Information you need for your business to grow and thrive--from taxes, insurance, and contracts through financing, marketing, websites, and more.
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 |
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Step |
Description |
Resource |
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1 |
Learn the rules for paying estimated taxes. |
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2 |
Find out the details of federal employment taxes. |
Tax Savvy, by Frederick Daily |
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3 |
Learn about the various federal tax deductions related to salaries and business expenses. |
Deduct It! Lower Your Small Business Taxes, by Stephen Fishman |
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4 |
Familiarize yourself with the basics of business taxes for your legal form of business (Partnership, LLC, S Corporation). |
Tax Savvy, by Frederick Daily |
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5 |
Get small business guides from the IRS. |
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6 |
Learn about depreciation and Section 179 of the IRS Code. |
Deduct It! By Stephen Fishman |
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7 |
Find out what to do if you owe money to the IRS. |
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8 |
Familiarize yourself with the audit process. |
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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 Fred S. Steingold |
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10 |
Know what financial records to keep--and for how long. |
How Long Should You Keep Business Records? |
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11 |
Learn how to handle your taxes if you are operating at a loss. |
Tax Savvy, by Frederick Daily |
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12 |
Become aware of the key tax issues for employers. |
The Employer's Legal Handbook, by Fred Steingold |
Insurance |
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13 |
Find out about possible ways to save money on your business insurance. |
Obtaining Busness Insurance |
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14 |
Know how to make a claim if you suffer a loss. |
Small Claims Court and Business Disputes |
Contracts and Leases |
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15 |
Make sure your contracts are legally valid--and try to write them in plain English. |
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16 |
Learn how to amend an existing contract. |
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17 |
Get the best possible new lease when moving to a new location. |
Signing a Lease or Rental Agreement FAQ |
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18 |
Avoid creating or signing unfair or illegal contracts. |
Unenforceable Contracts: What to Watch Out For |
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19 |
Learn the basics of your state's business contract laws. |
Contracts, by Richard Stim |
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20 |
Become more familiar with business-to-business contracts. |
Contracts, by Richard Stim |
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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 |
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22 |
Investigate whether it's better to buy or lease business equipment. |
Business Equipment: Buying vs. Leasing |
Loans, Financing, and Cashflow |
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23 |
Learn about ways to cut costs if your business is short of cash. |
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24 |
Find out how to increase your business's cash flow. |
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25 |
Learn how to keep your cash in your business. |
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26 |
Find out how to collect on your debts. |
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27 |
Find out about alternative ways to borrow money. |
Alternative Ways to Borrow Money When Your Business Needs It |
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28 |
Learn about ways to deal with bankrupt customers. |
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29 |
Figure out if you should pursue a bankrupt customer. |
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30 |
Know more about why you should pay your bills on time. |
Why Businesses Should Pay Their Bills on Time if at all Possible |
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31 |
Lower your energy costs. |
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32 |
Familiarize yourself with the rules for late fees and finance charges. |
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33 |
Obtain financing from loans or equity. |
Raising Private Money: Gifts, Loans, and Equity Investments |
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34 |
Look at various, less traditional sources for raising money. |
Alternative Ways to Borrow Money When Your Business Needs It; Peer-to-Peer Lending (P2P) for Small Businesses |
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35 |
Make sure to document money you receive. |
Promissory Notes |
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36 |
Know how to extend credit but still get paid. |
Invoicing Customers and Extending Credit |
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37 |
Learn the laws about consumer credit. |
Consumer Credit Laws and Your Business |
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38 |
Familiarize yourself with options for collecting what you're owed. |
Illegal Debt Collection Practices |
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39 |
Learn about your state's debt collection laws. |
What to Expect When Your Debt Goes to Collection |
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40 |
Be prudent about using credit cards and checks. |
Credit Repair, by Margaret Reiter |
Marketing and Working with Customers |
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41 |
Draft an effective business plan. |
Write a Business Plan |
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42 |
Find out how to increase customer recommendations. |
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43 |
Be clear on your business's target market. |
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44 |
Try to do some market research. |
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45 |
Improve and grow your business image. |
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46 |
Figure out the best marketing strategy for your particular business. |
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47 |
Find ways to advertise through e-mail without sending out junk. |
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48 |
Use your website to market you do and what you sell. |
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49 |
Learn which types of list advertising are effective for your business. |
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50 |
Create ads that stay within the law. |
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51 |
Create a social media policy that really works. |
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52 |
Show potential customers what's special about your business. |
Your Business Image: Ten Ways to Build and Market It |
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53 |
Innovate by learning to produce--and copy--good ideas. |
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54 |
Know how to target the right customers. |
Define a Target Market for Your Small Business |
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55 |
Be creative in your marketing. |
Marketing Without Advertising, by Michael Phillips and Salli Rasberry |
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56 |
Learn the legal ins and outs of warranties. |
Breach of Warranty Cases in Small Claims Court |
Selling Goods & Services |
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57 |
Figure out the best way to sell your products -- retail, wholesale, or consignment. |
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58 |
Understand the basics of consumer protection law. |
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59 |
Understand the basics of consumer credit laws. |
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60 |
Know the law on shipping products and giving refunds. |
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61 |
Decide whether it's better to lease or buy your business equipment. |
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62 |
Learn when and how to invoice your customers, and whether to extend credit. |
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Websites and eCommerce |
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63 |
Learn about what terms and conditions should be posted on your website. |
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64 |
Make sure to get proper permission when you use other people's work. |
Getting Permission to Publish: Ten Tips for Website Managers |
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65 |
Familiarize yourself with search engine optimization and get more traffic to your site. |
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66 |
Know who owns a website created by independent contractors. |
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67 |
Learn the proper way to license and get paid for your creative work. |
Licensing Artwork: Negotiating and Monitoring Royalty Payments |
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68 |
Familiarize yourself with the best ways to license your work. |
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Legal Matters |
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69 |
Find out how to handle business disputes and small claims cases. |
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70 |
Learn about the mediation process. |
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71 |
Know whether you need to hire a lawyer. |
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72 |
Learn about your state's Small Claims Court rules. |
Everybody's Guide to Small Claims Court, by Ralph Warner |
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73 |
Find out how to change the legal form of your business. |
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Having Employees and Being the Boss |
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74 |
Find out the right way to advertise a job and handle interviews. |
The Job Description Handbook, by Margie Mader-Clark |
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75 |
Create an effective employee handbook and know how to discipline employees for infractions. |
Create Your Own Employee Handbook, by Amy DelPo and Lisa Guerin |
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76 |
Ensure you're meeting requirements for record-keeping and payroll withholding. |
The Manager's Legal Handbook, by Lisa Guerin and Amy DelPo |
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77 |
Decide on what kinds of employee benefits you want to offer. |
Employment Law: The Essential HR Desk Reference |
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78 |
Be prepared for health and safety inspections. |
OSHA: Complying With Workplace Health and Safety Laws |
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79 |
Understand illegal discrimination. |
The Manager's Legal Handbook |
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80 |
Approach terminations the right way--avoid wrongful discharge lawsuits. |
Illegal Reasons for Firing Employees |
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81 |
Understand employer recordkeeping requirements. |
The Manager's Legal Handbook, by Amy DelPo and Lisa Guerin |
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82 |
Consider not showing off in front of your employees. |
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83 |
Try not to overwork yourself. |
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84 |
Work with, not against, the best competition. |
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85 |
Respond quickly when bad things happen. |
The Manager's Legal Handbook, by Amy DelPo and Lisa Guerin |
More Information
Even 85 good ideas may not be enough for your particular business. Nolo has many great resources that can give you the additional information you need. Check out the following products and more on Nolo's Small business Products page:
Legal Guide for Starting and Running a Small Business, by Fred S. Steingold
The Small Business Start-Up Kit: A Legal Guide, by Peri H. Pakroo
Tax Savvy for Small Business, by Frederick W. Daily
Running a Side Business: How to Create a Second Income. by Richard Stim and Lisa Guerin
Quicken Legal Business Pro (software)
And, if your business has employees, check out the Nolo article "If Your Small Business Has Employees: 40 Things to Know" — or get Nolo's best-selling book for employers, The Employer's Legal Handbook: Manage Your Employees & Workplace Effectively, by Fred S. Steingold or The Manager's Legal Handbook, by Lisa Guerin and Amy DelPo.
Legal Information & Products from Nolo
