The Quick and Easy Guide to Creating an Online Presence for Your Business

Business Online Presence

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In the pre-Internet days, advertising for small businesses was too costly an endeavor. Most relied on word-of-mouth as a means of getting noticed by potential customers. Of course, there were the occasional flyers and catalogue displays as well. However, now in an age that is dominated by various forms of online media, creating an online buzz for your business is not only simpler than ever but also requires minimum financial investment.

So how do you create an online presence for your business?

Remember, creating an online presence is more of an integrated communications and marketing campaign rather than a one-off endeavor. This means that whenever you do decide to create an online presence for your company, you’ll need to make use of several mediums. In addition to this, information over the Internet needs to be constantly updated—to catch customers’ attention you need to engage with them, be attentive to their concerns and queries and achieve all this without being overly domineering. Most importantly, however, you need to provide them with the correct information—information that is not only accurate but is also sought after by your customers.

Creating an Online Presence: What Mediums can I use?

As mentioned previously, there are several platforms you can use online. It’s always better to use a combination of these rather than sticking to one or two alone. Here are your options:

•        Website: Although you’ll need to pay for this one, the costs of maintenance are relatively small. But the important thing to know is that your website is where your customers can get the most detailed information about your brand. Here’s where you get to show off. Boast about your achievements, your aims and your customer service. However, keep the design simple and uncluttered.

•          Facebook/Twitter: Social media usage rates are at an all-time high which makes them a feasible tool of marketing for all businesses. Such platforms must be regularly updated, both with information about your company and the replies to customer concerns. These are your primary modes of communication with your customers and make for an excellent feedback channel.

•      YouTube: Creating a YouTube account is often one of the most underrated aspects of online businesses. Agreed, it’s not as effective a communication tool as compared to social media, it does provide a great platform for you to get creative with respect to visual aspects of your marketing program. Not only does visual impact last longer, but rarely do customers complain while watching a well-made YouTube video.

•          Email: This one’s pretty straightforward. Use social media, website forms or face-to-face contact with customers to obtain their email addresses and market your business directly via emails delivered straight to the customer’s inbox. Remember not to spam though!

•           Google Ads: Google Ads are another cheap way of creating an online buzz. Since Google uses a targeted strategy for displaying ads, you might want to purchase a slot or two. This may help you find the right customer more easily than you think.

So there you are…online marketing simplified! With a few simple tools (and regular updates), you can now be well on your way towards business success.

Avoid the Headaches of Business Taxes

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Earning a great salary from a business you created is the dream that many of us have.  True, this career path can make money, but it’s not headache free.  Many who choose to start their own business are quick to fall into one of the many easy traps that having a small business can present.

Probably the most indiscreet trap is business taxes; a part of running your business that many prefer not to acknowledge.  Although filing taxes may seem like a daunting process, a little forethought and organization will quickly lead you past this nuisance of administration.

• Stay organized!

Make sure you have your accounts in order, and keep your receipts.  There is hardware and software available for scanning and keeping your receipts organized, so you will never have to deal with a box full of paper again!  Make sure that you keep the proper receipts.  Expenses can only be claimed if they are somehow related to you earning income from them, so not everything is a business expense!

• Go pro or DIY?

Depending on the amount of extra time you have, and how much you actually know about the taxation system, you could possibly save the money for an accountant and file your business taxes by yourself.  There is software and websites available for people like yourself, which are easy to use and give you the maximum amount of return possible.

• Be proactive and think ahead:

Since you have transitioned from a salary job to one where you are your own boss, you might have carried over some of your old habits (good and bad).  While previously your taxes were deducted from your paycheck, now you are directly responsible for making sure you have enough money put away to pay your taxes.  This could be a big problem, especially for smaller businesses.  The way to deal with this situation is discipline.  Treat every source of income from your business like it is a paycheck; take away a percentage equal to the tax payable from the amount and put it aside.  This way, you will already have the funds necessary to pay your taxes when the time comes.

• Avoid audits!

Don't do anything drastic or out of hand, and don't be greedy.  It will only come back to haunt you.  Business taxes are a prime candidate for audits.  If you are claiming business expenses, make sure you can prove that they were necessary to run your business.

Keep good books and have accurate statements showing how each penny was earned and where it was spent.

File your taxes on time, and don't wait until the week prior to start organizing your documents for submission.  Organize your documents early and often!

Business taxes might be a headache to solve, but with a little organization and by reducing the procrastination, you can easily get your taxes filed and finished without having to think about them ever again...that is, until next year!

The Importance Of Business Accounting For Your Business

Business Accounting

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Business accounting is a key function of a business that involves keeping track of various transactions being conducted on a daily basis. With efficient accounting, small businesses are able to gauge the net worth of the business and the profit realized on an annual or semi-annual basis. Small businesses usually tend to ignore bookkeeping practices and this ultimately impacts the ability of the entrepreneurs to accurately analyze the financial performance of the business and expand it across geographical boundaries.

Bookkeeping

At the core, accounting is bookkeeping where every transaction must be entered into the relevant journals and ledgers. Every transaction conducted by the company would result in dual impact on the system as a debit and a credit entry will be made. You can either opt for cash based accounting or accrual accounting whereby in the former, you will be required to report transactions based on inflow and outflow of cash and in the latter you will be required to report transactions based on the inflow and outflow of goods and services. Business accounting would also involve bank reconciliations whereby bank statements received are compared to the bank account maintained in the general journal.

Software for bookkeeping is easily available where entries are documented and updated automatically into the relevant ledgers accounts. The software will also allow the company to extract its balance, profit and loss, account and balance sheet at the year end to highlight any discrepancies.

Payroll System

Business accounting could also entail managing a payroll system as one of the greatest costs incurred by small businesses is that of human resources. The payroll system usually involves a list of employees whereby specifying the wage rate per hour or per piece will produce the wages of the employees. Salaried employees are also managed by the payroll system whereas tax deductions made by the employer are also accounted for.

Taxation

Every business incurs a tax liability based on profits realized and this needs to be paid on an annual basis. The tax is computed on the basis of taxable profit that is different from accounting profit due to different assumptions placed by taxation authorities and accountants. Furthermore, quarterly taxes are also required to be submitted to relevant authorities and these include sales and payroll tax returns.

Hiring an Accountant

Keeping track of accounts requires specialized skills and an entrepreneur might not have the necessary skills for maintaining accounts or might not find the time to keep record of every transaction conducted. Small businesses usually feel that hiring an accountant does not add value to the business and rather creates an extra cost to the business. However, hiring an accountant would allow the sole proprietor or partnership to maintain efficient business accounting and effectively reduce the chances of errors. Small businesses can hire accountants on a part time basis and therefore reduce the cost of an accountant while also ensuring proper bookkeeping.

How To Get Funding For A Small Business

Business Funding

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Small business funding is necessary because you will certainly need a sufficient amount of capital. Making sure your business has enough capital is a major responsibility. Financing is always a logical and important aspect in every business endeavor, be it great or small. Also expect the need for further funding even if your startup is already operational.

Don’t worry because small business funding is not impossible or difficult these days. If you need capital to startup your venture, here are five simple and popular ways to obtain the funding your new venture will need.

Personal Savings

Tap into your personal savings. If you have enough money in your bank account, you may use it to invest in your own business. You should not use your entire savings. This may be all the funding you need if you have a huge account. This is the best way to fund a small business because cash will be available instantly and you don’t need to incur fees and interest payments. However, you must make wise business choices to limit your risk because your own money is at stake.

Bank Financing

Seek bank financing. If you don’t have much in your savings, you should obtain loans from lenders. Fortunately, there are now many loan options that can suit your business purposes. Moreover, intense competition among loan providers gives way to better loan products, more choices, and lower interest rates and charges. But be sure to meet the strict requirements to obtain approval. You may use a property as a collateral or security to obtain better options.

Non-traditional Loans

Check out non-traditional loans from lenders. If you find banks very stringent in approving small business loans, try non-traditional lenders. Some examples may include financial institutions, credit unions, private financial businesses, and loan specialists. Non-traditional loans may come with lower interest rates, reduced transaction costs, instant approval, and better terms. If you an existing business and have been in business for 6+ months and generate $5K+ per month, a business cash advance loan could be a good option to gain working capital for your business.  Scout the current lending market and find many other options aside from those offered and provided by banks, which usually come with higher rates and bigger fees.

Investors

Seek possible investors for your small business. If your venture is promising enough, it can easily entice interest from any investor. Many businessmen and capitalists are seeking for potential investment opportunities. Your small business may be part of the selection especially if it has a reasonable capitalization requirement and very promising products/services. Closing an investment deal with a potential investor will surely be easier and faster than a banker.

Family and Friends

Ask for financial support from family or friends. They will probably be your biggest supporters as you get your business off the ground. Just show them how enthusiastic you are about this opportunity.  If your family or friends are well-off, you may ask them to invest in your venture and provide small business funding. You may borrow money from them at no interest costs. Make sure to immediately return the amount within the time frame you set. It will also be ideal if you offer to pay them interest for the amount you borrowed, even if they decline.   Remember, you don’t want to lose a relationship over money.  Be professional and pay them back in a timely manner and everyone involved will be happy.

Those are just some options for small business funding.  If you put your mind to it, I’m sure you can think of many others.  Good luck in your journey for small business funding and a successful business.

The Types Of Financing For Small Business

Small Business Finance

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Starting a small business could be difficult but rewarding. As a new venture, it could experience ‘birth pains.’ The owners of small businesses are often challenged by the scarcity of resources, especially in the financial aspect. If business financing was easier, most of us would surely have established and maintained our own sets of small businesses. But because capitalising and funding such ventures is difficult, only those with guts and resourcefulness go on.

Not surprisingly, there are many small business finance options that are available in the market to cater to small businesses, including those available from here. Common small business finance products could be categorized into three areas. Here is a brief rundown of those categories. Which funding would you consider and choose for your own small business?

Debt financing

Most small businesses prefer debt financing as a source of funding. The amount is sourced out from various lenders, non-traditional loan providers, or financial institutions. This is obviously the most viable option. Lenders could easily approve and provide loans if all the requirements are met. The loan is usually approved after the loan provider has looked at the business’ cash flow, asset liquidity, and collateral.

Most of the time, a lender also requires submission of a business plan. The financial statement is another usual requirement. The loan provider has to make sure the financial condition is healthy to avoid possible risks. What is most liked about debt financing is that small businesses do not have to ask for favors from anyone. The control of the business is also left to the owner.

Equity financing

For small businesses that experience difficulty in obtaining debt financing, equity financing is an equally viable option. It helps that there are numerous institutional and private investors that are out in the market. Such investors would readily provide money as a form of investment. That means they would ask for an equity or part of ownership in the small business.

Equity financing could come from a business owner’s family or friends. There are also private investors with high net worth who are known more popularly as angel investors. Venture capitalists are also abounding in the market and are looking for many opportunities to invest in small businesses. The setback is that full control and ownership is not left to the hands of the business owner alone.

Special grants

The government could be offering special grants to small businesses within its area of jurisdiction. This could be part of the commitment to help strengthen the overall local economy. In many cases, small businesses in specific industries (like technology) are given special grants if they apply for one.

Grants are generally aimed at helping fuel innovative and productive fires of small businesses. However, such small business finance opportunities are often overlooked. Yes, at times, it may be hard to look for and obtain such grants but all the efforts could be worth it. Another setback is that governments may impose stricter standards and requirements when issuing and awarding grants.