Running Your Business: 85 Things You'll Want to Know

Information you need for your business to grow and thrive--from taxes, insurance, and contracts through financing, marketing, websites, and more.

By , Attorney
Updated by Amanda Hayes, Attorney University of North Carolina School of Law
Updated 1/31/2025

If you're already running your own small business, you know that there are constant challenges to your ongoing success. It's easier to meet those challenges and ensure your business continues to grow and thrive if you have solid information about basic business activities. From taxes, insurance, and contracts through financing, marketing, websites, and being the boss, here's a list of 85 ideas to help you keep your business running smoothly.

Taxes and Bookkeeping

Step

Description

Resource

1

Learn the rules for paying estimated taxes.

Paying Estimated Taxes

2

Find out the details of federal employment taxes.

Tax Savvy for Small Business, by Glen Secor (Nolo)

3

Learn about the various federal tax deductions related to salaries and business expenses.

Deduct It! Lower Your Small Business Taxes, by Stephen Fishman (Nolo)

4

Familiarize yourself with the basics of business taxes for your legal form of business (Partnership, LLC, S Corporation).

Tax Savvy for Small Business, by Glen Secor (Nolo)

5

Get small business guides from the IRS.

IRS website

6

Learn about depreciation and Section 179 of the IRS Code.

Deduct It! Lower Your Small Business Taxes, by Stephen Fishman (Nolo)

7

Find out what to do if you owe money to the IRS.

How to Deal With the IRS if Your Small Business Has Tax Debt

8

Familiarize yourself with the audit process.

How to Prepare for a Business Audit; What Auditors Look For

9

Consider hiring a bookkeeper or accountant if your business has grown big enough or you need someone else with the right expertise.

Legal Guide for Starting & Running a Small Business, by Stephen Fishman (Nolo)

10

Know what financial records to keep--and for how long.

How Long Should You Keep Business Records?

11

Learn how to handle your taxes if you are operating at a loss.

Tax Savvy for Small Business, by Glen Secor (Nolo)

12

Become aware of the key tax issues for employers.

The Employer's Legal Handbook, by Aaron Hotfelder (Nolo)

Business Insurance

13

Find out about possible ways to save money on your business insurance.

What Types of Insurance Does Your Small Business Need?

14

Know how to make a claim if you suffer a loss.

Small Claims Court and Business Disputes

Contracts and Leases

15

Make sure your contracts are legally valid--and try to write them in plain English.

Contracts 101: Make a Legally Valid Contract

16

Learn how to amend an existing contract.

Sample Amendment to Contract

17

Get the best possible new lease when moving to a new location.

Commercial Leases: Negotiate the Best Terms

18

Avoid creating or signing unfair or illegal contracts.

Unenforceable Contracts: What to Watch Out For

19

Learn the basics of your state's business contract laws.

Contracts: The Essential Business Desk Reference, by Richard Stim (Nolo)

20

Become more familiar with business-to-business contracts.

Contracts: The Essential Business Desk Reference, by Richard Stim (Nolo)

21

Find out what you need to do when the time comes to sign a contract.

Ten Tips for Making Solid Business Agreements and Contracts

22

Investigate whether it's better to buy or lease business equipment.

Business Equipment: Buying vs. Leasing

Loans, Financing, and Cashflow

23

Learn about ways to cut costs if your business is short of cash.

5 Ways to Cut Costs to Save Your Cash-Strapped Business

24

Find out how to prepare a cash flow statement to track the money going in and out of your business.

Sample Cash Flow Statement

25

Capitalize on tax deductions for your business.

The Top Tax Deductions for Your Small Business

26

Find out how to collect on your debts.

Collecting Business Debts

27

Find out about alternative ways to borrow money.

Guide to Loan and Financing Options for Small Businesses

28

Learn about ways to deal with bankrupt customers.

Attaching and Perfecting a Security Interest Under the UCC

29

Figure out if you should pursue a bankrupt customer.

Which Business Debts Are Discharged in Chapter 7 Bankruptcy?

30

Know more about why you should pay your bills on time.

Why Businesses Should Pay Their Bills on Time If at all Possible

31

Explore how operating your business from your home can save you money on taxes.

The Home Office Tax Deduction

32

Familiarize yourself with the rules for late fees and finance charges.

When Can I Charge Late Fees or Finance Charges?

33

Obtain financing from loans or equity.

Raising Private Money: Gifts, Loans, and Equity Investments

34

Look at various sources inside and outside your business for raising money.

Funding Your LLC

35

Make sure to document any money you receive.

Understanding Promissory Notes for Small Businesses

36

Know the steps to take to collect money owed from a client when they miss a payment.

What to Do If a Client Won't Pay

37

Learn what can happen if your business misses a payment.

What Can Creditors Do If You Don't Pay?

38

Familiarize yourself with options for collecting what you're owed.

Illegal Debt Collection Practices

39

Learn about your state's debt collection laws.

What to Expect When Your Debt Goes to Collection

40

Be prudent about using credit cards and checks.

Credit Repair, by Amy Loftsgordon and Cara O'Neill (Nolo)

Marketing and Working with Customers

41

Draft an effective business plan.

Why You Need to Write a Business Plan

42

Find out how to use customer recommendations to increase your business visibility.

Rules for Using Customer Testimonials

43

Be clear on your business's target market.

Define a Target Market for Your Small Business

44

Improve and grow your business image.

Your Business Image: Ten Ways to Build and Market It

45

Find out the benefits of using a social media influencer to promote your business.

Hiring a Social Media Influencer for Your Small Business

46

Figure out the best social media marketing strategy for your particular business.

Social Media Marketing for Small Businesses

47

Engage customers with an online giveaway.

How to Run an Online Contest Giveaway

48

Get to know the rules for running an online contest.

Rules for Running an Online Contest

49

Use your website to market you do and what you sell.

Do I Need a Website for My Small Business?

50

Create ads that stay within the law.

Avoid Unlawful Advertising: Seven Rules for Your Business

51

Don't forget to deduct your advertising expenses when tax time comes.

Deducting Advertising Expenses

52

Show potential customers what's special about your business.

Your Business Image: Ten Ways to Build and Market It
53 Familiarize yourself with the rules around good warranties. UCC Sales Contracts: Warranties

54

Learn the legal ins and outs of warranties.

Breach of Warranty Cases in Small Claims Court

Protecting Your Business Assets

55

Learn the basics of copyright law, including who owns a copyright.

Who Owns the Rights to a Copyright?

56

If you're a creative, you'll want to protect the works you put out there on the market.

Should I Copyright My Writing or Artwork?

57

When you develop software, you'll want to protect it.

How to Register Copyright for a Software Application

58

Register your business name, logo, or slogan for trademark protection.

Filing a Federal Trademark Application FAQ

59

Learn your trademark rights without registering your mark.

What Good Is an Unregistered Trademark?

60

If you have an online store, you might want to protect your domain name.

Can We Register a Domain Name as a Trademark?

61

Determine whether you can trademark your company's catchphrase.

Can I Trademark a Slogan?

62

See your options if another business starts using your name.

How Do I Stop or Sue a Trademark Infringer?

63

Use an NDA to protect your business secrets.

Using Nondisclosure Agreements to Protect Business Trade Secrets

64

Learn how the law protects your business's trade secrets.

Trade Secret Basics FAQ

65

Does your invention or advancement qualify for patent protection?

Qualifying for a Patent FAQs

66

Follow these steps to apply for a patent yourself.

Getting a Patent on Your Own

67

If you want to start marketing your invention, you'll need to know how to protect it after you share it with potential investors and licensees.

How to Protect Your Invention From Theft When Pitching It

68

Follow these tips on how to make money off your new invention.

I've Invented Something! How Do I Make Money Off It?

69

Find out how to handle business disputes and small claims cases.

Small Claims Court and Business Disputes

70

Learn about the mediation process.

Mediation for Small Businesses

71

Know whether you need to hire a lawyer.

Business Lawyers: Do You Need One?

72

Learn about your state's Small Claims Court rules.

Everybody's Guide to Small Claims Court, by Cara O'Neill (Nolo)

73

Determine the best legal structure for your business.

Choosing the Best Ownership Structure for Your Business

Having Employees and Being the Boss

74

What you need to do before hiring your first employee.

Hiring Your First Employee: 13 Things You Must Do

75

Create an effective employee handbook and know how to discipline employees for infractions.

Create Your Own Employee Handbook, by Sachi Clements (Nolo)

76

Ensure you're meeting requirements for record keeping and personnel records.

What to Keep in Employee Personnel Files

77

Understand when you need to legally give your employees leave.

Leave Policies in the Workplace FAQ

78

Be prepared for health and safety inspections.

OSHA: Complying With Workplace Health and Safety Laws

79

Understand illegal discrimination.


Federal Antidiscrimination Laws

80

Approach terminations the right way--avoid wrongful discharge lawsuits.

Wrongful Termination: Illegal Reasons for Firing Employees

81

Consider whether it makes sense for your business to hire independent contractors.

Pros and Cons of Hiring Independent Contractors

82

Get some tips on how to hand down performance evaluations to your employees.

How to Conduct Employee Performance Reviews

83

Weigh the need for using an employment contract.

Written Employment Contracts: Pros and Cons

84

Mass layoffs are never easy. But you can take steps to get your business and your employees through this hard time.

How to Conduct Mass Layoffs

85

If you have to lay off employees, know how to keep the ones you have left happy and motivated.

How to Support and Motivate Your Remaining Employees After Layoffs

More Information

Even 85 good ideas might not be enough for your particular business. We have many great resources that can give you the additional information you need. Check out the following products and more on our Small Business Products page:

Legal Guide for Starting & Running a Small Business, by Stephen Fishman (Nolo)

The Small Business Start-Up Kit: A Legal Guide, by Peri H. Pakroo (Nolo)

Tax Savvy for Small Business, by Glen Secor (Nolo)

Business Forms Bundle

And, if your business has employees, check out the Workplace Laws Every Employer Needs to Know—or read The Employer's Legal Handbook, by Aaron Hotfelder (Nolo).

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