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!
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.
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.
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!
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.
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” 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.
The 2024 Bank of America Women & Minority Business Owner Spotlight reveals that 78% of small and mid-sized business owners anticipate revenue growth over the next year, with high levels of confidence among Hispanic-Latino, Black/African American, and AAPI entrepreneurs. Many business owners, especially women, plan to expand, hire, and invest in employee development, though concerns about inflation, labor shortages, and the political environment remain top challenges.
The 2024 Women CEOs in America Report, released by Women Business Collaborative (WBC) in partnership with Ascend, C200, and Catalyst, reveals both progress and challenges for women in corporate leadership. While women are making significant gains in smaller public companies and private enterprises, their representation in the Fortune 500 remains steady at 10.4%, showing the need for continued efforts to close the gender gap in corporate leadership. Notably, women entrepreneurs are also on the rise, with women now owning 34% of all small businesses and franchises, outpacing their male counterparts in business ownership growth. To read or download the report, click here.
A recent report compiled by PwC found that while women are increasingly starting businesses, they still get a tiny slice of the venture capital pie—around 2% in both Europe and the US in 2023. Gender bias and the fact that so few women hold decision-making roles in investment firms make it tough for female founders to secure funding. However, there are some encouraging signs, like the growing number of female angel investors.
Based on interviews with women investors, the report offers five key tips for women founders: learn the investment landscape, choose investors wisely, network smartly, be ready for tough questions, and aim high with your funding goals. Despite the challenges, now is actually a good time for women to raise capital, as many funds are eager to diversify their portfolios. While there’s still work to do, women entrepreneurs have a real opportunity to secure the funding they deserve. To read more, click the link above to download the complete report.