Money Management Tips for Your Start-Up Business

Money Management When opening a business, not only is your business important but managing your money is also important.  Getting paid and keeping the books straight can be a challenge.  You need to know bookkeeping, money management principles, bank statements, tax forms, and understanding credit.  You could hire a bookkeeper or an accountant, or simply just try this yourself. Here’s a good place to start:
  1.  The first thing you need to do is open a commercial bank account.  Shop around for a friendly bank or credit union.
  2.  Then set an appointment to open the account.  Make sure to take all the necessary papers with you such as personal identification, business name registration papers, and business license.
  3.  If your credit is good, make sure to ask about a line of credit for the business.
  4.  Also, ask about a credit card merchant account.  There are many different ways customers will pay, so you’ll need to provide them with these options (cash, debit card, credit card, electronic cash).
Remember, there are fees:
  1.    Account fees
  2.    Transaction fees
  3.    Equipment rental fees
  4.    Merchant fees
If customers pay in cash, you’ll need to give them a receipt so you have some sort of paper trail.  If they pay by check, make sure the date is correct and the written amount is the same as the numerical amount.  Always get their driver’s license number and put that on the back of the check.  Accepting credit cards are also good for the business. This can increase your business by 50 percent.  Accepting credit card payments online, over the telephone, by mail or in person will come with a fee…but this is profitable for the business. Payment Options:
  1.  Some businesses require advance payments, especially if the business is a service business.
  2.  Another payment option is a progress payment (arranging payments due at various stages of the project).
  3.  Another option is extending credit, if you deliver a service that is billed monthly.
All of these start-up tips for managing money for your business should be helpful and provide you with different options for a successful business. PJ's New Pic (smaller)  ActionCoach-logo
YOUR CHALLENGE:  How good are you at managing money?  For one week keep a record of where your money is being spent.  How is it impacting your business? If you would like further information or you have any questions about this blog, you can email me at pjweiland@actioncoach.com or call 847-739-3079.
For your complimentary business coaching session visit, www.bestchicagobusinesscoach.com. Build a Business image 3 (small title) To register for our complimentary workshop, How to Build a Business you can Sell, visit www.workingonthebusiness.com. Let’s work together to help your business grow. 

11 Tips to Become a Great Leader

leadership You recently started your own business but seem to be struggling with your newfound leadership role.  Becoming a great leader doesn’t come from just dreaming, it also comes from doing!  Have faith in yourself.  Believe in yourself so your new business can succeed. And it will! 11 Leadership Tips:
  1. Hire people that are honest and see the same vision for your product/service as you see in your product/service.
  2. Make a list of values and beliefs and share them with your employees.
  3. It is important to delegate tasks to employees.  This shows them that you trust them and know they will get the job done.
  4. Never ask an employee to do a task that you would not do.
  5. Show your employees that you are willing to do and work with them no matter what it takes to finish the task.  This shows trust and equality in each other.
  6. Always have good communication with your employees. Have frequent meetings or make your office an open door policy for discussion.
  7. Allow short breaks from tasks and joke around to break any tension or stress.
  8. Talk to your employees on a personal level.  Become more than a boss…become a friend.
  9. If you say you are going to do something, make sure to follow through to show your employees honesty.
  10. If mistakes are made, then let your employees know that we are all human and this can be corrected.
  11. Show your employees you have confidence in them and let them know as a team your business will be productive and will stay on the right track for success.
Remember your employees are a reflection of you and your business! PJ's New Pic (smaller)   ActionCoach-logo
YOUR CHALLENGE:  Which one of these 11 tips do you need to work on?  Are there more than one?  Work on one of these leadership skills each week!  See how far they will take your business. If you would like further information or you have any questions about this blog, you can email me at pjweiland@actioncoach.com or call 847-739-3079.
For your complimentary business coaching session visit, www.bestchicagobusinesscoach.com. Build a Business image 3 (small title) To register for our complimentary workshop, How to Build a Business you can Sell, visit www.workingonthebusiness.com. Let’s work together to help your business grow. 

Tips for Young Entrepreneurs

#Business Tips
  • If you are thinking of starting your own business, make sure the business is something you really enjoy doing.
  • Some people will start a business and think it is a get rich quick business but they really don’t enjoy what they are doing.  This usually leads to failure.
  • If you enjoy your business, your profits will come in time and your business will be a success.
  • Never be afraid to take a risk and always challenge yourself to do more and to be better.
  • If you believe in yourself and are ready to face all the fears this business may bring, then you are on the right track towards a positive future.
  • Keep in mind when hiring a team that character and value are two solid features for your team. You can always help with their skills as the business grows.
For more business tips, read this article by Will Smale, a business reporter for BBC News. Top business tips for 2016 PJ's New Pic (smaller) ActionCoach-logo
YOUR CHALLENGE:  Write down all your fears for your new business.  Are you ready to face them?  Do you believe in yourself? If you would like further information or you have any questions about this blog, you can email me at pjweiland@actioncoach.com or call 847-739-3079.
For your complimentary business coaching session visit, www.bestchicagobusinesscoach.com. Build a Business image 3 (small title) To register for our complimentary workshop, How to Build a Business you can Sell, visit www.workingonthebusiness.com. Let’s work together to help your business grow. 

The Power of Networking

If you share the entrepreneur spirit, you most likely succeed in networking. (2)           Networking is extremely important for entrepreneurs.  Communication is a productive approach to building strong relationships with others.  Networking helps professionals feel inspired and gets them motivated.  Exceptional opportunities can occur if you impress potential business partners.  Networking is powerful! Organized events bring together highly-skilled and talented entrepreneurs who want to unite, share common interests, create and develop ideas, and meet potential clients/investors.  You are all looking for connections, inspiration, advice, and opportunities. Remember, when attending a networking event, you need to be yourself.  Present your company the way you want other people to see it.  Approach networking as any other part of your business.  Create an action plan…with specific goals to accomplish during your networking time.  Since your time is very important, you don’t want to waste it. Be ready to impress…be active and memorable.  Provide value to others.  Make them want to introduce themselves to you and stay in touch with you even after the event. Be remembered! Follow-through with what you get out of the event.  Once you meet others and establish a relationship, make sure you get their business card.  Stay in touch and manage to continue communication outside of the event…this is the foundation for a strong relationship. If you share the entrepreneur spirit, you’ll most likely succeed in networking.  Don’t just show up!  Don’t expect others to come to you!  Be present and use your uniqueness to build a strong network.  Your business will thank you! PJ's New Pic (smaller)  ActionCoach-logo
YOUR CHALLENGE:  Attend at least one local networking event each week for one month.  Does it make a difference in your business? If you would like further information or you have any questions about this blog, you can email me at pjweiland@actioncoach.com or call 847-739-3079.
For your complimentary business coaching session visit, www.bestchicagobusinesscoach.com. Build a Business image 3 (small title) To register for our complimentary workshop, How to Build a Business you can Sell, visit www.workingonthebusiness.com. Let’s work together to help your business grow.