Business BLOG

Separating business funds from personal finances should be every business owner’s concern. Surprisingly, not many entrepreneurs take this matter into serious consideration. For instance, many small business owners and home based business entrepreneurs prefer to use their personal credit cards with their business expenses thinking that it makes no difference. But a wise business owner should think about the long term complications that combining personal and business funds in just one account could cause later on. At the start, you may find that using your personal credit card is enough. But as your business begins to grow and accumulate expenses, having a separate business account is indispensable. It will make a big difference not only in managing your business finances, but also in making finance-related decisions. In this article, let’s talk about the advantages of using business credit cards for your business expenses. Business Credit Cards Means Easy Management Why would it be easier to manage business finances using business credit cards? Because all your expenses are automatically included in your summary of accounts so you can be assured that you won’t miss a single purchase no matter how big or small that purchase was. You will be provided with monthly billing statements, along with quarterly and yearly summaries of your account. These account summaries contain a detailed list of all the purchases you’ve made during the past months or the entire year. Purchases are also categorized so you can use it as reference to your bookkeeping and accounting tasks. Filing your business taxes is definitely made easier with the help of business credit card account statements. Add to this, many business credit cards include the option to access your account online. This is an enormous help for a busy business owner as it enables convenient tracking of business accounts at any time. Even as you work on your desk, you can simply log in to your online account and do your checking within just a few minutes. Account summaries are also downloadable so you can use them along with your accounting software. Build Business Credit with the help of Business Credit Cards Another important advantage of getting a business credit card is to build a separate credit history for your business. Don’t forget to register with a business credit bureau such as D&B or Experian to begin establishing your business credit immediately. By using your business credit card and keeping up with your payments on time, you can be assured that you will be building excellent credit history for your company. Every business is confronted with financial challenges sooner or later. You may not need financial assistance at the moment but by the time you need to apply for a business loan to help you with your business projects, having a solid business credit history will help you secure an approval more easily. Aside form getting easy approval with your applications, having excellent business credit also guarantees that you’ll be offered better rates and terms by lenders. In summary, getting a business credit card is beneficial in two ways- for separating personal from business finances and for building up a separate credit history for your business. If you’re a business owner or planning on starting up a business of your own, this matter is definitely worth the thought.

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This is not the same as using your personal credit to obtain a credit card with your business name on it. Obtaining a business credit card relies on your business credit information, not on your personal credit information.
When you are beginning your business, you will probably need to use your personal credit. After you have fulfilled certain basics, your business should rely on itself for credit.
These basics include incorporating your business as a legal business entity. This does not include DBAs (individuals Doing Business As company x). Consult a local business attorney about incorporations are available in your state.
Another basic for building business credit is establishing a business phone that matches your business address in the national 411 directory. Even business cell phone service can be set up for this. Residential addresses are okay, too. Just make sure you are listed as a business in 411 and that your information is correct. Always give lenders this same information.
The last basic step involves building credit with your vendors. If you are in the service industry, you can develop accounts with your office supply, Internet, and phone service providers. Otherwise, get a credit account with your suppliers.

Now you are ready to apply for a business credit card. Use all business information on the business credit card application. Use business sales numbers, list other business assets and liabilities. List business creditors (your vendors) and use business references. Simply put, make your business stand on its own when obtaining business credit cards.

Once you have a business credit card or two, use them for business expenses only. Carry some balance on them month-to-month, but plan on paying almost all of it off monthly. Do not use your business credit card to purchase items for which you could otherwise obtain business financing. Your long-term goal should be to establish solid overall credit for your business.
Establishing solid credit for your business is relatively easy to do if you start by following the three steps above. Then get business credit cards to further build your business’s credit. With good business credit as your foundation, you are now ready to get a business line of credit that does not depend on your personal credit.
While a business credit card is a great tool for using credit for business purposes, as with any tool, use your business credit card wisely and it will serve your business well.
Pat Gage, The Opportunity Creator, and a leading expert in the field of business credit has helped a number of clients target his specialty – starting, expanding, and growing their businesses through his trademarked 10 Steps to Money System. The Opportunity Creator is not only a sought after business credit coach, but also a national speaker. For more information on any topic discussed, visit Gage’s site at http://www. 10stepstomoney. com

Normal 0 Online business opportunities are just opportunity until they have a plan for success.   Start creating a business plan on how to make money online, and you’ll start planning your success.
 
Online business opportunities are just that – opportunities.   Learning how to make money online starts with your plans on how to turn an opportunity into a success.   Researching and evaluating how to make money online is your first step.   Once you have chosen an online business that affords you the opportunity to make money from home while maintaining your desired lifestyle, you should start making a business plan.   Even if you’re not going to be pursuing bank loans or investment funds for your online business, a business plan will serve as a benchmark for you as your online business progresses.   The act of making a business plan, whether it is formally typed or simply sketched in a notebook with pictures and notes, will provide you with the insight and knowledge you’ll need to turn your online business opportunity into an online business success.
 
Once you have selected your business opportunity and defined your business goals, you should be able to define your online business.   Professional business advisors suggest that you learn how to define your online business in one sentence so that you can quickly summarize it when needed.   To define your business you need go beyond defining your business as merely an online business.   You want to be able to promote your online business as descriptively as you can, and as short as you can.   This will not only be helpful in developing the website for your online business, but you’ll have a solid answer whenever someone asks you what your business is.   Having a fast informative response to the question will help your family at home understand the nature of your online business.   It will help immensely when networking with others concerning mutually beneficial online business opportunities involving social networking, affiliate programs, blogging, pay-per-click advertising, forum conversations, and a multitude of other potential business and marketing opportunities.   Define the fundamentals of your business, and include how your online business is unique.
 
After defining your business, a significant portion of your business will concern how to market your business online.   Online businesses that are targeted to a particular market are more likely to achieve sales success than business that don’t.   Part of your business plan is to determine your target market.   You have to create a profile (real or imaginary) of the customer who is most likely to visit your website.   Income, jobs, geography, social activities, hobbies, education, and behavior are all traits to take into consideration.   Behavior targeting is becoming widely used in internet marketing opportunities, and learning how to make a customer profile is the first step to getting a solid view of your customer’s behaviors.
 
Marketing includes competitive analysis.   You will want to analyze websites that are similar to yours.   Business analysts refer to the “SWOT” method – which means identify the strengths, weaknesses, opportunities and threats between your business – and your competitors.   With enough competitive  analysis, you’ll be able to find how to beat your competitors. Once your learn how to do business better than your online competitors – your online business will be skyrocketing to success.
 
After defining your online business goal, your target markets, and doing your competitive analysis, you will want to examine some financial statistics.   Even if you hate math, you are going to have to face the dollar signs. You will want a list of your expenses, such as domain names, hosting fees, auction fees or advertising fees, and a list of your revenue – such as advertising commissions, affiliate program commissions and sales revenue.   Your revenue minus your expenses is your profit.   Once you start making a list, you might discover you have expenses you haven’t thought of, or you might discover there are areas where you can learn how to make more money and increase your revenue.   Becoming familiar with how to manage your financials will help you make well-informed decisions regarding your online business strategies.
 
How to make money online begins with making a business plan to turn an online business opportunity into a work from home online business success.   Creating a business plan will put you ahead of your work from home competitors who haven’t given their business much thought.   You’ll also be able to manage your money for strategic business development.   Make a business plan for your online business – and you’ll be making a plan for online business success.

You find most people set off to work for someone else every day although more and more are finding new careers by starting a small business.
Many with entrepreneurial skills and vision find tremendous satisfaction and success by owning and operating their own small home business.
Running a small business even from home involves a wide range of activities, including developing a business plan, overseeing sales and marketing, dealing with personnel, and innumerable administrative responsibilities.
If you think you’re up to the challenge, owning your own business can be tremendously rewarding, both personally and professionally. Getting a new venture up and running takes particular business skills and personality traits.
If you are considering starting your own busi¬ness, the following questions may help you decide if you’re up to the challenge.
Do You Have the Mindset?
Do you have organizing ability?
Are you prepared to wait several months or more before you make a profit?
Do you like to think ahead and plan for your future, then work to make it happen?
Are you psychologically ready to take some risk?
Do you have personal drive and leadership qualities?
Do you have special expertise in the business you want to start?
The right mindset is only the beginning. You’ll need important busi¬ness skills as well. Do you know how to find your particular niche in the market and how to identify your customers?
Do you know how to sell enough of what you have, at a price that will return an adequate profit for you?
Although there are no guarantees, if you answered yes to most of these questions, you may have what it takes to be successful in start¬ing your own business. Just remember, every new business faces difficulties
Getting Started
Running a small business takes sharp business sense and tenacity. Knowing how to take advantage of market conditions and develop strategies to get through the tough times will help turn your great idea into a suc¬cessful business.
First, you’ll need to develop a business plan, the road map you’ll use to establish and guide your business. Consider every aspect of the busi¬ness, give some thought to the idea and ask every question you can think of, and be sure you come up with satisfactory answers.
What type of business do you want to start? Will it be retail, service or manufacturing?
What service or products will your business provide and what need will it fill?
Who are your potential customers going to be for your products or service and why will they purchase it from you?
What about the competition? Is the community large enough to support another similar business? Check out the local chamber of commerce and the yellow pages for details.
Where will you locate your business? Is there a similar business nearby? Get information on the community’s plans for business growth, such as shopping malls and business park expansion.
Will you be able to find enough qualified people to employ? How will you sell to potential customers or clients? Where will you get the financial resources to start your business?
Get a clear and positive image in you mind of the most likely picture of what your business’s future will be by using all available data and then write a business plan.
It’s essential to have written a business plan. As painful as it might be to write, the busi¬ness plan will serve two critical purposes. Firstly to clarify your thoughts and secondly your business plan is your primary tool for securing financing
Starting your own business can be an exciting and rewarding that often brings financial success, along with a sense of accomplishment and contentment. Starting a business takes planning, determination, hard work and, maybe, just a little luck.
Go for it. And. . . good luck!

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