Category: Running a Business

5 Ways to Use AI Tools for Small Businesses in 2023

5 Ways to Use AI Tools for Small Businesses in 2023

Over 60% of small businesses don’t currently see the perks of using artificial intelligence (AI) to help run their business. However, there are many benefits that AI tools can offer business owners — they just have to know where to start. This article discusses the best ways to use AI tools, which AI and machine learning tools are available, the pros and cons, and the financial impact of using AI tools.  What Are AI Tools? AI tools for small business… Read More
How to Pay Yourself as an LLC: A Step-by-Step Guide

How to Pay Yourself as an LLC: A Step-by-Step Guide

As an LLC business owner, you may be wondering how to pay yourself. It's important to understand the basics of LLCs, setting up your LLC for payroll, determining your compensation method, and payroll tax deadlines. In this step-by-step guide, we’ll walk you through the process of paying yourself as an LLC. Starting a business can be a daunting task, but choosing the right business structure can make all the difference. One option to consider is a limited liability company, or… Read More
How Much Business Debt is Healthy

How Much Business Debt is Healthy

Just like it’s difficult to imagine buying a home or even a car without a mortgage or car loan, small business owners often find that small business loans or financing is essential to grow their business.  But how much business debt is healthy? It’s an important question for the financial health of your business, so let’s dive into ways to use debt strategically.  What's a Healthy Level of Business Debt? Some business owners believe that debt is bad, and focus… Read More
How to Conduct a Break Even Analysis for Food Truck Businesses

How to Conduct a Break Even Analysis for Food Truck Businesses

Your food truck business may fill an entrepreneurial passion, but if it’s not profitable it simply won’t last, no matter how much customers love your food. It’s crucial food truck owners understand their break even point; the point when it becomes a profitable business.  And even more importantly, you need to put a dollar amount on what it will take to get there so you don’t run out of money before you turn a profit.  What Is Break Even Analysis… Read More
The Power of Local Partnerships

The Power of Local Partnerships

There are various types of local partnership opportunities that small business owners can form, depending on your specific goals and the nature of your business. You can co-market or cross-promote your products or services, establish referral partnerships, or partner on events or workshops. Partnerships with other local businesses can increase brand awareness and draw in potential customers.  Before initiating a partnership, clearly define your shared goals and objectives. Discuss with potential partners how collaboration can benefit both parties and contribute… Read More
Double-Entry Accounting: Understanding the Fundamentals

Double-Entry Accounting: Understanding the Fundamentals

The double-entry bookkeeping system is a bookkeeping method to track two sides of a general ledger for each business transaction: debits and credits. This accounting method helps accountants and small business owners know right away if there’s an error in their bookkeeping because the two sides of the ledger should balance out. Using this method can increase the accuracy of a business’s books, and it’s usually easiest if the calculations are done by accounting software or a service. This article… Read More