Small Business - UNOVA Coworking

March 15, 2023March 15, 2023

Simple Strategies to Make a Safety Net for Your Business

Part of running a small business is preparing for unexpected issues that might arise today or years down the road. No one can predict the future and accidents are inevitable, but having a safety net in place will help you stay afloat while protecting your financial interests.

In other words, taking steps now to prepare for the unexpected can help ensure your business thrives amid adversity. UNOVA Coworking looks at some practical ways to create the perfect safety net for your small business:

Getting a Home Warranty

If you run your business from home, purchasing a home warranty is an easy way to protect yourself against unexpected repairs and replacements. A home warranty covers all major systems and appliances in the home, so if anything breaks down or needs replacing, you won’t have to worry about paying out-of-pocket.

Plus, since most warranties come with 24/7 customer service, you can rest assured that any issue will be taken care of quickly and easily. Give this a view if you need a good place to start comparing providers!

Establishing an LLC

Another way to protect yourself as a small business owner is to form an LLC (limited liability company). This type of business entity can protect your personal assets from being used to pay debts incurred by your business. If something happens and your business has to declare bankruptcy or face other legal issues, you won’t be held personally liable.

An LLC also protects you from potential lawsuits that can arise due to products sold or services provided by your company. Research the LLC rules in your state, and consider going through a formation service to save time and stress.

Keeping Digital Records

It’s also crucial to keep digital records of all transactions related to your business as well as any contracts or agreements you have with clients or vendors. Using PDF splitter tools can make your life easier when dealing with multiple documents at once.

Such a tool can help you keep all your documents organized and accessible if you need them for any legal disputes down the line. Splitting large files into smaller chunks makes them simpler to manage and store without taking up too much space on your computers or other devices.

Saving an Emergency Fund

No business owner likes thinking about worst-case scenarios, but you must plan ahead and create a plan for unexpected problems. Set aside money in savings each month to cover various costs associated with emergencies, such as sudden machinery or equipment replacements, major house repairs, medical incidents, etc. Aim to put aside enough money each month so it adds up quickly over time; don’t rely on credit cards!

Managing Your Cash Flow

One of the most important steps for creating a safety net for your small business is to manage your cash flow correctly and efficiently. Keeping track of income from sales and expenses associated with running operations allows you to minimize surprises context time — or worse yet if there’s an emergency situation where you need to access extra funds quickly. Set up automated reminders each month so that nothing falls through the cracks when it’s time to pay your bills!

Using a Coworking Space

Working in a shared office or coworking space can provide many benefits to the modern professional. From access to cost-effective facilities and resources to being around like-minded individuals, you can yield numerous advantages when renting a coworking space (whether occasionally or daily).

Working at home can quickly become isolating and lonely, but working at a coworking office can make it easy to get out and collaborate with new people, discover different work styles, and keep up with industry trends. Connect with UNOVA Coworking today to learn about our available spaces!

Wrapping Up

The last thing you want is for your small business to get caught off guard when unexpected situations arise. Establishing an LLC, maintaining digital records, building your savings, honing in your cash flow, and following the other tips above will get you off to a strong start. Remember that taking simple steps today can pay dividends down the line!

Would you like to read more helpful content or learn about our coworking spaces? Visit UNOVAcoworking.com today!

December 17, 2021December 16, 2021

From Great Idea to Detailed Plan: Your Business Destiny Awaits

When an awesome idea hits, entrepreneurs are often ready to pounce, particularly when it is a unique business idea with a lot of potential. Sometimes the small details of management planning are lost along the way, but those tasks are important parts of the daily management of business. Fortunately, there are many tools and tricks to help business owners manage the minutiae of administrative tasks. Read on for UNOVA Coworking‘s tips to make your business destiny come true.

Getting Goods and Supplies

Placing orders for supplies and managing your inventory is a crucial aspect of running your business. If you are making drastic changes to the business and its goods or services, it may be necessary to identify alternative vendors specific to what you have in mind. Often specialty vendors can be found through trade magazines. Shop around to make sure you are accessing good prices and watch out for shipping costs, which can drastically impact your profit margins.

Inventory Assists

Maintaining inventory once your business is established can be a less-than-exciting task. Fortunately, business owners can use inventory programs to stay ahead of their supply needs. The best part of an inventory system is the automation that saves a ton of time and misery. There are many programs available at a range of prices, depending on the size of your business and how much automation you require.

Business owners may be able to delegate some tasks to trusted employees if there is a question about whether there are adequate funds for an inventory program. Inventory may be a good task to delegate initially. As business increases and you get your sea legs under you, it may feel like a better time to invest in a program for inventory. Sometimes there are tasks that business owners take on independently to save capital, and others are more vital to the functioning of the business, such as payroll. When it comes to payroll, using an established, automated system can spare you hours at a computer and a lot of frustration.

Payroll Simplicity

Most business owners do not relish endless hours crunching numbers for payroll. To avoid errors in manual calculations, automated platforms can be an ideal solution. When you use a timesheet calculator, it creates a more accurate account of your worker’s time, including breaks and overtime usage. Automated systems are also great for keeping track of the varying classifications of workers, which reduces the likelihood of human error.

Another factor to keep in mind regarding payroll is that if you have employees in other countries, you’ll need to find reliable methods for paying them. One option is to use a money transfer service like Remitly, which allows you to streamline safe and secure payments to people at guaranteed delivery dates in many countries, including Mexico and India.

Technology has offered business owners a wide range of time-saving tools that can change operations for the better. You can decide which ones meet your needs and whether they are worth the investment. As your business continues to grow, you may find that automated systems are a time and energy saving way to operate. Regardless of the systems you choose, consider ways to make your business sustainable and reduce your stress as an entrepreneur.

Questions or comments? Have any additional tips or resources to share? Reply below or reach out to Courtney Rosenfeld.

January 25, 2021January 24, 2021

5 Steps Freelancers Must Take When Transitioning to Small Business Ownership

In many ways, freelancing is similar to owning your own business. You get to set your own hours, pick and choose the types of projects you want to work on, and enjoy the flexibility of working wherever you’re most comfortable. However, there may come a time when you’re ready to take your freelance work to the next level — and delve into business ownership. As a small business owner (SBO), you can take on larger projects, hire a team of employees or independent contractors, and focus more of your time and energy on growing your actual business.

*Photo by Karolina Grabowska* on Pexels.com

If you’re ready to move from freelancer to small business owner, be sure to complete these five steps to make the transition as seamless as possible!

Step 1: Make a Plan

As a freelancer with months or years of experience up your sleeve, you’re already one step ahead of an aspiring business owner with no prior history of self-employment. However, you still need a business plan when transitioning from freelancer to SBO — no matter how long you’ve been freelancing for. Your business plan should discuss your office location, mission statement, financing needs, and the types of products or services you’ll be offering.

Learn how to write a basic business plan (which you can do easily enough). Or, you can check out online resources like LivePlan, $100 Startup, Bizplan, Copyblogger, and Enloop to find templates, tips, and advice for entrepreneurs in the making.

Step 2: Name Your Business

Though you may have been freelancing under your legal name, starting a small business typically requires you to register a formal business name with federal, state, and local agencies. However, specific requirements vary depending on where you live and how you structure your business, so you’ll need to familiarize yourself with these rules before moving forward.

In an article from USA Today, Benjamin Pimentel shares the ins and outs of choosing a unique name for your new business and registering it with the appropriate agencies. If you need help choosing a name, however, free online name generators can help to get your creative juices flowing.

Step 3: Know Your Legal Requirements

If you’ve been freelancing as a sole proprietor, you’ll need to decide whether to upgrade to a corporation or limited liability company (LLC) when transitioning to small business ownership. Sole proprietorships offer no form of liability protection, but corporations and LLCs do. As such, these legal entities are much more common among small business owners.

When structuring your business as a sole proprietorship, corporation, or LLC, keep in mind that the legal entity you choose will affect your tax obligations as a business owner. Therefore, it’s important to seek financial and legal advice from a skilled accountant and/or attorney if you have any business formation questions that need to be addressed.

Step 4: Open a Business Bank Account

As you transition from freelancer to SBO, it’s also important to open a separate bank account for keeping track of your business-related expenses and earnings. You’ll need an Employer Identification Number (EIN) in order to do so, but applying for one is as simple as completing an online application and providing your legal name and Social Security Number (or Individual Taxpayer Identification Number).

To open a business bank account, you’ll also need:

Any applicable business licenses and permits
Business owners agreements, if applicable
Formation documents, including the articles of organization ( LLCs) or incorporation (corporations)

Step 5: Get Paid

In addition to opening a business bank account, an online invoice maker can help you to keep track of outstanding balances, prepare, customize, and send invoices to clients, and get paid in less time. Receiving compensation for your hard work is incredibly important, and you’ll need to create a clear invoicing process before you start doing business.

A lot goes into starting a business, but the transition isn’t so scary when you’re already a seasoned freelancer. So, what are you waiting for? Get out there and make the switch from freelancer to small business owner!

And if you’re searching for a professional coworking space for your newly launched business, join the growing UNOVA Coworking community!

Questions or comments? Have any additional tips or stories to share? Reply below or reach out to Lance Cody-Valdez at free-lance-now.com.

June 25, 2020October 6, 2020

Keep Your Client Base Healthy Throughout the Pandemic and Beyond

The success of your remote work and/or small business hinges heavily on your ability to keep up a consistent stream of income. This ultimately comes from steady clients, which speaks highly of your ability to keep them. And of course, as your business grows, you need to be able to increase your client base, as well.

That said, this is a tricky endeavor, as the COVID-19 pandemic continues, which is why you also need to leverage tech tools in the spirit of social distancing. The following resources will undoubtedly be of use.

Look in the Right Places:

Be Specific to Your Industry/Expertise:

Stand Out from the Competition:

Create a Professional Environment:

Ultimately, having clients will undoubtedly keep you financially healthy throughout the pandemic (and maybe even beyond). As a bonus, being busy at work will also give you the purpose and distraction that will help you cope at this dark time. So, make the most out of your skills and the tools available to you to maintain and even add to your client roster. It’s for your own good.

Questions or comments? Have any additional tips or resources to share? Reply below or reach out to Derek Goodman at Inbizability.com.