Author: Kirsten Barker

Anticipated Changes for Small Business in 2025

Small business owners should prepare for significant changes in 2025, including a potentially more business-friendly federal administration, state-level overtime and minimum wage adjustments, the phased implementation of new FinCEN registration requirements, and expanded tax regulations on third-party payment platforms like Venmo. Inflation remains a key concern, with conflicting policies from the incoming administration potentially impacting costs, while the Small Business Administration transitions to new leadership under Kelly Loeffler. To read more about these items, see this article in the AP News.

Three Lessons From A Successful Woman In A Male-Dominated Industry

This recent article in Entrepreneur shares one woman’s three takeaways from building businesses in male-dominated industries: the power of diverse teams to foster innovation, the importance of filling market gaps with unique solutions, and the necessity of managing growth and cash flow with discipline. Her journey highlights how resilience and strategic thinking can drive success, even in the toughest markets. Check out the article to read more!

Year-End Tax Planning Considerations for Business Owners

This article posted in Key Health highlights 10 smart tax planning tips for business owners to tackle before the end of 2024. It suggests revisiting your business structure, retirement plans, and wealth transfer strategies to save on taxes and prepare for the future. You can take advantage of options like bonus depreciation, expensing rules, and the qualified business income deduction to lower your tax bill.

It also reminds online sellers to prepare for updated 1099-K reporting requirements and encourages compliance with the new Corporate Transparency Act to avoid penalties. Plus, there are opportunities to explore energy-related and R&D tax credits for added savings. Whether you’re planning a business transition or just looking to stay ahead of tax changes, now’s the time to consult with your tax advisor and set yourself up for a strong start in 2025.

Evaluating LLC Services for Small Businesses

This article from CNBC reviews five top LLC formation services, highlighting their features and suitability for different business needs. Their review found:

– FileNow: Best for fast processing, offers 24-hour service and a free registered agent for a year.

-LegalZoom: Ideal for access to attorneys, provides extensive legal support and additional features like contract reviews and compliance guidance.

-ZenBusiness: Great for those needing a website, offering LLC formation and website-building tools.

-Northwest Registered Agent: Recommended for registered agent services with added privacy protections.

-Bizee: Best basic package, offering free registered agent service for a year and lifetime compliance alerts.

Check out the article for links to those sites and to read more details about thier findings.


Preparing for Black Friday and Cyber Monday as a Small Business

This blog post from WooCommerce encourages small business owners to start preparing early for Black Friday and Cyber Monday. If you don’t have a solid plan in place, all is not lost! You still have time to build excitement with your loyal customers by offering them early access to exclusive deals, and focus your marketing on specific products that will grab attention without cutting too deep into profits. Make sure your website is ready for the rush—optimize for speed, simplify the checkout process, and use tools like chatbots and FAQs to keep things running smoothly. See the blog post for more tips!

Addressing Barriers to Women’s Entrepreneurial Success

Women entrepreneurs are highly confident in their abilities and ambitious to grow their businesses, yet systemic barriers such as limited access to finance, support networks, and digital skills hinder their potential. Addressing these challenges through tailored solutions and collaborative efforts between public and private sectors can unlock significant economic opportunities while empowering women entrepreneurs to thrive. Read more in this post on Morningstar.

How Entrepreneurs, Led by Women, Are Shaping 2025’s Business Landscape (from the EY Entrepreneur Ecosystem Report)

As 2025 approaches, entrepreneurs remain optimistic about growth despite economic uncertainties. According to EY’s Entrepreneur Ecosystem Barometer, many entrepreneurs who experienced strong revenue growth in 2024 anticipate a stronger market next year.

Key trends include significant investments in AI, product development, and talent to drive productivity. Fundraising and strategic transactions, like mergers and acquisitions, are major priorities, with many entrepreneurs planning to secure capital to fuel further expansion. Women entrepreneurs are particularly leading in AI adoption, with nearly half having established AI systems and a strong inclination toward staying ahead of technological trends, underscoring their commitment to innovation and growth.

Finally, entrepreneurs are balancing productivity with personal well-being, maintaining an in-office presence while prioritizing rest and work-life balance to sustain success and avoid burnout.

Corporate Transparency Act and What You Need To Do As An LLC

The Corporate Transparency Act (CTA), effective January 1, 2024, mandates that many U.S. small businesses report their beneficial ownership information to the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) by January 1, 2025. Failure to comply can lead to significant penalties, including fines and imprisonment. Filing is straightforward – businesses will not incur a fee for submitting their reports, and electronic forms are available on FinCEN’s website.

Building Community Support to Shop Local

Faire’s “Main Street Shopping” report (Faire is a leading online wholesale marketplace that connects locally-owned and operated shops with brands to stock their stores) highlights a growing trend: consumers are willing to spend more and travel farther to support local retailers, driven by a strong desire to engage with their communities. The report encourages small businesses to embrace this trend by building a unique, locally-focused shopping experience through curated products, partnerships with nearby businesses, participation in community events, and active social media engagement. You can read more in this piece on the US Chamber of Commerce site.

“Show Her The Money” movie

“Show Her The Money” highlights the struggles and triumphs of female entrepreneurs as they battle for venture capital funding, which women receive less than 2% of, while also demystifying what venture capital is. Featuring successful female investors and visionary entrepreneurs, the film demonstrates how financial backing empowers women to turn innovative ideas into billion-dollar businesses, ultimately reshaping the American economy. See this link to learn about the film.