What Is EIN and When do Sole Proprietors Need One?

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There is wealth of information on the Internet about starting and running a small business. A small business entity can be set up in variety of fashions from tax and reporting perspective – sole proprietorship, LLC, S Corporation, C Corporation and so on. There are several aspects about sole proprietorship that are fundamentally different from other forms of entities, so it is important to understand the details and procedures for them, such as when you should apply for an EIN.

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3 Items You Must Address Before Taking Self Employment Plunge

Going from being employed to working for yourself is a major transition. To many it looks like a dream – you get to set your own hours, take holidays when you like, work from home, and set your own wage. It offers unparalleled freedom to do your own thing and control your own destiny, and yet it also comes with an awful lot of responsibilities and complications.

These responsibilities and complications are overlooked by many, but they are just as important as the rewards in terms of how they’ll shape your lifestyle and the impact they should have on your decision making process. Here are 3 important items you need to consider before taking the plunge.

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Starting a Business? 3 Reasons to Work with a Franchise

For many individuals, being an entrepreneur is a lifelong dream. Being able to own and manage a business, becoming your own boss, and have a potential income stream for years to come all make this an appealing opportunity. However, when the time comes to start a business, it can be difficult to start from ground zero, developing an idea and not having any outline to follow. Consider these three reasons for starting a business with a franchise instead of going it alone.

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Why Buying a Franchise Is Your Key to Future Business Success

Why Buying a Franchise May Be Your Key to Future Success
So you want to be in business for yourself, but not by yourself. In today’s uncertain economy, it is a good idea to have someone who has your back. This is especially true if you are getting in the business for the first time. With a franchise model, that is exactly what you get – a business partner that helps out with marketing and sales, supply costs, and operations. Franchises usually have hones their business model over years and can help potential business owners get off the ground quickly. However, not all franchises are created equal. You need to do extensive research to find the one that is right for you. Here are the tips you can use to narrow your search.

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Launch Your Own Janitorial Supply Business with These Tips

Launch your own janitorial supplies business
If you are looking for a good business idea that you could set up with reasonably little time and effort, a janitorial supply business could be a great option. Janitorial supplies will always be in demand, no matter what happens to the economy. People will need to clean their homes and offices whether they like it or not.

So how could you go about setting up your own janitorial supply business? Here are a few things to consider.

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Tips on Starting a Food Kiosk Business

Tips on Starting up a Food Kiosk Business
If you walk into your local shopping centre, you will see exactly the same things as you would in any other shopping centre in the country – a number of large, brand name stores; some smaller, independently run shops; a sprawling food court stuffed to the brim with fast food restaurants.

Unfortunately, with the current state of the economy, many of the larger retailers have been finding themselves strapped for cash, with many of them (HMV, GameStation, Woolworths and the like) either going bust completely or going into administration.

There is, however, an upside to this troubling situation – small businesses are coming back into fashion, experiencing their own renaissance and flourishing. Food carts are doing well and food kiosks are really taking off. Take advantage of this boom as soon as you can; here’s how to do it.

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A Better Way to Start Small Business – Consulting

A better way to start business - consulting
Ask anyone who works for a small business and he will tell you he wants to run his own business some day. Many of them have a great idea – or think they have one – and only if they ventured on their own they could become a successful business person. Some of them also think they can do better job of running the business they work for than their current owner.

While the thought of starting and owning your own business is certainly admirable anyone who has tried to do it will tell you that it is not as easy as it sounds. As Chief Everything Officer you will be working on many different fronts at the same time and under tremendous pressure. There is no guarantee that you will eventually succeed after spending so much time, money and effort. So, is there any hope for someone who has the passion to start his own business, but is not sure how to go about it? I think so. Let me explain how.

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5-Step Process to Buy a Franchise Business

5-step process to buy a franchise business
Buying franchises in Canada, or anywhere else in the world, entails a long and difficult path to pursue for the untrained investor. However, equipped with the right information and resources, franchise buying can become less painful and a lot safer. We have broken down the process of buying a franchise into five easy-to-establish steps that serve as guidelines on the road to becoming a successful franchisee. Here are some details about these five stages of the franchise buying process:
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5 Principles to Follow when Buying Business

There are few decisions in life that are as important as buying business. Think about it! You are getting ready to bet your life savings on it. Not only that, but you are betting your future on it too. The decision not only affects you, but everyone around you, especially your family and friends. You will pay the price for any mistake you make at this point for a long time.
It is easy to make wrong decisions during the buying process, particularly after you become too involved, and get frustrated by the slow pace of progress. You just want to get it done and start working on the future rather than continue “wasting” your time. This is when you are likely to make wrong decisions and regret them afterwards. I always like to lay out few principles that I can go back to when this type of situation arises, so that I can keep myself in the check. The 5 mantras I have described below are meant to guide potential buyer during the buying process and help make the right decision.
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How to Manage Franchise Relationship to your Benefit

Franchisee and franchisor have long held love-hate relationship. They know that they both need each other to be successful, but at the same time, they are constantly disagreeing and fighting over number of issues. While healthy debate and disagreements are beneficial, constant fighting over trivial issues can sap energy out of both franchisee and the franchisor.
For this reason many franchisees feel they should just venture on their own rather than dealing with the tyranny of franchisor. This could be a mistake, however. There are number of benefits of owning a franchise as opposed to running an independent business. As a franchisee, you need to develop a symbiotic relationship with the franchisor and focus on what you want to get out of it. The key is to understand and follow the rules of the game and develop a playbook that will make you a winner. Follow these guidelines when developing the playbook.
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