Business Guides

You probably didn’t get into selling handmade soaps so you could spend your time on accounting and bookkeeping. That’s why, if your business can afford it, hiring an accountant to take care of your finances is a great idea. However, it is still a good idea to understand the basics of accounting to avoid surprises and make solid business decisions. Thankfully, accounting and bookkeeping today are made much easier by cloud-based software, such as QuickBooks, which allows you to track expenses, sync with your bank and generate reports and financial statements in just a few clicks. Here, we’ll cover some basic terms and concepts you should know.

One question that all business owners face is how much they should pay themselves. It's especially important for small business owners during their first few years in operation.

Securing the financing you need to grow your business isn’t as simple as it sounds. Not only does it take time to establish a business credit history that stands alone from your personal credit, most traditional lenders require that a business have at minimum, a formal business plan and documented proof of steady income before they’ll extend small business loans. Because of these capital challenges, alternative financing options geared to small business owners are gaining in popularity. Here’s a look at four alternative lenders who may provide the affordable and fast access to cash that you need to maintain and grow your business.

From the outside looking in, a mom-preneur’s life is picture perfect. Some may go as far as saying it’s like being a stay at home mom with financial benefits. After all, these moms (and dads) get to have the best of both worlds, maintaining a schedule that allows them see to their child’s every need and witness every milestone as well as the good fortune of a thriving business. 

With the recent boom of social media there are so many new ways to promote your small business. One of the most popular and widely used social platforms is Instagram. Instagram is a photo-sharing social network that allows users to connect with others via pictures and videos. With Instagram’s engagement being fifteen times higher than Facebook, utilizing it for marketing could transform your small business into a booming success! Here are a few tips to create an effective small business marketing campaign utilizing Instagram!

Working from home sounds like a great idea to many people.  In addition to the flexibility it brings to your lifestyle, you’re directly rewarded for your hard work.  It may start as a hobby that has the potential to make money.  Or maybe you’ve created a product that fills a niche and you’re ready to take it to market.Starting a home business is a life-changing endeavor and it’s not for everyone.  Besides the financial risk, it takes a certain kind of person to successfully clear all the hurdles it takes to get a new business off the ground.  Discipline, street smarts, initiative, and determination are just some of the qualities that are needed.

The timing and popularity among a breadth of customers makes Halloween a prime opportunity for handmade businesses. Not only does the average person in the United States spend about $75 on Halloween, according to the National Retail Federation; Practical eCommerce reports that nearly a quarter of shoppers start their holiday shopping during the spooky season. In fact, consumers in the United States spent more than $6 billion last year, just to get in the Halloween spirit!

One of the key success in business is the ability to attract customers. While there are many ways to do this, it helps if you're offering products or services that beat the competiton. This could be through better quality, lower prices, superior design, and greater innovation. Maintaining an edge requires that you keep your original ideas from being stolen by others who might profit from them.

Setting prices for your products is both art and science. You want to be competitive, but you also want to make a profit. Science can tell you the breakeven point needed to cover all your costs, and that establishes the baseline where the then art takes over. It then becomes a matter of showing the public that you offer value for its money.

Entrepreneurs understand the value and necessity of setting goals, but I wonder how many set intentions? What’s the difference? Goal setting helps us to see the future, understand what we want, create a plan, and stay on track to get it done. Sounds wonderful, but for some, there is a downside to goal setting. It takes us out of the moment and creates an emphasis on what we don’t have. For some, the act of goal setting can lead to not only failing to achieve the goal, but a sense of being a failure.

Running out of cash is a common cause of small business failures, but it doesn’t happen all of a sudden.  It’s really a symptom of underlying problems that weren’t corrected quickly enough to put the business on a sound footing.

Running a business doesn't just take smarts, but emotional intelligence as welll. Having qualtities such as motivation, dedication, and leadership are equally as important to your businesses succes as your IQ.