As a sole proprietor or as a single-member LLC you are the only owner, and as a result, you do not take a salary or a wage from a business. Instead, you can simply take out excess cash from the business, which is known as an owner draw, to pay yourself.
How you pay yourself as an owner depends on the type of entity you are and how many owners there are. This post lays the groundwork and defines a few terms that should help demystify how entities pay the owners of the business.
I certainly spend more time shopping online these days than in the mall and I don’t think I’m alone. The internet allowed for “online shopping” that in turn created online-retailers like Amazon and Overstock, but they were the only businesses visible on the front line. While malls suffered from this shift in buying behavior, other […]
In-House or Outsourced? How Do You Decide? Entrepreneur By: Thomas Smale Because the internet has connected people worldwide, the outsourcing industry has grown by leaps and bounds over the past two decades. Another reason for this growth: Outsourcing gives entrepreneurs access to a greater pool of talent and low-cost labor. Their ability to delegate responsibilities […]
I teach a boot camp class each month for our local Small Business Development Center (SBDC). There is portion of this course that looks at the three ways to become a business owner. These ways include: buying a business, buying a franchise, and starting from scratch. As I discuss the option of buying an existing […]
The term “red ocean” refers to all the industries in existence today, otherwise known as “the known market space.” Blue oceans, by contrast, denote all the industries not in existence today, otherwise known as “the unknown market space.” Red ocean are contested markets while blue oceans are untainted by competition.
When considering your unique value proposition, I find it helpful to consider a list of common value propositions to help guide me and my client’s thinking. To that end, here are eleven common value propositions that businesses might offer to their selected customer segment. Review the following value proposition types and determine which one is […]
With a large number of Americans either out of work or under-employed, many individuals have resorted to starting small home-based service businesses. It should be noted that a business is an entity unto itself. While it may have only one owner, as is the case with an entity that is sole-proprietor, a business should live […]