Year-end brings both holiday cheer and a few loose ends to tie up — like 1099s. If you’ve paid any independent contractors more than $600 this year, it’s time to get those forms ready (or hand it off to us and consider it done). They’re due January 31, but starting in December keeps you ahead of the curve and out of the last-minute scramble. What is a 1099? This is the IRS form used to report payments to individuals or businesses that aren’t on your payroll — think freelanc

When you’re starting a business, you have to move fast and stay lean. You have a personal credit card already — so why not just swipe that for a few business expenses? Or deposit a client payment straight into your personal account because you have bills that need to be paid ASAP? Going to the trouble of setting up a separate banking system for your company feels like friction. In our work with startup founders and small business owners, we see this all the time, but here’s t

If you’ve ever wanted to operate your business under a name different from your legal business name, you’ve probably come across the term “DBA.” DBA  stands for “Doing Business As.”  It’s sometimes called a trade name, fictitious name, or assumed name. Registering a DBA allows your business to present itself to customers with a name that’s more marketable or descriptive, without having to form a brand-new legal entity. Why Businesses Use DBAs Branding:  A landscaping company

Entrepreneurship teaches us early that if you want results, you take responsibility. At first, that means carrying everything yourself....

Think of your annual report as a yearly check-in with your state. It’s how you confirm that your business information is current, your...

The other day, a client of Hyperspace and fellow founding CEO asked me a great question:  “What do you do when a potential client doesn’t...

Let’s talk about receipts — one of those small, unglamorous habits that quietly separates business owners who are in control from those constantly playing catch-up. Which Receipts Do I Need to Keep? Legally, the IRS requires you to keep receipts for any expense of $75 or more . That’s your baseline. If you want financial transparency, keep all receipts. Jen, CEO of Godiva Financial, our go-to tax expert, advises: “A complete record gives you the confidence to make decisions a

You know you need a business checking account—but which one? Getting this right is about more than just avoiding fees. The right bank can...

What do you do when you run into a problem that is unsolvable? As business owners, we wouldn’t be where we are if we weren’t indomitable problem solvers. At the most basic level, businesses are simply machines built to solve specific problems and receive money in exchange. We are the builders of those machines. “Unsolvable?” someone says. “Watch me!” I reply. All problems have solutions, I believed, (it just takes the correct application of smarts, work ethic, and will) until

It’s that time of year for reflecting on the lessons we’ve learned last year and planning for a bright new year. It’s thus an appropriate...

In this article, we’re assuming you’re the owner and operator of an LLC. (If this doesn’t describe you, reach out to us for tailored advice.) We’ll also assume you’ve already read our article, “ When to Turn Your LLC Into an S Corp .” The first thing to understand about this process is that your LLC doesn’t go away when you begin operating as an S Corp—it gets modified. Think of it as if your LLC were a car. You’re not taking it to the dealership to trade it in; you’re taki

You are the proud owner of a business and, like most, you set up shop via an LLC. Recently, you’ve heard talk about S Corps being better,...

Why do some people succeed against all odds while others fail despite every advantage? What factor is the most important determinant of...

As an entrepreneur, time is your most valuable resource. Do you have time to read this article? Are you up for a challenge? Or accept my...

This article is for early stage founders who have a big vision, a lot of grit, and not much else (yet). Here are three steps to create a...

If you’ve recently launched your business and you’re looking to minimize overhead, this article will walk you through how to do your bookkeeping yourself until you’re ready to hire an accountant . Bookkeeping is the foundation of good accounting. It’s not that complicated, but it does require mastering some fundamentals and sustained attention to detail. Small errors can turn into much larger issues later on. We’re going to assume that you’ve already set up your business bank

How to set up a bookkeeping system for your new business in less than two hours. 1. Sign up for a Bank Account Creating separate accounts...

When I was in my early 20’s, working on one of my first startups, I sat down to discuss my goals for myself and the company with a...

We are cutthroat capitalists, make no mistake. Business is a game, and we love playing almost as much as we love winning. But we must...

Knowledge is like a torch.* We live in it’s circle of light and pass it down, from generation to generation. And with each generation we...