When owning a small business, you need a bank but…are all banks the same? Dr. Joe Bergquist of Harleysville Bank says no. Dr. Berqguist joins us today to share some experience and advice when it comes to small business banking.Choosing your bankWhen choosing your bank, understand what your needs are as a business and what a bank can provide you. Not all banks offer the same options. Big Bank Corporations can oftentimes offer cheaper rates but lack when it comes to customer service or relation...
Tax time does not have to be fear and panic-inducing, but as a new business owner, the upcoming tax season can be scary! Today Modern CPA and Kara Renninger discuss some common tax concerns and tips to help you get prepared.Be Proactive! Take the time to organize your expenses whether you've started a separate business account or not. Document and keep track of all of your business expenses and income so you have what you need for your tax professional or DIY software.Understand Deductions! D...
Are you considering purchasing commercial real estate to create a brick-and-mortar space for your business? Today we go over how you should purchase property and other key concepts to consider.When purchasing commercial real estate, it is important that the property is purchased with an entity all its own. We recommend an LLC that is taxed as a partnership versus an S-Corp, Corporation, or even an LLC taxed as a corporation. There are a lot of benefits to purchasing commercial real estate wit...
It is harder than ever to attract and retain employees. Employee Benefits can make your business seem more appealing than the competition when it comes to new applicants. Employee benefits can span an array of offerings like health and dental insurance, retirement plans, paid time off, work hour flexibility, remote work, company vehicles or phones, and so much more. When it comes to each of these, certain provisions, rules, and tax implications apply.Generally, companies smaller than 50 emplo...
What is an LLC?A limited liability company (LLC) is a business structure in the U.S. that protects its owners from personal responsibility for their debts or liabilities. Limited liability companies are hybrid entities that combine the characteristics of a corporation with those of a partnership or sole proprietorship.Should I choose an LLC?When it comes to deciding if an LLC is right for you there are a lot of options and things to consider. An LLC lends itself to a lot of flexibility and ca...
We often get asked, “Who should I hire?”. If you’re a small business that is experiencing growth and it's time to add to your team, what’s the right decision: Employee or Independent Contractor? There are many different laws, rules, stipulations, and tax requirements that can help you make decisions. What does the law say?If you’re considering hiring an employee or an independent contractor, be sure to check Common Law and Safe Harbor rules to see how they apply to your situation.Common Law:B...
It's time to invest in your business to help it grow and maximize productivity. But how can investing affect your taxes? That's what we're talking about in today's podcast.What are the ways you can invest in your business?Business Assets: Anything purchased for your business in order to operate or grow operations (technology, tools, real estate, vehicles, employees, etc.)Stocks: Actually investing profits or business money into the market.Employee benefits: Any type of monetary investment int...
While the world is growing used to virtual businesses popping up and thriving in many industries, there is a very different setup and management for running a remote business. Allison Sandberg is the founder of the virtual travel agency, Magical Memory Planners. Allison started out as a person who loved travel and travel advice, turning passion into profit her one-man show travel agency has grown to a team of over 30. Allison shares how her business has had to change internal communication an...
No business can operate if they aren't getting paid. Michelle and Shawn cover all the reasons you may not be getting payments and what to do next, with these 6 tips.Tip #1Take a look at your payment procedures: How are you accepting payments? Are you offering enough, accessible modes of payment? How are you sending invoices? Are you clients receiving and opening these invoices? Are you utilizing an accounting service that tracks paid invoices?Tip #2Communicate with your clients: Before delive...
It may be scary to think about what will happen to your business and assets when you’re no longer around. Whether illness, sudden tragedy, or incapacitation causes you to be unable to make decisions and operate your business; you need to be prepared. Rebecca Hobbs is a Principal of law firm O’Donnell, Weiss & Mattei, P.C. here in Pennsylvania. As a Certified Elder Law Attorney, Rebecca shares her insights on the need for Estate planning and the building blocks of documents and decisions t...
We often get asked: How will my small business affect my personal taxes? There is no short answer, however, in this episode, Shawn and I go over this question and the important questions business owners should be asking themselves to understand their tax situation.What entity structure is your business? How is your business operating?Whether you’re an S-Corporation, Partnership, Sole Proprietor, or a Single-Member LLC, your taxes are going to look different. Shawn and I discuss just what kind...
Whether it’s your hobby, special skill, passion for a service, or a great idea, when it comes to starting your business it can be scary, intimidating, and feel like A LOT. Today Connie and Rob Lawson, the creators, owners, and chocolatiers behind Sweet Ashley’s Chocolate, share their journey in business, and the mistakes and successes along the way.Sweet Ashley’s Chocolate is a small chocolate company in Pennsylvania, born out of natural talent and a side hustle turned full-blown company. Con...
Many small business owners rely on their small business as their retirement. Bryan Saylor of High Point Financial, an independent wealth management firm, is a financial planner helping business owners and others build and protect their wealth.Bryan shares his journey in discovering his love for economics and how his career in financial planning developed. Before opening his business, High Point Financial, with three partners, he worked with Vanguard, Fidelity, and another small firm. Now, his...
Insurance coverage is an important but often overlooked piece in starting a business. Insurance is there to protect YOU, the business owner so it is crucial to get started with all of the right coverages for your exact situation. Today, Jeff Wentzel and Bill Bromiley of Wentzel Bromiley Insurance joined us to share their professional insight on all the coverages you should be looking at for your small business.Auto PoliciesMany times, operating a small business includes the use of a vehicle. ...
Marc Umstead is the president of Plus One Technology, a firm that works to improve workflow productivity and cyber security for both small and mid-size businesses. Marc grew up with technology growing and changing alongside him and became interested in IT as he saw the mass benefits it can bring to improve processes in business. Today he is sharing a few tips that keep his business successful as well as his advice for clients who are looking for cyber security options.Improving workflow is of...
You have filed your taxes and now you’re left with an outstanding balance due. What do you do next? In this episode, we discuss what your tax payment options are and what can happen if you don’t make a plan and start paying.Your first and foremost option is to pay the balance. When you don’t pay the balance upfront you accrue interest and penalties, making your tax bill even larger. Sometimes this isn’t an option for small business owners, so what next?Create an informal arrangement. This is ...
More and more businesses are adapting to the times and migrating online to compete in the digital age. Matt Hamlin is the owner of Online Parts Depot, a digital salvage yard business in which salvage yards from all over the country are able to list and sell car parts on eBay. From Side Hustle to the Real Deal Growing up around the industry, with his father actually owning his own salvage yard, Matt had an interest in salvage yards and car parts his entire life. His business began as a si...
Jenn and Mike Brango are the owners of the Diamond Divas Metabolism Academy and Only Results Coaching. This online small business is not where these two started, their journey began over a decade ago and has transformed into traveling training, outdoor boot camps, and a brick and mortar gym before they finally reached their online platform. Jenn and Mike share their journey of embracing change in business and how they learned to pivot for their needs. As small business owners, your first...
The SBA has become a more well-known program since its involvement with PPP at the height of COVID. Bobby White from First Colonial Community Bank in Limerick, Pennsylvania joined us on the show today to talk about what loans they have to offer, who they are for, and what’s involved in securing these loans. An SBA offers two loans, the 7A, and the express, both of which certain percentages of the loans are guaranteed by the federal government. This allows banks to process loans they wouldn't ...
A business can be a living, growing, changing thing if you choose to care for it in that way. Today, Kelly Stento, President and CEO of LeRoux School of Dance shares her story on how she came to own her dance studio and how it’s changed along the way. Kelly has owned LeRoux School of Dance for 20 years. She began as a student as a young child, a teacher as a teen and young adult, and eventually took over the business from her valued mentor. She shares how systems and procedures were transitio...