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Welcome to Bank of America
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Running a small business is no easy feat. That’s why we’ve created a forum for small business ideas, insider tips, and the industry knowledge you need to help your small business grow.

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Which Gig Economy Delivery Service is Right for your Small Business?
We all know the gig economy is becoming a large part of the market, but have you thought about implementing it in your small business plan? It might just be right for you.
Back to School Small Business Tips
Back to school is a great time of year for businesses, but it can be a stressful time for you and your customers. Steve Strauss discusses the best way to get the most out of the season.
Bank of America Women Business Owner Spotlight
In an annual Bank of America study of more than 1,000 small business owners, women entrepreneurs say they envision significant strides for women in the workforce over the next 20 years, with a majority believing that women will match or exceed men in a number of areas. Women also say work-life balance is achievable despite some challenges.
Borrowing Options for Your Small Businesses
Watch this video above to see a brief comparison of the different lending products and features, to help you understand how credit options can support every stage of your business journey.

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hthp23 in Introduce Yourself1 day ago (Show more Show less)

Introduction

Hi there, I'm taking the opportunity to introduce myself. I'm Bryan and I help run a website called How To Heat Press. We started the site at the end of 2016 and are pleased with the growth we… (Show more Show less)

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hthp23 (to Moderator BethM) 8 hours ago (Show more Show less)

Thanks Beth. Heat pressing and vinyl etc. is related to my step father's line of work as a sign-writer. They have a machine in their business. That's how I was introduced and just wound up…

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leather4u in Sales & Marketing4 months ago (Show more Show less)

Marketing Forum

I am planning to sell leather products on line which Include 1. Leather Jackets (Male /Female) 2. Leather Gloves 3. Leather Belts 4. Ladies Hand Bags etc Q-1 As starter what free… (Show more Show less)

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Moderator Rebecca (to leather4u) 19 hours ago (Show more Show less)

Hi leather4u! It's been awhile since we've heard from you, and I wanted to see how your plans were going. With fall arriving soon and Thanksgiving and Christmas following shortly, you should be…

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Rieva Lesonsky in General Business3 days ago (Show more Show less)

How Good Is Your Customer Service? Here Are 6 Steps to Find Out

You probably think your small business offers great customer service—well, at least good customer service. But does it really? Without setting customer service benchmarks for your staff, then… (Show more Show less)

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moderator_lee in General Business1 month ago (Show more Show less)

Season Changes

Heading into another season switch, are there any changes this means for your business? Any tips? Looking for advice from other members? Let's hear how the transition is going for you all. … (Show more Show less)

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moderator_lee (to Moderator Rebecca) 5 days ago (Show more Show less)

Thanks for the comment, Rebecca, this is very interesting. Rieva's article is great for the topic also, so good suggestion. Regards, Lee

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Steve Strauss in Business Startups7 days ago (Show more Show less)

Great Entrepreneurs Start Small – Consider Richard Branson, Bill Gates, Martha Stewart

It’s easy to think, when you examine successful companies like Apple or Starbucks, that they were Apple and Starbucks from the start. They weren’t. Apple started in a garage. The original… (Show more Show less)

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Rieva Lesonsky in Sales & Marketing7 days ago (Show more Show less)

Ten Top Hacks to Increase Sales on your E-commerce Website

Your e-commerce website faces stiffer competition every day. Does it have what you need to convince customers to buy? Here are 10 essentials to e-commerce success. Fast loading: Online shoppers are… (Show more Show less)

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moderator_lisa in General Business3 weeks ago (Show more Show less)

How did you start out?

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moderator_lisa (to moderator_mel) 7 days ago (Show more Show less)

Thanks for playing along, Mel. That is great early experience. I sold candy for a club for exactly one year. I was not good at it, and I guess my takeaway from that was that I know my limits.…

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moderator_lisa in General Business7 days ago (Show more Show less)

Back to school, and back to work

Now that most students around the nation have returned to school and the leaves are starting to turn, it's the perfect time to be as helpful as possible to busy people everywhere. Here's a great… (Show more Show less)

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moderator_lee in General Business 5 days ago

Season Changes

Heading into another season switch, are there any changes this means for your business? Any tips? Looking for advice from other members? Let's hear how the transition is going for you all. -Lee

Season Changes

Heading into another season switch, are there any changes this means for your business?

Any tips? Looking for advice from other members?

Let's hear how the transition is going for you all.

-Lee

in General Business Like Show 1 Like (1) • Share

moderator_lisa in General Business 7 days ago

How did you start out?

Do you remember what your first job was? Maybe it was babysitting, or maybe you had a paper route (remember when those were a thing?), sold tickets or food through a window, or parked cars. What do you recall most about your first foray into the world of employment? Is there anything you learned from that first opportunity that's stuck with you to this day?

--Lisa

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moderator_lisa in General Business 7 days ago

Back to school, and back to work

How does your business change with the seasons? Are you affected by back-to-school? Do parents who suddenly have more time on their hands consult you about new projects? How do you adapt to the ebb and flow? Any tips on helping others learn to adjust to the varying levels of "busy-ness"?

--Lisa

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LUCKIEST in General Business 1 week ago

A Side Hustle

One of my favorite education platforms, CreativeLive, is offering a free course today: Freelancing 101: Turning Your Side Hustle Into Cash. I'm a big fan of self-employment as the closest thing to job insurance. With age discrimination and an...

A Side Hustle

One of my favorite education platforms, CreativeLive, is offering a free course today: Freelancing 101: Turning Your Side Hustle Into Cash.

I'm a big fan of self-employment as the closest thing to job insurance.

With age discrimination and an ever-changing workplace, it's a good idea to get a side hustle going if at all possible.

They start streaming the course at noon Eastern (9 AM Pacific) and repeat the course for 24 hours or more.

They offer a special price during this time if you want to buy it, but there's no obligation.

Occasionally the schedule changes unexpectedly, but eventually the course will be shown again.

Enjoy, LUCKIEST

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Moderator BethM in General Business 1 week ago

The Not So Small Decision To Start A Small Business

Deciding to start your own small business is anything but a small decision. It is also not a small task. When did you know that you wanted to start your own small business? How did you decide which kind of small business you...

The Not So Small Decision To Start A Small Business

Deciding to start your own small business is anything but a small decision. It is also not a small task.

When did you know that you wanted to start your own small business?

How did you decide which kind of small business you wanted to start?

Once you made the decision, how did you know you were ready?

Looking back now, what would be the single most important piece of advice you would give your younger you?

These questions may seem a bit basic for our seasoned small business owners, but for those who are just starting to contemplate a new venture, the answers could prove to be quite insightful.

BethM

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Moderator Cath in General Business 2 weeks ago

Reaching out this morning

As Irma is just about to come into the Florida Keys and Miami, we are concerned for our businesses in the storm's path. We hope you are safe and have tied everything down and evacuated to a safer place. Please reach out to us and let us know you are safe and our very best wishes when you get back to your business. Our thoughts are with you during this difficult time.

Cath

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cpajoe in General Business 2 weeks ago

Taxes and Hurricane Irma?

Third quarter estimated taxes in the USA are due September 15. Partnership, S Corporation, estate and trust returns on extension from March 15 are due September 15. Watch to see if Hurricane Irma affects your location, as the Internal Revenue Service and your state and local government may respond to the storm and give you extra time to meet deadlines.

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manonlily in General Business 2 weeks ago

corp owner of smllc state filing

A DE incorporated C-corp owns a SMLLC located in NJ. SMLLC has income tax nexus in NJ but doesn't need to file business income tax with NJ since it's a pass through entity. So does parent company need to file income tax return with NJ and is the...

corp owner of smllc state filing

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keithsea in General Business 2 weeks ago

how can i be succesful at selling products on amazon?

how can I be successful at selling products on amazon?

how can i be succesful at selling products on amazon?

how can I be successful at selling products on amazon?

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ricky mpaull in Business Startups 2 weeks ago

Steel buildings for office

Hi, We are a start-up from Toronto. We started out in 2015, and we have been operating from a rented office space since then. The first couple of years were hard. The lack of clients and initial costs were coming hard on us. After real hard...

Steel buildings for office

Hi,

We are a start-up from Toronto. We started out in 2015, and we have been operating from a rented office space since then. The first couple of years were hard. The lack of clients and initial costs were coming hard on us. After real hard times recently we got funded and we are planning on moving to our own space.

The first few years have taught us the value of money. So, even though we are funded, we don't plan to spend a fortune on setting up our own space. While discussing this matter with a friend, he suggested using prefabricated steel buildings. I did an internet research on them found out that he was right. But still, I am confused. Anyone with experience please clarify my doubts.

How reliable are they?.

Is there any standard problems with prefabricated steel buildings?.

How high are the maintenance costs for steel buildings?

How flexible are they for future expansions?

I found a company from Ontario who makes commercial steel buildings here. What are your opinions about them?. Also please suggest similar companies in Ontario. Any advice on this would be appreciated.

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Rieva Lesonsky in General Business 3 days ago

How Good Is Your Customer Service? Here Are 6 Steps to Find Out

You probably think your small business offers great customer service—well, at least good customer service. But does it really?

Without setting customer service benchmarks for your staff, then monitoring and measuring them, you can't be sure how well your employees are living up to your customer service promise.

Here are six ways to assess the effectiveness of your customer service.

Set benchmarks. "Good customer service" can be a nebulous concept, unless you set measurable standards and create rules to follow. Whenever possible, try to quantify your standards. For example, set a goal to answer all customer service emails within 24 hours, or not to put callers on hold for more than 60 seconds. For behavior that isn’t easily quantifiable, come up with general rules employees can follow. For instance, you might have a rule that your retail employees should acknowledge every customer who enters the store by smiling, greeting them and looking them in the eye. Once you have set such benchmarks, it’s easier to tell if your employees are living up to them.
Put technology on your side. The tools available vary but there are many ways to keep track of your business’s customer service metrics. If you deal with a lot of customer service calls, for example, use software to track measurements such as how quickly calls are answered, how long customers spend on hold, and how long it takes to resolve a problem. Assess company-wide averages as well as individual employees’ metrics to spot areas where your business is falling short.
Ask your customers. It’s easier than ever to survey customers about their satisfaction with your business’s customer service. Methods range from the low-tech (comment cards on your restaurant tables or at your point-of-sale) to online surveys, quick polls on social media or annual check-ins with your best customers to see how satisfied they are. To get unvarnished opinions, stay on top of your business’s online reviews and ratings. If lots of reviewers are criticizing the same aspect of your business (such as the attitude of the wait staff at your restaurant), take it seriously.
1. CLICK HERE TO READ MORE ARTICLES FROM SMALL BUSINESS EXPERT RIEVA LESONSKY
Pay attention. Numbers are one way to measure customer service but keep your eyes and ears open too. As a small business owner, you have an advantage over bigger competitors: You can literally see what’s going on in your business every day. Take time to walk around, talk to employees and talk to customers. For example, suppose you have an employee who consistently takes longer than the rest to ring up customers. Watch, and you might find out she’s taking more time to chat with customers and suggest complementary purchases. That means she’s building good customer relationships and boosting the average purchase volume, too.
Empower your employees. Today’s tracking technologies can make you seem like “Big Brother” to your employees, especially if they aren’t sure what you’re measuring and how it affects them. Inspire employees to improve their performances by explaining what you’re tracking, giving them access to their own metrics and showing why the numbers matter. Be open to suggestions from employees about how to improve customer service. Since they’re on the front lines with customers, they can identify processes, bottlenecks and rules that are causing problems.
Take action. Once a month or once a quarter, review all the information you’ve gathered to look for ongoing trends or problems and then determine solutions. Whether the answer is revising your processes, giving employees additional training or incorporating new technologies, taking steps to improve customer service will make both your employees and your customers happier with your small business.

About Rieva Lesonsky

Before co-founding GrowBiz Media, Lesonsky was the long-time Editorial Director of Entrepreneur Magazine. Lesonsky has appeared on hundreds of radio shows and numerous local and national television programs, including the Today Show, Good Morning America, CNN, The Martha Stewart Show and Oprah. Lesonsky regularly writes about small business for numerous websites and for corporations targeting entrepreneurs. Many organizations have recognized Lesonsky for her tireless devotion to helping entrepreneurs. She served on the Small Business Administration’s National Advisory Council for six years, was honored by the SBA as a Small Business Media Advocate and a Woman in Business Advocate, and received the prestigious Lou Campanelli award from SCORE. She is a long-time member of the Business Journalists Hall of Fame.

Web: www.growbizmedia.com or Twitter: @Rieva

Bank of America, N.A. engages with Rieva Lesonsky to provide informational materials for your discussion or review purposes only. Rieva Lesonsky is a registered trademark, used pursuant to license. The third parties within articles are used under license from Rieva Lesonsky. Consult your financial, legal and accounting advisors, as neither Bank of

America, its affiliates, nor their employees provide legal, accounting and tax advice.

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Steve Strauss in Business Startups 6 days ago

Great Entrepreneurs Start Small – Consider Richard Branson, Bill Gates, Martha Stewart

It’s easy to think, when you examine successful companies like Apple or Starbucks, that they were Apple and Starbucks from the start.

They weren’t.

Apple started in a garage. The original owners of Starbucks were content owning four stores until Howard Schultz showed up. What’s important to remember about these types of businesses and entrepreneurs is that they started off small…very small! It took time, patience and energy for those businesses to become big.

Take Richard Branson of Virgin, for example. Nowadays, the Virgin Group is huge – comprised of over 200 companies in more than 30 countries, specializing in air travel, mobile technology and much more. What you may not realize is that Virgin began as a tiny record company above a shoe shop in London and Branson had to barter his rent.

Originally, Branson started Virgin Records as a means of funding his culture magazine, Student. Virgin Records only found mild success, but it was enough for Branson to take the next steps toward expansion when he started an actual record studio. Branson took things slowly, step-by-step, but eventually bands like the Rolling Stones and the Sex Pistols signed with Virgin Music.

One of the keys to Branson’s success is that he created multiple profit centers. That is, he paid attention to what the world needed and made a point to fill niches. That is how Virgin Records also became Virgin Atlantic, Virgin Megastores and Virgin Radio; similarly, it is why Virgin didn’t go under when digital music took over. Branson has even added space travel onto the Virgin empire, with Virgin Galactic.

Talk about one small step for man.

CLICK HERE TO READ MORE FROM SMALL BUSINESS EXPERT STEVE STRAUSS

Bill Gates has a similar story. Nowadays, we automatically associate the name “Bill Gates” with massive wealth and success, but what many people don’t know is that Gates’ first company, started with his friend Paul Allen, was a dud. “Traf-o-Data” was supposed to analyze traffic patterns. It stalled.

After dropping out of Harvard and moving to New Mexico, Gates and Allen tried again, this time starting “Micro-Soft.” The first several years of Microsoft weren’t easy. Gates and Allen struggled to make a profit, and found themselves in a couple legal battles as well. With only 25 employees, Microsoft relocated outside of Seattle in 1979 – this is where they would eventually become successful. Gates’ mother, Mary, connected Bill to her IBM colleagues, to whom Gates would eventually sell a product called MS-DOS. It was those IBM connections that catalyzed Microsoft’s first success.

Before Microsoft got big, Bill Gates had to rely on family connections.

Or what about Martha Stewart? She is another one of the great small-to-big entrepreneurial tales. Stewart grew up in New Jersey and came from modest beginnings. As a teenager, she did some modeling to make some extra money, but eventually went to Barnard and graduated in 1962. Stewart finished her degree in European and Architectural History.

Martha worked on Wall Street for several years until she realized her true love was gourmet cooking. She decided to put her lucrative career aside to pursue her calling. She trained herself with Julia Child’s cookbook and started her own small catering company. It took about ten years before Martha Stewart became Martha Stewart, and notably, like Richard Branson and Bill Gates, Martha Stewart created many profit centers for her business – books, a magazine, hosting her own TV show, radio, and so on.

All of these anecdotes should be great inspiration to any entrepreneurial-minded folk with a big vision. As long as you’re OK with starting small, and only becoming bigger after time and hard work, then you have every reason to think that you can go out there and make your dream a reality.

READ GREAT ENTREPRENEURS WHO STARTED SMALL PART I

About Steve Strauss

Steven D. Strauss is one of the world's leading experts on small business and is a lawyer, writer, and speaker. The senior small business columnist for USA Today, his Ask an Expert column is one of the most highly-syndicated business columns in the country. He is the best-selling author of 17 books, including his latest, The Small Business Bible, now out in a completely updated third edition. You can also listen to his weekly podcast, Small Business Success.© Steven D. Strauss.

Web: www.theselfemployed.com or Twitter: @SteveStrauss

Bank of America, N.A. engages with Steve Strauss to provide informational materials for your discussion or review purposes only. Steve Strauss is a registered trademark, used pursuant to license. The third parties within articles are used under license from Steve Strauss. Consult your financial, legal and accounting advisors, as neither Bank of America, its affiliates, nor their employees provide legal, accounting and tax advice.

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Rieva Lesonsky in Sales & Marketing 7 days ago

Ten Top Hacks to Increase Sales on your E-commerce Website

Your e-commerce website faces stiffer competition every day. Does it have what you need to convince customers to buy? Here are 10 essentials to e-commerce success.

Fast loading: Online shoppers are impatient. More than half (53 percent) of mobile site visits are abandoned if a site takes more than 3 seconds to load, according to a Doubleclick study. Make sure your site loads quickly, not just on desktops but on mobile devices too. Google penalizes sites that load slowly on mobile devices so it will also hurt your search engine results.
Mobile optimized: While shoppers still primarily make purchases on desktop computers, they frequently start shopping on mobile devices. It’s a good idea to design your site with a mobile-first approach, ensuring that customers can easily take action and get information no matter what type of device they’re using.
Clear navigation: Don’t try to reinvent the wheel when it comes to the layout of your e-commerce site. Sticking with formats that online shoppers are familiar with will help customers accomplish what they need to do quickly. Try having users unfamiliar with your site see how easily they can navigate, shop and check out. This will help you spot confusing areas that need improvement.
Details, details: The more information you can provide about your products, the better. That means multiple product photos with different angles, the ability to zoom in on details, informative descriptions and videos of the product in use. Be sure to include relevant information such as product dimensions, fabric content, care directions, shipping weight and whether the product needs assembly. Use the manufacturers’ descriptions as a starting point and create your own—to personalize your website copy and differentiate yours from other websites selling the same thing.
Transparency: Never hide key information such as shipping costs or sales taxes. Online shoppers hate getting to the checkout process, only to find you’re charging exorbitant shipping rates. Include a shipping and/or tax calculator that customers can use early in the process to estimate additional costs, or include this information where it's easy to find.

CLICK HERE TO READ MORE ARTICLES FROM SMALL BUSINESS EXPERT RIEVA LESONSKY
Free shipping: What makes online shoppers choose one e-commerce website over another? Often, it's free shipping. In a Walker Sands Future of Retail 2016 study, nine out of 10 consumers say free shipping is the number-one factor that would make them shop online more often. If possible, offer free shipping—and it doesn’t have to be for everything, just for purchases over a certain amount. You can also use free shipping codes as an enticement to buy.
Good search functionality: If a customer’s search is likely to return hundreds of results, you need a way for customers to sort and filter them. Customers expect sophisticated search functionality so be sure your site provides it.
Trustworthiness: Include a privacy policy explaining how you secure and use customers’ personal and financial data. Prominently display your SSL certificate and any other trust or compliance certifications on your home page and checkout pages.
Simple checkout: In general, three pages is the sweet spot for a checkout process. Streamline checkout for regular customers by asking them to create an account and store their information for future orders. However, don't require customers to create an account in order to buy—this is a big turnoff.
Great customer service: Even when shopping online, consumers want to feel help is close at hand. Offer multiple ways customers can contact you, including phone numbers, email and online chat, as well as an FAQ page. Finally, make sure that your post-sale customer service lives up to its promises. That’s the best way to keep e-commerce shoppers coming back again and again.

About Rieva Lesonsky

Rieva Lesonsky is CEO and Co-founder of GrowBiz Media, a custom content and media company focusing on small business and entrepreneurship, and the blog SmallBizDaily.com. A nationally known speaker and authority on entrepreneurship, Rieva has been covering America’s entrepreneurs for more than 30 years. Before co-founding GrowBiz Media, Lesonsky was the long-time Editorial Director of Entrepreneur Magazine. Lesonsky has appeared on hundreds of radio shows and numerous local and national television programs, including the Today Show, Good Morning America, CNN, The Martha Stewart Show and Oprah.

Lesonsky regularly writes about small business for numerous websites and for corporations targeting entrepreneurs. Many organizations have recognized Lesonsky for her tireless devotion to helping entrepreneurs. She served on the Small Business Administration’s National Advisory Council for six years, was honored by the SBA as a Small Business Media Advocate and a Woman in Business Advocate, and received the prestigious Lou Campanelli award from SCORE. She is a long-time member of the Business Journalists Hall of Fame.

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Web: www.growbizmedia.com or Twitter: @Rieva

America, its affiliates, nor their employees provide legal, accounting and tax advice.

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Carol Roth in General Business 1 week ago

Bartering May Ease Cash-Flow Crunch, But Follow These Rules

It is often said that “money makes the world go ‘round.” This couldn’t be truer for entrepreneurs, who may find that money goes out the door at a more rapid pace than it enters the business. Business owners often...

Bartering May Ease Cash-Flow Crunch, But Follow These Rules

It is often said that “money makes the world go ‘round.” This couldn’t be truer for entrepreneurs, who may find that money goes out the door at a more rapid pace than it enters the business.

Business owners often need to be entrepreneurial when it comes to operations, including finding ways to get creative with financing. While we always think of money as our only currency, many of us provide expertise, goods and services with substantial value that can be bartered to grow your business.

Done correctly, you can use barter-based partnerships (let’s call them “bartnerships”) to take care of some business needs while building great collaborative relationships in the process.

However, like anything else, where you fail to prepare, you prepare to fail. And, in the case of bartering, that means anything from incurring hefty legal costs to unexpected tax bills.

Here’s a roadmap to help you barter and partner better so that it adds to your business.

CLICK HERE TO READ MORE ARTICLES FROM SMALL BUSINESS EXPERT CAROL ROTH

Vet potential partners

When you go to partner on a barter deal, you want to ensure that your “bartner” has a positive reputation and shares your base business values.

One way to do this is to approach associates in your network where you already have a positive relationship. You can also seek recommendations from trusted business associates and advisors. If you expect to barter regularly, consider joining a barter group that verifies or rates participants, or even a barter exchange that intervenes in negotiations.

Whether you know your bartner or not, do an online search and check reviews, their social media postings and Better Business Bureau complaints to see if there is any history that could create an issue for the relationship and your business’s reputation.

Establish a fair exchange

Even in barter arrangements, the dollar remains the core standard of value. Both parties need to set and agree to a firm dollar value for the goods and services they’re exchanging to create a benchmark of “fairness” for the transaction.

You want to make sure that the trade has as equal a value as possible. For example, if a web developer wants to barter for legal services, the parties may choose 12 months of website maintenance with a $2,400 value for the creation of three template contracts that also have a $2,400 value.

While you may want to get a great deal with a lopsided arrangement benefiting you, that often backfires. You don’t want the other party to do a lousy job or feel like they are being taken advantage of – that can impact the quality of the trade and the relationship. Going for a win-win arrangement is always the best for both parties in the long term.

Date before marriage

Successful marriages typically begin with a low-key first date before the parties move in together and ultimately tie their lives together. Keep your first barter with a new partner like a first date – small in scope and low-risk.

You need to evaluate how you work with a partner before entering into a business relationship. Even if both parties have good intentions going into the bartnership, like marriages, they don’t always work out as planned. Until it’s very clear you can work effectively with and trust this partner, keep it small. It’s much easier to take on a larger exchange or partnership once you have a few small successes behind you.

Put everything in writing

The word “barter” may sound casual, and while a handshake may technically be viewed as a legal contract, it’s tough to prove in a court of law. A barter agreement may be even more complex than a straight cash-based compensation arrangement, so you need to identify all aspects of your agreement in detail and put them on paper.

By doing this, you limit misunderstandings before, during and after the barter arrangement. Document every detail thoroughly, from what is to be delivered by which party at what quality level and in what time-frame, as well as any remedies if one party doesn’t follow through.

Also, if you create a product or service collaboratively (such as working together to create an email list), specify what happens at the end of your agreement. If the agreement stipulates that your barter partner takes full ownership at the end of the partnership and you can no longer use the email list after a defined period, perhaps you should agree to supply fewer names than your partner.

Know the finish line

Your agreement might last for a week, a month or longer, but it shouldn’t last forever. You absolutely need to set an end date for the arrangement. Even if you enter into an identical arrangement many times in the future, it’s best to create a new contract or at least put together an amendment or extension each time.

If your first agreement worked well, creating the next one will be a simple matter. But, if you discovered that some provisions didn’t work as expected, you now have the flexibility to tweak the next version.

Communicate early and often

Don’t wait until the final deadline to check in with your partner and find out how things are going or to let them know where you stand on your deliverables. Define key milestones with your partner and check in with each other to ensure you’re both on track and maintaining appropriate quality levels.

Naturally, when unexpected issues arise, don’t wait for a milestone date to speak up. A setback on one side can affect the other side. Plus, an informed partner may have a solution to fix the issue.

Talk taxes with your accountant

When you trade goods or services that have a cash value, the taxing authorities, of course, want their share. This means that you should discuss tax implications with your accountant before entering a barter agreement.

In the U.S., the IRS typically requires you to report barter arrangements on your tax forms. However, if you exchange like goods or services, you both gain and lose valuable assets, so you may not need to pay excessive – or any – additional taxes if you properly track both sides of equal-value exchanges. However, IRS valuation rules can be complex, so that’s why a chat with your accountant is advisable.

Using your expertise, goods or services as currency can be a big boost to your business, but plan well so you reap the full benefits and minimize the risks for your business.

About Carol Roth

Carol Roth is the creator of the Future File™ legacy planning system, “recovering” investment banker, billion-dollar dealmaker, investor, entrepreneur, national media personality and author of the New York Times bestselling book, The Entrepreneur Equation. She is a judge on the Mark Burnett-produced technology competition show, America’s Greatest Makers and TV host and contributor, including host of Microsoft’s Office Small Business Academy. She is also an advisor to companies ranging from startups to major multi-national corporations and has an action figure made in her own likeness.

Web: www.CarolRoth.com or Twitter: @CarolJSRoth.

Bank of America, N.A. engages with Carol Roth to provide informational materials for your discussion or review purposes only. Carol Roth is a registered trademark, used pursuant to license. The third parties within articles are used under license from Carol Roth. Consult your financial, legal and accounting advisors, as neither Bank of America, its affiliates, nor their employees provide legal, accounting and tax advice.

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Rieva Lesonsky in General Business 2 weeks ago

Which Gig Economy Delivery Service is Right for your Small Business?

Whether they’re 20-somethings or baby boomers, one thing all generations of customers crave is convenience. In an effort to deliver the ultimate in convenience, a variety of delivery services have sprung up, using “gig economy”...

Which Gig Economy Delivery Service is Right for your Small Business?

While UPS, DHL and FedEx all offer same-day shipping services, gig economy delivery services can be more affordable, consumer-focused and better suited for perishables like food and flowers. Should your small business use one?

Before you jump into the delivery business, ask yourself some questions.

How often do your customers ask for delivery? If you rarely get requests, a gig economy service lets you fulfill them without the hassle of hiring your own delivery employees.
Do your competitors offer delivery service? If so, how has it affected their businesses? Read online reviews and see what customers are saying about your competitors’ delivery services.
Do your competitors that offer delivery use their own drivers/employees, or an outside service?
How much do your competitors charge for delivery? Do they build delivery into the cost of the product, or is it a separate charge? How are delivery prices set?

Comparing Gig Economy Delivery Services

A search of delivery services in your area will likely uncover some local services. However, there are some big national players offering gig economy delivery:

GrubHub: Customers order food on GrubHub or its app; your restaurant receives the order and can have it delivered by a Grubhub driver or your own staff. Grubhub

provides 24/7 customer care on every order. (Seamless, another popular service, is owned by GrubHub, as are many local restaurant delivery services.)

UberEATS: UberEATS is an online meal ordering and delivery platform that uses Uber’s network of drivers to deliver meals from hundred of local restaurants; it claims an average 15-minute delivery time. Ordering can be done on their website or with a smartphone/tablet application. When customers are ready to check out, they’ll see their address, an estimated delivery time, and the price of the order including tax and booking fee.

Postmates: Postmates offers both food and non-food deliveries in more than 130 cities nationwide, 24/7/365. Customers place orders online, and Postmates handles the entire process of order fulfillment and delivery for you. You can see and track orders on your Postmates dashboard.

Deliv: Deliv delivers not only restaurant items, but also groceries and meal subscription products. If you choose the Small Business option, you’ll still be in charge of scheduling delivery, packing the item, etc. If you want customers to be able to schedule Deliv directly from your website, you’ll need the Enterprise version.

UberRUSH: For nonfood items, UberRUSH lets you schedule deliveries for the same day or in the future, add special instructions such as requiring a signature, and track them in real time just like with Uber. UberRUSH integrates with many e-commerce platforms. In some markets, packages are delivered by bicycle, which limits them to 30 pounds or less; car drivers will deliver packages up to 50 pounds.

CLICK HERE TO READ MORE ARTICLES FROM SMALL BUSINESS EXPERT RIEVA LESONSKY

Choosing the Right Partner

When choosing a gig economy delivery partner, start by finding out what’s available in your city and checking out features, costs and hours of operation. Once you have a short list, consider:

Will you gain added exposure? Being featured on a popular restaurant delivery app can attract customers who’ve never heard of your restaurant before.
Do they offer additional marketing assistance? Some companies work with you to help market your business.
How well are drivers vetted? Are they uniformed or do they wear other identifying clothing?
How much control do you have? Do you have the option to deliver products yourself if you choose, or are they all handled by the company?
How much customer service do they provide, both to you and to your customers? If there’s a problem with the delivery, who handles the complaint?

Before choosing a specific delivery service, place several orders from local companies that use them, and see how satisfied you are. Remember, this delivery service will make a big impression on your customers, so it’s important for it to be a positive one.

RELATED ARTICLE: CHOOSING A MERCHANT SERVICE PROVIDER

About Rieva Lesonsky

Web: www.growbizmedia.com or Twitter: @Rieva

America, its affiliates, nor their employees provide legal, accounting and tax advice.

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Rieva Lesonsky in Cash Management 2 weeks ago

8 Cash Flow Tips to Season-Proof your Seasonal Business

Do you own a seasonal business, such as a summer camp, sailing school or ski manufacturing company? Maybe you sell patio furniture or own a car wash. Any business where sales rise and fall drastically based on the seasons can benefit from these...

8 Cash Flow Tips to Season-Proof your Seasonal Business

Expand geographically. Can you sell your products or services to parts of the country (or world) with similar seasons? For instance, a patio furniture company in New Jersey could season-proof the business by selling to customers in California or Florida. It could even expand internationally to a country that’s warm during New Jersey’s fall and winter, like Australia.
Expand your product or service line. Think of things you could sell during the off-season that make sense with your business model. For example, could that ski manufacturing company retool its equipment to manufacture surfboards? In a mountain community near me, a lodge that does most of its business during snow season built a giant waterslide to attract families who stay at the nearby lake in the summer.
Expand demographically. Investigate whether there’s a demographic market you aren’t serving that needs your products or services during your slow time of year. For instance, when sales at your ice cream store decline during the colder months, make up for it by marketing catering services to event and party planners and setting up ice cream sundae bars at their events.
Manage cash flow and working capital carefully. When you own a seasonal business, it’s vital to keep a close eye on your cash flow. You need to keep on top of both short-term and long-term cash needs. Monitor your cash flow weekly and set aside cash reserves for the slow season to ensure you have enough working capital.
Open a business line of credit before you need it. This way, you’ll be prepared with a source you can draw upon for working capital during slow times. Build up your credit rating by borrowing small amounts from the line of credit and paying it back on time. Eventually, you’ll be able to get a bigger line of credit, which will give you more flexibility to manage seasonal ups and downs.
Plan ahead for seasonal staffing. Determine whether using a temporary staffing agency, reducing permanent employees to part-time status during the slow season, or hiring seasonal employees each year makes sense for your business. Make sure you train employees before the busy season hits so you don't waste time getting them up to speed while a line of customers snakes out the door. Pulling from the same pool of seasonal employees every year can help you cut the time it takes to train employees. When you find a good seasonal employee, keep their information on file for next year.
Sell more during your busy season. Some entrepreneurs wish their seasonal businesses could operate year-round, while others love having downtime. If you’re in the latter camp, boost your cash flow by selling even more to customers during your busy season. Could your surf school start selling surfboards, wetsuits and other surf gear in addition to giving lessons? Could you charge more by providing surf students a boxed lunch during their midday break so they don't have to bring food from home?
Market early. When you only have a short season to make the most of your sales, it’s important to keep last year’s customers coming back. Stay in touch with your customers all year long via email or direct mail so they don’t forget about you. Send them special offers before the season starts, such as discounts if they book your summer camp early or buy a new snowboard “before the rush.” Emphasize the benefits of purchasing before the season starts, such as better selection and prices. This helps you get cash flowing before the busy season starts.

CLICK HERE TO READ MORE ARTICLES FROM SMALL BUSINESS EXPERT RIEVA LESONSKY

It’s normal for seasonal businesses to experience ebb and flow, however, it’s still important to remain lucrative. To succeed at a seasonal business, you must prepare for your busy season year-round.

About Rieva Lesonsky

Before co-founding GrowBiz Media, Lesonsky was the long-time Editorial Director of Entrepreneur Magazine. Lesonsky has appeared on hundreds of radio shows and numerous

local and national television programs, including the Today Show, Good Morning America, CNN,The Martha Stewart Show and Oprah.Lesonsky regularly writes about small business for numerous websites and for corporations targeting entrepreneurs. Many organizations have recognized Lesonsky for her tireless devotion to helping entrepreneurs. She served on the Small Business Administration’s National Advisory Council for six years, was honored by the SBA as a Small Business Media Advocate and a Woman in Business Advocate, and received the prestigious Lou Campanelli award from SCORE. She is a long-time member of the Business Journalists Hall of Fame.

Web: www.growbizmedia.com or Twitter: @Rieva

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Steve Strauss in Business Startups 2 weeks ago

5 Tips You Should Know about Starting a Business

You can count me as one of those experts who paints a fairly rosy picture of entrepreneurship. I do so because I truly believe entrepreneurship can be a fulfilling, happy and lucrative endeavor. But, as is the case with any positive...

5 Tips You Should Know about Starting a Business

You can count me as one of those experts who paints a fairly rosy picture of entrepreneurship. I do so because I truly believe entrepreneurship can be a fulfilling, happy and lucrative endeavor.

But, as is the case with any positive enterprise, there are also pieces of the puzzle that one doesn’t often see. Here are my top five things that you need to know, but may not be told, before starting your own business.

1. You will need more money than you think: One of the main issues entrepreneurs face when starting a new business is that it does indeed take money to make money. And the first question, of course, is where does that money come from? The usual suspects are yourself (savings, cashing out), friends and family, credit cards, SBA loans or a loan from your bank. The good news is that banks want to lend— it is their business, after all. It’s therefore your job to make your venture as solid as possible.

But another issue that often crops up for the new entrepreneur, as far as financing goes, is figuring out the amount of money that will actually be needed to launch the venture. This amount will likely be more than you suspect. You will need enough to open the doors, buy product, get inventory, market the business and pay yourself for at least 6 months, which is the minimum amount of time it takes to start, get the word out, get business and start the money cycle.

And as is the case with anything that requires a worthwhile investment— things will go wrong, mistakes will be made, unforeseen problems will arise. That is why you need to be prepared financially.

2. Make sure your e-presence is robust from the start: You must have a good website and a strong social media presence when you launch your business— this is not something that can wait for later, nor can it be done poorly. Nab the Twitter and Facebook domain names for your business as soon as you know what that name is. Get a good-looking website up and running before you have your grand opening party. You may even want to have some videos to post on the site and an e-newsletter ready to go for day one.

These days, your customers will find your company online as much as they will offline, maybe more so, so your online offering has to be top-notch.

3. You’ll need to use all your skills: Whatever your specialty at work is and whatever skills you’ve learned along the way, you’ll need to use those in business right from the very beginning. When you start, your resources and help will be limited, and you’ll wear a lot of hats. Whether you’ve always been good at accounting or have a knack for marketing, don’t discount your tried and true abilities even while you learn new ones.

4. You will need to get customers, pronto: Before you launch, no one knows about your new business, and you don’t have a built-in base of customers. You need to let everyone know that you exist. One way to start is by contacting everyone you know. Online platforms such as your website, Twitter, Facebook and LinkedIn can help spread the word as well. Marketing and PR are another way, as is Pay-Per-Click. I suggest you come up with a multi-pronged approach to bring in customers before you launch.

5. Don’t forget to be patient: As you can see, it takes time, faith and perseverance— you must keep at it every day and stay true to your plan. It almost always pays off, especially if you were ready right from the start. Rome wasn’t built in a day, and your new business won’t be either.

About Steve Strauss

Web: www.theselfemployed.com or Twitter: @SteveStrauss

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Steve Strauss in General Business 2 weeks ago

Back to School Small Business Tips

With fall around the corner, so is school. As a small business, this is a great time to take advantage of this busy time of year. There are plenty of ways you can make this back to school season successful and mutually beneficial –...

Back to School Small Business Tips

With fall around the corner, so is school. As a small business, this is a great time to take advantage of this busy time of year.

There are plenty of ways you can make this back to school season successful and mutually beneficial – for you and your customers. Here are some ideas:

Back to school promotions: With everybody shopping for school supplies, now is a great time to offer discounts, coupons and promotions for popular school items. This is an easy way to attract shoppers, old and new. Even if you are late to the game, that’s OK – there are plenty of last-minute shoppers or those who forgot items who would be relieved to still see deals.

Also, back to school promotions aren’t exclusive to school supplies and computers. Regardless of what you sell, it’s never a bad idea to offer (and advertise) a discount for students, especially during the back-to-school season. It’s a great way of saying good luck with the new year.

Bonus tip: You can offer promotional discounts in exchange for customers opting-in to your mailing list. This is a great way to grow your list.

CLICK HERE TO READ MORE FROM SMALL BUSINESS EXPERT STEVE STRAUSS

Be helpful: A lot of parents and students are stressed out this time of year, so this is a good opportunity to put forward your very best customer service skills. Be extra helpful, friendly, accommodating and understanding of everyone, as you never know who could be going through something like this. Offer resources, such as relevant local phone numbers and email addresses, and healthy lunch ideas when possible. Being mindful of the emotions people might be feeling will most certainly pay off

Keep in mind that back to school season is expensive for shoppers so you could throw in a gift card, free meal, etc. as a way of saying thank you.

Get involved: Getting involved with a local school is a great way to give back to the community and to market your brand and business. There are many ways you can give back to schools, such as:

Host fundraisers for school scholarships, extracurricular programs, etc.
Donate items for school raffles
Host a shopping night with proceeds going to the school

Ramp up your productivity: Assuming you've had quality relaxation time this summer, back to school season is the perfect time for you and your staff to get back into the swing of things. Start by doing whatever you’ve neglected this summer. Maybe that means working a little later or taking some work home with you in the evenings or on weekends in order to catch-up. Follow the students’ back to school lead and use the back-to-school season to make this fall a productive one.

Summer may be ending but as a small business owner, this is an opportune time to ramp up business.

About Steve Strauss

Web: www.theselfemployed.com or Twitter: @SteveStrauss

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Rieva Lesonsky in General Business 3 weeks ago

Are Women Entrepreneurs Too Optimistic?

Is workplace gender equality on the horizon? Depends on who you ask. According to most of the 375 women entrepreneurs surveyed for the 2017 Bank of America Women Business Owner Spotlight, the answer is yes. However, I’m not so sure I...

Are Women Entrepreneurs Too Optimistic?

The survey found that within 20 years:

80 percent of those surveyed believe there will be “greater or equal representation of women” in STEM (Science, Technology, Engineering, Math) industries, compared to men
68 percent say women will match or exceed men in executive leadership or C-suite roles
66 percent think there will be more women-owned small businesses compared to those owned by men
61 percent of women believe their wages will be equal to or greater than those of men

I want to agree with these women. I’ve been advocating for women entrepreneurs since the mid-1980s when I first launched a magazine for them. But if the past is prologue, 20 years may not be enough time for women to achieve economic parity.

CLICK HERE TO READ MORE ARTICLES FROM SMALL BUSINESS EXPERT RIEVA LESONSKY

According to the latest stats from the Labor Department, in 2016 women made 82 cents for every dollar earned by a man. (And that’s for white women. CNN Money reports Hispanic women make 54 cents for every dollar a white, non-Hispanic man earns, while black women earn 63 cents for every dollar a white, non-Hispanic man makes.)

Twenty years ago, in 1997, women earned 73.5 cents for every dollar earned by a man. Progress? Not much. And the Institute for Women’s Policy Research (which has tracked the gender wage gap since 1987), says, “If change continues at the same slow pace as it has done for the past 50 years, it will take 42 years—or until 2059—for women to finally reach pay parity.”

There’s better news when it comes to CEOs. Fortune magazine says women lead 6.4 percent of Fortune 500 companies (that’s 32 companies). According to the magazine, “This is the highest proportion of female CEOs in the 63-year history of the Fortune 500.” And yet Fortune says that number is “still very, very low—and in no way representative of the wider population.”

For some context, the government enacted the Equal Credit Opportunity Act (ECOA) in 1974. In other words, it became illegal “for creditors to discriminate in any aspect of a credit transaction on the basis of sex or marital status,” only 43 years ago. Essentially, before then, a woman could not get credit unless she had a male co-signer.

The nation experienced an entrepreneurial revolution in the 1990s—and women became a symbol of that surge. For most of that decade (and since) the startup rate for women-owned businesses was at least double, sometimes four times that of the general startup rate. Many experts predicted women would own 50 percent of U.S. small businesses by 2000. Today, according to the National Association of Women Business Owners (NAWBO), women own about 9.4 million businesses or around one-third of all U.S. businesses, employing nearly 7.9 million people and generating $1.5 trillion in sales.

By every measure, women run smaller businesses than men. Why is the growth of women-owned businesses so stilted? Joanna L. Krotz addressed this earlier this year on HuffPost, and some of her examples are because women owners suffer from: low confidence; less business experience; gender bias in funding; service businesses that don’t scale; family responsibilities; fewer role models; reluctance to delegate; inadequate pricing; and resistance to taking on complementary partners.

So, does the problem lie with women? Candida Brush, a Babson professor of entrepreneurship, doesn’t think so. Several years ago, she told me, “It was all about what women need to do. Not anymore. The women are there, they’re qualified, and they perform well. I’m very tired of this argument that it’s the women who need to fix themselves.”

As noted above, women face hurdles when it comes to securing venture capital. According to long-time financial journalist Ali Velshi, “Only 17 percent of VC-funded companies have a female co-founder or CEO. Women only run 3.9 percent entirely. In 2016, women-run companies got $4.5M in VC funding, down from $6.1M in 2015 and $5.1M in 2014.”

While I applaud the optimism of the women in the Spotlight report, I don’t necessarily share it. Frankly, paraphrasing that old cliché, women have come a long way and we have a long way yet to go.

Let’s not focus on that cliché though.

Here are some actions women can take to break through the glass ceiling:

Create a culture that accepts, acknowledges and rewards women. If you’re in a position to hire, consider worthy women candidates—and pay them fairly.
Women tend to be more risk-averse than men. If you’re worried about “what will happen if…” and that concern stops you in your tracks, just ask yourself, “What’s the worst that can happen if things don’t go as planned?”. You’ll see you can manage what you fear.
Don’t take failure personally. No one wins all the time. When something goes wrong, examine your mistakes, “mourn” for 48 hours, and then move on.
Claim your fame. Often, women don’t like to toot their own horns. Embrace your success—in public.
Find a mentor; be a mentor. If you need help, ask for it. Talk to people here in the Bank of America community. Go to SCORE.org and get free mentorship. There’s no better feeling than helping someone accomplish their goals.
And finally, remember the words of former Secretary of State, Madeleine Albright, “There’s a special place in hell for women who don’t help each other.” I interpret that as practice the Golden Rule, “Do unto others…”

About Rieva Lesonsky

Web: www.growbizmedia.com or Twitter: @Rieva

America, its affiliates, nor their employees provide legal, accounting and tax advice.

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Bank of America SB Team in General Business 3 weeks ago

Women small business owners see gender equality in the workplace on the horizon

According to the second annual Bank of America Women Business Owner Spotlight, female entrepreneurs envision significant strides for women in the workforce over the next 20 years, with a majority believing that women will match or exceed men in a...

Women small business owners see gender equality in the workplace on the horizon

According to the second annual Bank of America Women Business Owner Spotlight, female entrepreneurs envision significant strides for women in the workforce over the next 20 years, with a majority believing that women will match or exceed men in a number of areas.

To learn more about women business owners’ specific insights, Bank of America surveyed 1,000 small business owners across the country, focusing on aspirations and concerns regarding the economy, empowerment and opportunity.

“The rules of business are changing, and women entrepreneurs are at the forefront of the transformation. They have articulated an inspiring vision for the small business community over the next 20 years — one of equal pay, leadership opportunities and greater support for those with families,” said Sharon Miller, head of Small Business. “Within the context of a growing economy, this bodes incredibly well for the future of women in business.”

Shattering the glass ceiling

According to the survey, women entrepreneurs expect big cracks in the glass ceiling — the proverbial barrier to advancement — over the next 20 years.

80% of female entrepreneurs foresee greater or equal representation of women in STEM (science, technology, engineering, math) fields compared to men in STEM.
68% believe women will match or exceed men in executive leadership role representation.
66% believe there will be more women-owned small businesses compared to those owned by men.
61% believe their wages will be equal to or greater than those of men.

Striking the right work-life balance

The Spotlight also explored the struggles of achieving a work-life balance, finding that while many women entrepreneurs experience long hours, a large majority actually feel they have a good balance between their work and home lives.

They’re also enjoying their work, primarily describing their average week as interesting, fulfilling and enjoyable. However, fewer believe they have achieved this balance compared to their male counterparts.

Growing optimism about the economy

Women small business owners have shown significant increases in optimism toward the economy improving in the year ahead — including confidence in their local economy (45% in 2017 vs. 37% in 2016), the national economy (44% in 2017 vs. 25% in 2016) and the global economy (32% in 2017 vs. 16% in 2016).

Despite the substantial boost in economic confidence, the number of women small business owners who plan to grow their business over the next five years has declined (54% in 2017 vs. 60% in 2016), as has the number of women anticipating a revenue increase over the next 12 months (44% in 2017 vs. 54% in 2016).

“The data we collect through this survey helps Bank of America better serve this important client segment not only with their small business relationships, but also with all their financial needs,” Sharon said.

For internal use only: The information and material contained on this Web page is proprietary to Bank of America and is not to be distributed outside of Bank of America.

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According to the second annual Bank of America Women Business Owner Spotlight, female entrepreneurs envision significant strides for women in the workforce over the next 20 years, with a majority believing that women will match or exceed men in a number of areas.

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Growing optimism about the economy

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