Posted on June 14, 2019
Banking is an integral part of every business. With a bank account, you can manage the important phases of your business such as payroll, transactions, accounting and tax income reporting. Therefore one of the very first things you should do if you own a small business, is to have a business banking account.
Benefits of Online Business Banking
Today, things are made a lot easier by small business online banking. Most banks now offer some type of online banking service to their clients, including small business owners. The benefits of maintaining an online bank account are numerous. To cite a few:
You can view your statements online without having to wait for them to arrive by mail each month
You can review account activity (deposits and withdrawals) for up to a certain period (depends on the bank)
It’s much easier to keep track of payments, client transactions, employees’ salaries, etc.
Transfer funds from one account to another
Lower transaction fees compared with traditional banking methods
Type of Banking Account
It would be a mistake to think that a personal bank account would do for this. On the contrary, you should have a separate bank account for your business from the start. Yes, even if your business is just a small one. In the long run, the costs of maintaining two accounts will prove to be a wise investment. Check out all the benefits:
- Lesser costs. Business accounts are entitled to expense deductions; personal ones are not.
- Clean record history. You don’t need to wade through a myriad of personal withdrawals and deposits to find your merchant transactions. When you look at your account history, you know everything in it is business-related. If they were to get mixed in the same account, you could easily miss something.
- Client confidence. If you use your business name for your transactions instead of your own name, it looks more professional. People have the feeling they are dealing with a “real” company with an office in a skyscraper building. An individual’s name, on the other hand, sounds amateurish.
- Easy declaration. The government wants to see clear and clean records when it is time for you to make tax declarations. If your account is messy, your dealings with the authorities will be more difficult. This is an unnecessary distraction for you, your accountant and your business.
- Electronic payment. When you have an online bank account, it’s easy to carry out transactions over the Web. You can accept or send payments directly with your account, or through PayPal, credit card, etc.
Today, technology has made things a lot easier for a lot of entrepreneurs. You can conduct your business from within your home. You have access to instant information that would’ve taken a professional accountant to do before. But that is if you can keep up with the ways of modern life. Don’t get left behind. Open a small business online banking account now and reap the rewards.
Posted on June 13, 2019
Starting your own small business online may seem like an overwhelming task but if you follow what many of the successful entrepreneurs have already done, you too will be your own boss and be able to say adios to your daytime job.
There are 5 things you must follow to be successful:
1) You must have the right mindset. This means staying focused on your goal. “I want to be a successful online business owner.” ” I am determined to be a success” “I will do what it takes to be a successful entrepreneur” “I know success comes with time and the right skills that I am willing to apply.”
2) You must find the right people, courses or books to provide you with the skills to run your online business. Now, this make take a bit of time until you find the right pathway that you feel genuinely comfortable with. That’s OK. You may have to kiss a hundred toads before you find your prince right? It’s OK. Do not rush through this process because it will only cost you in the end. You will come across many people who are just after your money and do not care whether you make it to your own personal success or not. It is rare but there are people on the internet just as you may meet in person, that really want to help you. Of course, they may want you to sign up for their membership or sell you something or maybe give you something for free, but you will know when they provide true value to you. It is important however, to have someone that kind of holds your hand through each process.
3) Apply yourself. Now that you have found the right mentor or course, you have to apply yourself and be accountable. Set one or two goals a day and do them! If it is watch a video on keywords then watch the video and then apply what you learned. If the only thing that comes of it is that you did that then reward yourself. Don’t think ” I am still not online making money!” otherwise think ” I learned a new skill today that will bring me closer to starting my online small business” You are most likely not going to develop your small business online in one to two days. It is a process.
4) Build customer list and drive traffic: You have learned and applied several of your skills at this point and now it is all about building your list and driving traffic to your website. This is where the hard work really comes in. You are now either writing and submitting articles for organic SEO (Search Engine Optimazation) traffic or you are doing pay per click to drive traffic or several other of techniques that you have learned thus far. It is so very important to realize that you may feel information overload “again” at this point in your skill development because traffic generation is a whole business of its own with so many options. While we all would love to do it “all”, it just isn’t realistic. What you need to do is pick one or two traffic skills that you like or come naturally to you and start with that. Remember that visitors may not come until 3-6 months down the road. It takes awhile for you to sometimes be approved for articles or for SEO to pick your site up on page one. Relax. While you continue to move forward, it all will come together. My first sign up was a good two months after I submitted my first article.
5) Nurture your relationship with your customer and keep providing new information. At this point your customer most likely trusts you a great deal. You may on occasion, provide a few affiliate products (ones that you believe are exceptional and will help your customers). You want to keep providing fresh information so your customers stay with you. The competition is fierce and it is easy for customers to click on to another internet marketer website that they feel can provide them more value.