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Learn to delegate effectively

As a small business owner, you can’t do it all yourself. There are times when you need to delegate to someone who has more knowledge about a complex task or process, or someone who has more bandwidth to get the job done. But assigning separate tasks—or bundles of them—can impede your progress if you do…

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Assessing your profitability

If you were starting an accounting or finance business, you could assess your company’s profitability on your own. But others might need a little help. Most entrepreneurs have significantly more practical knowledge about their own field than about number-crunching. That’s not usually a problem: you can retain subject matter experts to advise you on mission-critical…

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How should you structure your business?

It’s the same question faced by all entrepreneurs when they first start out: How should the business be structured? And if you’re thinking about forming a business entity, it’s one of the first decisions you’ll face too.At the state and federal levels, businesses are subject to regulations that affect how they are formed, how they…

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Settle basic issues before starting a business

How much money will you need to go into business for yourself? That depends on a whole decision-tree full of variables about your plans. There’s no magic number, of course, and initial startup costs for some businesses are vastly steeper than for others. All budding businesses have one spending goal in common: to minimize startup…

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The case against funding your own business

Since childhood, we’re taught the value of self-reliance. And in most contexts, it’s still worth striving for. But if you’re considering a new business venture and need capital to fund it, self-reliance—i.e., funding it yourself—may not be your best strategy. Whether you seek to build on an already successful business or start a new one,…

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