Running a business means that you constantly need to learn about different legal and operational aspects of entrepreneurship. And the longer you run your company, the more often you'll find yourself navigating the somewhat muddy and confusing terminology and rules. Previously, we detangled different accounting/financial practices and...
Dreaming of leaving the daily grind behind, but don’t know where to start? The gig economy is on the rise, and finding a side-hustle or contract work is getting easier than ever. But if you want to launch something potentially bigger than a one-(wo)man business,...
The best way to determine whether your business is successful is to look at its profitability. This is especially true when it comes to startups and side-hustles. If an emerging business can beat the odds to become profitable early on, that's a great sign that...
When will I start making money from my business? It’s one of the most important questions you should ask before you start even business. Even the "no upfront costs" business ideas still require a certain financial commitment. Let's take dropshipping for example. The main appeal of...
Most businesses come as a result of one good idea (for a product or service), offered to others or a price. But unless that product or service brings in enough money for you to make a good living, it won’t survive. So, how do you know...
Knowing what you are spending is essential to maximizing what you will earn. Apart from keeping an eye on your operational costs and other businesses expenses, you should also understand how much does it cost you to produce (source) your products or deliver a standard...
Whether you want to expand your existing ecommerce business without ramping up your inventory management costs, or launch a brand new ecommerce shop as a side-hassle, dropshipping is the way to go. One of the biggest benefits of dropshipping is that you can start your business...
Whether you plan to apply for a loan or not, a profit and loss statement (P&L) is an important document to pile up. Why? It gives you a better understanding of your current finance and allows you to ramp up your cash flow management. What is...
Let’s face it: accounting can be absolutely daunting and time-consuming. The National Small Business Association (NSBA) estimated that a third of business owners spend over 80 hours (or two weeks of full-time work) on sorting out federal taxes. Unfortunately, we cannot simplify the tax legislation or...
How much should I quote this new client? Giving accurate price quotes is sometimes seen as an art – some business owners seem to be charging unreasonably high and still have a full roster of clients, while others struggle to break even at the end of...