Most small business owners only have one frame of thought when it comes to running their business and money. Its simple make money off what they are selling. Today, I want to discuss 10 financial moves you should be making a small business owner to make sure your companies future is bright.
As of recently, more and more Indie Go Go, Kickstarter, Kiva and Go Fund Me campaigns have been popping up for people wanting to fund their ideas. Crowdsourcing is something we have discussed before and how there is good and bad it just depends on the person who is doing it. Right now my friend Lauren of Stretch Recipes is trying to raise $25,000 for technology for her company through campaigns. A really great company needing help, with limited resources.
Knowledge is power and having complete control over your finances is a huge form of power. Millions of Americans are living in debt. People are smiling through the pain of $350,000 of debt while trying to keep up with the Joneses. That can be extremely scary when you think about it. I have opened up to my readers several times regarding my student loan debt. I would rather be honest than lie to you all.
For some reason when people start out in business they shell out mounds of cash without realizing. As business owners we must be smart about how we spend our money, but more importantly, we have to learn how to save and grow our finances. In one of my previous articles, 3 Every Day Money Management Tools, I discussed how using certain software and websites have helped me take control of my personal finances. There is a plethora of ways to save money in business that can help you advance your business plus create emergency fund for it.
Google does it all let’s be honest, what doesn’t Google do? We use it as a verb and yet it is a company. Google as an entity is a powerful company that has changed our world. To think, they aren’t even 20 years old! They are still a teenager in terms of years. Google has launched many ventures in the business world, some have skyrocketed and changed our world and some have failed miserably and have been kicked to the curb.
Google and dealing with consumer’s money has been questionable, you don’t know if they are coming or staying. Let’s break it down even further.
If you randomly walk up to anyone who might fall in the age demographic of 18-34, ask them about PayPal, chances are they know what it is and have a registered account. Most business owners we encounter simply have the PayPal option for their customers and only know this option to be their preference.
Last week, we started the conversation on payment gateways for your business. We learned there are more than three options for you to use and the basic knowledge of how it works for your business. Today, we are going to focus on the direct payment options that most small businesses do not even realize are out there.
To be honest, I knew I could have a pay direct option on my site, but didn’t know how to incorporate that. We all shop online and let’s be honest, big companies didn’t start integrating Paypal as an option for customers until 2010. That begs to question, what were the big companies using prior to this date? They were using direct pay.
When I launched my first online venture I only knew of three types of payment gateways: PayPal, Amazon and Google Checkout. If you can relate, know that you are not alone when it comes to knowing which one is best for your business. There are over sixty payment gateway options and they all have their pros and cons. Yes, there are in fact many more than the three you constantly read about and new ones are coming to market daily.
Being completely knowledgeable when it comes to your companies’ cash flow, revenue, and profit is extremely important. We want to give you valuable information on the gateways that go right along with those things.
We are going to break down the most popular payment gateways for your website and mobile payments too! Knowledge is power and by the end of reading this series you will walk away knowing more about how your customers pay you!
Last week we started the conversation on financing your dream business by using the bootstrap method. We are huge fans of financing your business this way but we also realize that this is not the route every business owner wants to go. As in our first article on the subject matter of finance, we are going to outline all the options you have.
Next on the list is writing your way to financing your dreams by business or elevator competition. This route reminds us of when we were in high school vying for the prestigious scholarships for college. Yes you can write your way into garnering funds for your small business.
Nice Girls Don’t Get Rich has been on my bookshelf for several years. Then, around May the get-your-finances-in-order-bug hit me. This book is a great read, but it is slightly outdated. In college, I used to be a big fan of Suze Orman and her show. Then she started selling prepaid debit cards that are not good. Finance has interested me in the past, but I have not made it my sole priority… and I have finally decided to get my act together.