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Pricing is a delicate subject. If you set your pricing too low, your margins will suffer, and the business won’t flourish. Conversely, customers might choose to look for more affordable options if they’re too high. How you set your pricing can ultimately, influence every part of your business. But sometimes it’s necessary to increase your […]
How to Raise Prices Without Losing Customers Read More »
A Uniform Commercial Code filing, also known as a UCC filing, is a document that lenders use to establish their legal right to assets that a borrower uses to secure a loan. This notice allows the lender to seize the borrower’s collateral in the case of default. UCC filings can cover a specific piece of…
What Is a UCC Filing? Read More »
How’s business? For small business owners, it’s not always easy to know. Sales may be up and you may have recently expanded. You weathered the pandemic but now you have loans to pay off. You’ve invested your hard-earned dollars in the business, but after accounting for loans and expenses, it’s hard to say how much
How to Create a Balance Sheet for Your Small Business Read More »
Most small business owners face incredible competition. Everyone is competing for a share of the market, and once they have it, they compete to expand that share. Yes, friends, it’s no secret that the world of business can be cutthroat. It’s not for the faint of heart. To succeed, you must have a competitive drive
Why Should Small Businesses Avoid Price Wars with Competitors? Read More »
Getting new customers is a top concern for most small-business owners — and the solution may be in the palm of their hands. Social media is one of the main ways customers find small businesses, but only a fraction of business owners are actively invested in growing their social media presence. A new NerdWallet study…
The Do’s and Don’ts of Using Facebook to Drive Business Sales Read More »
One of the most rewarding (and sometimes, frustrating) aspects of business ownership is people. Assembling a team of people with very different personalities and skill sets is challenging. Adding to that challenge is the fact that your team must also be able to get along with one another and be aligned with your corporate culture
How to Keep Good Employees Happy – 5 Retention Ideas Read More »
Selling your business is one of the biggest decisions you’ll ever make. It determines the futures of you, your family, your team, and their families. Beyond merely considering the financial side of things, you must also think about how a business sale will affect you emotionally. You’ll need to ask yourself questions like, “What will
When Is the Best Time to Sell My Business? Read More »
One of the most challenging aspects of business ownership is people. Each one has different skills, needs, and personalities. As a business owner, it’s your job to put them in the places that make the best use of their abilities and fulfill their needs while mixing personalities that may, or may not, be the best
Not a Good Fit… What to Do When You Hired the Wrong Person Read More »
Merchant cash advance companies provide you with an upfront sum of capital that you repay using a percentage of your debit and credit card sales, plus fees — otherwise known as a merchant cash advance, or MCA. Generally, you’ll want to consider all other types of small-business loans before turning to an MCA because this…
5 Best Merchant Cash Advance Companies for 2022 Read More »
Business owners must be adaptable and creative to keep up with consumer trends, changes in business, and the demands of the economy. Sometimes, that means discontinuing a product, service, or market offering. But it may not always be easy to decide when to cut a product offering. Today, we’ll measure things like consumer demand, cost
When Should You Phase Out a Product or Service? Read More »
Gas inflation has broken records at a dizzying pace: In June 2022, the national average gas price hit a high of more than $5 per gallon, according to data from the U.S. Energy Information Administration. Simultaneously, the Consumer Price Index, which measures how the cost of consumer goods and services changes over time, saw its…
5 Ways Small Businesses Can Offset High Gas Prices Read More »
Key person life insurance works a lot like a typical life insurance policy. But some of the biggest differences may affect whether it’s the right choice for you. The post What Is Key Person Life Insurance and How Can It Protect Your Business? appeared first on Money Crashers. https://www.moneycrashers.com/what-is-key-person-life-insurance/ #financialfreedom #money #entrepreneur #business #finance #investing
What Is Key Person Life Insurance and How Can It Protect Your Business? Read More »
Even though we’re only at the tail end of summer, retailers have already spent months gearing up for the holiday shopping season. And due to a tornado of factors — including inflation, supply-chain woes and consumer spending habits that changed during COVID-19 lockdowns — retailers are looking ahead to a shopping season that promises to…
4 Things Retailers Can Do to Prepare for Holiday Shoppers Read More »
Business grants may seem like the holy grail for small-business owners, since they offer cash you don’t have to pay back. But finding one can feel as futile as searching for lost treasure. “Everybody wants to know: How do I get free money for my business?” says Jenn Steinfeld, director of entrepreneurship and economic development…
Business Grants Are ‘Just Not That Easy’: 5 Tips to Help Read More »
When starting a small business, one of the most important decisions you’ll make is how to structure your business entity. Small business owners commonly choose to structure their companies as LLCs or corporations. In a survey by the National Small Business Association, 42% of businesses were S-corporations, and 23% of businesses were limited liability companies (LLCs)….
LLC vs. Corporation: Key Differences and How to Choose Read More »
Most small business owners have an employer identification number and a Social Security number. This allows the IRS to identify and account for their business entities. Obtaining these numbers also ensures individuals remain in compliance with tax laws. However some people may have an individual taxpayer identification number instead. Which numbers you have largely comes…
EIN vs. ITIN vs. SSN: What Business Owners Need to Know Read More »
To form an LLC, you have to follow specific requirements based on your business’s location. This guide explains how to create an LLC in New York. What are the benefits of an LLC in NY? When you’re starting a business, one important decision is choosing an entity structure. You may decide to form an LLC,…
How to Form a Limited Liability Company (LLC) in New York Read More »
U.S. consumers use credit cards for more than a quarter of all payments, according to the Federal Reserve Bank of San Francisco. So if swiping, dipping or tapping a card isn’t an option your business offers, you could be missing out on a significant chunk of sales revenue. While using credit cards for purchases is…
How Credit Card Processing Works for Small Businesses Read More »
When you see one of Ramon Smothers’ custom-made suits, there’s no mistaking it for an off-the-rack design. As the owner of Legacy Lapels, he’s made a business out of making people look good. Based in Houston, the company lets customers design suits for a fraction of the cost of traditional bespoke tailoring, and the inspiration…
Business Inspiration: Selling Direct-to-Consumer Custom Fashion Read More »
With credit card processing fees typically ranging from 1.5% to 3.5% of the amount of each sales transaction, the cost of online credit card processing is important when selecting a provider. The processing fees you pay will depend on the pricing structure your processor uses — flat-rate pricing, interchange-plus pricing or something else. In addition…
6 Best Online Credit Card Processors of 2022 Read More »