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How to Value a Business: The Ultimate Guide for 2020

Learning how to value a business is the process of calculating what a business is worth and could potentially sell for. One common method used to value small businesses is based on seller’s discretionary earnings (SDE). This method can be used to value a business for sale as well as raising capital. To make sure

Actived: Sunday Jan 17, 2021

URL: https://fitsmallbusiness.com/how-to-value-a-business/

7 Best Small Business Insurance Companies

Details: The best small business insurance companies offer core policies like general liability, plus a broad range of additional coverages that many small businesses need. Additionally, the top companies can offer affordable premiums and have excellent financial ratings that show policyholders can trust them to pay claims. Our picks for the best insurance for small businesses

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LLC Insurance: How Much You Need & What It Should Cost

Details: General Liability Insurance. General liability insurance is a policy that covers some of the most common business risks, namely third-party injuries, property damage, and reputational harm. If your LLC is accused of causing any of these, your general liability insurance typically pays for the injured party’s medical costs or property repairs, or your legal fees if they decide to sue.

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6 Cheapest General Liability Insurance Companies for Small

Details: Business owners want to protect their assets, but insurance can be expensive. Unfortunately, cheaper insurance often means more limited coverage. We evaluated 15 companies to figure out which ones offer the best general liability insurance at a low cost for small businesses without sacrificing coverage. The best companies for cheap general liability insurance are: :

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Self-Insurance: Definition & How It Works

Details: Self-insurance (also known as self-funding) allows small business owners to create and manage their own insurance plans, without being subjected to the restrictions and costs of working with larger traditional insurance carriers. However, self-insurance does come with a high level of risk and liability. We want to preface this article by stating that self-insurance is

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Unoccupied & Vacant Home Insurance: Cost, Coverage & Providers

Details: Insurance providers consider the overall risk when determining premiums for insurance policies, which means a home with personal property and utilities on is more likely to experience a greater loss. If a pipe bursts and no one is there to check on the property for 60 days, the damage to the structure and the contents is much greater.

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Certificate of Liability Insurance: How to Request + Sample

Details: An insurance producer is anyone involved in insurance sales, so you may find the name of the insurance company that issued the certificate, or the agent or broker acting on behalf of the insurer. The producer’s name and address are entered in box on the left, and their contact information is listed on the right.

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Products-Completed Operations Coverage: What It Is & Who

Details: Products-completed operations coverage pays for injuries and property damage caused by a business’ products or operations. This coverage is included in standard general liability insurance and is essential for contractors, service providers, and businesses that manufacture, distribute, or sell goods. Products-completed operations coverage usually costs from $400 to $600 annually as part of a

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Experience Modification Rate & How to Lower Workers’ Comp

Details: An experience modification rate (EMR) is a multiplier insurance companies use to help set workers’ compensation premiums. Your business’s rate is determined by looking at your workers’ comp claims history and potential for future injuries. Businesses with lower EMRs pay less for their workers’ compensation insurance. EMRs commonly range between 0.75 and 1.25.

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Sales Commission Structure: The Ultimate Guide

Details: This commission structure is common in various types of business-to-business (B2B) sales and is frequently used in insurance agencies for different lines of insurance products. Usually, this type of sales commission requires more advanced sales commission tracking software in order to effectively track, measure, and pay accurate commissions.

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Cafeteria Plan (Section 125): Features, Costs & Providers

Details: Zenefits is a benefits insurance provider that provides HRIS software and a full range of section 125-compliant health insurance like medical coverage, HSAs and FSAs. It also offers HR support and can manage payroll if you prefer an all-in-one solution. HR and benefits start at $9 per month per employee, plus a $40 monthly service fee.

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Fringe Benefits: What They Are & How They Work

Details: Fringe benefits is the umbrella term for any benefits, from health insurance to paying for weekly team lunches, that an employer provides to an employee, contractor, board member, or business partner. Many fringe benefits are considered tax-free by the IRS and can be a great value-add for your employees. In this article, we will explain:

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IRS Business Expense Categories List [+Free Worksheet]

Details: Self-employed health insurance: If you are self-employed, payments made for medical, dental, and qualified long-term care insurance for yourself, your spouse, and your dependents are deductible. The premiums are not deductible on Schedule C like other business expenses, but rather Form 1040, Schedule 1, line 16 as an adjustment to income.

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16 Tax Write Offs for Self-employed Professionals

Details: Running a business can be expensive, especially when taxes decrease your bottom line. Luckily, there are numerous tax write offs that self-employed professionals can claim to save thousands of dollars. Use IRS Form 1040 to deduct home office, insurance, travel, internet, phone, and other qualifying expenses that you incur operating your business.

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5 Best Solo 401(k) Providers for 2021

Details: Her expertise is featured across Fit Small Business life insurance and business insurance content. A solo 401(k) allows small business owners to save up to $57,000 for retirement―63,500 if you’re 50 or older―through tax-free salary deferrals and company contributions. Choosing the right provider is an important part of using a solo 401(k

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What Is an Employee Assistance Program (EAP) & How Does It

Details: An Employee Assistance Program (EAP) is a confidential workplace service that employers pay for and is free to employees. An EAP is commonly the most overlooked, yet valuable, benefits offered by organizations large and small. Counseling services provided by an EAP help employees manage life-stressors of all kinds. An EAP can help employees stay focused

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2020 Payroll Tax Rates [+ State Tax Map]

Details: Therefore, additional insurance is included as a tax in those states. It ranges from 0.26% in New Jersey to 1.30% in Rhode Island. Disability insurance differs from workers’ compensation, which covers on-the-job injuries only, by covering all injuries and health issues that affect a worker’s ability to work. Paid Leave

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9 Effective Introduction Business Email Templates

Details: An introduction email is a message you send to a prospect with the purpose of introducing yourself and eliciting a specific action, such as scheduling a meeting or call. We’ve included nine business templates salespeople can send to ensure that their specific message is communicated effectively and increases the chance of a response. Business Introduction

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FedEx vs UPS vs USPS: Shipping Rate & Reliability Comparison

Details: FedEx Insurance. FedEx provides free insurance for item values under $100. The price of insurance over $100 is based on the total declared value and increases incrementally from there. This differs from USPS, which only offers up to $50 free. FedEx Commercial Discounts

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SBA Loan Requirements & Qualifications 2020

Details: Life insurance businesses; The SBA does deem certain passive income businesses to be eligible, such as hotels and motels, marinas, licensed nursing homes, and assisted-living facilities. In general, the passive income businesses that are ineligible for SBA financing are those that may be considered investment properties.

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What Is a UCC Filing & How Does a UCC Lien Work?

Details: A UCC lien filing, or UCC filing, is a notice lenders file when a business owner takes a loan against an asset. A UCC filing gives lenders a claim on assets a debtor pledges as collateral. The term originates from the Uniform Commercial Code (UCC), a set of rules governing commercial transactions. When a UCC

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Top 12 Rental Property Tax Deductions & Benefits [+ Free

Details: Insurance specifically for a rental property is generally 15% to 20% more than a policy for an owner-occupied policy. The average annual premium on landlord insurance is about $822. This varies, depending on the size, cost, and location of the rental property.

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RESPA Violations: Definition, Examples & Penalties

Details: (A captive insurance company is owned by the company with whom it does business.) Such an arrangement, the HUD discovered, is an attempt to disguise the fact that referral fees paid by the primary title company to the reinsurer are being funneled to the brokerage’s title company.

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Real Estate License Reciprocity & Portability Guide

Details: Real estate license reciprocity gives licensed agents the opportunity to secure a license in a new state without completing all licensing requirements. Real estate portability lets out-of-state agents conduct transactions within specific states, based on local laws. To help agents understand both of these, we compiled license reciprocity and portability rules for all 50 states.

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Independent Contractor Taxes: How Much to Pay & When to File

Details: The insurance could be set up as individual plans or as a group plan set up under the independent contractor’s business. The deduction includes premiums paid for medical insurance, dental insurance, and long-term care insurance. 3. Small Business Retirement Plans.

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13 Sales Follow-up Email Templates for Any Situation

Details: Sales follow-up emails are email messages that engage a lead at different stages in the sales process. These messages work to build trust and understanding while reminding prospects of your company benefits and give a reason to continue the conversation. Email templates, such as the ones we have created below, help salespeople follow up quickly

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10 SMART Goals Examples for Small Businesses in 2020

Details: Business goals usually involve an entire organization and can include items like budgets, customer lists, vendors, and service or product management. Pulling it all together can be challenging, but it’s worth it if you can learn how to implement SMART goals (S=specific, M=measurable, A=achievable, R=relevant, and T=time-bound). We outlined some SMART goals examples you can

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8 Outbound Sales Call Script Examples With Proven Results

Details: Outbound sales call scripts help sales reps have productive conversations with customers. Writing and practicing sales call scripts involves understanding your product or services and knowing how to engage a prospect, uncover their pain points, and effectively close deals. We’ve included eight free outbound sales call script examples for a broad range of situations.

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The 7 Best Professional Voicemail Greetings (+ Example

Details: Professional voicemail greetings are important because they are an extension of your brand, reflect your level of professionalism, and offer important information to your customers. To help you create a message for your business that really shines, we’ve outlined seven types of professional voicemail greetings with scripts that can be adapted for your specific needs.

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How To Do Payroll Yourself in 8 Steps (+ Free Checklist)

Details: That includes gross pay, taxes due, deductions for insurance premiums and other benefits, and final net pay. Gross Pay. Calculating gross pay is as simple as adding up the straight time hours (up to 40 hours within a week) and multiplying by the employee’s hourly rate. Then, add up the overtime hours worked in the pay period and apply the

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17 Vision Statement Examples To Spark Your Imagination

Details: A vision statement presents an inspirational vision of a company to guide growth, motivate employees, and connect with consumers. Aside from expressing your company’s goals and aspirations, the vision statement also provides a strategic planning framework to follow as a business. It instructs how you and employees should move forward and ultimately tells you where

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21 Powerful Mission Statement Examples - Fit Small Business

Details: A mission statement is a short, meaningful sentence (or several sentences) that summarizes the purpose that drives your business. A good mission statement says why you do what you do. When a company considers new opportunities, it relies on the mission to make appropriate decisions. Additionally, when the business is sold to a new owner,

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Top 13 Customer Service Response Templates (B2B & B2C)

Details: Customer service responses are email and other online communications that address customer concerns. They let your customers know you care about their experience with your company and that you will respond to their concerns. Customer service response templates are often used to save time and achieve standardization. To help, here are 13 customizable templates.

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Succession Planning Template & 5 Steps to Write a

Details: Life Insurance. Most commonly used when a family member or co-owner is taking over the business, a life insurance policy can help your successor purchase the business from you or your heirs. Contrary to how it sounds, life insurance isn’t only used in the event of one’s untimely death.

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Owner Financing: The Ultimate Guide to Seller Financing

Details: Owner financing is an arrangement in which the seller agrees to accept installment payments directly from the buyer rather than having the buyer obtain a loan from a bank. Owner financing—sometimes referred to as seller financing—often provides buyers with easier qualification and more flexible repayment terms than a traditional mortgage while providing sellers with monthly

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IRS Schedule C Instructions Step-by-Step

Details: Schedule C, also known as “Form 1040, Profit and Loss,” is a year-end tax form used to report income or loss from a sole proprietorship or single-member LLC. You must file a schedule C if the primary purpose of your business is to generate revenue/profit and if you’re regularly involved in your business’s activities. Schedule

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17 Important HR Metrics & How to Track Them

Details: This metric helps you understand how much of your budget is being spent on employee health insurance costs. In 2019, the average cost of healthcare insurance, per employee for family coverage was $20,576. Of that amount, employees paid an average of $6,013 toward the cost of their healthcare coverage.

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How to Set Up a Professional Email Address in 4 Easy Steps

Details: Using a professional email address has many advantages, from being more memorable to building trust and credibility, which can ultimately result in increased sales. Fortunately, setting one up requires very little time and is a low-cost investment that is definitely worth it. To reap the benefits of a business email address, navigate to your provider

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Private Money Lenders: How to Get Private Money Loans

Details: Private money loans are good for both short- and long-term investors in need of quick financing to compete with all-cash buyers. Investors sometimes use a private money loan, also known as a hard money loan, to purchase a property before refinancing to a long-term conventional mortgage.Investors who don’t qualify for conventional mortgages also may seek out private money loans, typically

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What Is a Convertible Note? Examples & How It Works

Details: A convertible note is a short-term debt that has an interest or discount rate, a valuation cap, and a maturity date. Investors use convertible notes to invest in startups in the early stages of development. Investors can choose to convert convertible notes into preferred shares on a specific date or event. What Is a Convertible

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Top 13 Real Estate Certifications & Designations 2020

Details: Real estate certifications are specializations agents and other real estate professionals can earn from real estate organizations. Agents and brokers can expand their expertise and grow their business by choosing certifications and designations consistent with their professional niche. Generally, applicants must meet education and experience requirements to earn real estate designations.

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10 Best QuickBooks Alternatives in 2021 (Free & Paid)

Details: The best QuickBooks alternative has all the necessary bookkeeping features small businesses need but is often easier to use and comes at a lower cost. Whether you’ve become frustrated with your current QuickBooks subscription or you’re looking for accounting software for your new business, there are plenty of software for you to consider, including some

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Small Business Maternity Leave Policy & Laws – With Examples

Details: 4. Offer Short Term Disability Insurance. Offer short-term disability insurance at the employee’s expense with your benefits package. This can be a great perk for employees who value family and is at no cost to you as the employer. You may want to review our guide on offering Disability insurance. 5. Offer Paid Maternity Leave

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15 Essential Sales Forecast Templates for Small Businesses

Details: A sales forecast template is a customizable document that helps you project future sales for your team. Online template costs typically range from free to under $100 and are usually designed for Excel or Google Sheets. To help you speed up your search, we’ve compiled this list of 15 templates designed for a variety of

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Best Hard Money Lenders 2020

Details: Real estate investors in need of alternative financing sometimes rely on hard money loans. The best hard money lenders offer short-term loans to purchase and renovate properties. Hard money lenders charge higher interest rates but offer faster funding turnaround and, sometimes, no credit requirements. 8 Best Hard Money Lenders 2020 Which Hard Money Lender Is

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25 Real Estate Statistics You Should Know

Details: Real estate statistics give buyers and agents data-based insight into the constantly shifting housing market. This can be helpful when setting buying expectations, finding the right property, and negotiating the right price for a home. For the most accurate look at the current real estate market, review our 25 statistics below. 1. 40.6% of

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5 Best Fuel Cards for Small Business 2020

Details: Editor’s note: This is a recurring post with regularly updated card details. Using fuel cards at the pump is an easy way to save your business money, especially if you or your employees drive for work often. You’ll also be able to manage your company’s fleet vehicles by monitoring and controlling employee spending. The best

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19 Best Franchises Under 10K - Fit Small Business

Details: COVID-19 has changed how we do business, but there are still franchise opportunities that are not only inexpensive but also stand a good chance of success. As part of our research, we worked directly in consult with experts at FranchiseGrade.com and selected the best 19 best franchises under $10,000. There are many ways to fund

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How to Calculate Bonuses for Employees

Details: The way you choose how to calculate bonuses for employees can affect company morale. Performance bonuses encourage personnel to work toward achieving individual and company goals, and nonperformance bonuses can make everyone feel appreciated. You can multiply an employee’s total sales earned by a fixed bonus percentage or pay a flat rate to everyone. is

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What Is A Cooperative? And How Do You Start One?

Details: A cooperative, or co-op, is an organization owned and controlled by the people who use the products or services the business produces. Cooperatives differ from other forms of businesses because they operate more for the benefit of members, rather than to earn profits for investors. Cooperative businesses can be as small as a community buying

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