I’m a HUGE college basketball fan. March is my Christmas. I LOVE March madness. I usually don’t make brackets because of the unpredictability that is college basketball. My favorite team is Duke. I love how intense their coach is. I love that he DEMANDS the best from his players. I love that people have such strong opinions about him. I also love that I was able to get a blog post done because of Coach K and Duke today.
If you are running a small business you for sure know that “small” doesn’t mean that it is easy to run. On the contrary, it means that in the beginning you should do almost everything on your own or with very little help.
In this article we will try to analyze what you need to start running your own business and how to avoid common mistakes.
If you get in a wreck, it can wreak havoc with your schedule. You should seek a car repair company that specializes in collision repair. You don’t want someone that only has expertise in general car repair. If you live in or near Missouri City and drive a Nissan, you should seek someone that specializes in Nissan collision repair Missouri City. Just don’t stress out about this wreck. If you got injured, please take it easy and take care of yourself. Do whatever your doctor is telling you to do so you can recover quickly. Nissan collision Missouri City can help you get your car back on the road.
PayPal vs. Processing Credit Cards for New Online Businesses
New businesses are not only challenged with the question of how to make money, they also need to figure out the best way to process the transactions. I hope that this post will help you to make a good decision as to the best way for your small business to process transactions.
How Credit Card Processing Works
There are three separate expenses incurred by businesses who accept credit card payments, they are:
The cost of machinery- A simple hand-held credit card processing machine is likely to cost $50 per month to rent. The more advanced pieces of machinery obviously cost more.
The monthly rate paid per credit card company- Upon processing any transaction of a credit card company (such as Visa) that company charges the business a flat monthly rate. That flat rate could be about $10-$20. If you consider processing a few different types of credit cards, those flat monthly rates can get expensive. . The business only pays for months that they process a transaction through that credit card company. As a result, there are small businesses that refuse to take certain types of cards, not because they don’t have the ability to process them, but rather because it is just not worth it to pay the flat monthly fee.
The rate charged by credit card companies per transaction- Credit card companies usually take a percentage out of each purchase as a processing fee, much like PayPal does. The rates that PayPal, and other similarly low fuss money processing services, charge per percent of the transaction are higher than what the credit companies charge if you work with them directly. The reason that working with credit card companies rather than PayPal can be more expensive is due to the two previously listed reasons. Therefore, using services like PayPal or Google Checkout is cheaper for businesses that are just getting started out, and don’t have much income yet. This will be explained further in the next paragraph.
I’m a member of a lot of business related Facebook groups. That’s a good way to connect with people that are interested in what you are interested in. One of the groups I am involved in, Atlanta Women Entrepreneurs is extremely active with people asking lots of business related questions. I have to sometimes pull myself away from the group’s page or I’ll spend all day on there helping out with this or that question related to small business. One question made me want to write a blog post so I didn’t crowd the group or take over the conversation. So here’s the question that started it all (I will also link to the person that asked the question as well as the person that answered the question):
I know accounting is not the most exciting topic in the world. However, it is important to have some type of accounting system to track your money when you run a small business. Here are some free accounting software programs that I have found from across the web.
This is a desktop based program.
https://www.matrixboss.com/ – This is web based. It’s free if you have 0-200 customers. If you have more than 200 customers there is a fee.
http://www.gnucash.org/ – Open Source Desktop Based Software
http://dynacom-accounting-startup-edition.smartcode.com/info.html Desktop Based Accounting Software
After completing a business makeover with her own business, Kim Beasley decided to provide the same type of service to others. The specialties that Kim brings to the table are:
* Bachelor in Human Resource Management with emphasis in Organizational Development
* MBA in eBusiness with emphasis in Technical Project Management
* 10+ years of experience in Corporate America
* 5+ years as an entrepreneur
* Involvement with online businesses for since the mid 90s
Kim is the owner of several businesses but this is the one I picked to highlight for her insights and ideas to help you start and grow your small business.
Here’s another guest blog post by Mitch Mitchell. This one is about a subject I love talking about–outsourcing.
Take it away Mitch!
I’ve been a sole proprietor for more than eight years. During my first three years, I pretty much did everything for myself. Now, when you’re not making big money, there are some things that don’t make any sense for you to spend your money on. For instance, spending a lot of money on big marketing campaigns don’t make much sense because if you work for yourself it’s actually more about getting a few clients under your belt, making some money first to establish yourself, and then maybe thinking about branching out and becoming larger through big marketing campaigns.
I decided to start a definition series. Every Thursday you’ll get a different definition of a general business term. These definitions are all according to dictionary.com
Today’s term is account receivable.
–noun, plural accounts receivable.
a claim against a debtor, carried on open account, usually limited to debts due from the sale of goods and services.
Normally when I see the words Fast and Cash in the same sentence I tend to roll my eyes because usually that is a misnomer. However, since Lynn has already built the know, like and trust factor with me (a topic for another blog post), I decided to take a chance with this ebook. Surprisingly enough the advice was something that was very doable. I’m not going to give away what it is except to say this advice is really something anyone can do.