Category Archives: Business Planning

Washington’s Paid Family and Medical Leave Program.

PFML_Employer_OverviewWashington is soon to be the fifth state to offer paid family and medical leave benefits. All workers will no longer have to choose between caring for their loved ones and making ends meet. They can dedicate their time away from work to be the best caretaker they can be. In return employers have access to an inexpensive benefit, save on payroll costs while the worker is on leave, and reduced employee turnover costs.

Workers can begin taking leave in 2020, but next year employers will have some actions to take.

First, employers need to withhold premiums from paychecks starting with the first check in 2019. These premiums are split between employers and workers. Workers foot most of the bill, but employers with 50 or more employees have a portion to pay also. (Employers with fewer than 50 employees don’t have to pay premiums but are still responsible for collecting and remitting the workers share.) Premiums are paid to the Employment Security Department by employers quarterly, starting in 2019. Learn more about premiums on the Premiums page.  Continue reading

Secrets to Managing a Store Successfully: Part I

male store owner

Retail is a complex and challenging business, posing problems ranging from inventory management to theft prevention. When coupled with falling prices inspired by major retailers, like Amazon, and the rising costs of labor, there are a variety of pitfalls facing modern retail businesses.

With so many ins and outs to consider, now more than ever, effective management plays a critical role in retail success.

In this two-part blog series, we reveal the core principles and techniques you should apply to manage a store successfully.

Streamline In-Store Operations

Whether you know it or not, many of the day-to-day tasks that dominate small retail operations are based on old-school styles and strategies, like counting inventory by hand, creating manual schedules, and entering sales transactions one by one into bookkeeping software. While these methods can be useful, they cost you time that could be invested elsewhere.  Continue reading

10 Best Podcasts for Solopreneurs

podcast on mobile phoneOne of the most challenging and rewarding parts of being a solopreneur is the need to be constantly learning. Of course, every day has its own lessons to teach—trial and error is the heartbeat of solopreneurship, after all. Sometimes, though, we need to turn to proven mentors and leaders who can offer wisdom from experiences that reach beyond our own.

When we run into these situations, books seem like the obvious first choice. Indeed, there’s a book out there for any problem you may encounter, whether procrastination, apathy, branding, or crippling self-doubt. Besides, shouldn’t we be reading like fiends anyway? It’s common knowledge that the most successful business leaders all share a ravenous appetite for good books.

But what solopreneur has time to read a book every week? Between brainstorming and producing and networking and marketing, it can be hard enough to make time to eat breakfast. Granted, reading is still a great habit to develop, but it may not be your primary mode of on-the-go education.

Thankfully, the world invented podcasts.  Continue reading

Should your startup business get a loan?

approved small business loan applicationMany startup small business owners take pride in pulling themselves up by their bootstraps and not using financing to get their companies off the ground. But that approach can backfire, a new study in the Journal of Corporate Finance suggests.

The study, conducted by Florida Atlantic University faculty, assessed what happened to companies that took on debt during their first year of operation.

The authors discovered businesses that took on debt are more likely to succeed (as long as they use business debt as opposed to taking on personal debt).

What’s more, they’re also more likely to achieve higher revenues.  Continue reading

Ask SCORE: Would your hobby make a sustainable business?

Running a successful business centered on doing something you love is the dream of many entrepreneurs. What could be more gratifying than making a living sharing your talents and skills with others?

On the Internet, you’ll find a long list of articles and resources offering advice and insight specifically geared toward hobbyists who want to take the step and go from “passion” to “profit.”   Continue reading

How to retire from your own business.

by Kelly Deis of SoundPoint Consulting

You started your business 10, 20 or even 30 years ago. It has been good to you. You’ve built it from infancy, fed it, grew it and, in turn it has provided you a comfortable lifestyle.

But, you’re done, or you want to be done. You are ready for the good life that retirement promises. But there is only one catch – there is no playbook for retiring from your own business.  Continue reading