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What Should I Consider when Hiring Employees?

Making the decision to hire employees is a big and often necessary step for any business. As an employer, you must consider many critical issues to ensure compliance with employment rules and regulations. Key issues to consider when hiring employees … Continue reading »

Buying a Business: A Checklist of Information to Gather Financial Information

A prospective buyer should request access to business financial records. This financial information is key to understanding past profitability of the business as well as projected future success. If the seller cannot provide adequate information, the buyer must make the … Continue reading »

Is it Better to Buy an Existing Business or Start a New One?

It depends. An existing business should have established procedures and processes, operations, reputation, as well as a customer base which can result in a high price tag. It should also have a positive cash flow. If the business is lacking … Continue reading »

What is a SIC code? What is a NAICS code?

A SIC code, or Standard Industrial Classification code, is a four-digit number assigned by the government to various distinct business industries. Its purpose is to numerically represent the entire field of economic activities: agriculture, forestry, fishing, hunting, and trapping; mining; … Continue reading »

Managing Cash Flow

This article is not designed to be your only guide to small business money management. A much wider range of resources is available to you, and we strongly recommend you make use of them–everything from books and other publications to … Continue reading »

Understanding Financial Statements

What do they say about your business? This workbook is not designed to be your only guide to understanding financial statements. A much wider range of resources is available to you, and we strongly recommend you make use of them–everything … Continue reading »

Developing a Business Loan Proposal: Suggested Contents

A loan proposal is an abbreviated form of a business plan and can be used by existing business owners in place of a business plan in order to seek financing. In some instances, a loan proposal can be used by … Continue reading »

Can I Qualify for a Business Loan?

Whether you are applying for an SBA loan or a traditional bank loan, there are certain factors that improve your ability to obtain financing. This self-test is designed to assist you in understanding important issues that lenders consider when making … Continue reading »

Conducting Market Research – Understanding Your Market

Your business will not succeed just because you want it to succeed. Determining if there is a market for your products or services is the most critical time of planning. Once you decide on your product or service, you must … Continue reading »

I need an Employer Identification Number (EIN) or Federal Tax ID number? If so, how do I obtain it?

The EIN is essentially the social security number for your business and is the same as a Federal Tax ID number. A EIN is a nine-digit number assigned to sole proprietors, partnerships, corporations, estates, trusts, and other entities for filing … Continue reading »

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