A sole proprietorship is a single-owner business that’s never formally incorporated with a state filing. As such, it is not legally separate from its owner. As a result, many individually-owned businesses are sole proprietorships by default. Pros of a sole proprietorship include ease of setup, simplified recordkeeping, and low costs. Cons include the lack of…
Ultimate Guide
Merchant Cash Advance: What It Is & How It Works
A merchant cash advance, or MCA for short, allows you to get an advance on your credit card sales. However, it is one of the most expensive forms of financing available, with annual percentage rates (APRs) regularly exceeding 100%, which is why we recommend it only as a last resort. MCAs can be a good…
Ultimate Guide to HR for Nonprofits: What It Is & How It Works
The primary mission of any human resources (HR) team is to support an organization’s goals by fostering a positive and productive work environment—and the same applies when it comes to nonprofits. HR for nonprofits involves managing the people who drive your mission forward, including staff and volunteers. Effective HR practices are crucial for attracting, developing,…
What Is a B Corp & How to Become One
A B Corp, or Benefit Corporation, is a for-profit company that has received certification from B Lab for upholding high standards in terms of ethics and environmental and social impact in their business operations. Basically, B Corps are companies with a conscience or a commitment to corporate social responsibility (CSR). Registering your business as a…
Diversity Hiring: A Guide to Improving Diversity in Your Business
Creating recruitment, candidate evaluation, and hiring practices that attract a diverse set of high-quality candidates are all concepts of diversity hiring. It’s not just about casting a wide net or hiring from underrepresented demographics, but also about removing biases from your processes and ultimately finding the best candidates that infuse your workplace with energy and…
The Ultimate Guide to Temu Dropshipping
Dropshipping can be a low-cost way to start selling online as you don’t have to worry about holding physical inventory. A third-party manufacturer or wholesaler handles product development and order fulfillment. With the availability of several suppliers and tools, Temu is one platform that is piquing dropshippers’ interest. Temu is appealing and highly popular because…
New Jersey (NJ) Small Business Insurance Guide
Appropriately named the Garden State, New Jersey’s robust small business economy includes nearly 10,000 farms. Whether it is a farm or a transportation company, small businesses are a significant part of New Jersey’s growing economy—driving small business insurance in New Jersey as a key part of a successful business plan. While not every coverage is…
Equipment Leasing: A Guide for Small Business Owners
As a business owner, you can use equipment leasing to acquire business-related equipment without the need to purchase or own it long-term. Leasing can be a good option if you only have a temporary need for the equipment, anticipate the need to upgrade it regularly, and don’t have funds for a large down payment to…