Veteran Rebuilds Personal Finances After Blowing $100,000
May 15, 2013
Small Business
As an entrepreneur, you may have started your own small business to do what you love. While following your passion can make you happy and successful in your own way, it won’t necessarily pay the bills. It’s important to remember that the inherent purpose of any business is to make a profit. You should keep this basic principle in mind, and make sure the finances of your small business are always a priority. We can help you take care of small business finances and downsize debt.
Get Help With Your Debt
Small Businesses in the U.S.
6.79 million
Small Business Closures 2008-2010
170,000
Small Business Owners in Major Debt
49%
Small Business Funding
When you first decide to open your own business, you’ll have to find a way to get it off the ground. Most new businesses pay initial costs with startup funds from two main sources: small business loans and personal savings. You may be able to obtain a loan or other financial assistance through the U.S. Small Business Administration. Learn your options for funding your small business.
Read MoreMore in this section
Small Businesses & Debt
Once your business is up and running, re-evaluate your finances and expenses. You may be able to reduce expenses, open a corporate credit account and start a small emergency fund. You’ll also want to think about debt relief techniques such as paying more when the budget allows, consolidating debts and settling debts. Find out how to handle business finances and debts.
Read MoreMore in this section
Small Business Taxes
As with individuals, small businesses must deal with taxes in a number of forms. They must file tax returns to report their earnings, and they must collect sales tax. Sales tax is often one of the most confusing details of starting a business or expanding online, as laws can vary based on the state in which sales are made and whether your company acts as an online merchant. We can help you make sense of the rules.
Read MoreMore in this section
More on Small Business
Small Businesses by the Numbers
America’s estimated 25 million small businesses are essential to the national economy. They employ half of all private sector workers and account for as much as 80 percent of the country’s job creation. This could explain why banks and lenders are so willing to support new ventures; although 31 percent of small business owners opt to borrow at least some of their capital from family and friends, a full 75 percent of startup capital comes from credit cards, bank loans and lines of credit. But startup funding and manpower may not be enough to sustain some businesses; while 70 percent of new small businesses survive at least two years, only half survive the first five years and just a quarter persevere for 15 years or longer.
Personal Debt While Running a Business
Starting a business is a tough task, but it’s easier when you’re on stable ground financially. As much as you try to keep personal and business finances separate, you may end up with some overlap, especially if you used personal capital to open your business. Therefore, decreasing your personal debt is a good step to take, both for your sake and for your company’s. When you have little or no debt, you can put more capital into your business. Additionally, you’ll go to work with less stress and be able to devote more energy to the company. Consider debt relief options like debt settlement.
Related Articles
-
-
-
U.S. Economy Is Slowly Improving
May 7, 2013
Related Posts
-
JP Morgan Chase Slammed for Debt Collection Fraud
May 17, 2013
-
Graduate School Isn’t Worth the Money
May 16, 2013
-
Credit Tools & Services
Get Help Now
Do you have credit card debt? Find out how we can help lower your payments today!
