businesses big and small to advertise! set up a page invite all your existing friends and get them to share your page, every now and then hold competitions for people willing to advertise your business and decide on the winners prize, can be something daft like a box of roses of cheap wine! good luck ive always wanted my own business but not brave enough.xx

Have you considered placing cards advertising your services in shop window displays in your catchment area.

If you are able to travel in a five mile radius that will probably present quite a lot of shops.

Last edited by Ambersilva R; 28-06-13 at 12:50. Reason: typo

best way to advertise my house cleaning business x

hi ladies. what is the best way to advertise my house cleaning business that is free or dosnt cost to much??

also if anyone has set their own business how long did you wait till you got your first customer.
thanks





Tags : , , , ,

Setting up a cleaning business #small #business #grant

#cleaning business

#

setting up a cleaning business

setting up a cleaning business

Me and my friend have been talking about setting up our own cleaning business but not to sure on where to start. we would be grateful if anyone could give us any advice on — what insurance do we need and how much it cost?
how to price up a house to clean bearing in mind there is 2 of us working? or if there is anything we need to do before starting our new business.
thanks

My friend and I are thinking about doing the same. I will be keeping an eye on this thread

cleaning business advice x

hi everyone hope your all well. i was wondering if any of you lovely ladies could help me. i would love to start a cleaning business with my friend but we have no idea where to start we would be grateful if anyone could give us a little advice on how to start up. insurance. pricing houses do you price ph or by each individual house. do you use your own products. how to advertise without braking the bank. and anything ales you could help us with..

thanks hun good luck to u and your friend to xx

1) Working with a friend you have to think about sharing money. What’s the plan? Are you just going for a 50:50 split? Have a think about it because you’ve got a couple of options: a) form a Ltd Company or b) both work as sole traders . There are pros and cons for both! You don’t need to worry about registering with HMRC until you’re actually making money and tbh they won’t kick up a fuss as long as you’ve registered by the end of the tax year.

2) You’ll need public liability insurance and if you intend to take on employees in the future you’ll need employee liability insurance – but for the moment, a policy for both of you will do. Do a quick google for insurance for cleaners and a bunch of sites will pop up.

3) Pricing – your choice. There’s a lady on another parenting website who prices per job and then she races through it to make more money in a shorter time.

4) Owning your own products will save you time. Why do I say that? Well, every single cleaner I’ve had at home has given me a list of stuff she wanted me to buy or she’s gone out and bought a list and then given me the bill. Would’ve saved herself a lot of bother if she’d just bought her own stuff! You might even be able to put these through as expenses for your business, but you’d have to ask an accountant about that!

5) In your game you’re going to have to concentrate on local advertising which generally means word-of-mouth, flyers, ads in shop windows. However, in this modern world most people do an internet search when they want to buy something – something like 80% of women will google something before buying! So it’s going to make sense to get a small website up and use Google places to get a pin in your home town.

The Business Of Women – Empowering Women Through Entrepreneurship

My cleaner charges per hour and I think that is pretty much standard.

The best way to get business is by word of mouth – I personally wouldn’t want someone in my house who was just some random person off the internet or from an agency. Use Facebook, set up a separate profile and ask yor friends to recommend you to their friends, use any contacts you have through the kids’ schools or playgroups etc. My cleaner also offers one-off blitz cleans which makes her quite good money over the summer or before Christmas. Good luck.

Hi. I am a distributor for Wikaniko (We-Can-Eco) and my Company offer an eco cleaning package for people who want to start up as cleaners. There is so much to consider such as public liability insurance, book keeping, products, advertising, CRB checks, etc. The Wikaniko package incorporates everything that you need in order to attract a
weekly income doing domestic cleaning in your local area and even helps you to register as self employed.

There is a small cost involved, but Wikaniko even help with this.

It might be something to consider.

thanks for the info ladies x just need to think of a business name now lol xx

No expert but I changed my business name from something cheesy like for example merry maid to my surname example smiths cleaning service, my surname became most popular where I got more business and sounds more trusting and professional as people saw it as a little family run business that they tend to prefer x

Mum to 5 year old girl Robyn
17 weeks pregnant

best way to advertise my house cleaning business x

good morning ladies. iv just set up my own domestic house cleaning business and was wondering what is the best way to advertise that is either free or dosnt cost to much.
thanks

facebook! its the most popular way nowadays for businesses big and small to advertise! set up a page invite all your existing friends and get them to share your page, every now and then hold competitions for people willing to advertise your business and decide on the winners prize, can be something daft like a box of roses of cheap wine! good luck ive always wanted my own business but not brave enough.xx

Have you considered placing cards advertising your services in shop window displays in your catchment area.

If you are able to travel in a five mile radius that will probably present quite a lot of shops.

Last edited by Ambersilva R; 28-06-13 at 12:50. Reason: typo

best way to advertise my house cleaning business x

hi ladies. what is the best way to advertise my house cleaning business that is free or dosnt cost to much??

also if anyone has set their own business how long did you wait till you got your first customer.
thanks





Tags : , , , ,

Start up business ideas #business #clothing

#business ideas

#

You need to have a viable business idea. You must also have what it takes to make it work. You also must have enough money.

If you’ve got what it takes to start your own business, and you’ve done your research, forming a business is the next exciting leg on the journey.

Many people struggle with the financial side of managing their small business. Not everyone has a head for figures or wants to become an accountant.

If you want to run a legitimate enterprise, you must pay tax. It’s worth understanding your tax obligations before you start up to factor them in.

Many people, including some leading business representatives, argue that small firms are over burdened by the weight of business law.

It might be a cliché, but it remains true – planning without action is futile, while action without planning is fatal. You need a business plan.

Marketing matters. Marketing drives sales for businesses of all sizes by ensuring that customers think of their brand when they want to buy.

Premises provide the second-biggest overhead for many businesses. If you can start your business from your home, it will be much easier to break even.

The success or failure of a business can often rest in the hands of its most valuable asset – its people. But managing them can be a challenge.

There can’t be many firms in the UK, however small, that don’t use IT in some way. Many businesses simply couldn’t exist without IT.

Half of all new businesses fail within five years. So how do you survive and thrive? Find out how to scale up and become a high-growth business.

Start up business ideas





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Start Up Business Loans: The 9 Best Options #business #ethics

#start up business loans

#

Start Up Business Loans: The 9 Best Options

Thanks for clarifying. With a deal like this, conventional lenders (like Bank of America, etc.) may be your best option. Who is willing to finance the deal and how the financing is ultimately structured will depend on the specifics of the deal. The financial health of the businesses you re looking to acquire as well as your own personal financial health will be critical. Sometimes banks will finance a portion of a deal with an SBA loan (the 7a is capped at $5m) and the rest with a traditional bank loan.

This article is well organized and informative. I will look into one of these options very soon. I am starting a business in a couple of months but I have no money to put into the business. I have a 690 credit score and own a home with hardly any equity. I need money for the equipment, franchise fee, and working capital. I have a business plan done but have not made a move yet. Any guidance?

Thanks reaching out.

In most cases, lenders will require you put up a down payment of 10-20% for a startup business loan. Typically, lenders do not want that down payment to come from additional borrowing (like from a personal loan or credit card cash advance). If you don t have any cash savings, this might mean finding an investor/partner. Or, if you have over $50k in a retirement account, you could use those funds for the business/down payment (without paying early withdrawal taxes and penalties) by setting up a rollover for business startups (ROBS). Read more about those here or speak with a ROBS pro at Guidant .

I hope that is helpful. Check in with us as things progress. We d love to get updates.

I want to start an arts and crafts supply store in my area. There are none in the city that I live in. I am a new entrepreneur and I am still learning the process. I am also a veteran, minority female are there loans available for me?

Thanks for your question. There are certain small business loan programs available to women. minorities. and veterans. Check out those articles for more details.

Keep in mind, as with any loan program, you have to show the lender that you will be able to repay the money you re borrowing (plus interest) in a timely manner. In other words, these are not giveaways. These are primarily normal business loans that come with slightly more flexible qualifications and which have been flagged for certain groups in order to promote certain policy goals.

In most cases you will still need a credit score above 650 (check here for free ) and will need to present a solid business plan with projections (we recommend LivePlan to create a comprehensive business plan plus they come with hundreds of examples/templates which is a big help). Having some collateral and a down payment will also increase your chances of being approved for one of these loans.

Stay in touch and let us know how things go.

Good day! My two biz partners and I are looking to obtain a start up loan and hit the ground running. Credit score is 740 s, approvals right and left, obviously this is great and no problem. Problem we are running into is, we are unestablished which is apparently a major deal breaker. This particular venture previously done with much success by one of the three partners was producing 19k-20k/month and growing. His partner at the time split with nearly ALL the companies revenue (350K!), so my question is, how can we get the loan (50k-100k) to get started? Thanks!

Startups often have a difficult time obtaining traditional bank loans for the exact reason you re describing. If either of you have real estate that can be used as collateral, you may be able to obtain an SBA loan. However, for startups, it can take 2-3 months to get funded with an SBA loan.

If all three of you have credit scores above 700, you may want to consider personal loans with Lending Club to start. If you keep close records of how the proceeds are used, you should be able to refinance the loan with a business loan down the road, when the business has been operating for a year or two.

I have someone interested in investing in my food service business. He will invest $25,000 for start-up costs. What percentage of interest would be normally be paid, after he makes his money back?

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Disclaimer: We spend hours researching and writing our articles and strive to provide accurate, up-to-date content. However, our research is meant to aid your own, and we are not acting as licensed professionals. We recommend that you consult with your own lawyer, accountant, or other licensed professional for relevant business decisions. Click here to see our full disclaimer .





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