PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

Business Intelligence: Tips, Trends & Resources for Entrepreneurs

By at 4 July, 2022, 9:55 am

Small Business Insider

by Karen Kerrigan – 

Hometown Grants: T-Mobile’s next round of “Hometown Grants” Opens July 1 for Small Towns with Fewer than 50,000

The T-Mobile Hometown Grants program will help fund projects to build, rebuild, or refresh community spaces that help foster local connections in your town.

For example, this might include the town square pavilion, a historic building, an outdoor park, a ball field, or a library – every town has places where friends and neighbors connect. More info here.

Small Business Tip: Writing Off the Cost of Driving

In a Small Business Insider blog post, small business expert and tax guru Barbara Weltman provides an overview of tax rules for business driving. She writes:

“Gas prices at the pump have nearly doubled in one year, causing severe strain on business budgets. This is especially so for businesses that are based on driving, such as delivery services, or that feature deliveries as part of their offerings. Businesses can ameliorate this strain somewhat by being able to deduct the cost of business driving. But the tax rules for doing this are complicated and businesses must make decisions to optimize their write-offs. The following is an overview of the tax rules and is not meant to be a complete treatment of them.”

Read more on deducting business vehicle costs, the standard mileage deduction, reimbursing employees and substantiation here.

ICYMI: IRS Increases Mileage Rate for Remainder of 2022

For the final 6 months of 2022, the standard mileage rate for business travel will be 62.5 cents per mile, up 4 cents from the rate effective at the start of the year.

The new rate for deductible medical or moving expenses (available for active-duty members of the military) will be 22 cents for the remainder of 2022, up 4 cents from the rate effective at the start of 2022. These new rates become effective July 1, 2022. The IRS provided legal guidance on the new rates in Announcement 2022-13,” issued on June 9.

Brand Archetypes and How They Can Help Your Business: The Definitive Guide

One of our favorite resource sites – Crowdspring – digs into the 12 brand archetypes and how you can use them to build your business brand. As they note in the piece:

There’s a high probability that a brand archetype subconsciously influenced your latest buying decisions.

Brand archetypes influence nearly all consumers. According to Gerald Zaltman, a Harvard Business School professor, 95% of people’s purchasing decisions occur in the subconscious mind.

Your business can take advantage of this phenomenon. Brand archetypes are one of the most potent ways your brand can tap into your consumers’ subconscious minds.

Read more here.

Should You Negotiate Ownership Options in A Startup?

Martin Zwilling, CEO and Founder of Startup Professionals, offers “rule of thumb” and common-sense advice about stock options. He writes:

Any offers of equity compensation before the first round of institutional capital should be considered purely speculative. You should also assume that your percentage will go down through dilution as the company raises additional rounds, and offer sizes will go down as the company grows.

Your compensation is the total package of stock plus salary plus benefits. At best, you should view stock as “deferred compensation” or a “bonus,” which has no value today, and a risk for the future that is much higher than mutual funds, or a conventional balanced public stock portfolio. Yet it has been a source of great wealth to a tiny percentage of people.

Read his blog post here.

Karen Kerrigan is president & CEO of the Small Business & Entrepreneurship Council.

 

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