Ah, the sound of success.  The barter took place, the exchange was triumphant, and your business was able to save crucial funds through a bartered-for exchange.  And you suddenly find yourself recommending bartering to everyone you meet, small business owners and civilians alike. 

Amid the clinking glasses and celebratory toasts...just don't forget about Uncle Sam.  Even though many barter exchanges do not involve cash, the Internal Revenue Service (IRS) still requires an accounting of the exchange.

Here are a few important tax considerations regarding bartering according to the IRS:

In an earlier post we provided a broad overview of the concept of bartering for small business and considerations a small business can keep in mind as they move towards a barter agreement.  Once your company has decided on what to barter, it will have a choice of how to find a barter partner.

A common way is through word of mouth.  If your business is involved in any lead-generating organizations or affiliated with the local Chamber of Commerce, you may have opportunity to meet a number of other sole proprietors in different sectors.  Setting up barter agreements with them can prove to be effective since you know they are local and involved in some of the same organizations, which lends a little credibility and reliability to any potential agreement.

If in-person searches have come up dry, you can also look into the option of a barter exchange.

According to the IRS, a barter exchange is a person or organization with members or clients that contract with each other (or with the barter exchange) to jointly trade or barter property or services.   A barter exchange allows companies to have more access to goods and services through an organized format.

Regardless of whether you are in the early stages of your sole proprietorship or are a seasoned entrepreneur, you may have considered non-monetary ways to exchange goods and services.  And you aren't the only one.  Numerous small businesses opt to utilize bartering to save money and make use of overstock.

Bartering involves exchanging a set of goods and services for another set of goods of services.  And note, there is usually no exchange of money in a barter relationship.  Before you start humming the barter melody, you'll have to give some thought as to what you want to barter. 

What to barter?

Between starting a business from scratch and adopting a proven model, you may choose to go with the latter and buy a franchise.  Once you have settled on this mode of entrepreneurship, you will begin the process of researching franchise options to find the right fit for you. 

One key law that you will come across is the Federal Trade Commission (FTC)'s "Franchise Rule".  It was promulgated in 1978 and amended in 2007.  The Franchise Rule requires franchise and business opportunity sellers to provide to prospective purchasers with a Franchise Disclosure Document (FDD).

Here are 5 quick facts about FDD's:

As you read this post, there is a small business in its final stages of closing shop.  And there's an entrepreneurial-hopeful ready to take the plunge.  The legal and financial models of small enterprise in America make small businesses more fluid and adaptable than their large-scale counterparts.  In that vein, we revisit some basic topics in small biz that can be useful to entrepreneurs, in whichever stage of the small business life cycle they find themselves in.

If you are standing at the start line, raring to go... you may have heard of the concept of a small business Employer Identification Number or EIN.  Here are three basic things you should know about Employer Identification Numbers and resources to help you learn more and even apply for one yourself.

You have a business idea and a plan.  But before you begin forming your team and securing financing, you wonder... where does this business have the best chance of succeeding?

Well, the results are in.  And a city in the heart of the panhandle state gets top prize.  Fortune Small Business released its ranking of top 50 metropolitan cities to start a small business and Oklahoma City leads the pack.  Factors such as per capita income, hourly wages, workforce quality, taxes, and foreclosures were evaluated.

Here is a sneak peek at the top 10 big cities for small business as reviewed by Fortune Small Business:

With the popularity of terms like social entrepreneurship, social innovation, and non-profit entrepreneurship it is clear that the non-profit sector identifies itself squarely in the realm of business enterprise.  And it's a good baseline to start from because the law views non-profit organizations as businesses too.  And whether a business is powered by revenue or social change, it must complete the needful to hold itself out as a legal entity.  Here are 5 steps to start a 501(c)(3) non-profit organization.

Perhaps a rose by any other name would smell as sweet, but you don't want to take any chances with your new small business.  Your business name will often be the first thing potential clients know about your business.  It may be what appears in online searches or what they find in the local Yellow Pages.  Whether humorous, serious, descriptive, or abstract, naming a business is often one of the initial stumbling blocks that an entrepreneur must cross.

As you begin brainstorming names for your new venture, keep in mind these considerations.

Insurance is an important consideration for any small business.  It takes just a quick look at headlines to begin to envision the likely and unlikely circumstances that could put your enterprise in a tenuous financial position.  Wild fires, robbery, earthquakes, freak accidents, flooding, and lawsuits could threaten the daily functioning of your business as well as tie up your resources and time in jumping through legal hoops. 

Getting small business insurance is a first step.  But just signing the dotted line isn't enough.  Small businesses must be informed and aware in choosing the appropriate amount of coverage for their needs.  Filing for bankruptcy can become a tough reality for the uninsured business facing unexpected circumstances, but it can also be the ultimate fate for the underinsured business that is not able to bridge the gap between insurance payouts and out-of-pocket expenses.

Here are some tips to ensure that your business has the right amount of insurance: