While nearly anyone can build passive income streams, it requires hard work and a payoff that may not come until months or years later. This is the leading reason why most people give up on the idea before they start. When done correctly, however, the trade-off with building passive income is that you work a…
Thieves are getting more sophisticated every day. They are getting more adept at taking over another person’s identity in order to make financial transactions and stick them with the bill. While there will always be those that dig through trash bins looking for financial information someone has thrown away, other identity thieves rely on high-tech…
Mistakes are par for the course when starting a business and can actually help you become a better business owner in the future. Unfortunately, they can also be financial disasters and hurt your pride. By learning from the mistakes of other new business owners who now have established businesses, you can reduce your learning curve…
As a small business owner, it can seem like you are constantly in planning mode. Planning for the next quarter, advertising, acquiring new employees, and product procurement are just some of your many duties that require a focus on planning. With all that you already have to do, coming up with a contingency plan for…
Now that the United States has enjoyed a healthy economy and job growth for several years, it can be easy to overlook the possibility of rising inflation or even another recession. To stay one step ahead, it’s important to pay close attention to the actions of the Federal Reserve. It has already indicated that it…
Perhaps you have heard the statistic that 50 percent of new small businesses fail within the first two years of operation. The Small Business Association (SBA) states that the figure is only 30 percent. However, it does jump to 50 percent by five years and nearly two-thirds of small businesses close within 10 years. If…
As a small business owner, you know that numerous factors influence the economy. The stock market and federal interest rates are just two examples. Imagine for a moment that the Federal Reserve changes interest rates on the first day of next month. It wouldn’t be long before that change trickled down to the rest of…
The financial crisis that started in 2007 and peaked between 2008 and 2010 wasn’t a pleasant experience for anyone. However, it impacted small businesses much more significantly than larger ones. Below we explore the many ways our country’s last recession affected small businesses and both the positive and negative changes they have made in response….
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