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Technology makes it possible to work and run a business from anywhere—and <a href="https://www.census.gov/newsroom/press-releases/2022/people-working-from-home.html" target="_blank" rel="noreferrer noopener">millions of U.S. workers</a> have packed up their cubicles and headed home <a href="https://www.mckinsey.com/industries/real-estate/our-insights/americans-are-embracing-flexible-work-and-they-want-more-of-it" target="_blank" rel="noreferrer noopener">to do just that</a>. Although they bade a not-so-fond farewell to challenges such as commuting, meetings and rigid hours, the solo situation isn’t 100% rosy: It’s easy to <a href="https://successcom.wpenginepowered.com/why-youre-always-distracted-from-the-task-at-hand/">fall into time-wasting traps</a> that deplete energy and sabotage productivity. In Buffer’s “<a href="https://buffer.com/state-of-remote-work/2022" target="_blank" rel="noreferrer noopener">2022 State Of Remote Work</a>” report, 21% of participants reported “difficulty focusing” as one of their struggles with remote work. So, what can you do to stay focused while working form home?



<h2 id="h-how-to-stay-focused-while-working-from-home">How to stay focused while working from home</h2>



We asked working-from-home experts and entrepreneurs to discuss common problems and solutions.



<h3 id="h-set-boundaries-with-friends-and-family">Set boundaries with friends and family.</h3>



<a href="https://www.linkedin.com/in/lisakanarek" target="_blank" rel="noreferrer noopener">Lisa Kanarek</a>, a Dallas-based home office guru, freelance writer and author, says many entrepreneurs who use home as their headquarters share this thorny situation: Friends and family don’t take your business seriously.



“When I started my first home-based business, [people asked me] to wait at their homes for service people,” she says. “When I pointed out that although I was home, I was still working, they took me seriously.” The takeaway: You should nicely, but firmly, <a href="https://successcom.wpenginepowered.com/setting-healthy-boundaries-3-simple-steps-to-establishing-boundaries-that-stick/">set boundaries</a>.



<h3 id="h-put-focus-time-in-your-schedule-while-you-work-from-home">Put focus time in your schedule while you work from home.</h3>



<a href="https://www.instagram.com/winkpr/?hl=en" target="_blank" rel="noreferrer noopener">Elaine LaPersonerie</a>, who has run her company, <a href="http://www.winkpr.com/" target="_blank" rel="noreferrer noopener">Wink Public Relations</a>, from her home in New York City for over 20 years, says you have to open and close shop.



“When you work from home, your brain automatically tells you that when you’re home, you should be working,” LaPersonerie says. “Give yourself a startup and shutdown time each night for the following day. Shut your computer off at the end of the day, which will prevent you from popping over and just doing ‘one more thing.’”



<a href="https://www.linkedin.com/in/debradickercohen" target="_blank" rel="noreferrer noopener">Debra M. Cohen</a>, franchise development team lead at <a href="https://www.neighborlybrands.com/" target="_blank" rel="noreferrer noopener">Neighborly®</a>, goes even further—suggesting you divide the workday into blocks of time dedicated to specific tasks to better focus while working from home. “People tend to work most efficiently when they know that they have a limited number of hours to get something done,” Cohen explains. “Breaking your day into two- to three-hour blocks of time devoted to client calls, writing, paperwork, etc. helps you work more efficiently. Determine when your most productive hours are and schedule your workday accordingly.” 



You can mark these blocks on your email calendar—Microsoft Outlook or Google Calendar, for instance—so it sends you reminders to stop and start.



<h3 id="h-sidestep-time-traps">Sidestep time traps.</h3>



A huge time-suck for home-based workers and entrepreneurs is <a href="https://successcom.wpenginepowered.com/7-ways-to-free-up-an-extra-25-hours-a-week/">checking and responding to emails</a>. More time-wasters: <a href="https://www.pewresearch.org/internet/2021/04/07/social-media-use-in-2021/" target="_blank" rel="noreferrer noopener">social media</a> and <a href="https://www.screeneducation.org/digital-distraction-and-workplace-safety.html" target="_blank" rel="noreferrer noopener">web-surfing</a>. Check that Facebook page, start following a couple of interesting threads and BOOM! 45 minutes vanish. Look up that new restaurant to make reservations for Friday night, get sidetracked reading the reviews and BOOM! 20 minutes evaporate.



How do you curb those impulses? <a href="http://www.marianamcdougall.com/" target="_blank" rel="noreferrer noopener">Mariana Abeid-McDougall</a>, owner of <a href="https://dreamsintogoalswriting.com/" target="_blank" rel="noreferrer noopener">Dreams into Goals Writing</a>, identifies <a href="http://www.marianamcdougall.com/habitica/#more-4817" target="_blank" rel="noreferrer noopener">plenty of tools</a> that can stop your dilly-dallying. If you’re distracted by web-surfing or checking Facebook, consider using free or paid tools such as <a href="https://chrome.google.com/webstore/detail/stayfocusd/laankejkbhbdhmipfmgcngdelahlfoji?hl=en" target="_blank" rel="noreferrer noopener">StayFocused</a> from Google, <a href="https://freedom.to/" target="_blank" rel="noreferrer noopener">Freedom</a> or <a href="https://antisocial.io/" target="_blank" rel="noreferrer noopener">Anti-Social</a>.



<h3 id="h-give-yourself-a-break-to-stay-focused-while-working-from-home">Give yourself a break to stay focused while working from home.</h3>



LaPersonerie believes that sometimes isolation can make you more stressed. <a href="https://successcom.wpenginepowered.com/9-protips-for-avoiding-loneliness-when-you-work-from-home/">To counteract the loneliness</a>, reach out to others for a vital break. “You must leave your desk for 30 to 60 minutes a day to refresh yourself,” LaPersonerie says. “Schedule a meeting or lunch with a friend, take the dog for a walk, run an errand—anything. Just be sure to leave the house!”



When you’re stuck and can’t spontaneously brainstorm with a cubicle mate, conventional wisdom tells us to walk away from the problem. Another alternative is to <a href="https://www.sciencedirect.com/science/article/pii/S1871187122000360" target="_blank" rel="noreferrer noopener">get your blood</a> (and/or <a href="https://www.nature.com/articles/s41598-020-68632-9" target="_blank" rel="noreferrer noopener">creative juices</a>) flowing. Try working out to an exercise tape, doing some sit-ups, taking a short walk or bike ride, or heading to the gym for a quick workout with friends or an exercise class.



Kanarek also shares these ways to escape from a rut and come back feeling more focused to work from home:



<ul><li>Pack up your laptop and head to your local coffee shop. Perhaps being around others who are working will motivate you to work, too. You don’t even have to talk with anyone. The energy <a href="https://successcom.wpenginepowered.com/the-new-normal-finding-routine-and-perspective-in-coffee-shops/">from the coffee shop</a> alone may spark a breakthrough.</li><li>Set up a Skype session to video chat with another home-based business owner. Share ideas, give opinions and motivate each other to keep moving forward.</li><li>Pick up a pad of sticky notes to record your ideas. Go to a blank wall and think of as many ideas as you can, write them on the notes and then slap them on the wall. When you review and refine them, you may well find a winner.</li><li>Create a vision board that illustrates your goals, dreams and wishes. When you get stuck, use the board as a road map to stay on track and get back to work.</li><li>Rearrange your home office. Move your desk near the window or away from it. Bring in plants or artwork to brighten the space. Add photos of your family. Your home office should be a place that inspires you.</li></ul>



This article was published in May 2013 and has been updated. Photo by Josep Suria/Shutterstock

We may be used to working remotely, but it's still easy to get distracted. Follow these tips for how to focus while working from home.

We may be used to working remotely, but it's still easy to get distracted. Follow these tips for how to focus while working from home. | SUCCESS

Stay on Track for Productivity

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How to Stay Focused While Working from Home | SUCCESS

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Rieva Lesonsky

Business &amp; Branding

Business &amp; Branding Archives

Stay ahead in business: strategies and insights for success

<div id="_idContainer110">In any major U.S. city, you can’t go more than a couple of blocks without seeing a Starbucks. The name is so ingrained in our minds that—whether you’re a fan of the coffee or not—you know exactly what that Starbucks name stands for. When you start a business, it’s crucial to choose a memorable name that communicates what your business does.You never know where a good name will come from: The founders of Starbucks chose the name of a minor character in Herman Melville’s novel Moby-Dick to emphasize their Seattle roots. Want a great name? Try these tips:• Your name should convey your expertise as well as the value and uniqueness of your product or service.• Don’t let your name limit your future. For example, putting your city’s name in your business name will complicate future expansion.• Remember, looks matter. How will your business name look in a logo, on signage and in your marketing materials?• Choose four or five possibilities and do a trademark search. Then conduct a casual focus group by asking others what connotations the name evokes.• The advisory company Big Picture Coaching says it’s important to keep your name simple. And don’t forget to create a great tagline to go with your company name.<a href="https://successcom.wpenginepowered.com/article/6-tips-to-outline-a-top-notch-business-plan" target="_self" title="6 Tips to Outline a Top-Notch Business Plan | SUCCESS.com">A business name is a crucial part of the puzzle—and so is the business plan. Check out 6 tips to outline one that’s top-notch.</a></div>

[node:summary] - How to choose a name people will remember

In any major U.S. city, you can’t go more than a couple of blocks without seeing a Starbucks. The name is so ingrained in our minds that—whether you’re a | SUCCESS

Naming Your Business? 5 Things to Think About

Naming Your Business? 5 Things to Think About | SUCCESS

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<div>
Data breaches are on the rise and in the news. Home Depot and Target are just a couple of the global companies that have had sensitive data stolen during the past several months. Hearing that huge corporations are victimized can make small-business owners feel as if securing their online business data is futile. In reality, there are many simple safeguards that businesses can—and must—take.
</div>

<div>
The biggest mistake small-business owners make? “They say, ‘That’s not going to happen to me,’ ” says Stu Sjouwerman, whose company, KnowBe4, provides online security-awareness training for small and midsize businesses. “In reality, small businesses are the preferred target for hackers because it’s like shooting fish in a barrel.” Half of small-business owners in a 2015 survey by the National Small Business Association (NSBA) have suffered a cyberattack; 19 percent of those had their business credit cards or bank accounts hacked.

Cybercrime can destroy critical data, expose customers’ personal and financial information to theft, and cost your business money; the NSBA reports that in 2014 the average small-business cyberattack cost the company more than $20,000. The increasing risk of customer lawsuits also could expose your business to huge financial headaches if a breach occurs.

“If your business has customers’ credit card, personal, financial or medical information, you must be concerned about data security,” says Andrew Bagrin, CEO of <a href="https://www.mydigitalshield.com/company/" target="_blank" title="About | MyDigitalShield.com" rel="noopener">MyDigitalShield</a>, which provides security services to small businesses. “If someone’s identity is stolen because of you, your business is responsible.” That’s a big problem for most businesses—“60 percent of small businesses that have a data breach close their doors within six months,” Bagrin says.

<h3>Cloud Control</h3>

Cloud storage, backup and apps are growing in popularity for small businesses—for good reason, Bagrin says. “Do you keep your money under the mattress or in the bank?” he asks. “Think of the cloud as the bank. The bank spends billions of dollars annually securing your money, making sure it’s always available to you. Keeping your data in the server at your office is like keeping it under the mattress.”

Of course, no method of storage or backup is 100 percent secure. When choosing a cloud service provider, do background research and ask questions, says Jocelyn Baird, content manager at <a href="https://www.nextadvisor.com/aboutus.php" target="_blank" title="About | NextAdvisor.com" rel="noopener">NextAdvisor.com</a>, which provides independent reviews and research on online services for consumers and small businesses. What should you ask a cloud provider?

1. Where is my data stored? Offshore data storage is more vulnerable because it’s less regulated, so look for storage in the United States.

2. What type of backup is done? Ensure that the company that backs up and stores your data also backs up its data.

3. Who can access my data? Employees of any company that provides cloud services to your business should be able to access only the minimum data needed to do their jobs.

4. Ask and verify that a cloud provider complies with your industry’s regulatory standards, such as HIPAA (Health Insurance Portability and Accountability Act) or PCI (Payment Card Industry).

When choosing a cloud-based backup solution, match your goals with their services, says Ian McChord, product director at <a href="https://datto.com/industries/small-business/">Datto</a>, which provides data backup, recovery and business continuity solutions. For example, some cloud service providers charge for uploading and downloading data. “Most customer expectations are that downloading their data would be free,” McChord says. “Many get a huge wake-up call when downloading their entire data set costs as much as they’ve paid to store the data.”

Also be aware that not all clouds come with the same “restore” abilities. “Make sure if you expect to get data back that minute or hour, you sign up with a service that offers that,” McChord says. “Some clouds do restores over [a period lasting] days and weeks, which can be very damaging to &nbsp;businesses.”

As long as you do your digital due diligence, cloud backup, storage and cloud-based data security tools are excellent alternatives for small businesses that lack extensive in-house information technology expertise or big hardware and software budgets. “Buying one-time technology equipment that needs regular updating is costly,” Bagrin says. “A bigger savings is to leave it to the experts who monitor the latest security issues and keep your data safe.”

<h3>Test Your Security</h3>

How secure is your business’s computer network right now? MyDigitalShield offers a 30-second online test to find out at <a href="https://www.shieldtest.com/" target="_blank" title="Free &amp; Comprehensive Security Test | ShieldTest.com" rel="noopener">ShieldTest.com</a>. If you lack the in-house knowledge to repair any weaknesses you find, it’s cost-effective to contract with an IT consultant who has expertise in digital security for small businesses in your industry.

Basics for protecting your business include installing a small-business security suite that protects your computer(s) and devices against viruses, hackers, malware and other online threats. Examples include McAfee Small Business Security, starting at $16 per license, and Symantec Protection Suite Small Business Edition, from $40 a year to $101 per license per year.

You should also use encryption, which scrambles data such as customers’ credit card numbers so they’re unreadable; even if hackers get hold of the information, it’s useless to them. Full-disk encryption tools come standard on your operating system; on Windows PCs, the feature is called BitLocker, and on Macs, it’s FileVault. Just turn on the encryption feature, and it will encrypt all of the files on your computer. To secure data while it’s in transit from device to device, update your company’s Wi-Fi network to the latest encryption standard (currently WPA2).

Also set critical software to update automatically and perform monthly security audits, looking for malware, viruses or suspicious financial transactions, payments or bank &nbsp;transfers.

<h3>Mobile Concerns</h3>

Mobile devices have added new complexity to data security. “The biggest problem with mobile devices is unencrypted data,” Sjouwerman says. Unencrypted data can be captured in transit. Using public Wi-Fi, such as at Starbucks or the airport, multiplies the risk. Any device using public Wi-Fi is essentially open to the public. If you have sensitive information, set up a virtual private network (VPN) and require your employees to use that off-site.

The BYOD (bring your own device) trend is also “fraught with risks,” Sjouwerman says. “People aren’t as security-conscious with their own phones as they are with the company’s. Issue company-provided devices and install mobile-device management software” so you can manage security remotely and shut down the device if it’s lost or &nbsp;stolen.

What about the home office? Whenever you or your <a href="https://successcom.wpenginepowered.com/article/working-remotely-heres-how-to-do-it-right" target="_blank" title="Working Remotely? Here’s How to Do It Right | SUCCESS.com" rel="noopener">employees work at home</a>, it’s vital to use a separate computer only for work, Sjouwerman says. “Don’t let the kids use it. Kids are notoriously click-happy and will give your computer a virus in 30 seconds.” As with mobile devices, use a VPN when connecting to the business’s computer network from home.

<h3>The Human Factor</h3>

People are the weak link in cybersecurity. One common way that hackers invade businesses’ data is by targeting employees with phishing emails. (Phishing means sending emails that mimic a legitimate vendor or client email and include a hyperlink in order to access sensitive information.) When an employee clicks on the link, hackers install malware on the company’s computers and then use it to gather data from the company’s network. (Sony’s highly publicized hack started with this type of email.) It takes an average of six months for this type of breach to be uncovered—and then it’s too late.

“Security awareness training [for employees] is not a luxury; it’s a must-do,” Sjouwerman says. Train regularly. “You have to create a human firewall.” (KnowBe4’s business security training, for example, costs $10 per user per year.)

Teaching employees secure password use is critical. Use password management and/or generation apps to create complex passwords and to encrypt and store them. Some business Internet security suites include password management; if yours doesn’t, use standalone apps such as <a href="https://keepersecurity.com/vault/" target="_blank" title="KeeperSecurity.com" rel="noopener">Keeper</a> ($9.99 and up per year), <a href="https://www.passpack.com/blog/2010/10/passpack-on-iphone-and-android-its-official/" target="_blank" title="Passpack.com" rel="noopener">Passpack</a> (free to $40 per year), <a href="https://lastpass.com/features" target="_blank" title="LastPass.com" rel="noopener">LastPass</a> (free to $12 per year) or <a href="https://www.roboform.com/how-it-works" target="_blank" title="RoboForm.com" rel="noopener">RoboForm</a> ($19.95 and up per year).

<h3>Cover Your Assets</h3>

What if a data breach occurs despite your best efforts? Buy cyber liability insurance, because traditional business insurance policies rarely cover data breaches. Cyber insurance can cover costs of notifying customers, providing them with credit-monitoring services, legal expenses in case of lawsuits related to the breach and more. Talk to your insurance provider or check out cyber liability policies offered by <a href="https://www.insureon.com" target="_blank" rel="noopener">Insureon</a>, Nationwide and Travelers; prices vary widely, so request a quote.

This article appears in the July 2015 issue of SUCCESS magazine.

Your online reputation affects everything you do. Find out how you can make your digital profile one to be proud of.
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[node:summary] - Cybercrime is a serious deal. Make sure you know best practices for protecting sensitive business information from hackers.

Data breaches are on the rise and in the news. Home Depot and Target are just a couple of the global companies that have had sensitive data stolen during | SUCCESS

How to Keep Prying Eyes Off Your Company’s Data

How to Keep Prying Eyes Off Your Company’s Data | SUCCESS

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Everyone has a personal pet peeve when it comes to email marketing correspondence. Maybe you hate seeing emails riddled with typos, or being bombarded by too many messages from the same company.If you don&rsquo;t like such junk filling up your inbox, you can bet that your customers don&rsquo;t want it from you either. That&rsquo;s why you should be doing everything you can to keep your company off the &ldquo;block&rdquo; list. Here are a few basic rules to follow when planning your email marketing campaign:1. Get permission. There&rsquo;s nothing more annoying than receiving unwanted email. Ask for permission to add customers to your mailing list, and also ask how often they want to hear from you. Make it easy for recipients to adjust frequency or unsubscribe.2. Don&rsquo;t barrage customers with email. Yes, you might be having a sale, and that&rsquo;s exciting, but your customers don&rsquo;t need to get an email about it more than once a day (and even that might be too much).3. Be honest in your subject line. What is your email really about? Deliver what you promise. Make sure the links in the email go to a specific landing page for the offer, not your general home page.4. Keep your contact list updated. If customers opted in, they want to hear from you regularly. If certain addresses haven&rsquo;t opened or clicked on anything in a long time, you might need to reach out for permission again.What&rsquo;s the simplest way to get your customers&rsquo; attention? Find out how to write an effective email.

Everyone has a personal pet peeve when it comes to email marketing correspondence. Maybe you hate seeing emails riddled with typos, or being bombarded by

Everyone has a personal pet peeve when it comes to email marketing correspondence. Maybe you hate seeing emails riddled with typos, or being bombarded by | SUCCESS

4 Tips to Keep Your Emails from Getting Blocked

4 Tips to Keep Your Emails from Getting Blocked | SUCCESS

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Looking to relocate your existing company or searching for the perfect place to start a business? Here are some factors to consider.Small-business friendliness:&nbsp;How supportive of small business and entrepreneurship is the state and/or city you&rsquo;re considering? Small-business friendliness can encompass everything from zoning laws and tax rates to economic development programs and incentives for businesses. Choosing a location where local government supports and encourages small business, not just with words but also with actions, will make your life a lot easier.Small-business friendliness can be hard to define, so it&rsquo;s best to go to the horse&rsquo;s mouth. The <a href="https://www.thumbtack.com/survey#/2014/1/states" target="_blank" title="U.S. Small Business Friendliness | thumbtack.com" rel="noopener">2014 Thumbtack.com Small Business Friendliness Survey</a> asked small-business owners for their perceptions of the business environment in their communities, assessing factors including hiring, regulations, zoning, licensing and health insurance requirements. Utah, Idaho, Texas, Virginia and Louisiana ranked highest for overall friendliness to small businesses.Tax rates:&nbsp;Research both business and personal tax rates when choosing a location. Many business owners prefer states with no personal income tax (Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming) or very low personal income tax (Tennessee and New Hampshire). For business tax information, check out the Tax Foundation&rsquo;s annual State Business Tax Climate Index. In 2014 California, New Jersey and New York earned the dubious honor of the states with the worst tax climate for small business, while Wyoming, South Dakota and Nevada boasted the best tax climate.Quality of life:&nbsp;Issues such as the cost of living, weather, crime rate, housing inventory and natural/cultural amenities factor into a locale&rsquo;s quality of life. As long as you&rsquo;re moving, why not move someplace that offers plenty of what you value, whether that&rsquo;s year-round surfing or live theater? <a href="https://successcom.wpenginepowered.com/article/rohn-a-good-life-contains-these-6-essentials" target="_blank" title="Rohn: A Good Life Contains These 6 Essentials | SUCCESS.com" rel="noopener">Better quality of life</a> can also help you persuade employees to move with you.&bull; The One D Scorecard produced by Data Driven Detroit, a Michigan Nonprofit Association affiliate, is a ranking of the nation&rsquo;s 54 biggest metro areas based on economic prosperity, schools, quality of life, ease of transportation and other factors. (It includes an interactive map you can find at<a href="https://onedscorecard.datadrivendetroit.org/" target="_blank" title="One D Scorecard | datadrivendetroit.org" rel="noopener"> OneDScorecard.DataDrivenDetroit.org.</a>) Maybe you&rsquo;ll be surprised to learn that Grand Rapids/Muskegon/Holland, Mich. ranks tops for quality of life, while the economy is best in Seattle/Tacoma/Olympia, Wash.&bull; You&rsquo;ll want to move to the heartland after perusing a survey of the 100 cities with the best quality of life that was conducted by the online financial guidebook <a href="https://www.nerdwallet.com/about-us/" target="_blank" title="About Us | nerdwallet.com" rel="noopener">Nerdwallet.com</a>. Madison, Wis.; Lincoln, Neb.; and Minneapolis/St. Paul are rated the best places to live.&bull; NerdWallet&rsquo;s online cost of living calculator can help you assess how far your and your employees&rsquo; money will go in different cities.Wage and employment laws:&nbsp;Some states have higher minimum wage rates superseding the federal minimum wage of $7.25 per hour. <a href="https://successcom.wpenginepowered.com/article/is-your-home-based-business-in-line-with-the-law" target="_blank" title="Is Your Home-Based Business in Line with the Law? | SUCCESS.com" rel="noopener">States&rsquo; employment laws and regulations</a> regarding workers&rsquo; compensation insurance also vary. You can learn more about wage and hour laws, unionization, workers&rsquo; compensation requirements, and more from the Small Business Administration at <a href="https://www.sba.gov/category/navigation-structure/about-sba" target="_blank" title="About | sba.gov" rel="noopener">SBA.gov</a>.Cost and availability of labor:&nbsp;Be sure to research average wages for the types of workers you need to hire. Tools such as <a href="https://www.salary.com/" target="_blank" title="Home | salary.com" rel="noopener">Salary.com</a> or <a href="https://www.glassdoor.com/about/index_input.htm" target="_blank" title="About | glassdoor.com" rel="noopener">Glassdoor.com</a> let you look up average wages based on job titles, industries and locations.Also be sure the area you&rsquo;re considering has a good supply of suitable workers, especially if you&rsquo;ll need to hire people with specialized skills such as IT or medical coding training, or workers with college or advanced degrees. The Bureau of Labor Statistics (<a href="https://www.bls.gov/" target="_blank" title="Home | bls.gov" rel="noopener">BLS.gov</a>) has demographic data on labor force characteristics nationwide.Support systems:&nbsp;Choosing a location with plenty of business support services, such as a Small Business Development Center, SBA District Office or SCORE (formerly called Service Corps of Retired Executives) chapter ensures you can get the help you need in growing your company. Also look for a location where you can find other business owners to network with&mdash;whether that&rsquo;s high-tech startups, female business owners or minority entrepreneurs.&bull; <a href="https://www.cio.com/about/about.html" target="_blank" title="About | cio.com" rel="noopener">CIO.com</a>, the IT industry news source, names the Best Cities for Tech Startups. San Francisco/Silicon Valley, New York City and San Jose, Calif., are at the top, but there are also some surprises, such as Pittsburgh.&bull; Personal finance social network <a href="https://wallethub.com/about/" target="_blank" title="About | wallethub.com" rel="noopener">WalletHub.com</a> ranks the Best Cities for Hispanic Entrepreneurs. The site credits Florida with the highest rate of Hispanic entrepreneurship, and its cities of Pembroke Pines and Orlando boast the most business-friendly climates for Hispanic entrepreneurs. However, Boise, Idaho, comes in third and Salt Lake City is fourth.&bull; NerdWallet&rsquo;s list of the Top 10 Cities for Female Entrepreneurs ranks D.C., San Francisco and Seattle tops.&bull; The personal finance news and trends site <a href="https://www.creditdonkey.com/about-us.html" target="_blank" title="About | creditdonkey.com" rel="noopener">CreditDonkey.com</a> surveyed for the Best Cities for Young Entrepreneurs, and names Houston; Austin, Texas; and Raleigh, N.C; the best startup spots, based on factors such as the percentage of population aged 18 to 44, educational attainment and businesses started versus closed.Startup assistance:&nbsp;If you&rsquo;re launching a startup, you may want to investigate extra help to get off the ground, such as accelerators or incubators. These programs typically provide guidance, space and business services to startups, often in a particular industry such as technology or retail.&bull; Find lists of incubators at the National Business Incubation Association website, NBIA.org.&bull; A study of the top business accelerators ranked YCombinator in Mountain View, Calif.; Techstars in Boulder, Colo.; and AngelPad in San Francisco the highest, but Launchpad LA in Los Angeles is close behind.Growth potential:&nbsp;Is the location you&rsquo;re considering on the way up, holding steady or undergoing a decline? Stay away from cities that are on the downswing. On the other hand, cities that are starting to undergo a renaissance or &ldquo;gentrifying&rdquo; can be great places to find cheap rent and special business assistance&mdash;if you&rsquo;re willing to deal with challenges such as higher crime rates, difficulty attracting customers and fewer skilled employees.&bull; Information about federal Empowerment Zones, Renewal Communities, Enterprise Communities and other economic development programs can be found at&nbsp; <a href="https://portal.hud.gov/hudportal/HUD?src=/about" target="_blank" title="About | hud.gov" rel="noopener">HUD.gov</a>. Or contact a city&rsquo;s&nbsp;economic development division.&bull; Look up demographic, city and neighborhood data at the Census Bureau&rsquo;s American FactFinder website, <a href="https://factfinder.census.gov/faces/nav/jsf/pages/index.xhtml" target="_blank" title="American FactFinder | census.gov" rel="noopener">FactFinder2.census.gov</a>.Cost of office, retail or warehouse space:&nbsp;Don&rsquo;t get an unpleasant surprise when you move&mdash;scope out property options ahead of time. Searching sites such as <a href="https://www.realtor.com/" target="_blank" title="Home | realtor.com" rel="noopener">Realtor.com</a> or <a href="https://www.loopnet.com/About-Us/?LinkCode=1200" target="_blank" title="About Us | loopnet.com" rel="noopener">LoopNet.com</a> can give you an idea of the average cost for the type of commercial space you&rsquo;ll need.Transportation:&nbsp;Depending on your industry, you may need proximity to shipping hubs and major interstates in order to deliver or receive products affordably; major highways so employees and customers can reach your location easily; or public transportation so your employees can get to work. Looking for foot traffic? <a href="https://www.walkscore.com/about.shtml" target="_blank" title="About | walkscore.com" rel="noopener">Walkscore.com</a> rates the walkability and public transportation in different cities and neighborhoods. Not surprisingly, New York City heads the list.Financing:&nbsp;If you&rsquo;re hoping to land venture capital, locating in a region with a wealth of these investors can help. The Martin Prosperity Institute reports that high-tech startup activity&mdash;and venture investment&mdash;have begun to shift from Silicon Valley to urban centers and mixed-use, walkable suburbs that are close to cities with diverse populations. Ranked top for venture capital financing: the Bay Area, the Boston-New York-Washington corridor, New York City and college towns such as Austin; the Raleigh-Cary metro area in North Carolina; Boulder; Ann Arbor, Mich.; and Lawrence, Kan.Customer base:&nbsp;Look for a location with a big and growing supply of the types of customers you&rsquo;re targeting.<h3 class="SUBHEAD">What Matters Most?</h3>There&rsquo;s no &ldquo;one size fits all&rdquo; way to choose the <a href="https://successcom.wpenginepowered.com/article/tips-for-choosing-the-right-business-location" target="_blank" title="Tips for Choosing the Right Business Location | SUCCESS.com" rel="noopener">best location for your business</a>, nor is there one perfect region that combines all the positive features listed above and none of the negatives. Areas with lots of educated employees and business support are likely to have higher tax rates and costs of living, while inexpensive areas may have fewer qualified employees and business services.Which location is right for your business will depend on what factors from the list above are most important to you. To assess your preferences, make a list of these factors in order of importance:&bull; Essential: What can&rsquo;t you do without? Perhaps your business absolutely must be near a major shipping port, or you need a reliable source of freshly minted IT graduates. Knowing your &ldquo;must list&rdquo; will narrow your choices considerably.&bull; Desirable: List factors that are less essential and then figure out if there&rsquo;s a way to work around their absence. For instance, maybe you&rsquo;d like to launch somewhere with no personal income taxes, but you can&rsquo;t handle Florida&rsquo;s heat or Alaska&rsquo;s cold. Talk to your accountant about whether modifying your business&rsquo;s legal structure could lessen the tax bite.&bull; Nice to have: Finally, list the little extras you could do without if you have to. But be honest with yourself: If Omaha has almost everything on your wish list but you know you&rsquo;ll be miserable there because you live to surf, don&rsquo;t try to force it.Always do a reality check by actually visiting the region(s) you&rsquo;re considering. A place that sounds great on paper may not pan out in person. The time to find that out is before you move, not after!By following these steps and carefully weighing both your options and your gut feeling, you&rsquo;ll find the perfect place for your small business to thrive.<h3>Find the Perfect Location for Your Small Business</h3>Congratulations: You&rsquo;ve got <a href="https://successcom.wpenginepowered.com/blog/5-steps-to-get-others-interested-in-your-ideas" target="_blank" title="5 Steps to Get Others Interested In Your Ideas | SUCCESS.com" rel="noopener">an idea for a new business</a> that will kill it in your town.Now it&rsquo;s time to think about the address where you will set up shop. It&rsquo;s time to think about the building itself. Location, location, location.So what do you need to keep in mind? Research factors that relate to your office, retail or restaurant space, including:&bull; Traffic patterns:&nbsp;If your business relies on customers coming to your storefront, take some time to observe the traffic patterns near the location you&rsquo;re considering. Is there a lot of traffic flow during times you&rsquo;ll be open? Is it easy to get into and out of the parking lot? Is there plenty of adequate parking? Something as simple as the absence of a left-turn lane can deter customers from coming to your shop or restaurant.&bull;&nbsp;Neighbors:&nbsp;Pay careful attention to the types of businesses located nearby. Competitive neighbors can help or hurt your business. For instance, you wouldn&rsquo;t want to open an independent bookstore next to a Barnes &amp; Noble. On the other hand, if you open a restaurant in a shopping center that already has other restaurants, you&rsquo;ll probably attract some of their customers as long as you serve a different cuisine.&bull;&nbsp;Total costs:&nbsp;You need to know what is&mdash;and isn&rsquo;t&mdash;included in your rent. Whether you pay or the landlord pays for utilities, security services or maintenance of common areas makes a big difference. Also take into account any potential renovation costs.To make sure you&rsquo;re choosing wisely, use a commercial realtor experienced in the area and in your industry. He or she will know the right questions to ask the landlord about the property, which is especially important if you&rsquo;re moving to an unfamiliar city or state. Also, you should have an attorney experienced in commercial leases look over the lease before you sign on the dotted line.<a href="https://successcom.wpenginepowered.com/article/5-ingredients-for-startup-success" target="_self" title="5 Ingredients for Startup Success" rel="noopener">Starting a business? Make sure you know the 5 ingredients for startup success.&nbsp;</a>

[node:summary] - How to identify the best locale for your small business

Looking to relocate your existing company or searching for the perfect place to start a business? Here are some factors to consider.Small-business | SUCCESS

What’s the Best City for Your Business? 12 Things to Consider

What’s the Best City for Your Business? 12 Things to Consider | SUCCESS

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If you&rsquo;ve been working to solicit media coverage for your business, but keep falling short, you may find yourself wondering whether journalists even bother to read your news releases. Take our word for it: The answer is yes.Maybe you should examine what you&rsquo;re saying in your overtures to reporters and how you&rsquo;re saying it. A well-written press release is just what journalists want and need, but only if it&rsquo;s newsworthy and targeted to their audiences. Here&rsquo;s what else you need to know:&bull;&nbsp;Make your point quickly and succinctly. No one wants to read a lot of jargon and vague references to what you&rsquo;re offering. Know your audience and <a href="https://successcom.wpenginepowered.com/article/message-me" target="_blank" title="Message Me | SUCCESS.com">get your message across right away</a> to show recipients why their readers or viewers will care about your business.&bull;&nbsp;Forget about SEO. Google figured out public relations companies were adding keywords to news releases to increase a company&rsquo;s <a href="https://successcom.wpenginepowered.com/article/win-the-seo-game" target="_blank" title="Win the SEO Game | SUCCESS.com">search engine optimization (SEO)</a>, so now using words just for SEO&rsquo;s sake will count against you in Google rankings. Instead, as with all types of content, make sure what you have to say is valuable and relevant.&bull;&nbsp;Where you place your news release counts. Plenty of online companies will promise you great distribution for your news releases, but if you&rsquo;re looking to be picked up by the big guys (such as The Wall Street Journal or another major newspaper), your best bet is to get your news release on Business Wire or PR Newswire.<a href="https://successcom.wpenginepowered.com/article/how-to-profit-from-good-public-relations" target="_self" title="How To: Profit from Good Public Relations | SUCCESS.com">&ldquo;All press is good press,&rdquo; goes the adage. But not all press leads to sales. Find out how to profit from good public relations.</a>

If you&rsquo;ve been working to solicit media coverage for your business, but keep falling short, you may find yourself wondering whether journalists even

If you&rsquo;ve been working to solicit media coverage for your business, but keep falling short, you may find yourself wondering whether journalists even | SUCCESS

3 Keys to a Great News Release

3 Keys to a Great News Release | SUCCESS

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Money

Money Archives

Achieve financial success and freedom

In any economy—good or bad—one of the smartest moves small-business owners can make is to constantly monitor expenses and figure out new ways to lower them. To help you out, here are some of the best ways to cut spending while still investing in your company’s success.<h3 class="SUBHEAD-copy">Travel Light</h3>With ever-rising airfares and hotel rates, business travel quickly eats up cash. Cut costs by avoiding business travel when possible. Instead, use videoconferencing or conference-call technology to virtually meet with your prospects, customers and partners.•Want a traditional conference call setup?&nbsp;<a href="https://www.vtechphones.com/about-us/who-we-are" target="_blank" title="About Us | vtechphones.com " rel="noopener noreferrer">VTech Conference Phones</a>&nbsp;eliminate background noise on conference calls; wireless microphones allow participants to move around the room and still be clearly heard.•Conduct conference calls with any landline or mobile phone using&nbsp;<a href="https://www.atconference.com/about/about-us.aspx" target="_blank" title="About Us | atconference.com" rel="noopener noreferrer">AT Conference</a>. There are various levels of service, including conference calling, web-based conferencing and operator-assisted conferencing. You can pay per month or pay-as-you-go only for minutes used.•Don’t need phones and just want a web-based conference-call solution?&nbsp;<a href="https://www.join.me/en/joinme" target="_blank" title="About | join.me" rel="noopener noreferrer">Join.me</a>&nbsp;offers conference calling and screen sharing. The basic plan is free, or you can get additional features such as recording, meeting tools and a meeting scheduler for a fee.Of course, sometimes business travel is a necessity. When you have to go, save money by joining travel rewards programs. (They’re free to join, so why not sign up for all of them?) <a href="https://www.southwest.com/html/about-southwest/index.html?clk=GFOOTER-ABOUT-ABOUT" target="_blank" title="About Southwest | southwest.com" rel="noopener noreferrer">Southwest Airlines</a>, <a href="https://www.united.com/web/en-US/content/company/default.aspx" target="_blank" title="About United | united.com" rel="noopener noreferrer">United</a> and <a href="https://www.jetblue.com/about/" target="_blank" title="About | jetblue.com" rel="noopener noreferrer">JetBlue</a> had the top-rated airline rewards programs this year, according to U.S. News &amp; World Report. Among hotels, rewards programs from <a href="https://www.marriott.com/marriott/aboutmarriott.mi" target="_blank" title="About Marriott Hotels | marriott.com" rel="noopener noreferrer">Marriott</a>, <a href="https://www.bestwestern.com/about-us/" target="_blank" title="About Us | bestwestern.com" rel="noopener noreferrer">Best Western</a> and <a href="https://www.ihg.com/hotels/us/en/global/about" target="_blank" title="About InterContinental Hotels Group | ihg.com" rel="noopener noreferrer">InterContinental Hotel Group </a>received top honors.Travel rewards programs generally offer the most benefits when you stick to the same airlines and hotels, and when you book directly with the airline or hotel instead of through a travel website. If your business travel needs don’t allow for this—for example, if you regularly travel all over the world and have to use a variety of different airlines, or if you stay in cities with a limited selection of hotels—save money and time by using online travel tools to find the lowest rates for your next business trip.•&nbsp;<a href="https://www.kayak.com/about" target="_blank" title="About | kayak.com" rel="noopener noreferrer">Kayak.com</a>&nbsp;saves you time by comparing the best deals from hundreds of travel websites on cars, flights, hotels and&nbsp;more.•&nbsp;Traveling unexpectedly? Although it’s primarily focused on leisure travel,&nbsp;<a href="https://mediaroom.expedia.com/about-expediacom-180" target="_blank" title="About | Expedia.com" rel="noopener noreferrer">Expedia.com</a>&nbsp;is a good place to find last-minute deals on hotel stays and airline flights.<h3 class="SUBHEAD-copy">Independent Thought</h3>You may not think of them as an expense, but employees and their associated costs are the biggest spending category for most small-business owners.If it’s feasible for your business, consider outsourcing some tasks to independent contractors. The costs of employee benefits such as health insurance can add about 30 percent to an employee’s annual salary or wages, but independent contractors don’t receive benefits, which can save you a lot of money right off the bat. (Talk to your accountant first to make sure the people you’re planning to hire as independent contractors aren’t defined as employees by the Internal Revenue Service. Otherwise you could face hefty fines at tax &nbsp;time.)<a href="https://www.upwork.com/about/" target="_blank" title="About Us | Upwork.com" rel="noopener noreferrer">Upwork.com</a>,&nbsp;<a href="https://www.guru.com/about/" target="_blank" title="About | Guru.com" rel="noopener noreferrer">Guru.com</a>&nbsp;and&nbsp;<a href="https://www.elance.com/q/elance-odesk" target="_blank" title="About | elance.com" rel="noopener noreferrer">Elance.com&nbsp;</a>are three popular sites for finding independent contractors and freelancers. All three let you list jobs or projects and hire independent contractors in a wide range of industries, including IT, marketing and sales, administrative, graphic design and more. The sites simplify matters further by providing tools enabling you to collaborate with your contractors, manage projects and track time worked. Finally, each site offers secure payment options and acts as an intermediary for payments; you pay only when satisfied with the work that was &nbsp;done.Do you have workers in multiple locations or employees who travel a lot for business? Petty cash isn’t the only solution when employees need to make purchases without your approval. Keep employees’ spending under control using a prepaid business credit card such as the&nbsp;<a href="https://www.pexcard.com/about.php" target="_blank" title="About | pexcard.com" rel="noopener noreferrer">PEX Card</a>, which allows you to give employees a set amount to spend and restrict what they spend it on. You control the cards’ limits and can change them anytime online.<h3 class="SUBHEAD-copy">Cut Overhead</h3>Otherwise known as operating costs, overhead includes the ongoing expenses that are necessary to run your business but aren’t directly associated with your product or service. These typically include rent, materials and utilities. Overhead expenses can quickly eat up money. Fortunately, there are many ways to trim overhead costs. Try these:Let your employees work from home at least occasionally.&nbsp;If you let everyone work from home on the same day or days of the week, you’ll save money on utilities at your business during the days when the office is “dark.”• Keep the remote team connected with a tool like&nbsp;<a href="https://www.hipchat.com/about" target="_blank" title="About | hipchat.com" rel="noopener noreferrer">HipChat.com</a>, which offers group chat and instant messaging along with screen sharing and file sharing. HipChat Basic is free; HipChat Plus starts at $2/user/month.•&nbsp;Do you have extremely visual projects that require collaboration, or is brainstorming an important part of your business? Perhaps you own a web publishing firm, interior design business or wedding planning company? See it all remotely using&nbsp;<a href="https://realtimeboard.com/company/" target="_blank" title="About | realtimeboard.com" rel="noopener noreferrer">RealtimeBoard.com</a>, which lets users upload and review materials, including photos and videos; provide feedback; take notes and draw ideas on a virtual “whiteboard,” all in, yes, real time. A team account costs $10/user/month.Save on bills. Utilities are most likely a big part of your overhead. Most small businesses waste energy without even realizing it. Contact your local utility companies to receive an energy audit and recommendations for ways you can cut costs. Most utility companies offer this service for free.Consolidate. Would you like to wrap all your workspace costs into one simple payment instead of dealing with separate bills for rent, utilities, Internet access and more? Or maybe your business is such that you don’t need a dedicated, full-time office at all, but working from home isn’t quite right either. Check out co-working spaces in your area or office space providers such as&nbsp;<a href="https://www.pbcenters.com/about-us" target="_blank" title="About Us | pbcenters.com" rel="noopener noreferrer">Premier Business Centers</a>. These offer a wide range of options, from the use of a full-time office with phone, mail, Internet and reception service to as-needed use of offices or conference rooms. Pricing starts at $30 per hour for meeting &nbsp;rooms.Slash vehicle costs. Does your business rely on delivery vehicles, business vehicles, or a fleet of trucks or vans? Consider purchasing certified pre-owned vehicles, which just about every manufacturer offers these days. Certified pre-owned vehicles are used cars that go through rigorous quality inspections before being sold and come with a limited warranty.If you’re more worried about rising fuel costs than the upfront cost of buying vehicles, it may be worth paying a bit more for “green” vehicles now in order to slash your fuel costs later. There are tons of environmentally friendly vehicles to choose from. However, the&nbsp;<a href="https://automobiles.honda.com/accord-hybrid/" target="_blank" title="Honda Accord Hybrid | honda.com" rel="noopener noreferrer">Honda Accord Hybrid&nbsp;</a>and the&nbsp;<a href="https://www.lexus.com/models/ES-hybrid" target="_blank" title="Lexus ES 300h | lexus.com" rel="noopener noreferrer">Lexus ES 300h</a>&nbsp;were voted among the top 10 green cars of 2014 by Kelley Blue Book.<h3 class="SUBHEAD-copy">Don’t Miss Miscellaneous Expenses</h3>When it comes to expenses, little ones can add up to a lot. There are a lot of simple ways to cut costs that can result in big savings.For instance, you may be able to barter for products and services with other businesses instead of buying. If you own a website design company, you might provide free design services for a public relations firm in exchange for its providing you with free PR services. You can barter directly with businesses you know and trust, or you can join an online barter exchange such as&nbsp;<a href="https://www.imsbarter.com/about-ims-barter" target="_blank" title="About IMS Barter | imsbarter.com" rel="noopener noreferrer">IMSBarter.com</a>,&nbsp;<a href="https://www.itex.com/AboutUs/" target="_blank" title="Our Story | itex.com" rel="noopener noreferrer">ITEX.com</a>&nbsp;or&nbsp;<a href="https://premierbarterexchange.com/who-we-are/" target="_blank" title="Who Are We? | premierbarterexchange.com" rel="noopener noreferrer">PremierBarterExchange.com</a>&nbsp;to connect you with other deal-makers around the country. If you barter on an individual basis, be sure to put the terms of any trade agreement in writing. And remember, the IRS considers bartered goods and services taxable &nbsp;income.Another good way to cut back is to rely on the cloud. Storing documents and data in the cloud saves on paper, ink cartridges, printers and file cabinets—not to mention helping the planet. Cloud storage options such as&nbsp;<a href="https://www.dropbox.com/business/why-dropbox-for-business" target="_blank" title="Dropbox for Business | dropbox.com" rel="noopener noreferrer">Dropbox</a>&nbsp;and&nbsp;<a href="https://www.google.com/intx/en/work/apps/business/driveforwork/?utm_medium=et&amp;utm_source=aboutdrive&amp;utm_campaign=en&amp;utm_content=consnav" target="_blank" title="Google Drive for Work | google.com" rel="noopener noreferrer">Google Drive&nbsp;</a>offer free cloud storage that’s more than adequate for most small businesses’ needs, but if you require more space, you can upgrade to paid versions.It’s also important to review your business insurance policies annually. Many entrepreneurs renew their policies every year without question. Instead, meet with your insurance agent or broker to discuss ways you can cut costs while keeping adequate coverage. For the greatest savings, it’s a good idea to work with a broker who represents multiple insurance companies rather than just one. She can help you compare policies to get the best rate for your business.<a href="https://successcom.wpenginepowered.com/article/6-steps-to-boost-cash-flow" target="_self" title="6 Steps to Boost Cash Flow | SUCCESS.com" rel="noopener noreferrer">Want even more info on keeping more of your profits? Check out 6 steps to boost cash flow.</a>

In any economy—good or bad—one of the smartest moves small-business owners can make is to constantly monitor expenses and figure out new ways to lower

In any economy—good or bad—one of the smartest moves small-business owners can make is to constantly monitor expenses and figure out new ways to lower | SUCCESS

The Best Ways to Save on Biz Expenses

The Best Ways to Save on Biz Expenses | SUCCESS

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Getting to this day has consumed your thoughts for months, even years. So what exactly do you have planned for the grand opening of your business?Will it be a spectacular event, or are you hoping your new (or relaunched) business will magically go viral on social media and score a sudden following? Chances are it won&rsquo;t, so here are four ideas to help your grand opening get the attention it deserves:&bull; Choose the optimum time: <a href="https://successcom.wpenginepowered.com/article/3-ways-to-adapt-to-your-customers-shopping-styles" target="_blank" title="3 Ways to Adapt to Your Customers’ Shopping Styles | SUCCESS.com" rel="noopener noreferrer">Think about your customers</a> and when they can attend your event. Even if it&rsquo;s an online grand opening, would a weekend or night work better for your clientele?&bull; Get permission: If you&rsquo;re located in a busy strip mall, you may not be able to have those bounce houses you planned to rent for your customers&rsquo; kids. Check with your city&rsquo;s zoning department, your location&rsquo;s property management company and neighboring businesses to make sure you can stage the spectacle you want.&bull; Offer something special: Low, low introductory prices with coupons good for another visit can keep customers coming back long after your grand opening. Freebies work, too.&bull; Tweet it! If you&rsquo;re just starting out, it makes sense to <a href="https://successcom.wpenginepowered.com/article/top-of-mind-7-social-media-musts" target="_blank" title=" Top of Mind: 7 Social Media Musts | SUCCESS.com" rel="noopener noreferrer">use social media sites</a> such as Twitter and Facebook to spread the word even before your grand opening. Also, you should reach out to local bloggers and news media to drum up coverage, which can give your startup a big boost.<a href="https://successcom.wpenginepowered.com/article/tips-for-choosing-the-right-business-location" target="_self" title="Tips for Choosing the Right Business Location | SUCCESS.com" rel="noopener noreferrer">Check out 4 tips for choosing the right business location&mdash;for those not at the grand opening stage just yet.</a>

Getting to this day has consumed your thoughts for months, even years. So what exactly do you have planned for the grand opening of your business?Will it

Getting to this day has consumed your thoughts for months, even years. So what exactly do you have planned for the grand opening of your business?Will it | SUCCESS

4 Grand Opening Pointers

4 Grand Opening Pointers | SUCCESS

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Whether you own a one-person business or a corporation with multiple locations and dozens of employees, staying on top of your business’s cash flow is crucial to success. Simply put, cash flow refers to the income and outgo of your business’s cash. Just as with your personal checking account, falling short of funds for necessary expenses can leave you in a world of hurt.



By monitoring and managing your flow, however, you can make sure your business has enough cash on hand to meet expenses and that you have enough extra money to invest in growing your business. Here’s how:



1. Begin with the basics.



To get a grip on your cash flow, start by learning the basics of accounting. Even if you have an accountant or bookkeeper handling your day-to-day finances and billing, it’s important to understand general accounting principles and how they apply to your operations. Your local Small Business Development Center and SCORE (Service Corps of Retired Executives) office offer classes and one-on-one instruction in small-business accounting; you can also investigate courses at your local community college or adult education programs.



Simplify money management by choosing accounting software that lets you easily monitor your cash flow and generate financial reports. Pick a program that integrates with your bank account so you can see your up-to-the-minute financial position.



2. Get a business line of credit.



If your business has seasonal peaks and valleys or if you regularly need capital to purchase inventory or materials to fill orders, a business line of credit can help ensure you always have the necessary cash to meet your needs. Lines of credit are intended to provide short-term working capital, not to buy real estate, equipment or other long-term assets.



Because you’ll need to show positive cash flow to get a line of credit, the time to apply for one is before you need it. If you want an unsecured line of credit (that is, if you don’t want to put up collateral), you’ll need good cash flow, an excellent financial track record and several sources of repayment.



3. Get a merchant account to accept credit cards.



If your business doesn’t already accept payment by credit card, establishing a merchant account is a smart move to improve your cash flow. Yes, you will pay fees to accept Visa, MasterCard and the like, but depositing funds into your bank account immediately is worth the trade-off.



Getting paid faster isn’t the only benefit of accepting credit cards. Taking plastic ensures you don’t lose a sale because the customer doesn’t have cash (millennials often carry none at all); it also protects you from the risk of bad checks and makes your business appear legitimate in customers’ eyes. Business-to-business companies can also benefit from accepting credit cards. Many times you will be paid faster and with less red tape if buyers can simply use their corporate credit cards to pay your invoice.



When choosing a credit card processor, look for a company that accepts all major credit and debit cards, complies with payment-card-industry data security standards—meaning the company can be trusted to protect your customers’ financial data—and also offers address verification, real-time processing, Secure Socket Layer (SSL) encryption and card verification value (CVV) to discourage fraud.



You will typically pay a setup fee, a monthly fee and a percentage of each transaction for a merchant account. Be sure you read the fine print and understand prices, cancellation fees and upgrade fees before signing on the dotted line. 



If your volume of credit card transactions is likely to be small, using mobile-payment services could be more cost-effective. Mobile payment solutions use a small “dongle” that attaches to your smartphone or tablet computer to swipe cards. Square, Intuit GoPayment and PayPal Here are popular solutions that require no long-term commitment and charge fees of about 2.7 percent per transaction.



4. Invoice immediately.



Do you wait until the end of the month to send invoices? Do you sometimes forget to send invoices? Surprisingly, many small-business owners let billing slip through the cracks. Invoicing is the foundation of good cash flow.



That’s why it’s important to invoice as soon as you can. Unless your agreement with a client specifies otherwise, turn in a bill right away when a service is completed or a product is delivered. Use your accounting software to automate invoicing and remind you when to create and send invoices. Speed up the process even more by emailing your invoices instead of mailing them and by setting up online payment options. Your bank can help you with this.



Before sending an invoice, make sure you get the name of the specific person to send it to, as well as her department, physical address, email address and phone number. Also make your invoices as clear and easy to read as possible. Key information, such as the amount due, date due and how to remit payment, should be easy to see at a glance. Out on the road? You can still invoice instantly with quick and easy tools like Invoice-o-matic, invoiceto.me, The Invoice Machine and Zoho Invoice.



5. Perfect payables and receivables.



Keep your cash flowing upstream by wisely managing both your accounts receivable (what’s owed to you) and accounts payable (what you owe others). In general, your goal should be to accelerate receivables and defer payables. In other words, get paid faster and pay others more slowly.



The first step in getting paid faster is invoicing correctly and on time, as discussed above. Equally important is following up right away when payments aren’t received on time. Software such as Funding Gates and ZenCash helps you stay on top of receivables by integrating with your invoicing and accounting system to track when payments are due, remind you to follow up with late payers and more.



Depending on your profit margins and cash flow needs, it may be worthwhile to offer discounts for early payments or for cash payments. Conversely, your contracts should inform customers that late payments will incur interest and/or fines.



At the same time, figure out how late you can pay your bills without incurring fines or late fees or damaging your business’s credit. Setting up recurring payments on a certain date of the month and paying bills online are good ways to safely pay at the last minute.



6. Get a business credit card.



Business credit cards help you manage expenses and handle cash-flow emergencies. They enable you to make business purchases without using your personal credit cards, which is important for both establishing a business credit rating and protecting your personal credit. If you have employees, issuing business credit cards to them is an excellent way to limit, track and monitor their spending. A bonus: Many business credit cards offer rewards such as travel points or upgrades, or points that can be used to make purchases at office supply stores.



When shopping for the business credit card that’s right for you, consider interest rates (not just the introductory rate, but ongoing rates and whether rates are fixed or variable), credit limits, late fees and penalties, rewards, and annual fees.

Whether you own a one-person business or a corporation with multiple locations and dozens of employees, staying on top of your business’s cash flow is

Whether you own a one-person business or a corporation with multiple locations and dozens of employees, staying on top of your business’s cash flow is | SUCCESS

6 Steps to Boost Cash Flow

6 Steps to Boost Cash Flow | SUCCESS

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Is your company struggling to manage customer service? Rest easy; no longer do you need a receptionist or dozens of customer service representatives standing by to give your small business&rsquo;s customers a big-business experience. Today&rsquo;s DIY customer service tools let consumers handle their own scheduling and get service the way they want&mdash;whether that&rsquo;s online, by phone or by live chat. Here we highlight some of the most popular appointment scheduling, help desk and live-chat tools for small businesses.All of the software in this article is cloud-based, meaning you pay a monthly or annual subscription fee for the service and can access it from anywhere you have an Internet connection. Cloud-based software costs less than software you host on your servers, and it&rsquo;s also easier to access on mobile devices&mdash;important when interacting with buyers and clients while out of the office.<h3 class="SUBHEAD">Customer Service/Help-Desk Software</h3>These programs have an internal component, helping your representatives document, track and resolve customer service problems, and an external component that enables users to &ldquo;help themselves&rdquo;&mdash;something many customers today prefer. The super-fast self-checkout line at the grocery story is a testament to that.Customer service software typically includes&hellip;&bull; A one-stop dashboard where employees can manage all types of interactions with customers, including email, social media, phone, live chat and mobile app all in one place. &bull; A knowledge base where you can store frequent questions, problems and answers (either for customers to access, or solely for your employees to refer to). &bull; A self-service portal where customers can get help on their own by looking through FAQs or how-to directions. &bull; Analytic tools so you can see how well you&rsquo;re doing at customer service.All of the software below offers these features.Zendesk Zendesk&rsquo;s advantage: It&rsquo;s the big name in customer service, with products ranging from small-business to enterprise-level solutions in a huge range of industries. There&rsquo;s extensive support and education to help you maximize its many features, plus over 100 add-on apps. The downside is some people may find all the options overwhelming.Pricing: starts at $1/user/month <a href="https://www.zendesk.com/beautifully-simple" target="_blank" rel="noopener noreferrer">Zendesk.com/beautifully-simple</a> Desk.com Companies that rely on Salesforce&rsquo;s sales and customer relationship management software will gravitate toward Desk.com. It&rsquo;s owned by Salesforce, so integration with Salesforce products is built in, and it automatically syncs with Sales Cloud. Pricing: starts at $3/month for three users <a href="https://www.desk.com/" target="_blank" rel="noopener noreferrer">Desk.com</a> Groove Built by a small-business owner who couldn&rsquo;t find what he needed in help desk software, Groove presents itself as a simpler, more user-friendly and responsive alternative to big names like Desk.com and Zendesk. Responses look like regular emails from individuals, not a computer program, helping maintain your small-company feel, and you can choose from a dozen add-on apps. Pricing: starts at $15/user/month <a href="https://www.groovehq.com/" target="_blank" rel="noopener noreferrer">GrooveHQ.com</a> Freshdesk Easy to learn and use, Freshdesk stands out for its integration of social media, the ease of developing and maintaining a knowledge base, and customer forums that make it easy for users to interact with each other. It integrates with more than 30 apps. Pricing: free for up to three agents, but $15/month beyond that <a href="https://freshdesk.com/" target="_blank" rel="noopener noreferrer">Freshdesk.com</a><h3 class="SUBHEAD">Appointment Scheduling Software</h3>Do you need to schedule appointments with customers or clients? For a consultant, personal trainer, hair salon, plumber or other small business, enabling customers to book their own appointments online can save time, money and hassles&mdash;and lead to more clients, more bookings and fewer no-shows. Plus, many customers prefer to book online anyway rather than contacting a business by phone.Instead of hiring a receptionist to handle appointments or playing phone tag or email tag with customers, investigate these popular appointment scheduling software programs. All of them work on mobile devices, including Android and iOS smartphones and tablets.BookFresh Simplicity is the selling point at BookFresh&mdash;just install the widget and start accepting appointments right away on your website, Facebook, Twitter or Wordpress blog. Bonus: If you don&rsquo;t have a website, BookFresh will give you one&mdash;free. It syncs with existing calendars, including Google Calendar, iCal or Outlook, and sends you automated reminders about appointments. You can accept payments and publish client reviews, too. Pricing: starts at $29.95/month <a href="https://bookfresh.com/about-us" target="_blank" rel="noopener noreferrer">BookFresh.com</a> Genbook Genbook&rsquo;s strength is that it not only schedules appointments but also lets you offer promotions, improve your visibility on search engines, market your business via social media and publish customer reviews. All of this marketing outreach helps you promote available appointments instead of letting them go unsold. Plus, analytics show your results and help you improve every month. Pricing: starts at $20/month <a href="https://www.genbook.com/about-genbook/" target="_blank" rel="noopener noreferrer">Genbook.com</a> Appointment-Plus A veteran in this industry, Appointment-Plus has been around for over a decade. Customers can book on your website or on Facebook or Twitter, employees can have separate calendars and accounts, and you can even charge customers right when they book. With lots of options and customization choices, Appointment-Plus is ideal for companies with multiple locations or lots of employees. It&rsquo;s got strong analytics tools, and with solutions up to corporation-level, it can stick with you as you grow your business. Pricing: starts at $34/location/month <a href="https://www.appointment-plus.com/product/how_it_works.php" target="_blank" rel="noopener noreferrer">Appointment-Plus.com</a><h3 class="SUBHEAD">Live Chat</h3>Maybe you don&rsquo;t need a fully featured customer help desk solution with all its bells and whistles, but you do want the option to engage in a live online chat with customers who need help or who seem to be waffling about an online purchase. Here are two live-chat-only solutions to consider:WebsiteAlive This live-chat solution installs on your business&rsquo;s website, Facebook page, blog and more, and lets you chat using any browser or mobile device. You can transfer chats to other employees and deal with up to 20 different users at a time, making this a good option for companies with a small staff. Pricing: starts at $29.95/month <a href="https://www.websitealive.com/" target="_blank" rel="noopener noreferrer">WebsiteAlive.com</a>Velaro Ideal for e-commerce websites, Velaro offers sophisticated tools, including the ability to proactively initiate a chat based on what customers place in their shopping carts, the pages they&rsquo;re visiting or the items they&rsquo;re viewing so you can offer help or suggestions. Pricing: starts at $29.95/month <a href="https://www.velaro.com/small-business/" target="_blank" rel="noopener noreferrer">Velaro.com</a><a href="https://successcom.wpenginepowered.com/article/the-best-tech-to-monitor-your-small-business-money" target="_self" title="The Best Tech to Monitor Your Small-Business Money | SUCCESS.com" rel="noopener noreferrer">Find more modern solutions to age-old problems, including the best tech to streamline your business&rsquo;s financial recordkeeping.&nbsp; </a>

Is your company struggling to manage customer service? Rest easy; no longer do you need a receptionist or dozens of customer service representatives

Is your company struggling to manage customer service? Rest easy; no longer do you need a receptionist or dozens of customer service representatives | SUCCESS

Top-Notch DIY Customer Service Solutions

Top-Notch DIY Customer Service Solutions | SUCCESS

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What one change will make the biggest difference in your small business&rsquo;s efficiency, profitability and success? Switching from paper-based accounting to an accounting software system.Today&rsquo;s accounting software programs do more than keep the books. With one click, you can generate reports that tell you and your accountant everything you need to know about your company&rsquo;s financial situation, import transaction data from your bank, create and send invoices, and more.With so many choices, how can you find the perfect accounting software for your business? Follow this advice.Know what you need. A one-person consulting business that just needs to track sales, expenses and taxes has different requirements than a multi-employee retail business that must handle payroll and inventory management. Your business&rsquo;s size, number of customers and employees, and industry are among factors affecting your choice of accounting software.Investigate add-ons. Some accounting software programs offer add-ons to expand their functionality. For instance, you might be able to add on programs to integrate the software with your e-commerce site, accept credit card payments or track expenses, if the software doesn&rsquo;t already include these functions. Keep an eye on costs, however&mdash;add-on expenses can mount fast. It may make better financial sense to pay more upfront for software with everything you need built in.Consult your accountant. Talk to your money manager to ensure the software you choose generates the kinds of financial reports he or she needs. Also make sure it integrates with the software he or she uses so you can share information electronically, speeding up tax preparation.Consult your bank. Choosing software that integrates with your bank&rsquo;s software enables you to import bank transactions automatically, which saves you a lot of time.Get opinions. Read reviews about the software you&rsquo;re considering&mdash;both objective reviews and user reviews. Talk to other business owners to see what they recommend.Think ahead. What works for your business today may not work for it tomorrow. Keep your business&rsquo;s growth plans in mind and choose software that&rsquo;s flexible enough that you won&rsquo;t have to replace it if your customer base, product line or staff expands in the future.Put your head (and data) in the cloud. All the solutions mentioned in this article are cloud-based. Instead of buying a software package you download and install on your computers, the software is hosted online; you subscribe to it by paying a monthly fee. There are many advantages of cloud accounting software, including:<div id="stcpDiv" style="position: absolute; top: -1999px; left: -1988px;">&bull;</div>&bull; Updates happen automatically in the background, so your software is always current and you don&rsquo;t have to worry about installing security patches.&bull; As long as you have an Internet connection, you can access your data wherever you are using an Internet browser or the accounting software provider&rsquo;s mobile app.&bull; Cloud accounting software typically provides greater security than having the data stored on your own network.&bull; Cloud software can integrate with your bank&rsquo;s software so your bank transactions are automatically entered into your accounting system.Find out about support. What kind of customer service is provided? Can you get help by email, chat or phone? How will you be charged for support, and is any free support available? For example, you might get free support for a limited time while you&rsquo;re learning to use the software, or have access to free user forums or help centers where you can get advice from other users.Consider mobility. What types of accounting functions do you need on the go? If you spend a lot of time out of the office and need to generate invoices, create estimates or track expenses on the fly, a good mobile app will be important to you.Try it out. Most online software packages offer a free trial period so you can see whether the product is right for you before you commit to it. Ease of use matters&mdash;the best product in the world isn&rsquo;t right for you if you have trouble understanding it or simply don&rsquo;t like the interface.Here&rsquo;s a closer look at the most popular online accounting tools for small-business owners. Choose the right accounting software for you, and you&rsquo;ll quickly find you spend less time inputting numbers&hellip; and more time growing your business.<h3>Accounting Tools</h3>QuickBooks Online QuickBooks is the big name in small-business accounting for good reason&mdash;it&rsquo;s got all the functionality your accountant or in-house bookkeeper could ever want, but the essential features are simple enough for small-business owners to handle themselves. In addition, the many add-ons can create even greater functionality.Key features: Generates reports; imports bank transactions; tracks time and expenses; generates invoices; performs credit card processing and payroll processing; tracks inventory; provides free mobile apps for iOS and Android devices; offers phone support and an online help center.Pricing: starts at $9.95/month <a href="https://quickbooks.intuit.com/" target="_blank" rel="noopener noreferrer">QuickBooks.intuit.com</a>Xero An up-and-comer competing with the more entrenched QuickBooks, Xero is a fully featured accounting solution that can handle complex accounting tasks such as fixed-asset depreciation. It also integrates with many add-on apps to provide customer relationship management, inventory, time sheets and more.Key features: Generates reports; imports bank transactions; generates invoices; tracks project management; performs credit card processing and payroll processing; tracks inventory management; comes with free mobile apps for iOS, Windows and Android devices, free email support, and an online help center.Pricing: starts at $9/month <a href="https://www.xero.com/us/" target="_blank" rel="noopener noreferrer">Xero.com</a>Sage One Designed for one-person businesses, small startups and freelancers, Sage One&rsquo;s strength is the way it integrates project management with accounting. If you have a lot of employees or inventory, Sage One isn&rsquo;t for you&mdash;but if you work with contractors, freelancers or virtual teams, it could be just what you need.Key features: Generates reports; imports bank transactions; tracks time and expenses; generates estimates and invoices; manages contacts; enables you to create, assign and manage tasks and projects; perform credit card processing and payroll processing; and lends support via live chat and an online help center.Pricing: starts at $9/month <a href="https://na.sage.com/us/sage-one" target="_blank" rel="noopener noreferrer">na.Sage.com/us/sage-one</a>FreshBooks Originally launched as an invoicing and expense-tracking tool, FreshBooks has added more accounting functions and offers a slew of add-ons that can expand its functionality. FreshBooks&rsquo; strong suit is its simplicity, mobility and (live) customer support. If you&rsquo;re a one-person business or freelancer who doesn&rsquo;t enjoy bookkeeping, this could be your ideal solution.Key features: Generates reports; imports bank transactions; performs credit card and payroll processing; tracks time and expenses; generates estimates and invoices; offers free mobile apps for iOS and Android devices and free live customer support.Pricing: starts at $19.95/month <a href="https://www.freshbooks.com/" target="_blank" rel="noopener noreferrer">FreshBooks.com</a>FreeAgent With a focus on simplicity and collaboration, FreeAgent is a good solution for one-person businesses, partnerships or freelancers who work closely with others. FreeAgent supports unlimited users, clients and accounts; you can grant users different levels of access. You get a free 20-minute phone call during your introductory period; after that, get support via email and an online help center.Key features: Generates reports; imports bank transactions; generates invoices and estimates; tracks time and expenses.Pricing: $24/month <a href="https://www.freeagent.com/" target="_blank" rel="noopener noreferrer">FreeAgent.com</a>Kashoo Kashoo will keep both you and your accountant happy. This fully featured accounting package follows generally accepted accounting principles (GAAP), but it&rsquo;s also easy for non-accountants to learn. However, it doesn&rsquo;t track inventory or projects, and although it offers an award-winning iPad app, it doesn&rsquo;t have a smartphone app.Key features: Generates reports; imports bank transactions; generates invoices; tracks expenses.Pricing: $20/month <a href="https://kashoo.com/" target="_blank" rel="noopener noreferrer">Kashoo.com</a><h3>Mobile Payment Tools</h3>Do you provide services to clients in their homes or go to their offices and have to invoice them later? Do you sell products at events and have to turn away customers who don&rsquo;t have cash? Get paid right away&mdash;wherever you are&mdash;with mobile payment options.Square This service accepts credit and debit cards and charges 2.75 percent per transaction.<a href="https://squareup.com/" target="_blank" rel="noopener noreferrer">SquareUp.com</a>Intuit GoPayment This accepts credit and debit cards. Pay 2.75 percent per transaction or pay a monthly fee for lower transaction rates.<a href="https://payments.intuit.com/" target="_blank" rel="noopener noreferrer">Intuit-GoPayment.com</a>PayPal Here Save ever-so-slightly with a 2.7 percent per transaction fee. PayPal Here accepts credit and debit cards as well as checks and PayPal payments.<a href="https://www.paypal.com/webapps/mpp/credit-card-reader">PayPal.com/here</a><h3>Invoicing Tools</h3>Obviously, the full-blown accounting programs offer invoicing solutions, but for the times when you want something quick and easy, check out these tools.Invoice-o-matic and invoice.to.me These services are free, and you don&rsquo;t even need to register. Just type your information into the template to create a PDF you can print or email.<a href="https://invoiceomatic.io/" target="_blank" rel="noopener noreferrer">InvoiceOMatic.io</a>, <a href="https://invoiceto.me/" target="_blank" rel="noopener noreferrer">Invoiceto.me</a>The Invoice Machine A simple interface and options such as calculating taxes and creating estimates are found here. Free for one user and up to three invoices and estimates per month; paid plans available.<a href="https://invoicemachine.com/" target="_blank" rel="noopener noreferrer">InvoiceMachine.com </a>Zoho Invoice Choose from several templates, track invoices and payments, or accept online payments. And there&rsquo;s this super-cool feature: Zoho Invoice can actually mail paper invoices for you. Free for one user and up to five customers; paid plans available.<a href="https://www.zoho.com/invoice/" target="_blank" rel="noopener noreferrer">Zoho.com/invoice </a>

What one change will make the biggest difference in your small business&rsquo;s efficiency, profitability and success? Switching from paper-based

What one change will make the biggest difference in your small business&rsquo;s efficiency, profitability and success? Switching from paper-based | SUCCESS

The Best Tech to Monitor Your Small-Business Money

The Best Tech to Monitor Your Small-Business Money | SUCCESS

https://successcom.wpenginepowered.com/wp-content/uploads/legacy/sites/default/files/main/articles/Monitor Your Money.jpg

If you&rsquo;re thinking of starting your business from home, you&rsquo;re not alone. In fact, 69 percent of entrepreneurs do so, according to the latest <a href="https://www.babson.edu/news-events/babson-news/pages/052213-2012-global-entrepreneurship-monitor-u.s.-report.aspx" target="_blank" title="2012 GEM U.S. Report | Babson.edu" rel="noopener noreferrer">Global Entrepreneurship Monitor report</a>. However, if you&rsquo;re not running your home-based business in line with the laws, your business could be shut down before you get it off the ground. Some things to know:1. Laws regulating home-based businesses vary from state to state and even from city to city. Check with your city&rsquo;s business development office to determine whether your neighborhood is zoned for home-based businesses and what restrictions apply.2. Zoning codes usually restrict obvious additions to the exterior of your home, such as signage, displays and exterior physical changes to the home for the purposes of conducting business. Traffic restrictions include the numbers of visitors to a home-based enterprise and may prohibit having employees in your home. There are usually noise, odor and use of hazardous materials restrictions as well.3. As far as tax deductions, if you use part of your home for business, there&rsquo;s good news. For taxable years starting on or after Jan. 1, 2013, taxpayers can multiply a prescribed rate by the allowable square footage of your home office (instead of having to determine actual expenses). Check with your accountant for more information.Do you already work from home for your business? Discover 5 tactics that will help you battle isolation and stay energized.

If you&rsquo;re thinking of starting your business from home, you&rsquo;re not alone. In fact, 69 percent of entrepreneurs do so, according to the latest

If you&rsquo;re thinking of starting your business from home, you&rsquo;re not alone. In fact, 69 percent of entrepreneurs do so, according to the latest | SUCCESS

Is Your Home-Based Business in Line with the Law?

Is Your Home-Based Business in Line with the Law? | SUCCESS

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Invoicing clients is easier than ever thanks to user-friendly software and apps. But invoicing and getting paid are two different things. If customers aren&rsquo;t paying on time, maybe the problem is with your invoices. You would be shocked how often these problems can be prevented. Sometimes it&rsquo;s as simple as making sure you&rsquo;ve emailed or faxed your bill to the correct number or address. Here are some other tips that can speed up the payment process.1. Clients should never be surprised by anything on the invoice. All payment amounts and description of services should be discussed at the beginning of the project or when the order is placed.2. Keep your invoices simple. An invoice that is too complicated or has too many elements is likely to be confusing, leading to delays.3. Make your contact information easy to find on the invoice. Clients should be able to contact you with questions right away.4. Consider shortening the payment due date to 14 or 21 days. An incentive for early payment&mdash;such as a small percentage off the total&mdash;could speed up the process.5. Explain clearly how you accept payments (by check, credit card, PayPal or money transfer). The more options you offer, the quicker you&rsquo;re likely to get paid.Learn about three user-friendly apps&mdash;including one for invoices&mdash;that will make your entrepreneurial venture a little bit easier.&nbsp;

Invoicing clients is easier than ever thanks to user-friendly software and apps. But invoicing and getting paid are two different things. If customers

Invoicing clients is easier than ever thanks to user-friendly software and apps. But invoicing and getting paid are two different things. If customers | SUCCESS

Get Paid Faster

Get Paid Faster | SUCCESS

https://successcom.wpenginepowered.com/wp-content/uploads/legacy/sites/default/files/main/articles/Get Paid Faster.jpg

entrepreneur planning her financial future

You’re laser-focused on your business’ financial success. But what about your personal finances? When it comes to financial planning, entrepreneurs face special challenges that average employees—with company-provided health insurance and 401(k) employer-matching plans—don’t have to worry about.



“If their businesses are growing and need capital, small-business owners often put all available liquidity into the business, leaving them unable to save or invest for other financial planning goals,” says Eleanor Blayney, certified financial planner (CFP) and volunteer with <a href="https://www.cfp.net/" target="_blank" rel="noreferrer noopener">the CFP Board Center for Financial Planning</a>.



Entrepreneurs also are likely to start saving for their financial goals later than the average person, says Sara Stanich, CFP and founder of <a href="https://www.cultivatingwealth.com/" target="_blank" rel="noreferrer noopener">Cultivating Wealth</a>. “They may have been putting all their extra cash into the business, especially in the early years, leaving little or no cash available to set aside for the future,” she continues.



Ironically, putting your business first can doom its future, according to Blayney. “Failing to do the financial planning for [yourself and your family] puts the business itself at risk,” she says. “The personal planning is every bit as important as the business planning, and in many ways the two are integrally related.”



The good news is it’s never too late for entrepreneurs to start <a href="https://successcom.wpenginepowered.com/financial-planning-checklist/">planning personal financial goals</a>. “Just as you have a business plan to run your business, don’t neglect having your own personal financial plan. Think of it as a road map,” says Stephen L. Williams, CFP. “Some assumptions may not be accurate, but when you have a plan in place, you can make adjustments and changes on an annual basis.”



To start developing <a href="https://successcom.wpenginepowered.com/how-to-define-and-plan-for-financial-freedom/">your personal financial road map</a>, Stanich says to “think about where you want to be in five, 10 or 20 years. What will it take to get there?”



<h2 class="wp-block-heading" id="h-financial-planning-for-entrepreneurs">Financial planning for entrepreneurs</h2>



Here’s an overview of some important stops along your financial planning route:



<h3 class="wp-block-heading" id="h-consider-your-living-arrangements">Consider your living arrangements</h3>



If you haven’t already purchased your own humble abode, you may think the dream of homeownership is beyond your reach. But buying a home gives you a valuable asset that can potentially be used as a <a href="https://www.investopedia.com/using-home-equity-to-start-a-business-5323469" target="_blank" rel="noreferrer noopener">tool for financing your business</a>. Purchasing one may not be as hard as you think.



One mistake business owners make—mingling their <a href="https://www.zenbusiness.com/blog/commingle-funds/" target="_blank" rel="noreferrer noopener">business and personal finances</a>—can be a stumbling block to homeownership, however. “Small-business owners especially tend to do this in the early years of the business, and it really confuses the financial picture,” Stanich says. Separating business and personal bank accounts is essential to building both your <a href="https://www.bkreader.com/sponsored/why-should-you-keep-your-business-personal-credit-separate-ways-to-do-so-6549296" target="_blank" rel="noreferrer noopener">business and personal credit rating</a> and income records.



Another error to avoid: over-minimizing your income. Stanich explains that many entrepreneurs make every expense a business expense so they can show no or little income on tax returns. That can come back to bite you when you can’t qualify for a mortgage because of a low income history, she warns.



It’s also important to maintain a stable income if possible, even if your business’ sales fluctuate. “Lenders want to see a stable income on your tax returns over several years,” Stanich says. “That can be a challenge for business owners.” Once your business is profitable, figure out how much income you need to support a comfortable lifestyle and stick to it.



<h3 class="wp-block-heading" id="h-plan-for-how-you-ll-pay-for-college">Plan for how you’ll pay for college</h3>



You don’t have to be a small-business owner to cringe at the cost of a college education. According to <a href="https://www.usnews.com/education/best-colleges/paying-for-college/articles/paying-for-college-infographic" target="_blank" rel="noreferrer noopener">U.S. News &amp; World Report</a>, the average cost of an in-state public college for the 2022-2023 school year was $10,423, and the average cost of a private college was $39,723.



“For small-business owners who are putting all their energy and funds into getting their businesses started, where does the money come from to put into a 529 [college savings] plan?” Williams asks.



“Business owners may delay saving for college until their children are older,” Stanich says. “Unfortunately, people don’t realize the importance of saving over time.”



No matter how little you can contribute, Williams recommends starting a 529 plan as soon as each child is born. “These plans grow tax-deferred, and the money can be taken out tax-free for qualifying college expenses,” he explains. “Making consistent contributions gives it a chance to compound over time.”



Remember, you aren’t the only one who can contribute to your child’s 529 plan. Williams suggests encouraging grandparents and other family members to make contributions as holiday gifts “instead of buying the kids the latest electronic gadget.” He also recommends looking into ways to lower the college tab, whether by spending the first two years at a community college before transferring to a larger school or by seeking financial aid.



<h3 class="wp-block-heading" id="h-start-saving-for-retirement">Start saving for retirement</h3>



The cornerstone of any personal finance road map is <a href="https://successcom.wpenginepowered.com/how-to-plan-for-retirement/">retirement planning</a>. If you must choose between saving for retirement, buying a home and financing your children’s education, Williams recommends making retirement savings your priority. You can get a loan to finance a home purchase or your child’s college education, but there’s no such thing as a retirement loan. 



“Most people have saved far less than they will need to fund a comfortable retirement,” he warns.



Small-business owners are better positioned than most people for the reality that people are living longer and therefore need to work more years to save enough for retirement, Williams says. But small-business owners’ attitudes may get in their way.&nbsp;



“I’ve observed a characteristic mindset among small-business owners,” Blayney says. “They are apt to see [investing in stocks] as very high-risk, when in fact, if managed properly, the risk is far less than their investment in their own businesses.”



Blayney says entrepreneurs often view the stock market as something they can’t control, while they feel completely in control of their own businesses and are therefore more comfortable with those risks. As a result, many “small-business owners often fail to diversify their net worth by using other financial assets to offset the risks of the business itself,” she continues.



Cost is another factor scaring entrepreneurs away from retirement planning, according to Stanich. “Some business owners hesitate to set up a retirement plan because they’re afraid of the expense involved,” she says. “[In reality], a retirement plan may provide significant tax advantages, both for the business and the owner personally.”



There are <a href="https://www.nerdwallet.com/article/investing/retirement-plans-self-employed" target="_blank" rel="noreferrer noopener">retirement plans</a> available for every size of business today, even for sole proprietors. And if you’re already over 50, you’ve still got time. In fact, Williams says, if you are 50 or older, you should take advantage of catch-up contributions. They allow you to contribute more to a retirement plan than younger people can.



For a small-business owner, succession planning is a crucial building block of any retirement strategy. The Northern Trust Institute’s “<a href="https://www.northerntrust.com/united-states/institute/business-owner-benchmark" target="_blank" rel="noreferrer noopener">Business Owner Benchmark</a>” found that 70% of survey respondents already had a succession plan.



“They may assume their kids will take over their businesses or that it will be easy to sell,” Williams says. “Even so, put time and effort into building your succession plan five to 10 years before you expect to retire.” Your financial planner, lawyer and accountant should all be involved in creating the succession plan.



Here is where your personal and business financial plans intertwine: “Unless you’ve done your own retirement planning and figured out what you will need [to retire], you will not have the information needed to make a sale or exit decision about your business,” Blayney warns. If you don’t know what your needs are, you might sell too soon or at a bad price, she adds.



<h3 class="wp-block-heading" id="h-cover-your-assets-with-insurance">Cover your assets with insurance</h3>



The glue holding your entire financial plan together is insurance. “Insurance planning and implementation play a key role in an entrepreneur’s financial planning,” Blayney says. Small-business owners face unique challenges here. Along with all the <a href="https://www.nerdwallet.com/article/small-business/types-of-business-insurance" target="_blank" rel="noreferrer noopener">insurance coverage your business</a> may need—such as commercial property insurance, liability insurance and health insurance for your employees—business ownership may create special personal insurance requirements.



You may need:



<ul>
<li><a href="https://successcom.wpenginepowered.com/buying-life-insurance/">Life insurance</a> coupled with a buy/sell agreement to enable a successor to buy out your spouse or other family members in the event of your death.</li>



<li>Disability insurance to protect your income if you can’t work in the business.</li>



<li>“Key man” insurance to ensure that the business can continue if you die or are disabled.</li>
</ul>



“Ask yourself what would happen to the business if you couldn’t work or you died,” Stanich says. “Those are real risks that insurance can protect against.”



Don’t forget health care costs, Williams advises. Fidelity’s “<a href="https://www.fidelity.com/viewpoints/personal-finance/plan-for-rising-health-care-costs" target="_blank" rel="noreferrer noopener">Retiree Health Care Cost Estimate</a>” states that “an average retired couple age 65 in 2022 may need approximately $315,000 saved (after tax) to cover health care expenses in retirement.”



Additionally, according to the <a href="https://acl.gov/ltc/basic-needs/how-much-care-will-you-need" target="_blank" rel="noreferrer noopener">Administration for Community Living</a>, “one-third of today's 65 year-olds may never need long-term care support, but 20% will need it for longer than 5 years.” And that care is not inexpensive—according to Genworth’s 2021 “<a href="https://www.genworth.com/aging-and-you/finances/cost-of-care.html" target="_blank" rel="noreferrer noopener">Cost of Care Survey</a>,” the median annual costs of assisted living were $20,280 for “adult day health care” and $54,000 for an assisted living facility.&nbsp;



Long-term care insurance is underutilized, Williams says. If you can afford it, the earlier you buy it, the better off you’ll be. “Forty- and 50-year-olds aren’t thinking about it yet, but if you wait until you’re 70, it’s prohibitively expensive,” he continues.



Regarding insurance, “business owners should keep in mind that group policies are generally less expensive than individual policies,” Stanich says. “Always try to get group rates if you are&nbsp; eligible.”



<h2 class="wp-block-heading" id="h-find-a-financial-planner-for-entrepreneurs">Find a financial planner for entrepreneurs</h2>



Now that we’ve given you an overview of your financial planning road map, start zeroing in on your personal needs as an entrepreneur. "Your first step should be to hire a competent, experienced planner, ideally a certified financial planner [CFP accreditation follows their names] who’s familiar with the issues of small-business owners,” Blayney says.



This person will become a key member of your advisory team. “Most small-business owners have an accountant and usually an attorney, but these professionals, as valuable as they may be, aren’t necessarily able to coordinate both your personal and business circumstances,” Blayney continues.



If it feels overwhelming, Stanich says to take baby steps: “The important thing is to keep moving in the right direction.”



This article was updated April 2023. Photo by&nbsp;Dragon Images/Shutterstock

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man riding bike to work to help business be more green

Successful,Middle-aged,Businessman,Riding,Bicycle,On,His,Way,To,Work

Getting your business to go green is not as simple as hauling in a few recycling bins. Today so many businesses <a href="https://services.google.com/fh/files/misc/google_cloud_cxo_sustainability_survey_final.pdf" target="_blank" rel="noreferrer noopener">purport to be environmentally friendly</a> without actually making changes that consumers are now <a href="https://business.yougov.com/content/7686-global-are-consumers-mistrustful-of-brands-green-claims" target="_blank" rel="noreferrer noopener">skeptical of such claims</a>.



Besides the basic <a href="https://successcom.wpenginepowered.com/sustainable-business-practices/">steps your company can take</a> to become <a href="https://successcom.wpenginepowered.com/the-right-conversation-about-sustainable-living/">an environmentally friendly business</a> (such as using recycled paper or no paper at all, managing your carbon footprint and using alternative products where applicable), here are three green action items you may not have considered:



<h2 id="h-1-have-your-business-adopt-a-green-team">1. Have your business adopt a green team. </h2>



If local schools have recycling programs, offer to supply T-shirts for the group, buy everyone reusable water bottles or otherwise sponsor their efforts.



<h2 id="h-2-encourage-employee-involvement">2. Encourage employee involvement. </h2>



Set up a safe area for bike racks and encourage employees to bike to work. Give incentives like <a href="https://successcom.wpenginepowered.com/challenging-the-office-role-in-a-remote-working-world/">work-at-home days</a> for those who participate.



<h2 id="h-3-go-green-by-having-your-business-adopt-your-town">3. Go green by having your business adopt your town. </h2>



Talk to the city about having your company clean up trash-strewn areas near roadways or in local parks. Encourage your employees to participate, and consider inviting customers to attend, too. Give away food or prizes to those who help out.



This article was updated April 2023. Photo by MilanMarkovic78/Shutterstock

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