Your Company Has To Be Flexible And Open to Change
Many think of the start-up as a hypothetical child, but they want to nurture it to become the best that it can be. They should also acknowledge that a child has many stages of life. The needs of a toddler are very different from those of a teenager.
Your company will experience many periods of growth and change. Markets can be very volatile, and what is novel today can quickly turn into old news tomorrow. Remember that building a successful company is a long marathon, not a sprint. You have to be open to redefining your position not once but several times in a company’s lifetime. The business must be malleable enough to withstand the challenges brought about by new technology, changes in regulations, and societal shifts.
Leadership Will Eventually Have To Be Scalable
A typical start-up is often the vision of a tiny group of people. These individuals often will control every aspect of the early stages of a new company. However, there will come a time when the company will have to expand the framework of leadership. This type of delegation often comes much sooner than most start-ups realize and often catches the original small leadership team by surprise.
The decision-making demands of the business must be distributed evenly as the company experiences growth. A small group can only logistically do so much. A start-up that refuses to scale its leadership will be in danger of becoming obsolete.
One of your main goals as a start-up is to eventually build a strong team that has many tiers of leadership. This will empower the company and create an atmosphere of confidence. A business with this type of attitude usually has no difficulty recruiting high levels of talent. People want to be part of a company that is not stifled by outdated founder principles.
All Of These Principles Combine To Create Endurance
So, in conclusion, defining your start-up’s core values, being open to changes brought by growth, and having scalable leadership will help ensure that your business endures for the long term. You are creating a robust DNA model that will help you run the long marathon from a start-up to an established, successful company that will be around for a long time.
Economic Hardship Often Spurs Innovation
Many excellent companies like Uber, Square, and Instagram were born in the last recession. Hardship often leads to fantastic innovation. It will not be surprising to see many innovative companies coming out on the heels of this pandemic. Think about how many talented people have been furloughed and now have the time to devote their energies elsewhere. Millennials and Gen Z have shown that they are generations that embrace the challenges of being an entrepreneur.
Job Security No Longer Exists
Many people think that starting a business is just too risky. However, the workforce no longer offers the security it once did. Companies do not take care of employees for a lifetime and then provide them with a large pension for retirement like they did a generation ago. People are often replaced, and those who switch employers regularly make more money. There is a sense that there is no longer any loyalty on the part of employers or employees. This type of environment makes starting your business not seem so risky.
Take Hold Of Your Destiny
Some people are scared of the stress that often comes along with managing a business. They think that they will not be able to handle keeping up with the ever-changing marketplace. What they usually do not take into account is that day-to-day jobs can be just as stressful. Often, employees have to live up to the unrealistic expectations of several managers. Being an entrepreneur gives you more control over your destiny, rather than having your fate be in the hands of other people. This way, you can shape your life according to your needs.
How Do I Know If My Business Needs To Collect Sales Tax?
Forty-five out of the fifty states require businesses to collect sales tax. This does not even include that many cities and localities that also have sales tax regulations. You must understand the rules of the places where you do business. Does your state or local area require a license or sales permit? Be sure that you are charging the correct rate for both the point of sale and the types of products your business sells.
How Do I Know If I Need To Pay Sales Tax In A Given State?
To establish whether or not a state can impose a sales tax upon your business, there first needs to be nexus. A connection between the state and your company finds Nexus relating to state sales tax. How this connection is defined has been subject to recent changes that reflect how business is conducted in modern times.
Traditionally, the nexus has been established by the business’s physical presence in the state. However, due to the explosion of e-commerce, physical presence within a state is no longer a requirement for sales tax nexus. In the case of South Dakota v. Wayfair, the courts eliminated physical reality as the essential requirement for creating nexus. Nevertheless, it should be noted that physical presence is considered an essential requirement to allow a state to collect sales tax and is still one of the first considerations for sales tax.
Getting A Tax Resale Certification Is One Of The Best Things You Can Do As An Entrepreneur
If you decide to start a business, a tax resale certificate can save you money.
In short, a retail tax certificate allows you not to pay sales tax on items that you plan to resell. This can also apply to supplies that are going to be used in products that you will resell, such as wood for a cabinet.
However, the process can be complicated, and the rules are different for each state. That is why TaxResaleCertificate should do all the hard work for you. We can ensure you get all the advantages of a tax resale certificate without dealing with the hassle of government red tape. Let us handle the hard stuff so you can run your business confidently. Make sure you check out our second blog in this series so you can learn even more valuable information about tax resale certificates.