Starting Your Own Small Business
https://urbanomics.blogspot.com/2018/12/side-hustle-101-start-your-business.html
Running a Small Business
https://urbanomics.blogspot.com/2019/02/side-hustle-101-own-your-business.html
https://urbanomics.blogspot.com/2019/03/side-hustle-101-are-open-for-business.html
https://urbanomics.blogspot.com/2019/03/a-21-savage-look-into-business-income.html
How to Manage Small Business Risks
https://urbanomics.blogspot.com/2018/11/side-hustles-101-risk-vs-reward.html
Small Business Benefits
https://urbanomics.blogspot.com/2018/12/side-hustle-101-pay-yourself-first-with.html
Small Business Diversification
Keep Your 9-5 Job:
Know Your Worth:Know When You're Speculating:
This past week marked another significant milestone in building a side hustle that earns more than my main hustle (or 9-5 job). Over the years, I've documented the slow build up of how to start, run, and manage a small business. A key part of this process is managing risk, something I help large corporations all across the world do. In particular I am building a business that helps me diversify my risk.
My goal is to never be reliant on one source of income.
My other goal is to add value to people's lives and this world.
I'm well onto my way of achieving these goals as my side hustles are getting close to eclipsing the relevance of my main hustle. Secondly, I continue to build a professional services business that is growing without a website, any marketing or overall push --- remember I have a 9-5 job. I landed my first major contract in San Antonio, Texas and this leads me to my second goal. I'm proud to be an employer --- I'm not just responsible for myself but my business has given someone a job and that speaks volumes. This person is well qualified but with the backdrop of a nation divided, my focus is on hiring people of color, veterans, women (in particular single moms), and anyone who wants to work hard while giving back to others.
Due to the fact that I have to pay employees and vendors I wanted to quickly discuss how you manage your cash flow, prepare payroll, and make payments. First, I always remind people to understand who you're doing business with and get all terms documented in a contract. Being a risk manager, I review all my contracts and remove terms that ARE BAD FOR MY BUSINESS.
Cash Flow (Sales | Invoices | Receivables)
Sales - Review my Side Hustle series above and knowing your worth goes a long way into negotiating a sale of your product or service. My firm charges at a range where it's a win for my client, my employee, and myself.Invoices - Next, I'm careful to invoice my customers on time and per the terms we agreed upon.Receivables - Finally, I'm a hawk on knowing when and IF we got paid for the services we provided.
Payroll
If you have W2 employees, the best bet is to get a good payroll software here to help you ensure that you are deducting payroll taxes according to state and federal laws. If you only have 1099 or Corp2Corp relationships, you can accomplish this with requiring those relationships to invoice you according to a contractual agreement you've established.
Payables
You've seen me write before, I pay people according to the agreed upon terms "Like I'm a Lannister". Yes as in the dubious Lannister family in Game of Thrones, notoriously known for paying their debts or obligations. I keep my employees and vendors happy if I am paying them on-time and of course the right amounts. I've used a few companies this week to help me receive my cash timely and pay people time. I'll list a bunch (which include a few I use):
- Paycom
- Intuit Quickbooks
- ADP
- Paychex
- Gusto
- Your Bank
To keep things simple, for
Cash Flow and Receivables --- I channel The Notorious BIG on the song Get Money. Good contracts and tracking how much and when you're owed will ensure you'll never have to say the following lines: "Guess you could say your the one I trusted / Who would ever think that you would spread like mustard?"
Payroll - Get help here, you're dealing with the laws. Don't be cheap on getting this right, as there are plenty of online software.
Payables - Paper or Plastic? Believe it or not checks are the primary option for free delivery of payments to you employees or vendors. NOW you see why this area is ripe for disruption by startups. (hmmm maybe that will be my next startup company). Expect to pay a fee here to deliver payments directly to a bank account (direct deposit) --- but it reduces the risk of lost checks...and saves time.
#sidehustleseries #paydebtslikealannister #dontletcontractsspreadlikemustard #paperorplastic #sanantonio
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