Bank on It – Why Having a Business Bank Account is Essential

There are many reasons why a new business owner may forgo opening a business bank account and struggle on using their own personal account for their business transactions. Sometimes they simply run out of time, having focused on everything else and forgotten to open a business bank account, they suddenly realise that it cannot be done instantly and so opt to carry on using their personal account. Other times it is through lack of conviction, fear of business failure leads them to bulk at putting the business finances into black and white. Most often, though, it is in the mistaken belief that it will save them a little money if they do not have to fork out for business banking fees.

Not paying to have a separate business account can often prove something of a false economy, as, for the small amount that most business accounts might cost, a business can gain so much more than just a bank account.

The way that customers and other businesses with which you do business view you is very valuable; image is everything in business and having your business transactions move through a personal rather than a business account smacks of small time; your business is far less likely to be taken seriously and plenty of customers will be put-off by the impression of paucity it creates.

Trying to do business accounts when using the same account for personal and business finances has the potential for absolute disaster; even allowing for not making any important fiscal errors, the sheer time consuming nature of fussing around separating everything out will be very trying for most new business owners.

Make no mistake, HMRC will be watching you; there will of course be times when you will have to have contact with them, provide them with information etc. and other times when they will just be watching. Mixing personal and business bank accounts may cause them to look a little harder at you and your business, as it makes financial transparency more difficult to demonstrate at a glance. If the Tax Man wants to see that you are declaring everything you should, having to fight through hundreds of domestic transactions to locate those of the business will not endear you to them.

Business accounts can provide your business with more than just banking facilities; many banks will throw-in added extras, such as accounting software, deals on insurance and even offer the actual banking services free for the first year or more of business. They are also a great source of financial advice for the new business owner.

So, rather than viewing a business bank account as an extra overhead on your new business, perhaps you could look at it in terms of what it can provide in benefits for your venture. If a business bank account can help your business profile or simplify its record keeping maybe it is worth the effort of setting it up, if it can also help the authorities to look favourably on you and throw-in a bit of guidance and some cheap insurance to boot, well then maybe it becomes an essential to add to your list.

Small Business Marketing Tips

Small business marketing tips are guidelines regarding potential opportunities in small business marketing. They help to plan and implement an effective marketing strategy. Small business marketing faces many constraints such as poor budget and lack of essential resources. Marketing tips serve to overcome these constraints. They help to improvise the marketing strategy with a step-by-step planning process. Tips can be the short cut to utilize and benefit from a particular situation. The ultimate aim of these ideas is to enhance the business. Marketing tips are also a guide of do’s and don’ts in the marketing field. Small business marketing tips come up with innovative and practical ideas for a cost effective marketing strategy.

Small business marketing tips attempt to enhance the marketing according to the prevailing conditions. It helps to choose effective resources for marketing, suitable to attract the attention of customers. The tips are available for all the steps in marketing including planning, formulation of the strategy, selection of marketing materials and effective marketing procedures. It enables a product to grab consumer attention and to position itself in the market. Effective marketing tips will generate sales quickly.

Small business marketing tips also aim to maintain product identity. Most of the tips prefer branding of the products for a unique selling proposition in the market. Creative marketing ideas such as newsletters, business post cards and trade booths are provided. It explores alternate marketing strategies such as bartering system, mail outs and offers. Tips suggest that referral marketing is one of the best techniques to highlight a product. Cause related marketing is also harnessed as a marketing opportunity.

Small business marketing tips are usually formulated from the experiences of people. Many provide free tips through Internet sites and newsletters. Books on marketing tips are also available. They impart a fresh perspective on business marketing as a whole.

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.

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