Selling your online business can be a leap of faith. Some questions that first come to mind when making this decision to sell is “When is the right time?” or “How do I know my business’ value?”. It’s time to explore what you need to know before selling your online business and how to understand the value of the business, including intangible assets.
Amazon FBA, eCommerce, Online Business Owners go into business for a reason. Somewhere along the way, the business meant for a greater purpose became a “cash-eating monster.”
Jessica Mae, host of The Profit Path™ podcast is honored to interview Mike Michalowicz of MikeMichalowicz.com.
Offernova, LLC is a thriving online health and beauty line, catering to the Hispanic community. When Laura Ortiz came to us in March of 2019, she had not given herself an adequate pay raise since she opened the business. Through Profit First, we’ve helped Laura make PAY, PLAY, and PROFIT a priority in her business.
Depending on what type of business entity you are, you’re required to have at least one meeting per year with your partners and/or shareholders. But even if you’re scrupulous about having these meetings, you may not realize the importance of recording minutes from your meeting.
For most eCommerce and Online Business Owners, meeting minutes are something it’s all too easy to be too casual about. But in fact, keeping meeting minutes is an essential way to protect yourself and your business.
Tax benefits aren’t the only advantage to being an S-Corp. Another little-known benefit is that you can set up health insurance under the S-Corp and deduct your insurance premiums as “self-employed health insurance.” Nice, right? But you can only do this if your ”self-employed health insurance” is included in your W2 wages. In other words, it’s important to get a tax professional’s advice in setting it up right.
A lot of eCommerce sellers are hit with an inconvenient truth when tax season rolls around: they haven’t spent any time thinking about the right type of business entity for their business. Without having made this decision, they are lost in a sea of paperwork, doing their best to guess which forms are their responsibility, and hoping that they aren’t making a dire mistake that will cost them money down the road.