Information you need for your business to grow and thrive--from taxes, insurance, and contracts through financing, marketing, websites, and more.
Updated 1/31/2025
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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 for Small Business, by Glen Secor (Nolo) |
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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 (Nolo) |
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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 for Small Business, by Glen Secor (Nolo) |
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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! Lower Your Small Business Taxes, by Stephen Fishman (Nolo) |
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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 |
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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 Stephen Fishman (Nolo) |
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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 for Small Business, by Glen Secor (Nolo) |
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12 |
Become aware of the key tax issues for employers. |
The Employer's Legal Handbook, by Aaron Hotfelder (Nolo) |
Business Insurance |
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13 |
Find out about possible ways to save money on your business insurance. |
What Types of Insurance Does Your Small Business Need? |
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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. |
Commercial Leases: Negotiate the Best Terms |
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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: The Essential Business Desk Reference, by Richard Stim (Nolo) |
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20 |
Become more familiar with business-to-business contracts. |
Contracts: The Essential Business Desk Reference, by Richard Stim (Nolo) |
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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 prepare a cash flow statement to track the money going in and out of your business. |
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25 |
Capitalize on tax deductions for 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. |
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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. |
Which Business Debts Are Discharged in Chapter 7 Bankruptcy? |
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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 |
Explore how operating your business from your home can save you money on taxes. |
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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 sources inside and outside your business for raising money. |
Funding Your LLC |
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35 |
Make sure to document any money you receive. |
Understanding Promissory Notes for Small Businesses |
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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 |
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37 |
Learn what can happen if your business misses a payment. |
What Can Creditors Do If You Don't Pay? |
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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 Amy Loftsgordon and Cara O'Neill (Nolo) |
Marketing and Working with Customers |
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41 |
Draft an effective business plan. |
Why You Need to Write a Business Plan |
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42 |
Find out how to use customer recommendations to increase your business visibility. |
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43 |
Be clear on your business's target market. |
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44 |
Improve and grow your business image. |
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45 |
Find out the benefits of using a social media influencer to promote your business. |
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46 |
Figure out the best social media marketing strategy for your particular business. |
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47 |
Engage customers with an online giveaway. |
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48 |
Get to know the rules for running an online contest. |
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49 |
Use your website to market you do and what you sell. |
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50 |
Create ads that stay within the law. |
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51 |
Don't forget to deduct your advertising expenses when tax time comes. |
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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 |
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54 |
Learn the legal ins and outs of warranties. |
Breach of Warranty Cases in Small Claims Court |
Protecting Your Business Assets |
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55 |
Learn the basics of copyright law, including who owns a copyright. |
Who Owns the Rights to a Copyright? |
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56 |
If you're a creative, you'll want to protect the works you put out there on the market. |
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57 |
When you develop software, you'll want to protect it. |
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58 |
Register your business name, logo, or slogan for trademark protection. |
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59 |
Learn your trademark rights without registering your mark. |
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60 |
If you have an online store, you might want to protect your domain name. |
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61 |
Determine whether you can trademark your company's catchphrase. |
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62 |
See your options if another business starts using your name. |
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63 |
Use an NDA to protect your business secrets. |
Using Nondisclosure Agreements to Protect Business Trade Secrets |
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64 |
Learn how the law protects your business's trade secrets. |
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65 |
Does your invention or advancement qualify for patent protection? |
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66 |
Follow these steps to apply for a patent yourself. |
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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. |
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68 |
Follow these tips on how to make money off your new invention. |
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Legal Disputes and Legal Advice |
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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 Cara O'Neill (Nolo) |
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73 |
Determine the best legal structure for your business. |
Choosing the Best Ownership Structure for Your Business |
Having Employees and Being the Boss |
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74 |
What you need to do before hiring your first employee. |
Hiring Your First Employee: 13 Things You Must Do |
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75 |
Create an effective employee handbook and know how to discipline employees for infractions. |
Create Your Own Employee Handbook, by Sachi Clements (Nolo) |
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76 |
Ensure you're meeting requirements for record keeping and personnel records. |
What to Keep in Employee Personnel Files |
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77 |
Understand when you need to legally give your employees leave. |
Leave Policies in the Workplace FAQ |
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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. |
Federal Antidiscrimination Laws |
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80 |
Approach terminations the right way--avoid wrongful discharge lawsuits. |
Wrongful Termination: Illegal Reasons for Firing Employees |
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81 |
Consider whether it makes sense for your business to hire independent contractors. |
Pros and Cons of Hiring Independent Contractors |
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82 |
Get some tips on how to hand down performance evaluations to your employees. |
How to Conduct Employee Performance Reviews |
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83 |
Weigh the need for using an employment contract. |
Written Employment Contracts: Pros and Cons |
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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 |
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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)
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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