Helpful Hints For Choosing A Business Bank Account

When someone decides that they want to open their own business, choosing the right bank may get lost in the shuffle of things they need to do. However, choosing a business bank account is an important decision for any business owner and they should be aware that they have choices. Making the right one is essential if a business wants to start out on the road to success.

The thing that many business owners fail to recognize is that they truly do need to do some research in order to find the right account for their needs. In many cases, they simply open an account with the bank that they use for their personal finances. This may seem like a good idea since they are already comfortable with the bank, but a bank with excellent personal accounts may not necessarily have the best business accounts.

Someone who is on the road to opening the doors of their own establishment may want to stick to another small business for their needs, but banking is not the place for this show of solidarity. In matters of money, it is important to go with trusted and familiar names, or online banks affiliated with familiar names. If a less familiar option seems too appealing to pass up, be sure to speak with other clients who can provide glowing reviews of the service.

The best way to go when choosing a financial institution is with the ones that has a specialized sector for handling small businesses. It is important that the bank understands the difference in needs between a small business and a large one. In addition to more specialized service, clients can enjoy a much simpler set up process than the one they would go through to register a large company.

Before signing on with any particular institution, it is important to read all of the fine print and make sure that all possible fees are clearly understood. When several transactions are made in a month, the fees can begin to add up and have an adverse effect on a brand new business. Many banks offer their newer accounts a period free of fees, so keep an eye out for those opportunities to save money.

Anyone who owns their own company realizes that they cannot get all of their work done within typical banking hours. This is why it is essential that the bank offers online service for clients to access their accounts at any time. With this important feature, people are free to do business when it conveniences them, not when it conveniences their bank.

When someone decides that they want to start a business, they may think of many things before they consider the hunt for a business bank account. It may seem simple, but it is actually an incredibly important decision for a new entrepreneur to make. A wise person will explore everything available to them before settling on a decision. Making the right choice in this matter will give any business the strongest possible start.

Selling a Small Business – Why Selling a Smaller Business is Different

If you are a business owner thinking of selling a small business, the process is somewhat different than selling a much larger, more involved company.

Smaller businesses are bought by investors for different reasons and, depending on the size of the company, attract completely different buyer profiles. This article looks at some of the differences in selling a small business from the owner’s point of view.

Micro-Businesses
What is meant by “micro businesses” are businesses that are valued at less than $100,000. There are many different types of micro-businesses and each can attract a different buyer profile. For instance, if you own a small, home-based business valued at $75,000 or so, this usually attracts a potential buyer that is completely different than the person looking for a business valued up to $250,000. To expand, businesses valued under $100,000 or so usually fall into a number of categories. They can be home-based businesses where a good buyer candidate can be a stay-at-home parent looking to augment an income. At this lower price range the business may also be a service based business such as landscaping or home inspection, as an example. This type of business is attractive to the “do it yourselfer” who is purely looking to ‘buy a job’ and a book of existing accounts. The $100,000 and under price range might also reflect a business that could be larger but has suffered a setback and has the potential for stronger earnings going forward, with right management in place. Micro businesses do not necessarily mean ‘micro earnings’. Many smaller companies have excellent income potential and could make a great investment for the right buyer. The point is, when you are selling a small business (especially a micro business) please don’t merely characterize the type of potential buyer based on price. Smaller businesses are attractive to many people for many different reasons.

Small businesses valued in the $300,000 price range
The price point of $300,000 is a ‘sweet spot’ for selling a business in that it is a price that is ‘doable’ by a relatively large pool of buyers. Businesses valued at approximately $300,000 (typically) earn an income to an owner/operator that is over $100,000. This size of business is attractive in that it allows an owner to operate it and pay off debt and earn a comfortable living off of the business income. That price range is within reach for many people, especially home owners who can finance a portion of the business purchase with home equity. If you own a small business in the $300,000 range and if your business is profitable, priced right, stable and showing consistent returns, there should be a relatively large pool of buyers for your business.

Small businesses valued up to $750,000
If you own a business valued in the neighbourhood of $750,000 this is still characterized as a “small business” but it would attract a completely different type of buyer (or investor) to your company. Selling a small business in this higher price range usually attracts a buyer with more financial resources or perhaps a partnership or group of buyers. Many times, the idea with buying a business at this price range is that it can earn enough income to justify hiring a manager with enough cashflow left over to pay the debt and earn a return for the buyers.

If you are thinking of selling a small business think about the type of buyer that would be ‘ideal’ to purchase your company. Think in terms of price and financial ability but also pay attention to things like aptitude and lifestyle choice. There are many small business resources on the internet to answer some of your questions. Talk to a business broker to help you sell a smaller business.

Marketing Tip – Small Business Owners Need to Keep in Touch to Get More Referrals

The phone rings.  You answer it.  The person on the other line says, “Bob Smith suggested I call you.  He said you can help me.”  Ahhhh!  It’s a beautiful day!!!

How often does that happen to you?  Probably not often enough.  But with a little marketing planning, you can dramatically increase your referral business.  The result is bigger sales for your small business. The most important thing is to keep in touch with people on a regular, consistent basis.

Sounds simple, doesn’t it?  Most small business owners know they need to do these things.  But few have any type of marketing system for keeping in touch with the right people.  Even fewer small business owners know the right way to ask for referrals.

Who should be on your contact list?  

EVERYONE!  Past clients, prospects, business associates, friends, neighbors, even people who at one point thought they might use your services, then changed their mind.

The biggest mistake we make is to think, “Oh, those people know what my small business is. I don’t need to market to them.” 

Yes, your neighbor, your banker, and the people in your Rotary group probably do know about your business.  But when they think of you, they think of you walking the dog, making a deposit, or organizing a meeting. 
 
Because they don’t see you in your professional capacity, they don’t think of you that way–unless you use a smart marketing strategy to remind them.  And, as much as we’d like to think we are unforgettable to our past clients, they start to forget about us in as little as six weeks!

Obviously, when making a marketing plan to keep in touch with your contacts, time and budget need to be considered.  You will want to see some people once a week.  Others will simply get a monthly e-mail newsletter.  No matter what, talking about your business, mailing personal notes and cards, and sending regular e-mail newsletters to all of your contacts is vital to building business. 

 
By marketing to your contacts on a regular, consistent basis, you will ensure these people think of you whenever they hear of someone else who might need your product or service. The result? More referrals, more business and more sales!

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