Is a Co-Working Space Right for You?

Co-working spaces are popping up everywhere. Local landlords are re-purposing existing commercial and industrial buildings to create them, while national brands like WeWork are rolling out new locations at a pretty fevered pitch. Even a portion of Lord & Taylor’s flagship 5th Avenue store in New York City is slated to be changed from retail to a co-working space in…

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Two Basic Financial Mistakes Entrepreneurs Make

As an entrepreneur, learning the ins and outs of business accounting or finance is usually pretty low on the priority list. Especially when dealing with the myriad daily challenges of starting and running your own business. But whether entrepreneurs do their own bookkeeping or hire a bookkeeper to handle tracking their financial records, having a basic understanding of both the…

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Nonprofit Board Member Due Diligence

Entrepreneurs are typically very engaged in their communities and we often volunteer with local nonprofits. I’ve served on numerous nonprofit and municipal boards and have always found the work to be rewarding. It’s a wonderful way to be involved with helping out a good cause and giving back to one’s community, so I always recommend that small business owners do…

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Professional Development for Entrepreneurs

We entrepreneurs are a busy bunch. We’re usually wearing lots of hats from marketing to finance to sales to operations to new product development – well, you get the picture. Even with the right employees or outsourced assistance to handle much of our day to day operations, the buck still stops with us and therefore we often feel like we…

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Time to Check in on Your Annual Goals and Objectives

We’re past the calendar’s mid-year point & it’s time to take stock of how well your business plan is working out. Having a plan is great, but it isn’t enough. Business isn’t static, so planning can’t be static either. Annual business plans need to be “living documents” that create a framework for decision-making during the year to keep you on…

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Entrepreneurs – Are We Born or Made?

In my experience, there are two types of entrepreneurs: those who go into their own business out of necessity or opportunity, and those who are born to it. The common thread is usually boatloads of enthusiasm and optimism. And, believe me, both are absolutely necessary to succeed in one’s own business. The Making of an Entrepreneur An example of the…

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Hobby or Small Business?

Some of our hobbies are just that – something we do because we enjoy it & we all probably spend more money on the activity, whatever it is, than we’ve budgeted. But when does a hobby become a business? Hobby vs. Business The key factor in answering the business vs. hobby question is whether or not you are doing it…

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Don’t Confuse Cash Flow with Profits

Cash Flow and Profit are two concepts that can be confused, particularly by business owners who are unfamiliar with the accounting techniques used for recording Sales and “Accounts Receivable” when running a business. It is possible to make a Profit and still be caught in a cash flow bind. And cash flow problems can put you out of business in…

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Home Office Tax Deduction Options

If you use a portion of your home exclusively as a home office, you can usually deduct it as a business expense. And if you use a portion of your home exclusively for other business uses, such as product storage, you may also be able to deduct that expense. There are two options available to calculate the tax deduction. The…

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home & tax illustration

Underwater Homeowner Tax Relief Update

Many of us who are in real estate thought it wouldn’t happen, but in a blow to homeowners who are working their way through short sales, Congress did not extend The Mortgage Debt Relief Act of 2007 beyond 2016. It expired on December 31, 2016 and underwater homeowners lost a huge tax benefit to help them regain their financial footing….

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