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Welcome to the Business Advantage
Small Business Community

Learn. Share. Thrive.

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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For women business owners to thrive, we need advocates more than mentors
With digital learning becoming a necessity and traditional in-person events on hold, now is a great time to create an online course. Mari Smith gives insight on how to leverage your knowledge and skills.
The 6 steps to hiring remote employees
A successful remote employee has a certain set of skills, including focus and dedication. Steve Strauss lists the six steps you should take to find and hire the right remote employees.
Live video live streaming tips to create a professional home studio
With 80% of people preferring to watch live videos rather than read a blog post, it’s time for your business to get its camera ready. Mari Smith offers tips on how to create a professional home studio without breaking the bank.

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Bank of America Small Business clients can find more information about the Paycheck Protection Program on the Bank of America website, or read our Frequently Asked Questions. We're adding more information regularly. Check back often for updates.

Note: Per our community guidelines, any posts to this community regarding a Bank of America customer service issue or complaint will automatically be moderated and may not appear on the site.

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SBC Team in Community Support2 months ago (Show more Show less)

Big improvements coming soon

To our members and friends, Since 2007, the Small Business Community has served as an online meeting place for business owners to learn and grow together. We’re excited to announce upcoming… (Show more Show less)

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Rieva Lesonsky in Business Startups1 year ago (Show more Show less)

Want to Start a Business? Start with These 3 Steps

There’s a lot of information available to those who want to start a business. So much, in fact, it can feel overwhelming. So, let’s cut to the chase and look at the three key steps to successfully… (Show more Show less)

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chrismarklee 1 month ago (Show more Show less)

You need a unique product. You next need to find your customer base on social media and build relationships one at a time. You need repeat customer and referrals from them. This takes tremendous…

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cherrylgb in Introduce Yourself1 month ago (Show more Show less)

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michaelsd in Business Startups1 month ago (Show more Show less)

How to find a co-founder for interior design agency?

Hello, I am looking for a professional with experience in the startup world interested in a startup focused on interior design. I am building an agency that connects new and established designers… (Show more Show less)

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berman in Business Startups1 month ago (Show more Show less)

Looking for a marketing partner for my startup

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Bank of America SB Team in General Business2 months ago (Show more Show less)

NAWBO’s Woman Business Owner of the Year Finalists Share What Their Brave Is

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juliastaromana in Technology2 months ago (Show more Show less)

Are you ready to set up your own Instagram shop?

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berman in Business Startups 4 days ago

Looking for a marketing partner for my startup

I have a marketplace platform for home projects and repairs. Local business/handymen post their business or service on my marketplace. Then customers can search by different categories: plumbing, electrical, landscaping, etc. There they can hire the professional. We hold the payment until the projects are complete. We will also be offering insurance/guarantee on the money put down on the project. Monetization - we will be charging a premium on the services sold. (10%-25%) So a handyman that is looking for extra work posts landscaping work. He builds a customer's backyard deck, then the customer pays us some amount of money. After the job is completed we release the money to our "host" or service provider minus our fee. This model is very close to Turo's model. I am mainly looking for a partner who can help grow the business. We need to find service providers, and I need somebody to help build processes to do that. Content writers, marketers fit what I am looking for. I could also bring on a techy cofounder but it is not necessary at this time.

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ritzparker in Business Startups 3 weeks ago

11 Small Business Tools for Entrepreneurs and Startup Companies

In today’s Internet-powered world, smart entrepreneurs and small businesses are growing faster and becoming stronger with every passing day. So, to stay on top of your business endeavor you need to master some of the great tools that will...

11 Small Business Tools for Entrepreneurs and Startup Companies

To beat the competition in your industry you need to implement the tools that will increase the productivity and efficiency of your team and provide you time to focus on the most important aspects of your business.

There are hundreds of marketing related, services related and modern technology related tools available online to help you grow your business. However, to choose the best ones you have to put a lot of time and efforts.

So, to save you from that hassle we have reviewed and listed 11 of the best business tools that are cost-effective and provide great values to your business.

#1 Hootsuite

Managing all social media accounts regularly and publishing new posts frequently can become an area of concern for small business owners and entrepreneurs simply due to lack of time and proper resources. After signing up for Hootsuite you can manage all your social media platforms with its simple and easy to use dashboard.

Features:

Schedule post - You can schedule your upcoming social media posts in advance which will save you a lot of time and will keep you active on various social media channels.
Analyze the performance - You can analyze your social media performance by tracking the number of followers you are getting, your most shared and liked posts by your audience.
Find content - With Hootsuite you can find lots of attractive and compelling content and images which you can post on your social media channels to engage your visitors.
Security - Hootsuite prevents your brand from all sorts of social media threats by providing its advanced social media security features.

Pricing:

3O Days free trial.
Professional Plan - 29$ per month
Business Plan - 599$ per month

#2 Slack

Slack is a communication and teamwork management tool. Slack lets you manage project works and conversation with your business partners or team members from a single platform across all devices. Using slack you can send emails, reply to text messages and follow up someone on Twitter without any headache.

Features:

You can divide your team members according to their profiles, projects to properly monitor the work of your organization.
Collaborate and share your channel with the companies and businesses you frequently work with to expand your business network.
Make conversation over voice or video calls and share screen to track the progress of projects.
With the help of slack, you can effortlessly share files, images, videos, PDFs with others and make an archive of feedback of your work.

Pricing:

Free version
Standard - 6.67$ per month
Plus - 12.50$ per month

#3 Evernote

Evernote is a note-taking application which is very helpful for busy business owners and entrepreneurs. It lets you take notes of business-related ideas, plans, thoughts from anywhere in the world. Further, you can save the notes, audio recordings, photos, clipped web documents etc. in an organized way so that you can find them later easily.

Features:

You can write your notes, collect web clippings and page screenshots, record audio notes, create a to-do list, highlight or comment on images.
Sort your documents and important files by date, tag or title to arrange them properly.
Share your notes with anyone in your business group.
You can set permission-lock to prevent anyone from accessing your personal notes.
You can convert your notes to a PowerPoint presentation with one click.

Pricing:

Basic - Free version
Premium - 7.99$ per month
Business - 14.99$ per month

#4 Trello

Trello is one of the most popular projects management software to organize and track the progress of any project in your organization. You can create various cards, boards, set deadlines, add notes using your Trello account.

Features:

Organize and plan collaborations with clients, colleagues, business owners.
Customize your account with various tags, labels, cards, and categories.
Upload various files and attachments.
The mobile-friendly
With its free version you can access some basic services, but for other advanced features, you have to subscribe to their premium plans.

Pricing:

Free forever plan.
Business class - 9.99$ per month
Enterprise - 20.83$ per month

#5 Shopify

Shopify is an e-commerce software that helps you build an online e-commerce shop of your own. With the help of its marketing, drop shipping, shopping carts, SEO features you can manage all the functionalities of your online store from a single platform.

Features:

You can use top quality themes for your website from its collection of more than 70 professional themes.
With the help of its easy-to-customize templates, you can customize your online store according to your choice and build your brand online.
Your Shopify store comes with an in-built mobile commerce shopping cart feature that lets your customers browse your products, services, and buy directly from their smartphones or other mobile devices.
You can integrate your Shopify store with more than 100 payment gateways across the globe.
You can offer free shipping services to your customers for a certain order size and price point.

Pricing:

14 Days of the free trial.
Basic - 29$ per month
Advanced - 299$ per month

#6 Skype

Skype is the world's one of the most used and recommended internet calling services offered by Microsoft. It provides audio and video calling services, messaging, file and screen sharing between computers and mobile devices across the world.

Features:

Calling service - You can connect with your friends, families, business members, colleagues with the Skype calling service for absolutely free. You can even make a group-call with up to 25 people at once.
Video service - You can chat through video calls and virtually interact with others face to face.
Message service - You can send text messages, emojis, video messages, voice messages instantly using Skype.
File sharing service - You can share documents, images, videos etc. of any size. At the same time, you can share your screen with others to track the progress of any task.

Pricing:

Skype is free
Skype for Business is not free

#7 Asana

Asana is a productivity tool to manage your works, projects, and daily tasks. This tool helps you grow your business and improve the efficiency of the team members.

Features:

Plan your tasks and prioritize them according to the deadlines, and share them with the team members.
With Asana you can track the project improvement in every step to achieve your certain business goals.
As Asana connects with Google Drive, Dropbox, Onedrive you can easily share files and documents from your computer.

Pricing:

Premium - 9.99$ per month
Business - 19.99$ per month
Enterprise - Contact sales team

#8 Boomerang

Boomerang for Gmail is an email-communication tool to improve the email service. It provides you with an option to schedule emails and monitor their performances.

Features:

Using Boomerang, you can write your emails and schedule them to send at your preferred time.
At times there are some important emails we need to send or receive. Using its reminder feature you can easily send, receive or follow up with people.
Boomerang is also available for Android and iOS devices. This lets you stay connected over email on the go.

Pricing:

Basic - Free
Personal - 4.99$ per month
Premium - 49.99$ per month

#9 Google Analytics

Google Analytics is one of the best analytical tools which has loads of features to improve any website’s performance. There are some of the best features available in Google Analytics which every marketer and small business owners must know to grow their businesses.

Features:

You can track your campaigns and monitor the traffic on your website. Further, you can analyze their activities on different pages of your site.
You can track the leads and conversions of your website by the number of requests for the product demos, email sign-ups, ebook downloading, contact form submissions, purchases etc. This will help you to target your customers according to their interests.
You can create custom reports with the Google Analytics data according to your business goals.

Pricing: Free

#10 Hubspot

Hubspot is inbound marketing software that helps to gain more traffic to your website, generates leads and converts your website visitors to potential customers.

Features:

Increases visitors and generates leads to your optimized landing pages.
Follows up with the buyers through email automation system.
Provides full customer assistance and builds relationships with your customers.
The free version of Hubspot provides basic marketing facilities whereas the paid version gives you many other advanced marketing features.
Hubspot is available for Windows, Mac as well as for Android and iOS devices.

Pricing:

Free version
Starter - 50$ per month
Enterprise - 3,200$ per month

#11 Paypal

Paypal is one of the most used and trusted online payment service providers. Using Paypal you can make and receive payments for your business in more than 100 currencies. It is one of the fastest and safest payment options available online.

Features:

You can make payment for any online purchases using the credit card, debit card, online banking etc. or send money to another PayPal account in 100+ different currencies.
You can withdraw your payments from more than 200 countries using PayPal.
You can request payments from people who don’t have a PayPal account using an email address.

Pricing:

Free sign up.
3.7% of the transaction amount plus $0.30 USD

Conclusion:

Hope you have found this article helpful. Though there are plenty of tools available today, the tools we have mentioned here will fulfill most of your business requirements. Most of the aforesaid tools offer free trials, so you can include those tools in your business plan to check their effectiveness. And as your business gets bigger, you can go for the paid versions that fit your budget and resolve your business needs.

This article was brought to you by PromozSEO Web Marketing Academy, a Digital Marketing training program in Kolkata, India.

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nti-nic in Credit & Lending 1 month ago

PPP Loan Forgiveness

Has anybody received any information from Bank of America on the instructions for applying for PPP loan forgiveness? We're curious as the 8 week period starts for us, we want to make sure we're falling into the right guidelines for using...

PPP Loan Forgiveness

Has anybody received any information from Bank of America on the instructions for applying for PPP loan forgiveness?

We're curious as the 8 week period starts for us, we want to make sure we're falling into the right guidelines for using the funds properly to ensure loan forgiveness, but it's difficult without knowing BoA's specific guidelines or qualifications.

Thanks!

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michaelsd in Business Startups 1 month ago

How to find a co-founder for interior design agency?

Hello,

I am looking for a professional with experience in the startup world interested in a startup focused on interior design. I am building an agency that connects new and established designers with people looking for a design professional. It will support the interior designers with bookkeeping, marketing, finding clients, building their business, managing projects, and the main connection between the designer and client to keep things flowing and on track.

I am looking for a co-founder who can take care of the business development side, as I’m in the art side; I would like someone that can help with the management aspect.

I am located in New York, NY, but I am also open to work remotely with the right candidate. If interested please e-mails me at Samantha@whdesignandinteriors.com

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mojolizardking in Credit & Lending 2 months ago

BOA Promissory Note Doesn't Match Loan Amount

Went to sign and finalize paperwork for the PPP to be funded, but the promissory note doesn't match the loan amount. They had elevated the incorrect amount and the PNote still has the inccorect amount. I've sent a couple of emails to their help email but I've not received a response. Had a phone conversation and they said they're looking into it and someone will call in 48 hours. Anyone else have this issue? if so, please let me know what solution was reached. I know this money runs out quickly so I'm trying to darn-est to get it corrected quickly.

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lisamathew411 in Business Startups 2 months ago

Seo tools to boost your ranking

Updated list of best seo tools for keywords research, website audit, competitor in India. Compare features, price, reviews of seo software. get free demo

Seo tools to boost your ranking

Updated list of best seo tools for keywords research, website audit, competitor in India. Compare features, price, reviews of seo software. get free demo

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bbman400 in Community Feedback 2 months ago

Signed Promissory Note and Attestation, But No Funding After 2 Business Days

On May 1, we received a Promissory Note and Attestation via Intralinks, which we signed and re-uploaded right away. On May 2, we received the "You're one step away from receiving Paycheck Protection Program funds," where we signed into Online Banking to sign Promissory Note and Attestation, which we also completed right away. It is now May 5, and we have still not received funding or any subsequent emails. I tried emailing the new PPP_Help@bofa.com email address that was posted, but have gotten no response. Does anyone have any suggestions at this point?

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little_ant_2 in Business Startups 3 months ago

What's Your Zelle Name for Sole Props in California

Hi guys, I've been getting different answers from different branches, even the call centers. So I figured it's best to ask those who actually have the accounts. For Sole Props in California, we gotta use DBAs, so (based on my...

What's Your Zelle Name for Sole Props in California

Hi guys,

I've been getting different answers from different branches, even the call centers. So I figured it's best to ask those who actually have the accounts.

For Sole Props in California, we gotta use DBAs, so (based on my understanding) the account will be under "Joe Smith DBA Companyname".

But what name is shown on your Zelle profile when you request money to people? (Assuming your names are not too long and don't get cut off by Zelle)

Joe Smith DBA Companyname
Companyname
Joe Smith

Anybody recently opened a business checking account and can share this answer with me?

Thanks!

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antiloch in Business Startups 4 months ago

Should I create my own website using online software, or seek the help of a professional?

My business needs a website that is one of the main sources of value to the customer. It needs to provide information on the product, as well as list the customers involved in the current program using photographs and a short description. I don't have a lot of web design skills. Wondering if I should create a site myself or have a professional do it? Thoughts?

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Liana Kailey in General Business 5 months ago

3 Brightcove Alternatives for Live Video Streaming Platform

Video is the new currency of the web. Surprising? Felix Kjellberg (aka PewDiePie) earns an approximate $15 million. Roman Atwood pegs at $8 million. Smosh (Ian Hecox and Anthony Padilla) pockets $7 million. All estimates as per Forbes list of 10...

3 Brightcove Alternatives for Live Video Streaming Platform

The Internet and endless number of enterprise video platforms has thrown open opportunities for anyone with a passion for video to turn into sources of revenue. Video monetization is no longer buzzword for television behemoths, but for anyone who have a video library that can be streamed across the Internet.

Oh! And we missed to mention live streaming all this while. The multi-billion dollar industry is no longer restricted to broadcasting live sports events and musical shows. Enterprise video solutions now enable live streaming in education, entertainment, marketing and several other industries with great ease.

A notable provider of live streaming video solution is Brightcove who helps deliver and monetize videos across the Internet effortlessly. Brightcove extends its video facilities primarily for video publishers and broadcasters, digital marketers and enterprise users. Additionally it offers a range of other video streaming services for publishers and broadcasters for video hosting, live streaming, OTT Tv delivery, video player, live and file cloud transcoding among many others.

Here is a thorough comparison of live video streaming solutions that best fit as alternatives to Brightcove you might want to checkout.

1. Vplayed

Vplayed makes the best alternative to Brightcove video streaming. Vplayed is a top-tier video solution built for broadcasters, channel partners, content owners and publishers to launch their own typical video on demand, OTT and live streaming platform. The solution is a custom-made VOD solution that ideally compatible with any sort of industry which tends the content owners to monetize the content on various platforms. The solution is wholly packed with diverse features that put a way to streamline your content on multi platform.

This cloud-based platform is equipped with AWS cloud storage to assist in hosting of the video content in a secure and possess scalability. The end-to-end solution is armed with Content Management System which takes the responsibility of every piece of your content that tends to reach the right audience at the right time. Vplayed is inbuilt with an impressive Content delivery network that gives a promising high pixel rate video quality without any delay and also a dynamic user experience that entices the audience globally. The video on demand solution is the utmost platform that assists the content owners to store, transcode and engage a massive audience on multiple platforms.

2. Dacast

If you are a fan of pay as you go or use policy in, then DaCast is a good choice. DaCast offers a tiered pricing package where your video streaming happens according to the bandwidth you have paid for.

Well, that’s a good thing as well as a bad thing. If your enterprise video portal picks up traffic and too many viewers started rushing to your video, you might run of bandwidth causing the stream come to a standstill. Just in case you are not sure how to calculate how much video bandwidth you will need, DaCast offers an in-built Launch Calculator to pick the right plan best fit for you.

However, there are ups that makes DaCast irresistible for video streaming. It provides a comprehensive suite of white label APIs and video tools that enhances video productivity streaming.

3. Contus Vplay

Contus Vplay is a comprehensive enterprise video streaming solution that allows anyone in these industries, or even outside of it trying to make their mark, launch their own online video streaming website complete with 100% customization.

Contus Vplay is offered as a readymade video on demand solution that comes equipped with multi-tier monetization for SVOD, TVOD, AVOD, pay per view and many other customizable video monetization avenues.It comes with advanced AES encryption security and user-owned digital copyrights management system, which is a curse for intruders who seek illegal access to your website. A proactive approach to track user activity with the use of customized reports and analytics gives a comparable view from your competitors.The inclusion of subscription helps in expanding the user base of your channel. You also get a 24/7 backed up customer support right from deployment to maintenance by a dedicated team of experts.

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SBC Team in Community Support 3 weeks ago

Big improvements coming soon

To our members and friends,

Since 2007, the Small Business Community has served as an online meeting place for business owners to learn and grow together. We’re excited to announce upcoming changes that will make it even easier to find resources to start, run, or grow your business.

A new name

In early December, the Small Business Community will become Small Business Resources.

A new site

You’ll notice that Small Business Resources looks and feels different from the Community. Changes will include:

New categories, more comprehensive articles and a streamlined menu for easier browsing
More ways to discover content on your favorite topics
A new visual identity for a clean, focused reading experience on all devices

Additionally, the forums will be retired when the new site launches. We’d like to say a big “thank you” to all our members who have asked and answered questions in the forum – your stories have inspired us and your fellow members for thirteen years.

The same mission

While the site is changing, our dedication to empowering business owners never will. We will continue to equip business owners with the tools and information to do the next right thing. We hope Small Business Resources will be a tool you reach for again and again.

To your success!

The Small Business Community Team

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Bank of America SB Team in General Business 2 months ago

NAWBO’s Woman Business Owner of the Year Finalists Share What Their Brave Is

At the end of September, the National Association of Women Business Owners (NAWBO) hosted its annual National Women’s Business Conference (WBC)—which was unlike any other WBC in the organization’s history. Due to the coronavirus pandemic, the conference was held virtually. And while the women of NAWBO may not have been able to share a handshake in the event hall or a round of applause in the auditorium, this unique event delivered as it always does in bringing together women entrepreneurs from across the world to learn from one another and share their ideas for the future. NAWBO, which is celebrating its 45^th year as an organization, chose “Brave Is…” as this year’s theme—and our team fully embraced that sentiment! Marking Bank of America’s eighth year as the presenting sponsor of the event, our team was energized, empowered and inspired by the incredible women business owners who are making brave strides across the country.

Three women who fully encapsulate the idea of “Brave Is…” are this year’s National Woman Business Owner of the Year Award finalists. From hundreds of nominations submitted from NAWBO Chapters all over the country, the group of finalists consisted of: Nooshin Behroyan, Founder & CEO, Paxon Energy & Infrastructure Services; Rebecca Fyffe, CEO & Director of Research, Landmark Pest Management; and Ranee Cress Wright, President and Owner, DrillMax.

After much deliberation, Rebecca was selected as this year’s Woman Business Owner of the Year Before she was awarded the title however, the NAWBO audience had a chance to hear from all three women in a panel discussion moderated by Bank of America’s Senior Vice President, National SBA Executive, Karen Harrison. During the discussion, the three finalists shared their stories and what bravery means to them:

Rebecca Fyffe, CEO & Director of Research, Landmark Pest Management –

2020 winner of the Woman Business Owner of the Year Award

Rebecca is CEO and director of research at Landmark Pest Management as well as a subject matter expert on policies and programs designed to enable women and minorities to capture a representative share of economic opportunities in corporate and government procurement and contracting. She served as chair of the Chicago Transit Authority’s DBE Advisory Committee and has testified in numerous disparity studies.

“Even though I started [my company] because of a tragedy, we’ve had such a wonderful growth story that as a result of this, we've been able to help so many people live and work in safer, cleaner buildings.
“The advice that stands out most to me is a comment that Michelle Obama made. She said that when you make it through that door, it's not enough to just leave the door open for the woman behind you. Reach back reach through that door and pull the next person through – and that is so much what NAWBO is about.”

Nooshin Behroyan, Founder & CEO, Paxon Energy & Infrastructure Services

Nooshin is founder and CEO of Paxon Energy & Infrastructure Services. In less than three years, she has grown the company into America’s 9^th fastest growing management firm and a leading woman-owned consulting management firm, which is heavily focused on improving critical infrastructures in the oil, gas and utilities industries.

“I work in the oil and gas industry, which is not known for much diversity, nor inclusion and I wanted to elevate and advance women. I wanted to address the barriers and try change for positive impact - and that became the value for me to advance our business. I truly believe that it's going to take all of us to make a difference for women across all sectors, not just women engineers. We may be individually strong, but we are collectively powerful, and I see that in the community of now.”

“My advice for all of our women business owners is to understand your say-to-do ratio. In other words, how reliably are you going to deliver on what you're promising? What truly distinguishes a good company is the quality of their say-to-do ratio, because quality doesn't come by chance – quality is a responsibility that needs to be shared within all sectors of a given company.”

Ranee Cress Wright, President and Owner, DrillMax

Ranee Cress Wright is an entrepreneur and business owner with over 25 years of experience. As the current President of Drillmax® Inc, her dedication to innovation and growth has positioned Drillmax® as a global brand in over 35 countries. Within her company, Ranee uses her collaborative management style to create a unique company culture, which has led to 20 years of employee retention. Ranee helped build Drillmax’s reputation as the premier valve manufacturer of quality products for over two decades.

“When I think about my brave. It has to do with going beyond where I'm comfortable and leaning into the fear of the unknown. How I've leveraged my brave is to first allow myself time to acknowledge what I know and apply my know-how to make any adjustments and then to bravely advance in whatever the decision or circumstance is that I'm facing.”
“My deepest desire is that all women business owners would begin to see and understand that their companies most valuable asset is themselves.”

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Rieva Lesonsky in Business Startups 2 months ago

Want to Start a Business? Start with These 3 Steps

Focus, fact-finding and finances.

1. Focus: Make a commitment

Unswerving focus separates the dreamers from the doers. If you want to start a business, you must commit to making it happen. Set aside time to work on your business every day. Just half an hour a day is all it takes to make steady progress. Can you give up half an hour of watching Netflix, hanging out with your friends or scrolling through Instagram to focus on your business?

If not, you probably don’t have what it takes. (Sorry to be so frank, but starting a business is not for the easily discouraged.) To stay motivated, find a support system—someone who will encourage you and hold your feet to the fire when necessary.

2. Fact-finding: Do your homework

You’ve got a business idea. But is it a viable idea?

To find out, first research your competition, including both online and offline competitors. Learn as much as you can about them. Visit their businesses, dig deep into their websites, look at their marketing and pricing. What can you offer that’s different and better?

Next, research your target market. Who will buy what you’re planning to sell? You can’t target the whole world. In fact, the more you can narrow your target market, the better. Learn so much about your target customers you can picture them in front of you:

Where do they live?
What do they do?
Are they married?
Do they have children?
How do they spend their free time?
What’s their discretionary income and what do they spend it on?

You may discover your market is too small to support your business. It’s better to learn this now than after you open your doors. Adjust your business idea or find a new target market and keep going. Once your target customers are defined, figure out how you will sell to them. Will your product be sold in your store, sold through another retailer, or sold online? If it’s a service, will you deliver it yourself or hire employees? Will you sell direct to customers, hire outside salespeople, or sell to a reseller?

3. Finances: Set a budget and source your startup capital

You know your business idea is viable. But, how much will it cost to launch? There are lots of expenses to consider, including the costs of:

Buying or making a product
Renting a location
Creating and maintaining a website
Marketing and advertising
Equipment and business supplies
Hiring employees or independent contractors

Like much in life, a business startup often costs more than you expect, so build wiggle room into your budget.

Now, figure out how you will get the money. It’s very difficult to get startup financing from outside sources, so most startup entrepreneurs use their own money or borrow from friends and family. Can you tap into savings, sell some assets, start part-time or work a second job? Get creative about finding ways to finance your dream.

Bonus step: Get help

There are many resources available to help you start a business. Find local organizations, such as economic development centers, that assist business owners. Educate yourself by taking classes at your local community college.

Two great resources available nationwide are SCORE and the Small Business Development Center) network. Each provides free or low-cost business consulting and advice from successful business owners and business experts. SCORE’s website has tons of tools such as online webinars, training courses and templates to get you started. (Note: SCORE is a client of my company, but I’d recommend them even if they weren’t.)

Focus, facts and financing are the three essential keys to startup success. Commit to each of them and make 2020 the year you actually launch your business.

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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SBC Team in General Business 2 months ago

Spotlight on Women Entrepreneurs

Small Business Story Collection: Celebrating the Power of Women Women small business owners are paving the way. This collection highlights how to embrace the unique challenges women face and thrive as small business owners. ...

Spotlight on Women Entrepreneurs

Small Business Story Collection: Celebrating the Power of Women

Women small business owners are paving the way. This collection highlights how to embrace the unique challenges women face and thrive as small business owners.

Additional Resources

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Steve Strauss in General Business 2 months ago

A digital strategy to grow your business during disruptions

by Steve Strauss I want to share with you a simple, yet truly powerful success strategy that can work in any climate – including during a global pandemic. (And note, this is not hyperbole.) A little background: ...

A digital strategy to grow your business during disruptions

by Steve Strauss

I want to share with you a simple, yet truly powerful success strategy that can work in any climate – including during a global pandemic. (And note, this is not hyperbole.)

A little background:

About six months ago, I was on Facebook and a video ad popped up from a well-known “digital guru.” He explains how he has this great method for being able to – natch – “make millions.”

Riiiiiight.

But he’s good at this stuff, his video is captivating, and I know from my work that he is actually very successful, so I find myself clicking through.

The next thing I know, I‘ve listened to his entire hour and a half webinar, and most surprising to me, I bought his expensive training system.

I’m happy to say that it was totally worth my investment.

And I want to share the big takeaway with you because, especially right now, it can help you not only stay afloat, but get ahead.

Grow your email list.

This seems almost basic, like Internet 101, right? Wrong. At least not the way this guy does it.

Here’s the deal: What he recommends, and what I have tried and found really works, is to focus a significant amount of your marketing energy, and yes, some of your marketing dollars, on growing your list in a big way. Don’t just dabble, go for it, because the payoff can be huge.

A big list gives you big reach.

When someone provides their email address, when they “opt-in,” they are giving you permission to contact them again. These are warm leads; people who trust you and want to hear from you. When it’s time for you to sell something, you can email this list and be almost assured that a good number of the people you are pitching will say yes.

Take my new guru for example. To watch his hour-and-a-half video, I had to opt-in. But because he gave me real value in that webinar, I was happy I did, and in fact, when he emailed me the next day with his pitch, I was interested.

And I was not alone. By advertising on Facebook and getting people to opt-in, he now has a list of more than a half a million people.

Think about that for a second.

The next time he has a new product, be it some system, or an e-book, or info-product or whatever, with one email he can tell 500,000 potential customers about it. The way he explains it is that this is akin to Starbucks. People like going to Starbucks (or at least they used to.) Millions of people would go there every day. And so, when Starbucks has a new product to launch, they simply roll it out in the stores and those millions learn about it and are inclined to buy it because they trust the company and like its products.

For you and me, our expanded email list is our digital storefront. When we have something new to sell, we can roll it out by emailing our list and letting them know about it.

Does this really work?

Well, the guru recently launched a new podcast and used his list to tell his tribe about it. Within a few weeks, the podcast had become one of the top new shows on iTunes.

In my case, I have been using some of his methods and my own business email list recently topped 30,000.

There are four steps:

1. Create a free offer.

You have to give to get. What you give away for free in exchange for the opt-in should be something your potential customers would want – a free ebook, or podcast, free product, a discount, access to a special website, something.

2. Let them know about the offer.

Do so on your website, on your social channels, and yes, consider buying some pay-per-click ads to promote your offering. The bigger you grow your list, the bigger your reach and the higher your potential sales down the road.

3. Offer real value in exchange for the opt-in.

The webinar I listened to was chock-full of great info. No fluff. Give away your best stuff. If you do, people will trust and like you and believe what you tell them. You really don’t get a second chance to make a great first impression.

4. Don’t abuse the privilege.

When people trust you enough to give you their email, they are also trusting that you will not bombard them with spam and selling.

Then, when the time comes for you to launch your Carmel Mocha Macchiato and you write to your list, guess what?

They are going to want to buy it.

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Chris Brogan in General Business 2 months ago

The Coronavirus Changes How We Work: Here’s What to Consider

For a guy who writes about future concepts and ways we could do business, sometimes it takes me a while to try new things. I’d never used DoorDash until the pandemic rolled in. (No, this isn’t an ad for DoorDash.) I’ll...

The Coronavirus Changes How We Work: Here’s What to Consider

For a guy who writes about future concepts and ways we could do business, sometimes it takes me a while to try new things.

I’d never used DoorDash until the pandemic rolled in. (No, this isn’t an ad for DoorDash.) I’ll talk about them in a moment. For the last 15 years, I’ve shared how to work at a distance. Only now, people are forced to consider that reality.

How Do You Do Business in a “Contactless” World?

As a business advisor, a lot of what I do is suggest ways companies can develop marketplaces around what they sell. I’m probably most well-known for advocating the use of social networks and media tools like YouTube and podcasting and Twitter for further developing ways to interact and sell.

But all this time, it’s been a “gee-whiz” and a nice to have.

When a global pandemic comes and forces governments to close businesses (most of them small, by the way), now we have to think about what it means to deliver our business remotely. The concept of “contactless” business is now a “thing.” And it has many implications.

Here are some questions for you to consider:

If you can’t sell and market face to face, what other ways can you find?
If people like your face-to-face experience, how can you recreate that online?
Not everyone loves coupons. How else can you stay top of mind for your buyers?
If people are watching more YouTube, Facebook, and TikTok while in quarantine, what can you do to reach them?
Do you have your customers’ email addresses? How will you earn them?

Let’s talk about this. On one hand, I know you’d rather things just go “back to normal.” But what if normal wasn’t exactly killing it for you? And nothing in life ever goes “back to normal.” It moves forward. And it changes. And eventually, we accept the “new normal.”

Digital Business and the Digital Channel

If you can’t sell and market face to face, you have to reach people where they are: their inbox and on various social networks. Yes, your buyer is online. My small-town Facebook group is populated by people who are mostly over 50, for instance. B2B people are actual humans and are also online.

Once you accept that everyone is online, the question is: how do we earn their attention?

People like how-to content. The COVID-19 quarantine data shows that people are filling some of their entertainment time with learning and educational content. Is there an angle there for you?
People like personable content. Can you shoot video showing what’s going on at your business and how you’re serving people?
People like to belong. Can you reinforce the identity of the people you serve?

Before this all happened, the prevailing idea of content marketing was that it existed to give people something interesting to consume that somehow related to your product or service. While that’s still true, the adaptation in a post COVID-19 world will focus more on transporting the more personable elements of your real-life presence into an online package.

Understand the New Cadence of Business

Part of your job rolling forward is to connect with people using various digital tools so you can keep customers and prospects feeling “warm” about your offerings in between opportunities to purchase from you.

This is the new cadence. It’s all about staying connected between sales moments. It’s about showing your support for the community you serve. It’s about being more personable and present.

All your functional work to make your business work in a contactless world is still before you. How do you sell? How do you deliver? What happens with the face-to-face parts of the experience? But the way you’ll earn and keep customers involves showing people a human face from a distance using all the digital tools out there.

Oh, and let me tell you about DoorDash. What made the experience great wasn’t the ordering platform (which was really well done) and it wasn’t the variety of restaurants (which is fine, but you kind of expect that), but instead, it was one detail: constant contact.

Every step of the way, I was notified:

Five Guys has your order.
Five Guys is making your food.
Five Guys says your food is ready for pickup.
Your DoorDash driver is picking up the food.
Your DoorDash driver is near.
Your DoorDash driver is here.

That level of connection was better than any other detail of the process. I got what I wanted and every step of the way I was kept in the loop.

What a lot of people want is a connected experience with a company that matches their views and values. What they need is good fast communication all the way through the process.

Bank of America, N.A. engages with Chris Brogan to provide materials for informational purposes only, and is not responsible for, and does not guarantee or endorse any of the third-party products or services mentioned. All third-party logos and company names mentioned herein are the property of their respective owners and are used under license from Chris Brogan. 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 months ago

Tips on Preparing for a Supply Chain Disruption During A Crisis

by Rieva Lesonsky While every national or global crisis has it's own specific challenges, it’s clear many small businesses can experience a delay or complete interruption in their supply chains when things go wrong. Whether...

Tips on Preparing for a Supply Chain Disruption During A Crisis

by Rieva Lesonsky

While every national or global crisis has it's own specific challenges, it’s clear many small businesses can experience a delay or complete interruption in their supply chains when things go wrong.

Whether it’s the needed supplies to run your business, such as paper goods or cooking oil, or actual merchandise to sell, the unknown nature of the global pandemic will continue to make finding suppliers a challenge.

The Fragile Supply Chain

This most recent global health crisis has revealed the fragility of the supply chain. According to an article in The Atlantic, the Institute for Supply Management (ISM) found nearly “75 percent of the businesses it contacted in late February and early March reported some kind of supply-chain disruption due to the coronavirus. And 44 percent of the companies didn’t have a plan to deal with this kind of disruption.” ISM’s CEO, Tom Derry, told The Atlantic, that while this is “a little surprising...you have to realize there’s almost no industry sector—[in] manufacturing and nonmanufacturing—that isn’t reliant on China in the United States.”

What normally took a few days to move across the world or the country can take weeks or months. Even Amazon is feeling the effects from a shortage of stock, the increase of online orders and not enough workers to fulfill them all.

To get around the delays in normal supply operations, many small business owners are turning to local suppliers to keep inventory in stock.

When one Southern California sunglasses wholesaler found his orders from Chinese factories delayed by more than 45 days, he quickly contacted alternate sources to fill his orders. Adam Rizza, cofounder of Sunscape Eyewear, already had a backup network of local suppliers to call on when his regular international suppliers faced weeks of delays.

“We sourced goods from local distributors,” says Rizza, although he admits “it did affect our margins.”

A good backup plan is key to surviving a crisis situation. Part of that is establishing supportive, friendly relationships with others in your industry.

“We had good relationships with other eyewear distributors before we became one ourselves,” says Rizza. If you haven’t developed those relationships yet, start now—even if it’s with your competitors. “Most business owners are well aware of all the competitors in their space,” says Rizza, so it can be easier to start with them. “The one thing we have seen during this difficult time is that our competitors are coming together and helping one another.”

Finding New Supply Sources

In addition to reaching out to other local businesses for supplier recommendations, contact your city, county or state’s economic or business development offices. Check with the local chamber of commerce in your area for member lists. You can also get assistance from your local Small Business Development Center or SCORE office. Although face-to-face appointments are not available now, SCORE is offering remote mentoring appointments.

Online marketplaces are a good place to source products, just be sure to check stock levels and delivery estimates for the best outcome. Websites such as Shopify, Amazon Business, and Alibaba all have both international and domestic suppliers ready to make deals.

When you’re creating a new supplier network, investigate new suppliers in North and Central America as well as around the world. Choose new suppliers from different regions so you’re not stuck in case of a regional disaster. Establish these relationships as soon as you can, you don’t want to wait until the next calamity to get to know these suppliers.

You also need to check in with your current transportation providers. Do they offer multiple methods of getting your products to you? If not, consider expanding your transportation network as well. It’s important to do business with a company that can pivot from one transportation method to another when necessary.

No one knows when the coronavirus pandemic will start to abate globally. Take the time explore and expand your supplier contacts so the next time supply chains freeze up, you’ll be prepared.

Bank of America, N.A. engages with Rieva Lesonsky to provide materials for informational purposes only, and is not responsible for, and does not guarantee or endorse any of the third-party products or services mentioned. All third-party logos and company names mentioned herein are the property of their respective owners and are used under license from Rieva Lesonsky.

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Steve Strauss in General Business 2 months ago

Financial Scams Proliferate for Businesses: What you Should Know

by Steve Strauss One industry showing no signs of slowing down during Coronavirus is hardly unexpected: Cyber scamming. Scammers have continued to thrive – flourish even – during and as we work to recover from the pandemic....

Financial Scams Proliferate for Businesses: What you Should Know

by Steve Strauss

One industry showing no signs of slowing down during Coronavirus is hardly unexpected: Cyber scamming. Scammers have continued to thrive – flourish even – during and as we work to recover from the pandemic.

The Better Business Bureau has identified six of the most reported financial scams during this time:

1. Stimulus check scams:

As you know, $1,200 was issued to a considerable number of Americans by the U.S. government, but because the payments rolled out slowly, scammers took advantage quickly. The BBB reports that fake economic impact checks were mailed, promising people that they could get their money faster if they paid a small fee. Little do the unfortunate know, but these checks are not coming from the government, and aren’t even real for that matter. The bad guys use this scam to:

Cheat you out of money
Gain access to your bank account
Potentially steal your identity

2. Phishing scams:

Although phishing scams have always been popular among con artists, they have gained even more popularity in this work-from-home era.

For example, I recently received an email from ‘Uber’ telling me to claim my offer of a free ride. But the email looked suspicious, and when I checked who the email was from, it wasn’t the official Uber website. I didn’t click any links and I’m glad I didn’t. This is a classic phishing scam, and the type the BBB warns against. The bad guys email you, enticing you with some great offer so as to get you to click a bad link which will then infect your computer with a virus.

Phishing scams usually entail emails that look (almost) exactly like ones from companies you trust - whether it be your employer, or an organization, or maybe a retailer that you know and like. The point is to get you to let your guard down (because it looks legit) and have you click on links that ultimately compromise your computer, and eventually, your personal information.

3. Government impersonation:

A common scam that has been cropping up more and more during the COVID-19 are government impersonator emails, texts and phone calls. Con artists will contact you, claiming to be some government official; they may say they are from the FBI, or the IRS, or even your local police. The point is to scare you into letting your guard down.

One common angle is that they mention that that they have an “online coronavirus test” that you need to take. The BBB reports that no test like this exists (of course.) The goal is to get you to go to an infected website, click a bad link, thereby downloading malware onto your computer which allows them to hijack your personal information.

4. Employment scams:

This emerging trick is one of the crueler, yet more sophisticated, financial scams that has cropped up during this time. Employment scams seek to get the recently unemployed to cough up money and bank account information through clever - and costly - tricks.

It works like this: Scammers will target the unemployed with phony work-from-home job offers. The jobs seem legit, are “easy to do,” and “pay good money,” and the hiring process is “quick and painless.” Too painless to be true.

Alert! When you start training for the job, the crooks will ask you to pay fees for the cost of training you. Red flag! Or, you will be asked to wire back “overpayments” or buy expensive equipment. These scams ultimately cost you not only your money, but your time, hope and reputation.

5. The Fake-Cure Scam:

During this time of high anxiety, people are of course seeking answers and relief. Scammers have been attempting to provide that by offering “coronavirus cures.” Via phone, text, or email, they will offer special masks, or “medical cures that the government is hiding.”

But you know the drill by now: They will also ask you for your credit card information. Of course, the products never arrive and the link you clicked or the information you provided allows for identity theft.

Ultimately, there are many scams that have become more popular because of coronavirus fears. But if you keep your eyes peeled and stay alert, you won’t get hurt.

Bank of America, N.A. engages with Steve Strauss to provide materials for informational purposes only, and is not responsible for, and does not guarantee or endorse any of the third-party products or services mentioned. All third-party logos and company names mentioned herein are the property of their respective owners and 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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Karen Harrison in Cash Management 2 months ago

The 5 Strategies for Improving Cash Flow Management

by Karen Harrison Eighty-two percent of businesses fail due to poor cash-flow management, according to a study by Jessie Hagen of US Bank, cited on the SCORE website. The most common cash flow contributors for small business...

The 5 Strategies for Improving Cash Flow Management

by Karen Harrison

Eighty-two percent of businesses fail due to poor cash-flow management, according to a study by Jessie Hagen of US Bank, cited on the SCORE website.

The most common cash flow contributors for small business failure include unexpected growth, insufficient capital, poor inventory management, lack of available credit to manage cash flow, and commingling of business and personal funds, according to the National Association of Women Business Owners (NAWBO).

Planning is the key to successful cash flow management. Here are five valuable practices for small business owners to assist with establishing a healthy cash flow.

1. Get paid ASAP.

Leveraging electronic payment options is an excellent strategy to get paid faster as they are processed more quickly than standard transactions. There are a variety of options for online payments: same-day funding with merchant services, ACH payments, wire transfers, electronic check scanner for larger checks, or mobile check deposits for smaller items – all easily managed from your office or online. If you can be paid in advance or at point-of-sale, do so; otherwise, invoice often, secure deposits, provide incentives for early payments, and tightly manage receivables.

2. Never be short on cash.

Establishing a line of credit to cover cash flow gaps or shortfalls, caused from timing differences between payables and receivables, seasonality, or short-term cash needs (less than one year). There is no cash advance fee when leveraging a line of credit – think of it as ready cash to meet immediate cash needs.

3. Delay cash outflows.

Try using a small business line of credit as a cash flow tool, providing a typically lower-cost alternative to other forms of credit. Also, a small business owner can set up extended payment terms with vendors/suppliers, and leverage electronic payments to control cash disbursements. If you can’t delay payments, attempt to negotiate payment discounts for early payments to create a positive margin. For day-to-day expenses such as office supplies or gas, a small business credit card is a great solution because it provides a grace period on interest up to 30-45 days and may even pay you cash or rewards in the process. Look for a small business card without an annual fee.

4. Hold onto your cash.

Leverage today’s low-cost, long-term financing to purchase and/or refinance assets, such as commercial vehicles, equipment, and commercial real estate, as this could help your business sustain needed liquidity. Securing a long-term low rate today could mean rate protection for the future, which can help you secure low monthly payments for improved cash flow and budgeting.

5. Pay yourself, not a landlord.

Buying instead of leasing owner-occupied commercial real estate can help stabilize payments, protect against rent increases, build equity, and create an asset that can be sold, borrowed against, or leased to third parties. If you work from home, consider a residential home mortgage loan. Many small business owners are surprised to learn that purchasing can often be more affordable than renting or leasing.

Simple strategies can create big wins.

By maintaining a mindset that cash is king, and exercising strategies to maximize cash flow, small business owners are better prepared to manage growth, change, and unexpected surprises, as well as take advantage of new opportunities as they arise. Meeting with a small business banker can help you evaluate your business priorities, including your cash flow needs, and identify the right financial tools to help your business succeed.

ABOUT BANK OF AMERICA’S COMMITMENT TO SMALL BUSINESS

More than three million entrepreneurs turn to Bank of America Business Advantage to provide a competitive advantage to help their businesses grow. That’s because the bank’s high-tech, high-touch approach provides industry-leading guidance, connections, tools and solutions, along with the dedicated support to address small business owners’ unique needs to bank how, where and when they want.

Bank of America, N.A. provides articles for your review and discussion purposes only. This is not a commitment to lend. You should consult with your tax advisor for your actual tax benefits.

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Steve Strauss in General Business 2 months ago

Managing Crisis: How to Cut Overhead and Keep Employees

by Steve Strauss As you well know, starting and owning your own business is expensive – rent, labor, insurance, etc. It all adds up. And in times of economic uncertainty, cutting back is likely high on your to-do list. The...

Managing Crisis: How to Cut Overhead and Keep Employees

by Steve Strauss

As you well know, starting and owning your own business is expensive – rent, labor, insurance, etc. It all adds up. And in times of economic uncertainty, cutting back is likely high on your to-do list.

The question though is, can you do so without cutting back essential services?

Cutting employees might seem like a good way to trim your costs, but the fact is, laying off staff comes with its own set of problems - among them, a possibility for reduced productivity, loss of morale, loss of operational knowledge, and potentially, loss of customers.

The point: Business owners often say their most valuable asset is their employees. And most mean it. If that is true, what makes the most sense right now is retaining that asset and getting creative by cutting elsewhere and in unexpected places.

Here are three ways you can cut the fat without gutting your business and laying off staff:

Reduce hours and adjust schedules

In Portland, Ore., there is a beloved store called Kitchen Kaboodle. When the Great Recession hit in 2008, business fell off a cliff, and the owners were faced with tough choices: Close or fire almost everyone.

In the end, they did neither.

Instead, for the next few years, the store went to a shortened schedule, staying open only on Fridays, Saturdays and Sundays. Ideal, no, but no one was let go and the store eventually came back stronger than ever.

So yes, one way to lower payroll costs is simply reducing hours. Offering full-time employees a part-time position is a win-win for everyone when the alternative is not having a job at all. Most people would rather work with their employer than lose all their income.

For you, it provides your business full coverage, though with a reduced staff, for a part-time budget. Ultimately, this method also provides that your seasoned staff members can have job security and your customers can have the service you are committed to.

Another method for reducing costs is optimization of business hours. If you are open 8 hours a day, 7 days a week, you might not be using your time and money wisely. Instead, have a smaller staff for slower days, and a full staff for the busier times. If some days are not profitable at all, do what Kitchen Kaboodle did and consider closing those days.

Improve operational efficiency

The next option is to consider how your business can operate more cost effectively while maintaining - or even improving - its efficiency.

This can look a few different ways:

For one, you should call suppliers and renegotiate your contracts, looking to pay less for your supplies. No doubt that today, vendors will be willing to have that conversation.

The coronavirus is an opportunity for your business to be hypervigilant in its own practices. In tough times, a little goes a long way, and either renegotiating with your suppliers or reforming in-house policies and behavior can save costs in the long term.

Think differently

Time to get creative. Instead of continuing to use that high-priced marketing consultant, consider bringing marketing and advertising in-house. Find out who on your team best knows social media and unleash their creative powers. This option will cut costs while still providing your business some much needed marketing muscle.

Or what about that basement space you’re using to store old items? Instead of letting the space go to waste, perhaps try to clean it and sublet it out to another business who could use the discounted space.

Bottom line: Each new crisis will end at some point, and you will be glad you kept the band together to make some new, beautiful music when the time comes.

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Rieva Lesonsky

Rieva Lesonsky is a columnist for The Small Business Community covering employment, retail trends and women in business. Before co-founding GrowBiz Media, Lesonsky was Editorial Director of Entrepreneur Magazine. A nationally known speaker and authority on entrepreneurship, Rieva has been covering America’s entrepreneurs for more than 26 years.

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A new name

A new site

The same mission

Rebecca Fyffe, CEO & Director of Research, Landmark Pest Management –

2020 winner of the Woman Business Owner of the Year Award

Nooshin Behroyan, Founder & CEO, Paxon Energy & Infrastructure Services

Ranee Cress Wright, President and Owner, DrillMax

1. Focus: Make a commitment

2. Fact-finding: Do your homework

3. Finances: Set a budget and source your startup capital

Bonus step: Get help

Additional Resources

Grow your email list.

And I was not alone. By advertising on Facebook and getting people to opt-in, he now has a list of more than a half a million people.

Does this really work?

1. Create a free offer.

2. Let them know about the offer.

3. Offer real value in exchange for the opt-in.

4. Don’t abuse the privilege.

How Do You Do Business in a “Contactless” World?

Here are some questions for you to consider:

Digital Business and the Digital Channel

Once you accept that everyone is online, the question is: how do we earn their attention?

Understand the New Cadence of Business

Every step of the way, I was notified:

The Fragile Supply Chain

Finding New Supply Sources

1. Stimulus check scams:

2. Phishing scams:

3. Government impersonation:

4. Employment scams:

5. The Fake-Cure Scam:

1. Get paid ASAP.

2. Never be short on cash.

3. Delay cash outflows.

4. Hold onto your cash.

5. Pay yourself, not a landlord.

Reduce hours and adjust schedules

Improve operational efficiency

Think differently

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