Basics Every New Business Owner Must Learn | The Startup Magazine

June 26, 2023 ~ knjohn ~ Leave a comment

Starting your very own business is a fantastic way to make money and take charge of your own life. It is a huge challenge that requires exceptional patience, skill, and determination. Since many new businesses don’t survive the first few years, it is essential for you to learn some of the basic business skills if you want to succeed.

What Makes Your Business Unique?

As the saying goes, there is nothing new under the sun. But that doesn’t mean you should give up on striving for originality. While your business idea may not be entirely unique, there is a reason you believe that it fills a niche in the market. Outline precisely what you think your business does that nobody else is currently doing. This will set you up for facing competition and possibly even criticism further down the line.

Keep On Top of Your Finances

One of the main reasons that new businesses fail so often is that their finances are mismanaged. Make it a top priority to keep your finances in order and regularly re-examine them to ensure stability going forward. Keep to a strict budget and reinvest your profits in the early days to boost your chances of success.

What Do You Need to Open a Business Bank Account? | businessnewsdaily.com

December 18, 2020December 17, 2020 ~ knjohn ~ Leave a comment

Find out which documents and licenses you’ll need to bring with you when you apply for a business bank account.

To open a business bank account, you will need your articles of incorporation, employer identification number and personal identification documents.
You can set up a business checking and savings account.
A business bank account is necessary to keep your business and personal finances separate.
This article is for small business owners who are interested in opening a business bank account and want to know what they need to get started.

Business bank accounts help you manage your business finances in a professional manner and separate those funds from your personal finances. Opening a business bank account requires more effort than opening a personal account. There are documents to gather, names to be determined and licenses to get in order. Learn why you should have a business bank account and what you need to do to open one.

3 Small Business Expenses That Add up Quickly | The Startup Magazine

August 19, 2019August 18, 2019 ~ knjohn ~ Leave a comment

As a small business owner, you know that it takes money to make money—and unfortunately, sometimes it takes more money than you’d think. From paying your employees to managing your utility bill, there are a lot of small business expenses that can quickly eat away at your take-home revenue if you’re not being proactive about it.

If you’re not sure how to evaluate your small business expenses or optimize them, look no further. In this article, we’re going to call out those expenses that tend to add up quickly and give you tips to help you regain financial control of your small business.

9 Tips For Improving Your Bookkeeping in the New Year | Business News Daily

January 8, 2015 ~ knjohn ~ Leave a comment

Doing a less than stellar job keeping track of your business finances? Maybe your New Year’s resolutions should be to get your financial house in order.

To help, Greg Jones, CEO of Bookkeeping Express, a franchise bookkeeping services offers the following financial tips for business owners to financially prepare for the New Year.

Review bank statements and credit card statements

These statements should always come to the business owner or card holder unopened. Review them thoroughly before passing them to the bookkeeper or other employee, thereby preventing unauthorized checks or credit card usage. These are the biggest losses within a small business.

6 Small Business Financial Pitfalls | AllBusiness.com

October 7, 2014 ~ knjohn ~ Leave a comment

Many factors go into making a small business a success. Some factors, however, can be more challenging than others, especially when it involves financial management. Whether it’s securing equity capital, borrowing money, separating personal finances from business finances, or managing cash flow, there are a number of “potential landmines” that many small business owners are not adequately prepared to handle. Following are six financial pitfalls for small businesses to avoid and important tips to consider when dealing with business finances: