April 2016 Archives

Getting from tech idea to start-up success

Some technological whizzes in Illinois have terrific ideas for tech startups but lack the business know-how to make their dreams last. Not all tech start-up companies will succeed, and many of them fail within the first two years. There are some steps entrepreneurs can take, however, in order to increase the likelihood of success.

Planning for small business owners

Illinois small business owners should create a business plan even if they are not required to do so to get a loan. A business plan has a number of uses and can help a new owner set goals, make projections for cash flow and estimate expenses. A budget is necessary as well. This will change over time, but a business plan and a budget provide an owner with a framework for moving ahead as well as for facing challenges that arise.

Unclaimed tax credit could reduce business health care costs

The tax filing season is a stressful time for many business owners in Illinois, and the complexities of the U.S. tax code often lead to credits, exemptions and deductions being missed. An example of this is the Small Employer Health Care Insurance Tax Credit, which is only claimed by about 13 percent of eligible employers. The credit, which was introduced as part of the 2010 Affordable Care Act, is available to employers with fewer than 25 full-time workers earning less than a specified amount per year on average. In 2016, that amount is $51,800.

The element of risk in gambling and business

While many Illinois residents might look at gambling as throwing away money, others could view a casino as a place of opportunity. If certain games offer the ability to win with persistence and an awareness of the odds, a strategy of balancing resources with the amount of time and play needed to eventually win could produce the desired results in time. A business investment might be viewed in the same light, and some venture capitalists actually approach their activities with the realization that a large majority of their investments will not do well.

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