As business owners get into the swing of 2010 finances, it may be worthwhile to consider theDiscover Small Business Watch‘s top financing tips for the new decade. The tips are based on survey results from more than 750 small business owners who shared insight on how their companies were faring in a slowly recovering economic climate.
Many entrepreneurs recommended startup business owners start a company with a mindset to cut back on personal expenses. More than 69 percent of small business owners said they reduced the amount of money they took home from their businesses in 2009.
In light of this, many entrepreneurs also advise sticking close to family when forming a company. More than 30 percent of small business owners say they are likely to borrow money from family and friends this year to stay in business.
Still, the number one tip entrepreneurs offer is to start preparing taxes early. Finding and organizing documents necessary to prepare taxes is very or somewhat difficult for nearly half of small business owners. Additionally, 77 percent of small business owners find that the tax preparation takes them away from tending to “their bottom lines.”
While the 2010 tax season has passed, it may be wise for business owners to start preparing for next tax season by keeping documents in order now. Moreover, entrepreneurs can add more funds to their “bottom lines” through business incorporation – the tax benefits that come with forming a company can really pay off.
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