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Tune In: Episode 2 of “The Heartbeat of Main Street”
In the latest episode of “The Heartbeat of Main Street,” entrepreneurs were given a wealth of information about how their businesses can benefit from banking rewards programs.
Try These Midsummer Marketing Ideas to Boost Profits
Summer is the season for family vacations, backyard barbecues and days at the beach. For a small business, it can also be a profitable season. With summer underway, how is your business doing at capturing customers’ summer dollars? By Rieva Lesonsky
Choosing the Best Business Structure for Your Small Business
Choosing your business structure is a key step when starting any for-profit business. Your business structure also affects your tax and legal liability, so it’s important to consider your choice carefully. Here’s an overview of the different types of business structures and the pros and cons of each one.
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By the time he was in his mid-50s, Ray was a mediocre, unhappy, traveling milkshake mixer salesman. And then it happened. The fateful day that changed everything. His life. Your life. And mine.… (Show moreShow less)
Good cash flow is essential for small business success. Is yours as effective as it can be? Learn how to manage operational costs and monthly payments now and prepare for the financial challenges… (Show moreShow less)
Summer is the season for family vacations, backyard barbecues and days at the beach. For a small business, it can also be a profitable season. With summer underway, how is your business doing at… (Show moreShow less)
In our time and day, there are very few companies which don’t own a website. As technology progresses, more and more people are using the internet on a daily basis and mobile phones have become an essential part of our everyday lives. Not only are people constantly talking to others through their social media but they also like to learn about the news from around the web through them.
Social media platforms like Twitter and Facebook have taken over and have made it their jobs to connect people from all around the world within just a few clicks. This is why a lot of companies nowadays are taking advantage of how easy it is to connect with people online and create their websites in order to reach out to more potential customers.
A website can make marketing your brand fun
The very first reason why even smaller companies decide to invest into maintaining a blog is because they know that there is no better way to connect with their customers than online. There are so many different ways in which a company can attract new customers and through their own website is probably the most efficient one.
First and foremost, running your own website doesn’t have to be too expensive. There are ways for you to start practically for free and you can make it fancier or more complicates as your company starts to grow and you don’t have to worry about your income anymore. After that, the very next step is to create your own social media accounts and start promoting your content or your services on them. The best thing about this whole thing is that is can be done completely free of charge and that can be very helpful for any smaller company owner who is just starting out.
On top of that, marketing your brand can become a lot more fun if you know how to take each step to your advantage. Not only can you start a blog for your products of services and promote them in a fun and creative way, but you can also go ahead and give a try to other marketing events such as email marketing campaigns and create a newsletter for your clients.
All these things are simply made so much easier when you decide to create a website for your company as that website will be the source for everything else. Your emails and social media posts will always redirect people to your website where they will be able to come in contact with your brand and get to know what you are selling a little better.
Is it easy to create a website?
If you’re still new to this field, you might be thinking that this will be way too difficult for you to do on your own. The good thing is that even if you don’t have a lot of experience with creating websites or creating your own content, there are plenty of tools on the internet which you can use to help you achieve your goals. Here are some great tools which you can use and which will help you create your company’s website and keep it running successfully.
Weebly is a great tool for you to start your website for your business and have help for every step of the way. It was created for entrepreneurs and it will allow you to have your website up and running as soon as possible, after creating in based on your own way and style.
Another great website builder, Wordpress is probably the number one option for every new business owner. Not only is it easy to use but this tool also provides very clear instructions for every step of the way so you can rest assured that your website will look as professional and elegant as possible in the end.
Creating your website is the first step to properly marketing your business. The very next thing you should take into consideration is to start creating content which will help attract more potential customers and allow people to understand the purpose of your business and services. If you’re running your company all by yourself, the best thing you can do is to start working with a great and trustworthy copywriting service such as TrustMyPaper in order to make sure that you produce great quality content for your website.
On top of that, you can also always look for other professional writing services online, and try finding the one that will best fits the needs of your website and which will also leave you 100% satisfied with their work.
Having a website can help your company grow a lot faster
The power of the internet is great and taking advantage of its free services can help you grow your business and attract a lot more customers in a much shorter amount of time. Even if you don’t have a lot of knowledge on the field, there are many ways for you to learn how to start and run your website and keep it growing successfully.
As long as you wish to see your company grow and are intending to work hard in order to make your goals come true, you should not have anything to worry about. Running a website for your business will allow you to stay in touch with your customers and know exactly who is interested in the things your company has to offer. This way you will be able to convert many more customers and enjoy your work even more.
Did everyone have a safe and happy Fourth of July? It's almost time to get back to work for the stretch between here and Labor Day. Are you ready to get back to work, or did you plan an extended vacation around the holiday?
Be well, no matter how you're spending these hot summer days.
--Lisa
This program falls under the Worker’s Opportunity Tax Credit (WOTC), and is a Federal tax credit available to all employers who hire and retain qualified individuals. Employers currently claim about $1 billion in credits each year under the WOTC program. The average credit per qualified employee is $2,400 and can be as much as $9,600.
There is an easy way to pre qualify and capture these tax credits.
ANY business that hires employees qualifies, even just one and seasonal workers qualify too.
Have you heard of this tax credit before?
I tested it and came up with $24,000 in federal tax credits to begin with!
What were your numbers?
Did you know that several of our former Commanders in Chief were not only public servants, but also ran their own businesses?
Small business expert Steve Strauss brings us another excellent article shedding light on this aspect of more than one of our former Presidents' entrepreneurial endeavors. The Small Business History of American Presidents
Enjoy!
--Lisa
Employers should be prepared to receive employees who need to discuss problems that they want to bring to management's attention. Problems may be of a personal or workplace nature. Whatever the issue, managers must be able to meet with the...
Employers should be prepared to receive employees who need to discuss problems that they want to bring to management's attention. Problems may be of a personal or workplace nature. Whatever the issue, managers must be able to meet with the employee to determine what, if any direction, should be given to the employee needing help. Being prepared to receive them means that the manager will be able to show empathy toward the employee and and then display leadership skills of discernment and wisdom to determine the next best step for the employee.
Whatever the cost of the employee's distress, managers should take the time to meet with them in a manner that is both inviting and supportive. Employees appreciate a manager who is willing to work with them during difficult times. The rewards that will be returned from the employee may be loyalty, dedication and a renewed interest in doing a good job.
Tips about the Meeting
In order to receive the employee in a comfortable, non-threatening manner, there are some basic tips to consider:
- Location: Conduct the meeting in a private, quiet location which avoids as much distraction as possible. Employees who are pouring out their hearts to the manager do not want to hear people laughing, talking, etc., in the background from coworkers who are doing their own jobs. As a manager, I have had the experience when I had to excuse myself to step outside of the meeting to request that coworkers take their discussion to another location. It is usually just harmless fun in the middle of being busy but such behavior appears insensitive to the employee who is troubled and trying to explain the situation to his/her supervisor. In addition, employees will be more comfortable if they think you are having the meeting in a secure, quiet place that the conversation will not be overheard by others.
- Date and time: Holding the meeting at a time and on a date that is convenient for the employee will be important. If the employee works early, the manager should be flexible to schedule the meeting so that the employee does not have to wait until late in the day to meet. Or, if the employee works the night shift, the manager may want to schedule a time at the end of the normal work day but at the start of the employee's shift.
- Prevent Interruptions: At all costs, managers must avoid interruptions from disrupting the meeting with the troubled employee. The meeting will go much more smoothly if the employee feels they have the manager's undivided attention. Letting phone calls go to voicemail, not checking emails or texts during the meeting, and keeping the time blocked on the calendar for the meeting will indicate to the troubled employee that the manager does value the meeting and wants to help him/her overcome the issue of concern.
When the items above are taken into consideration for the scheduling of a meeting with a troubled employee, the manager is setting the scene for a successful conversation to occur with the employee needing assistance.
Control the Meeting
Controlling the progress of the meeting will be very important for a successful outcome. When meeting with a troubled employee and, if staffing allows, managers may desire to have a witness sit in the meeting to get another perspective on what is being discussed. The discussion should be controlled in a manner that will encourage the employee to discuss the issue by providing the necessary details that the manager needs to know. To avoid the appearance of intimidation, the witness does not need to ask but a few questions, if any, during the discussion. Rather, questions should be the responsibility of the manger who is hosting, and otherwise leading, the meeting. The manager should ask pertinent questions and give plenty of opportunity to receive the information from the employee. As mentioned in other supervisory hubs, managers who exercise good listening skills will be able to communicate effectively with employees.
Offer Solutions
After the employee has explained the situation that is causing him/her the trouble, it will be important to offer advice and direction to address it. As the employer has an interest in seeing that this employee is able to move forward, there must be some avenues for overcoming the situation that is causing the employee a problem.
If the issue is work-related, consider the following:
- Is there a policy violation? If the employee is complaining about some form of policy being violated, the manager will want to look into the matter more closely to confirm. The manager can take notes from the meeting and then look into the situation immediately.
- Is there a form of workplace harassment and/or discrimination? Since employers are tasked with following applicable laws that govern employee rights, it is imperative that the matter be investigated immediately, as well.
- Should an investigation be conducted? If the meeting presents an allegation of harassment or discrimination, the manager may request the allegation be put in writing to move forward with an investigation. Investigations should be conducted thoroughly, and in a timely manner.
If this issue is personal, consider the following:
- Are there confidentiality issues to be considered? If the matter is something that is very sensitive or personal to the employee, managers should take care to preserve the confidentiality of the matter. The witness, if there is one, should be put on notice that the matter is not to be discussed with anyone in or outside of the workplace. The managers should also assure the employee that his/her concerns will be kept in confidence.
- Is there protected health information that requires referral to the employer' HR Department? If the employee starts to discuss personal health information, it will be advisable to direct the conversation to the Human Resources Department where the appropriate staff member can assist the employee with health care benefit information.
Whether the matter is work-related, personal or a combination of both, managers will want to offer some support to the employee who is troubled. That support should be given by an active, engaged listener (manager) who will take action on behalf of the employee.
Employee Assistance Programs
Employees often have the benefit of going to their employer's EAP, Employee Assistance Program. These programs provide another outlet for gaining professional advice and counsel about an issue that may be troubling them. EAP's are short term counseling services that are a benefit offered to the employee and his/her family. EAP's can also make recommendations to refer the employee to other programs or medical care should they need additional assistance. One benefit of the EAP is that it is usually pre-paid by the employer so that the employee can seek the professional advice at no cost. The professionals at an EAP can provide great advice to manage issues, and help the employee move forward.
Make the Most of the Experience
Employees who are troubled about a situation will have much respect for their employer when management takes time to meet with them to offer assistance and support. So much of an employee's time is spent at the workplace. Therefore, anything troubling them, work-related or personal, is likely to have a significant effect on them. Managers will be wise to support employees who seek or need assistance to get through whatever issue is troubling them. Both the workplace and the employee will benefit from the experience.
About Author:
Daisy Rowley is a business coach and digital strategist who’s worked behind the scenes in hundreds of businesses, from ten popular brands to one writing website for education.
Here in the US we're celebrating Independence Day on July 4. Because the holiday occurs on a Wednesday, the whole week has taken on a holiday air.
Some people have a new meaning for Independence Day: a reminder that we're lucky to have choices about the way we live and work.
But what does "independent" mean today?
Recently I was talking to someone about shifting to from corporate employment to business. He was particularly surprised when I talked about
the new model of independent business ownership.
The new business story is about choosing your community and your role in that community. It's about refusing to let anyone tell you,
"You've asked a dumb question." It's about realizing that the best solution to a problem is often something you'd never find on our own.
Be safe
We often spend a great deal of money advertising our business or special event we are happening. But what I am looking for is that one tip, an off-the-wall idea, you came up with that didn't cost a lot of money or perhaps cost nothing. What idea have you come up with and offered to your customers that was so successful that you will incorporate it into your business on a regular yearly basis? Maybe an in-house event? Maybe a special sale?
Often these ideas come to us and we sit on them and do nothing. But then one day we decide to offer them and they just take off! We wonder why we held back at the time? So share with us some of your tips/ideas that really worked for you.
Cath
You're in the middle of a job interview and the interviewer wants to pick your brain. You sense they want your expertise without paying for it.
"Real" consultants run into this challenge all the time. Most of us learn to charge for "diagnostic" or "test-drive" challenges.
After all, we're using up energy and delivering valuable information.
At a job interview, you may feel more constrained, especially if you need or really want the job.
Good Luck
In sales, the term "elephant hunting" is typically reserved for a salesperson that ONLY goes after HUGE deals.
Growing a business is a challenge and some dream of that one "Elephant" client that will make it all worthwhile. However, we need to ask the question: Does it make sense for you to direct all of your attention and energy on a few big accounts?
OR
Does it seem like a better use of your time, energy and attention to go after multiple small to medium sized accounts to expand your business?
In our experience, when you are constantly hunting elephants what you find is that you end up with nothing at all, except many missed opportunities.
Elephants have their place, and if you are allowing yourself to NOT throw everything into hunting for the one big deal, you will save yourself immeasurable frustration, be more motivating to your team, put a number of wins on the board and substantially reduce risk to your business.
What are your thoughts?
The idea of having a large client contract can be a siren song, but will it end up being a dream come true, or an example of biting off more than you can chew? Carol Roth provides some valuable insight and forward-thinking suggestions to be sure you're in the right place to be able to land and manage that big account.
The Big Problems Big Clients Can Create for Small Businesses
Have you found yourself in this situation? How did it work out for you? Please share any other insights you have so our community members might learn from your experience.
--Lisa
In the latest episode of The Heartbeat of Main Street, a small business podcast series by Bank of America and ForbesBooks, entrepreneurs were given a wealth of information about how their businesses can benefit from banking rewards...
In the latest episode of The Heartbeat of Main Street, a small business podcast series by Bank of America and ForbesBooks, entrepreneurs were given a wealth of information about how their businesses can benefit from banking rewards programs. Tune in to get insights about how loyalty programs with vendors can play an important role in the growth of a small business and hear about how you can earn benefits from Bank of America by taking advantage of their new Relationship Rewards program.
The Heartbeat of Main Street delivers timely insights tailored to the needs of small business owners and entrepreneurs. Featuring a rotating line-up of small business experts and industry leaders – and covering a range of topics – each episode explores the trends that impact revenue creation for small business owners.
The series is hosted by ForbesBooks, and past episodes, as well as episodes from the BofA Small Business podcast, can be found here. Each new episodes will appear on the Small Business Community, or on iTunes, GooglePlay and SoundCloud. Be sure to check back often – so you don’t miss a beat.
Kevin Condon: Entrepreneurs are among the busiest people out there and the program has to be simple, easy to understand, and easy to enroll. When we took a step back we said, “Can we design a program that spans across all the products and services of the bank that meets those three tests? That's easy to understand, that provides incremental rewards, and really appreciates the loyalty of our clients?” That's what we did with Relationship Rewards.
Narrator: Welcome to The Heartbeat of Main Street with ForbesBooks at forbesbooks.com, and Bank of America at bankofamerica.com.
Gregg Stebben: Talking with Kevin Condon, he's the Senior Vice President of Rewards Programs for Bank of America. It's interesting that the name of this program is Business Advantage Relationship Rewards because at the core of all this is, frankly, what all business people want to have with their customers, which is a relationship. That must be what was behind the research and must've been what was behind the creation of this product. What kind of research did you do as a team to determine what would be the most valuable things you could offer your small business customers?
Kevin: Greg, we talked to many small business owners, many of our own clients at Bank of America, and clients of other banks. We gained a few keen insights from that research. The first was, as I mentioned, perhaps more than anyone entrepreneurs appreciate the value of loyalty because they're working so hard to earn the loyalty of their customers. Any offering that they have with their suppliers or their partners that recognizes the value of their relationship is something that they'll be interested in. The second thing we gleaned from that insight is those rewards or that loyalty program needs to be incremental, meaning the more business I give you the more I get from you, and if the business I give you increases a lot I want the value of that reward to increase even more than that.
Then, the third thing that we learned from them is entrepreneurs are among the busiest people out there and the program has to be simple, easy to understand, and easy to enroll. When we took a step back we said, “Can we design a program that spans across all the products and services of the bank that meets those three tests? That's easy to understand, that provides incremental rewards, and really appreciates the loyalty of our clients?” That's what we did with Relationship Rewards.
Gregg: This whole conversation about rewards is really interesting, and before we get into the specifics of your new program at Bank of America, I'm wondering what other kinds of rewards small business people told you were most valuable to them? I'm really asking because I suspect some people who are listening could learn oh, I didn't realize I could take advantage of rewards in other parts of my business, and obviously we want to talk about the banking rewards from Bank of America as well. What other kinds program did you hear small business owners talking about and really appreciating the value of?
Kevin: Greg, we found that through our discussions with our clients that there are a growing number of great loyalty benefits in the marketplace, and I would encourage every small business owner to ask their partners and suppliers if those suppliers offer such a program because they are on the increase. What we heard though is the characteristics of those better programs tend to be, as I mentioned, those that offer incremental value when I do more business with you. The more I give you the more I want to get from you, and those benefits need to increase the more business I give you. Think of the frequent flyer program at an airline, the higher your level of status you achieve, the better the benefits you get each time you fly. You get a bonus on the rewards, you get earlier boarding, you get incremental free bags that you check, that's an example of those incremental benefits the more business I give you.
Second key element were those rewards programs that focus on what's most important to the small business owner tend to do the best. For example, if your business requires you to be on the road a lot and buying or purchasing a lot of gas at gas stations, a program that offers benefits such as cash back on gas purchases is critical. It's something that the small business owner is doing every day and it provides tangible benefits where they don't have to change their behavior. All they have to do is reward that provider with more of their business.
The third key element we found was small businesses want programs that recognize the full value of the relationship. Rewards programs that omit a part of the relationship with the small business tend to be viewed more skeptically, so if there's one part of the business that's rewarded and one part that's not small business owners tend to take a step back and view that a little bit more skeptically.
Finally, those programs without a lot of fine print or exceptions are the most successful. The easier the program is to understand, the easier the program it is to enroll, and the easier it is for the benefits to be tangible and meaningful to the small business owner without having to do a lot of research analysis are the programs that tend to do the best in the marketplace.
Gregg: Let's talk about the specifics of your new program. It's called the Business Advantage Relationship Rewards, it's a new program that, as you've now said, offers small business clients a lot of different benefits, frankly, to help them grow their businesses. Let's talk about some of the specifics. What are the things that your clients are going to enjoy as participants in this program?
Kevin: We tried to act on the feedback and the best practices that our clients told us about rewards programs when we launched Business Advantage Relationship Rewards most recently. The program recognizes and rewards our small business clients across the products and services that Bank of America offers them, so there are benefits on small business deposit accounts, investments, credit cards, and loans. It's simple to understand. Starting at $20,000 of any combination of deposit or investment balances that a client has with Bank of America they start earning benefits. Those benefits span the entire relationship across those products and services that I just mentioned. From fee waivers on your checking accounts, to cash rewards on merchant services processing, to interest rate discounts on loans, to higher rewards bonuses on the credit card purchases. You receive benefits across all the services we have to offer.
It's a tiered program so we provide those incremental benefits, the more and deeper your relationship with us there are three tiers and when your qualifying deposit and investment balances reach the next tier the value of those benefits across the services I mentioned go up. The higher the tier you qualify for the greater those benefits become. We launched it most recently after extensive research across those three areas, we tried to reflect that in the program, and we're very excited with the results so far.
Gregg: When you talk to small business owners in doing your research on this would you find that they, on their own, could point to specific parts of the banking relationship where they would benefit from rewards or was it more of a give-and-take with you suggesting what if we did this and what if we did that? I'm just wondering how prepared were small business owners to dive in and help you address places to create rewards versus you coming to them and making suggestions based on your own internal research?
Kevin: Our small business clients were very eager to help us in our research. We found that the critical elements where they found that they could get the most was, as I mentioned, recognizing the full value of the relationship. What they felt was most financial institutions provide rewards on one particular aspect of their relationship, be it the credit card rewards programs that most of us are familiar with both in our consumer lives and in our small business. What our small business owners said is, "Hey, we'd like to see you recognize the full value of what I bring to you not just credit card, but also those deposit balances I have with you, my investment relationship I have with you, and any lending I do with you with your bank. We want to see benefits across the whole spectrum."
Based on that overarching theme and feedback we got from our clients the rewards program that we designed really became easy and our clients were more than happy to react to the specific benefits that we brought, but it's simple to understand. If you purchase one of any one of those services with Bank of America you'll receive a benefit and the deeper that relationship goes the greater that benefit becomes. That was the keen insight that we got from our clients.
Gregg: One of the things that I really admire about this program, I'm talking with Kevin Condon, he's the Senior Vice President of Rewards Programs for Bank of America, one of the things I really admire about this program is that it really is focused on many parts of a business including not only having the businesses' relationship with Bank of America grow, but helping the business grow itself so that it grows as an entity in the market marketplace, which then of course naturally creates a growing relationship with the bank. One of the places where I think you've done that very successfully is by actually offering interest rate discounts because, as we all know, if you own a small business there are times when if you're getting a small business loan that capital is essential and you're really, as you said, you're looking at every place where a small business can have a relationship with a bank, but I would suspect that for many small business owners having an interest rate discount on a small business loan is one of the most exciting things you're offering here.
Kevin: It is, and our small business clients were excited to give us that feedback when we laid out the options before we launched our Relationship Rewards program. Clearly, as you mentioned, a loan, be it a auto loan if they're requiring an automobile to help run your business, a commercial real estate loan, or an everyday loan for a line of credit clearly that's a need that many of our small business owners have to grow their business. We want to be in the business of helping our business owners grow their business, so a discount frees up some cash flow, helps our clients invest their funds back into growing their business, and if their business grows Bank of America grow along with them, so we're more than thrilled to work with our clients to do that.
Gregg: I'm curious to know the actual process you go through to talk to small business owners about programs like this. Are there a lot of face-to-face meetings? Is a lot of it done by email or electronically, by phone? If somebody's listening and thinks, "I would love to be able to give feedback to my bank or Bank of America as well," are there ways for small business owners to give you feedback today?
Kevin: When we designed the program we did extensive in-person discussions with multiple small business clients, so we would have groups of small business clients come together and talk about what's important to them, what needs they have from their financial institution, where they feel some of those gaps had been in recognizing that full value of the relationship, and what benefits would help them bring more of their business to Bank of America. We found that those in person, face-to-face discussions were a great opportunity for us to get really deep insights on how we can better serve our clients going forward.
In terms of ways that a current small business client could come and talk to us, we'd recommend you setup an appointment to speak to a Bank of America employee, if you go to bankofamerica.com there's an opportunity to schedule an appointment with a customer. We'll be happy to talk with either a small business specialist or a specialist in one of our financial centers, we take that feedback on a day in and day out basis and act on it to try and increase the value of the services and products, and the rewards programs that we're bringing to our customers.
Additionally, as the program matures for Relationship Rewards over the next weeks and months we'll be gaining direct client feedback on their customer experience on everything from enrollment to how our associates explain the program, to how we could offer even more value on different benefits going forward. We'll be back in the marketplace doing those group discussions in short order.
Gregg: This program is brand-new, I think you just rolled it out a week or so ago.
Kevin: We did. We launched it on March 26th and we're very excited about the results we’ve seen in the first two weeks.
Gregg: You mentioned the word “as the program matures” and I think that's another important thing to small business owners. Just in the conversation we're having here there's a clear commitment to this program and having it evolve over time into something that increases in value and so when you describe it as maturing can you look out and see where this program might be in a year, 5 years, 10 years from now? Do you have thoughts on what the future may be for the Business Advantage Relationship Rewards Program?
Kevin: We're always looking to expand the value of our rewards programs with our clients, and so the best roadmap we have for seeing how Relationships Rewards may evolve will be looking at the rewards program we had in our consumer space. Relationship Rewards is modeled after our consumer Preferred Rewards program, which was launched a little over three years ago and in those three years we've done the same process of gaining client insights and feedback, and we've adjusted the benefits of the program during that time. We've adjusted how we've communicated, how a customer can enroll, we've adjusted how we communicate what the benefits have actually been. We've changed, in fact, some of the benefits themselves adding additional lending benefits to the consumer space. What we found is the best way to draw that roadmap is to continue to talk to our customers and clients, and so I can't tell you how the program will change in Relationship Rewards, but I can tell you it will change, and the people that will help us change it are our small business clients.
Gregg: When you encourage people to reach out and talk with someone at Bank of America about things they see that could be a benefit or an addition to the program you really mean it because that feedback is going to go right back into the R&D loop.
Kevin: Exactly. In fact, the reason we've launched Relationship Rewards was based on feedback that our small business clients, who were also consumer customers, told us. They said, "I love the fact that I have a rewards program for my consumer business. I would love it if you could bring it for my small business relationship well."
Gregg: He is Kevin Condon, he's Senior Vice President of Rewards Programs for Bank of America. We're talking about the Business Advantage Relationship Rewards program, it's a new program for small business clients of Bank of America and it offers all kinds of benefits to help them grow. I guess, the last question, Kevin and it's obvious one, is if I want to become part of the Business Advantage Relationship Rewards program, what do I do?
Kevin: The easiest thing to do is go to bankofamerica.com and click on the small business tab and schedule an appointment to talk to one of our small business specialists or one of our financial center associates. They'll take you through the process of how to enroll, answer any questions you have, and talk to you about the core products and services that go into Relationship Rewards where you receive all those incremental benefits.
Gregg: This is, frankly, a different type of process than I might go through opening and a consumer account because, in this case, I'm speaking to someone who is a specialist in working with small businesses?
Kevin: That's right. We have several thousand small business specialists located across the country and available via phone. We want to make sure that we're putting our small business clients in the right services that best meet their needs, so we'd like to have a conversation with our small business clients to ensure that they're in the correct core product offerings before we enroll them in the Relationship Rewards program where they get those added benefits on those offerings.
Gregg: You mentioned earlier that this service grows with you as your business grows. Can you mention those tiers again and if there are fees associated with being part of the program, could you tell us about that as well?
Kevin: There are no fees associated with being enrolled in Relationship Rewards. As I mentioned, it's a three-tiered program we have Gold, Platinum, and Platinum Honors. Our Gold program, a customer qualifies with $20,000 of combined deposit and investment balances, if those balances increase to $50,000 the client moves to Platinum, and at $100,000 of deposit and investment balances you become eligible for the Platinum Honors program.
You asked me about fees, Gregg, and are there any fees. In fact, the fees on your core deposit account are waived as a client who's enrolled in the program. The value of the benefits across lending, merchant services, investments, credit card, and deposits increases as you move up those tiers. For example, at the Platinum level you receive the benefit of no fees on non-Bank of America ATM transactions. There's a limit on how many of those fees are waived. When you move to Platinum Honors that a limit is waived, so the value of the benefit growth as our relationship with our client grows as well.
Gregg: It's a really interesting and clearly valuable program. I love the fact that as you move up through the tiers the value of the program itself increases and, as you said, there's no fee to be part of the program and in fact, in a way, you're actually saving on fees. He is Kevin Condon, he's Senior Vice President of Rewards Programs for Bank of America. We've been talking about the Business Advantage Relationship Rewards program. Kevin, thanks so much for joining us.
Kevin: Thank you for having me.
Narrator: Thanks for listening to The Heartbeat of Main Street with ForbesBooks at forbesbooks.com, and Bank of America at bankofamerica.com.
By the time he was in his mid-50s, Ray was a mediocre, unhappy, traveling milkshake mixer salesman. And then it happened. The fateful day that changed everything. His life. Your life. And mine. On that day, Ray called upon...
By the time he was in his mid-50s, Ray was a mediocre, unhappy, traveling milkshake mixer salesman.
And then it happened.
The fateful day that changed everything. His life. Your life. And mine.
On that day, Ray called upon a new client – a restaurant in Southern California. It was there that Ray discovered a radical new way of running the business. So amazed was he, so enamored, that Ray committed himself 100 percent to working with and for the brothers who owned the place. Before long, they gave in to Ray’s enthusiasm and cajoling and hired him.
Within 10 years, Ray Kroc’s vision for what the McDonald brothers had created begat a behemoth, and he had invented the system of franchising along the way. New franchisees were taught the McDonald’s way, allowed to use its name, brand, recipes, and systems, and (for a fee of course) were able to open their own McDonald’s.
So yes, franchising is a remarkable way to join something bigger than oneself, but it doesn’t come without risks. Indeed, there are both pros and cons to buying a franchise.
Pros
Maybe the best part of buying a franchise is that you are buying into a proven system. Here is how it works: Somewhere, some business owners created a successful business they thought could be duplicated, systematized and taught. The owners reduced their success to a step-by-step plan, and that plan – the system – as well as their business model and brand and “secret sauce” is sold to would-be entrepreneurs.
That is the essence of a franchise.
The idea is that if the franchisees do what the owners did, they will get the results that the owners got. A good franchise then is a systematic way of doing business whereby you agree to do things the franchisor’s way and are being allowed to use their business name, logo, system, and so on.
So, the first benefit of franchising is that you theoretically reduce your risk of failing as you are buying a proven business success system.
The second good thing about buying a franchise is that you should get plenty of help. Ray Kroc put it best: As a franchisee, you might be in business for yourself, but you are not in business by yourself. Whereas when you start a business from scratch you are on your own, when you start a franchise, the franchisor and other franchisees are there to help you succeed.
The franchisor in particular will offer expertise in a wide variety of areas: marketing, accounting, finances, labor, etc. A good franchise system therefore should train you to be a successful businessperson.
The last benefit of franchising is that you will get assistance with your advertising and marketing, and with the bigger franchise systems, you will get the benefit of their national advertising campaign.
Cons
While the benefits of buying a franchise are significant, the downsides must be considered too.
The first is that it can be expensive to buy a franchise. When you are buying a franchise, you are buying the franchisor’s name, logo, goodwill, expertise, system and training. That can be worth a lot, especially for a well-known franchise. This is not to say that all franchises are expensive, there are many that are quite reasonable, but just know that if you want to buy a name-brand franchise, you will pay for that right.
How much? Here are a few examples:
- Want to buy a Taco Bell? Startup costs, including construction expenses, range between $1.2 million and $2.6 million for a new restaurant, according to the company's franchisee disclosure document. The franchise fee alone (the fee for buying in), is $45,000.
- Conversely, a small home-based franchise system might have a $2,500 franchise fee and total costs of $10,000.
The second issue is that you will have less independence as a franchisee than you would as a regular entrepreneur. The system is the system, and you will agree in your franchise contract to run your business according to the system. Because the franchisor trusts you with its brand and goodwill, you will need to do things their way.
The final downside, and this is important, is that in relation to your franchisor, you will be in a position of relative weakness. The franchise contract, for example, is drafted by the franchisor’s attorney to favor them. The franchisor will know more about the business than you, and likely will be better financed than you.
Not insignificant, any of this.
The important thing to understand in this regard is that not all franchisors are created equal; some are great to work with while you should run in the other direction from others. How do you know the difference?
- Speak with other franchisees to learn of their experience
- Use Google
- Research potential lawsuits that the franchisor has been involved in
All in all, if you do your homework and find a good franchisor to team-up with this, you should find that franchising can be a really great way to get started in business.
Related Content:
Learn about franchise financing options from Bank of America
8 Steps Toward Starting a New Business
What Every Entrepreneur Should Know Before Buying a Business
How to Buy a Business in Three Steps
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
You can read more articles from Steve Strauss by clicking here
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.
Bank of America, N.A. Member FDIC. ©2018 Bank of America Corporation
Good cash flow is essential for small business success. Is yours as effective as it can be? Learn how to manage operational costs and monthly payments now and prepare for the financial challenges ahead with our new infographic. We’re...
Good cash flow is essential for small business success. Is yours as effective as it can be? Learn how to manage operational costs and monthly payments now and prepare for the financial challenges ahead with our new infographic.
We’re committed to finding the smartest path to long-term growth for your business
Our small business specialists will work to help you strengthen your business and plan for the future.
Talk to a small business specialist today.
Summer is the season for family vacations, backyard barbecues and days at the beach. For a small business, it can also be a profitable season. With summer underway, how is your business doing at capturing customers’ summer dollars? Here are...
Summer is the season for family vacations, backyard barbecues and days at the beach. For a small business, it can also be a profitable season. With summer underway, how is your business doing at capturing customers’ summer dollars? Here are some creative midsummer marketing ideas to boost your business’s sales.
Be Cool
- On a scorching hot day, attract passersby into your business by promoting your air conditioning. Put up a sign saying, “Come in and cool off!”
- Give away ice-cold lemonade or bottled water outside your business, along with a coupon for 10
Get Outdoors
- Have a company picnic for your customers at a local park, lake or beach.
- Put up a tent in the parking lot; grill hot dogs and hamburgers and scoop ice cream for customers.
- Have employees wear sandwich boards, twirl signs or hand out coupons on busy street corners.
Hit the Road
- Choose a tradeshow or conference relevant to your business. Make it a mini-vacation by building in a bit of sightseeing before or after the event.
- Take a road trip to visit key clients. Many B2B companies’ schedules slow down in the summer, so your customers will be less frazzled and your meetings more productive.
Team Up
- Get together with your Chamber of Commerce or other local business owners to plan a sidewalk sale you can all participate in. Put tables outside the stores selling small items, and keep your door open to attract customers inside.
- Put together a monthly “First Fridays” or “Second Saturdays” event featuring musicians, face painting, and refreshments in your business district to attract customers one evening a month.
Join the Crowd
- Find a local community event your target customers attend, like a fun run, classic car show or music festival. Sell products at a booth there or give away free samples, along with a coupon to get recipients into your business later.
- If you don’t have the bandwidth to have a physical presence at the event, become a sponsor to get your businesses’ name in front of the crowds.
- Farmers markets are especially popular in the summertime, and can be a great place to sell products or promote your services to locals.
Be a Good Sport
- Take your best customers out to a baseball game, surf competition, volleyball tournament or whatever summer sport is hot in your area.
- Put on a golf or tennis tournament for clients at the local links or country club.
Get Social
- Get customers to engage with your business on social media. Have employees share their vacation photos and ask customers to do the same.
- Give away company T-shirts or baseball caps with your logo and offer a prize for the customer who posts a picture of them wearing it in the most exotic vacation locale.
- Hold a contest or drawing to give away summer-related products or services, like beach toys from your toy store or a summer spruce up at your hair salon.
Share Summer Content
- Summer-ize your content marketing with seasonal information relevant to your customers. That could be serious stuff like pool safety tips for children, or fun stuff like 10 top nail polish colors for summer pedicures.
Heat Up Your Promo Products
- Invest in fun summer promotional products, like beach towels, sunglasses, Koozies®, coolers or beach balls.
- At an outdoor event, give away promo products to cool customers down, like fans, visors or spray bottles with your logo.
Help Customers Enjoy the Summer
- If you own a service business, put together packages that help your customers get the most out of summer. An auto repair shop could offer a “pre-road trip inspection” special to get cars vacation-ready. A yoga studio could hold special “Mommy and me” classes.
Summer is short. Don’t waste your chance to make the most of this special season.
Related Content:
8 Stops to Prepare Your Business for Summer Tourists
5 Simple Steps for Giving Your Team Time Off This Summer
Top Hacks to Make your Store Profit from Summer Tourists
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.
Web: www.growbizmedia.com or Twitter: @Rieva
You can read more articles from Rieva Lesonsky by clicking here
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.
Bank of America, N.A. Member FDIC. ©2018 Bank of America Corporation
Did you know that “Get to Know Your Customers Day” is observed on the third Thursday of each quarter (January, April, July, October)? You may not, because there are some 1,500 “days” nationally, but if you own or run a...
Did you know that “Get to Know Your Customers Day” is observed on the third Thursday of each quarter (January, April, July, October)? You may not, because there are some 1,500 “days” nationally, but if you own or run a small business, this one is worth a second look.
We all know customers are the lifeblood of our business but we may not always act that way. Between dealing with the staff, marketing, returning emails, and doing projects, “customer service” can sometimes be an oxymoron.
But it shouldn’t be, especially in the Amazon age we live in. 
One of the hallmarks of a small business is that we take care of our customers. We have – or should have – the personal touch. But that can get lost these days, not only in the hustle and bustle of life, but in the digital avalanche of today’s world. And yet, at a time when people can shop online and get their products quickly and for less money, the need to offer great service is more important than ever.
Indeed, why shop with you if shopping online is cheaper and you aren’t excelling at customer service?
Related Content: How Good Is Your Customer Service? Here Are 6 Steps to Find Out
Yes, excelling. Fine is not good enough anymore.
That is where “Get to Know Your Customers Day” comes in. The idea, obviously, is by getting to know your customers better, you can better serve them and the more connected they will be to your business. That last point needs to be underscored. People do business with, and shop at, stores and people whom they like. The more they feel an emotional connection to your business – because they know you and know that you appreciate them – the less likely they are to be lured away by that Amazon Prime deal of the day.
Given all of this, not only is the idea behind Get To Know Your Customer Day valid, it is a value proposition that should be adopted and implemented across the board.
Get to Know Your Customers. Period.
Here are a few ways to do just that:
Use their name: One of the best pieces of business advice I ever got was when someone told me, “People love their name.” And it’s true. If you use their name they perk up, and if you forget it, they perk down. If you have a retail shop it would really behoove you to learn the names of your regulars.
Take time: I know you’re busy. Very busy. That’s the way it goes these days. Even so, taking the time to meet and speak with your customers can go a long way to cementing your relationship with them.
In my world, most of the people who hire me do not live in the city where I live. Like you maybe, a lot of my work is done remotely and via email. And that is why I make a concerted effort to go meet them in person. Taking the time to get to know my customers makes for a much more solid, satisfying, and mutually beneficial relationship.
Check in: Aside from the meet-and-greet, there are lots of ways to easily and quickly be more customer-centric. Shoot them an email checking in. Or send an email after a purchase to see if they were happy with it. Forward on a newsletter you think may be of interest. Text them hello.
Give thanks: Sending a gift card or discount coupon to your store would be quite welcome. What about offering them a loyalty program for “best customers only?” Or consider this radical idea:
Related Content: How to Start a Loyalty Program Before the Holidays
Write them a thank you note.
Related Content: Thinking Beyond the 10%-off Coupon: Five better ways to thank your customers
The idea behind a thank you note is the same behind Get to Know Your Customers Day: In an era where things increasingly are digital and impersonal, going analogue can be a game changer.
Read Next: How Good Is Your Customer Service? Here Are 6 Steps to Find Out by Rieva Lesonsky
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
You can read more articles from Steve Strauss by clicking here
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.
Bank of America, N.A. Member FDIC. ©2018 Bank of America Corporation
Facebook-owned Instagram launched Stories in August 2016 as a direct copy of an already popular Snapchat feature. Today, Instagram Stories has 300 million daily active users. As a result, Snapchat growth slowed 82 percent.) But what,...
Facebook-owned Instagram launched Stories in August 2016 as a direct copy of an already popular Snapchat feature. Today, Instagram Stories has 300 million daily active users. As a result, Snapchat growth slowed 82 percent.)
But what, exactly, is a "Story?" And are there benefits for business use?
Stories Demystified
A Story is a piece of micro-content that disappears after 24 hours.
Stories can be photos/images, recorded videos, text with a colorful background, live video or 'boomerangs' (short, looping video content like an animated GIF).
Photos or videos can be uploaded from your camera roll, or you can record within the app. You can add effects, filters, stickers, text, interactive polls, animated GIFs and all manner of fun stuff to your Stories.
You can also add a clickable hashtag, @ mentions and locations to your Stories. This all helps with gaining extra visibility. Both hashtags and locations have Story feeds users can follow.
In 2017, Facebook also introduced the Story feature to both Messenger and the main Facebook app after Stories had already gained quite a foothold on Instagram.
“The way people share and connect is changing; it’s quickly becoming more real-time and visual.” ~Facebook [Source: TechCrunch]
Should you include Stories in your marketing mix?
The short answer is a resounding yes! For several reasons, to name a few:
- Micro-content is extremely easy to create.
- Both Instagram and Facebook position the Stories feature at the very top of their respective mobile apps. This provides tremendous visibility for your followers. Stories on Facebook are also very easy to create on desktop and are visible on desktop.
- People have very short attention spans these days and Stories are incredibly easy and fun to consume.
- For Instagram business accounts with over 10,000 followers and/or verified accounts, you can also add a URL to your Stories where your followers swipe up to go to your designated web page. (Now, with the launch of Instagram’s IGTV, you can choose to direct your followers to one of your IGTV videos or an external URL).
- Stories are growing 15X faster than feed sharing.
- Instagram boasts over 300 million daily active users and Facebook has over 150 million DAU’s.
“The Stories format is on a path to surpass feeds as the primary way people share things with their friends sometime next year.” ~Chris Cox, Facebook Chief Product Officer
Regularly publishing Stories for your business is a great way of producing micro-content for top of mind and top of feed awareness.
5 Story ideas for your business
- Do live broadcasts. Live Stories get the most prominent positioning at the top with a red “LIVE” icon. You can also do a “Live with” where you invite a guest on and Instagram splits the screen in half. Both your followers and your guest’s followers will see the telltale Live icon at the top. Your Live Story could be a product sneak peek, behind-the-scenes, meet the staff, customer spotlight, Q&A session, special offer, exclusive discounts and more.
- Conduct polls. I’ve found interactive polls to be an excellent method for sparking increased engagement. Instagram makes it super easy to add a simple and fun voting button as a slider, or a simple two word or emoji choice. You can even share the poll results later as another Story.
- Highlight user generated content. If you gather user generated content across your social channels, you could share screenshots with the relevant user @tag and an appropriate hashtag. These could be simple shout outs, or testimonials and reviews. Instagram auto-suggests hashtags when you start to type. Be sure to first search and settle on the best hashtag for your Story, as this can really help others discover you.
- Announce new content. If you publish blog posts/articles, podcast episodes, vlogs (video blogs), and/or live streaming videos, be sure to use Stories to let your Instagram followers know. Always include the related URL in the Swipe Up feature, if you have it.
- Share exclusive deals. Entice your followers to keep coming back to consume your Stories by regularly sharing special offers, codes, or unexpected bonuses.
Embrace micro-engagement, too
Whether you choose to include Stories in your marketing mix or not, I highly recommend starting to at least view and engage with Stories. This is a great way to create what I call micro-engagement.
When you view Stories on Instagram, the person/business will see that you've seen their content in their Insights. Granted, not everyone necessarily views their Insights for each Story, but many do, including myself.
When possible, try sending a quick reply or even an emoji response to a Story. This goes to the account holder’s private inbox. (Depending on user settings, the ability to reply may not be available on all Stories).
In closing, it is worth noting here that at YouTube’s 2018 VidCon video conference, the company announced that it, too, will be launching a Stories feature.
Clearly, Stories are here to stay and businesses would do well to map out a powerful micro-content strategy.
Related Content:
The Small Business Owner’s Guide to Social Media
Facebook Privacy: What Small Business Owners Need to Know
Facebook Messenger Chatbots Give Small Business Owners an Edge
About Mari Smith
Often referred to as “the Queen of Facebook,” Mari Smith is considered one of the world’s foremost experts on Facebook marketing and social media. She is a Forbes’ Top Social Media Power Influencer, author of The New Relationship Marketing and coauthor of Facebook Marketing: An Hour A Day. Forbes recently described Mari as, “… the preeminent Facebook expert. Even Facebook asks for her help.” She is a recognized Facebook Partner; Facebook headhunted and hired Mari to lead the Boost Your Business series of live events across the US. Mari is an in-demand speaker, and travels the world to keynote and train at major events.
Her digital marketing agency provides professional speaking, training and consulting services on Facebook and Instagram marketing best practices for Fortune 500 companies, brands, SMBs and direct sales organizations. Mari is also an expert webinar and live video broadcast host, and she serves as Brand Ambassador for numerous leading global companies.
Web: Mari Smith or Twitter: @MariSmith
You can read more articles from Mari Smith by clicking here
Bank of America, N.A. engages with Mari Smith to provide informational materials for your discussion or review purposes only. Mari Smith is a registered trademark, used pursuant to license. The third parties within articles are used under license from Mari Smith. Consult your financial, legal and accounting advisors, as neither Bank of America, its affiliates, nor their employees provide legal, accounting and tax advice.
The Bank of America Business Advantage Small Business Community is dedicated to empowering small business owners with the expertise and tools they need to thrive. The newest addition to our resources is a new podcast series, brought...
The Bank of America Business Advantage Small Business Community is dedicated to empowering small business owners with the expertise and tools they need to thrive. The newest addition to our resources is a new podcast series, brought to you by Bank of America and ForbesBooks.
The Heartbeat of Main Street delivers timely insights tailored to the needs of small business owners and entrepreneurs. Featuring a rotating line-up of small business experts and industry leaders – and covering a range of topics – each episode explores the trends that have an impact on revenue creation for small business owners.
The series is hosted by ForbesBooks, and more information can be accessed through a dedicated home page. New episodes will appear monthly on the Small Community. Be sure to check back often – so you don’t miss a beat.
Sharon Miller (intro): We are consultants. We are advisors. We're providing advice and guidance. We serve 3.1 million small business customers. There are 29 million small business owners in the United States, so we do see clients coast to coast. We can offer insights, which is why what we do is so important to the local economies because, when our small business owners are winning, so are our communities, and you can feel it as you go into these local markets.
Narrator: Welcome to the Heartbeat of Main Street with ForbesBooks at ForbesBooks.com and Bank of America at BankofAmerica.com.
Kate Delaney: Always a pleasure to have Sharon Miller on the show, Bank of America Head of Small Business. She's a managing director, so we have some great news here at ForbesBooks. We're very excited to be launching this radio and podcast partnership with you and Bank of America's small business. Sharon, what are the goals for these radio interviews, the podcast, and for all the people that have been listening?
Sharon: Well, Kate and Greg, first of all, thank you so much. This is an exciting partnership for us here at Bank of America, in particular small business. I hope that we can provide a forum for small business owners to have access to content about the economy, what's happening in the business world, trends, what are we seeing across the country because, as we know, small business is a very local business. What's happening in one community may be different than another community in a different area, so every small business is unique, and geography plays a big part of it or type of industry. We'll discuss all of that together. To me, it's just a very, very exciting topic.
Gregg Stebben: I'm glad you brought up so early in this discussion the idea of local businesses and how sometimes they're dealing with different things, and sometimes they're dealing with similar things. You must travel around the country a lot and talk to business owners around the country a lot in every corner of the country, and what kind of things do you hear them talking about today in 2018 that has you excited and that has them excited?
Sharon: We continue to hear from our small business owners that they're optimistic about the future. We take surveys twice a year at Bank of America to understand how our clients are feeling around their business prospects, so do they think their revenues will grow or are they coming down? Do they feel they're going to expand their business or are they going to let go?
Related Content: Spring 2018 Small Business Owner Report
All of these different items that small business owners contemplate over the course of a day, a week, a month, we ask them about that, so we continue to hear optimism in the air for our small business owners, and we just had the recent tax reforms pass. We know that there are some considerations for small business owners, and those are some of the things that they're talking about. How will I hire more employees? How can I get qualified employees? There's a war for talent out there, and small business owners are competing at every level, so that's something that I continue to hear.
The other thing is around technology and online and mobile and how do they make sure that they have the latest content, information, and access to information so that they can provide information for their customers but, more importantly, how do they use that to run their business and to gain efficiency. These are all the conversations that I'm having, no matter where I'm sitting, if it's in San Francisco, California or Tampa, Florida. These are similarities, and you do feel the optimism in the air.
Gregg: It's so interesting, Sharon, to hear you talk about, first of all, from where you're sitting as Bank of America Head of Small Business, and we're talking with Sharon Miller from Bank of America. It's so interesting to hear from where you're sitting you bringing up tech and mobile, in particular. First of all, I mean, we all know that the world is going to mobile, and it's going very fast.
Yet, as you were describing those conversations with small business people around the country, I realized that the more data is accessible to a small business person, especially the financial information, which is exactly where Bank of America and Bank of America small business comes into play. The more small business owners have access to that information, the better they are able to do all the things that make their business a success. Can you kind of walk us through the journey of Bank of America when it's come to having mobile access for their customers to their financial information?
Sharon Miller: You think about five years ago where we were building as a company access for clients to get on their computer, just online to go to bill pay, to go to online banking because people were sitting in front of their computer. Today, we think about mobile first, so it's still for the mobile because everyone has mobile in the palm of their hands, and this is how people prefer to bank today, so that's the consumer industry in general. I think about myself as a banker, but I also bank with Bank of America. I want to make sure that I have access to that and I don't have to be at home sitting in front of my computer.
I can just have my phone with me, log in, get on, understand what I have in my account, move money, pay bills and, now, we've launched Erica for our consumer clients and coming for small business, it’s a virtual assistant. Just like with your Amazon Alexa where you can ask, "What's the weather?" "What date is whatever event they're looking for?" You can find all this accessed information.
We now have Erica, which is a clever way of shortening Bank of America, so we just took the 'Bank of A" out and it's Erica, so it's, "Erica, pay my bill," "How am I doing on my budget?", "Should I invest money?" All this is going to be available for small business clients, as well, so this is on your mobile phone. I think that's the difference is, today, it's mobile first. We do build for online and to be able to be in front of your computer, but the world is becoming increasingly tightly knit, global. We're all there together, so I think that mobile is the way we've got to position going forward, and that's what our consumers are asking for.
Kate: Yeah, Sharon, you nailed it with this Erica. I'm sure people that are listening are now super drawn to this. Tell us a little bit more about that. I can imagine you probably had a think tank or you were flushing it out, or how did that all come about to get ahead of the curve?
Sharon: Artificial intelligence, it's gaining insights to behavior and being in front of our customers and giving them what they need, but they may not even know what they need. We're trying to anticipate their needs and trying to understand, you're spending a thousand dollars more each month than you make. Maybe we need to talk to a financial advisor about a budget. All of these things that we can understand of our customers' behavior because we understand what's happening in their account, and we want to help them. We want to be their financial partner and say, "Look, maybe it's time to get a checkup for ... You have two children. We can see, and you probably need to start a 529 plan for them." All these insights from a virtual assistant in the palm of your hand, it's incredible. I would've never guessed we'd have something like this available. It's the first of its kind in the industry and, quite frankly, it's what our customers want.
Today, this is what millennials are expecting. They want to wake up and say, "What's the weather?", all these things. My son has one of those Dots sitting on his bedside table. "What time is it?" "What's the weather?" "Is it going to rain today?" You can find this out just by talking. That's the same concept that we used for Erica.
Gregg: If I wasn't talking to you now, Sharon, I would be Googling Bank of America, Erica, to find out more about it. Can you tell us what stage it's in? Are there some who can see it today? Is it in beta or when we can expect to see it if it's not available?
Sharon: No, we had it available for all employees, and our employees were testing it. I was part of that test group so I, of course, kept getting every time I'd log into my mobile banking, I'd get this flag, and it'd say, "Do you want to use me?", Erica. Now, all of our customers are gaining access to this, so it's there for them. You just click on, "Hi, I'm Erica," and then it'll start interacting with you, so it's available for our customers.
It's something that, if you haven't checked it out already, it is so cool and just the most innovative thing that I think we've done when it comes to the artificial intelligence, launching it for our employees. It gets smarter as you use it. That's what artificial intelligence does. It can understand your behaviors as you're interacting so that it can anticipate your needs.
Kate: You can tell Gregg and I are just enthralled by this. This is amazing to hear about Erica, but one of the things that you also said is, you talked about the war for talent. That is real, that is big, and that's a problem that you know you're trying to solve and help people with, right?
Sharon: Absolutely. We hear this all the time that business owners, they want to expand. They want to replace, because you're going to have attrition. Even if you're not increasing the number of people you have in your company, someone's going to leave. They're going to go to a competitor. They're going to decide to go back to school. They're just going to do something else and make another choice, or maybe you have problems with that employee. You're going to have to replace. If you have ten employees, two leave in a year, you're still going to have to hire two people just to keep it ten.
In our business owner reports, what we hear from small business owners are that they're either going to maintain their existing staffing levels or they're going to increase it. With that being said, it would be unheard of for every small business to have no turnover, so we know we've got to hire. What we're doing is working with our Merrill Lynch partners to make sure we have our financial advisors out there that can help small business owners set up retirement plans, set up benefits because this would attract employees. It might differentiate a small business from another just because I have access to a 401K and the competitor down the street doesn't. People care about that today. Employees, it matters.
We want to work with small business owners, get them connected to the very best thinking on Wall Street around setting up retirement plans, setting up benefits. All these different considerations are really important in today's economy, and that's how we partner with our small business owners.
Kate: Sharon, I think you have one of the coolest jobs in the world, and I'm really curious what the path or journey is in the business that brought you to where you are today as the Head of Small Business at the Bank of America.
Sharon: I started my career with Bank of America 22 years ago as a financial advisor and have always served clients, whether it be helping them plan for retirement, maybe they're opening a small business, or they are sending a child to college. All of those issues and just life events happen to clients, so I've served clients my entire career. In my book of business, I did have business owners, many corporate clients, some small business owners, professionals, executives. That is how I started my career. I did go into management probably ten years ago, and I've moved to different areas of the country. This led me to where I am today.
Two years ago, I was asked to take over as the Head of Small Business when my predecessor retired, and at first I thought, "Wow! I'm not sure because I've never directly served just small business because my background has been more on the investment side and wealth management. As I got into this role, I realized that everything I had done up to this point prepared me for this because small business owners, they have the same issues. They have the same worries and concerns that every other person when you think about professionals.
They're human beings. They're people. They are worried about, "What about my home. What about my family? How am I going to take care of my health? How am I going to pay my employees?" All these items, these are just issues that small business owners have every single day, and that's what we're here to do. We're here to partner with them to solve those items and to help them make their vision a reality.
It is an exciting area. It's an exciting business, and I get so energized and just proud when I sit down with our small business owners and I realize that, because of our partnership, we have been able to help them realize their goals, whether it's expanding their business or it's opening a new practice, all these things. These are ways we help at Bank of America.
Gregg: You know what's interesting to me, Sharon, in what you just said is, you used the word “partner” and “partnership” a few times. Of course, that was really what you were doing in your early days as a financial advisor and wealth advisor, and it's what you continue to do today, but I think when you're a small business owner, knowing that your bank considers you to be a partner with them and having a partnership and, frankly, one of the most essential parts of a business, which is the financial part of a business because it touches everything else.
You must find that, when you and your team sit down and talk with your small business clients that they are so thrilled to have access to you and the value of the things you're learning as a team from dealing with businesses all across the country. You must just have story after story after story of where you can share with business owners things you've all learned as a team because you're dealing with so many business owners that you're, in a sense, almost serving like consultants who can help them when they really need the help the most.
Sharon: That's right. I mean, that's exactly how I view our role. We are consultants. We are advisors. We're providing advice and guidance, and not just for their small business, but their personal, as well. As a small business owner, they're wearing so many hats, so they're the CEO of their business, they're the CFO. They could be the janitor if they need to be. They're serving every role. I mean, whatever it is that needs to be done, they're going to get done, and they put their heart and soul into their business. To me, that's where we come in and say, “You know what? We serve 3.1 million small business customers across the United States. There are 29 small business owners in the United States generally.
At Bank of America, we're serving 3.1 million of them,” so we do see clients from coast to coast. We can offer insights and, sometimes, that is, "You know what? You may need to adjust the way you're doing X,Y,Z, this or that, so that we can get you access to more capital," or, "Maybe it's not a good idea to expand today. You need to get these things in order first." All these conversations are what our bankers are having across the country every single day across the desk, which is why what we do is so important to the local economies because, when our small business owners are winning, so are our communities, and you can feel it as you go into these local markets.
Kate: Perfect segue into this next question. Sharon, you're a mommy of a couple of kids, and you're the Head of Small Business for Bank of America, big job. I've talked to a lot of women about this, is work/life balance. Is there such a thing?
Sharon: I don't think so. I mean, really, it's ... I feel it every day. You strive to have that balance and, sometimes, you're more tilted toward your home and your family and your children because you know when you've got to be there. You might have to miss a meeting flying to travel somewhere. I mean, I've had that happen before where I've had to go to my boss and say, "You know what? My daughter has a play. I just can't travel this date because, in ten years, no one's going to remember if I was at that meeting, but my daughter's going to remember." That's the reality.
You can't make everyone happy a hundred percent of the time. You just have to be true to yourself, and no one is perfect every single day, and that's what we strive to do, to be better and better every single day and be there and provide as much balance and focus and be the best self you can be because when you're doing that, you'll be able to give to others.
Gregg: We're talking with Sharon Miller. She's the Head of Small Business at Bank of America. Sharon, you mentioned, I think you said your son has an Amazon Dot on his nightstand.
Sharon: Echo or whatever he got.
Gregg: If we could be that Amazon Dot or that Amazon Echo and we could hear the kinds of conversations you have with your kids about money, I'm really curious about how that works in your house because you spend your whole day helping people understand the power of money, and then you go home, and how do you translate the lessons from what you've learned and seen at work into lessons for your own family?
Sharon: That's such a great question. I have two kids. My son is 11. My daughter is 9, and my daughter, Lauren, she saves every penny she's ever had. She won't spend anything, and she's just very different. My son, 11, if he's got $40 in his side drawer, he wants to go spend that today. It's just so interesting to talk to both of them about the value of money and to say, "You know, Ryan, you've got to save. You've got to put some aside. Just because you got your allowance doesn't mean you have to just go buy something because you want it. You need to save and put money aside," whereas my daughter, she won't buy anything. It's so interesting. Kids are kids, right?
You just have to have those different conversations and teach them different lessons, but the reality is, we have to instill in our kids a sense of value to money. You just don't have these things. They just don't appear. You have to work. You have to focus and save and, sometimes, you can't get what you want today just because you want it. You need to put some money aside, so those are all the life lessons and just general conversations that I'm having with my kids. Again, just like work/life balance, some days are better than others, and that's with kids. We just try to instill the right values so they can make the right choices as they grow up to become young adults.
Kate: Do you talk to them about entrepreneurship because, especially their age group, I think you're going to see more and more of that.
Sharon: Absolutely. I have in my front yard on Saturdays, many times my daughter has some friends over and they'll do art work, and they'll put it in the front yard. In fact, my neighborhood has this stand to sell lemonade. They're going to the neighbors, knocking on the door, "Do you want this painting?" They're putting it on canvas. They're selling it. You know what's so amazing, and I just think this is just such the world that our children are growing up in, which is so good, they come in.
In fact, last weekend, they came in. They had made $38, and it was three girls, and they had been selling cookies and lemonade and some paintings in the front yard. Of course, I probably paid ten of that just walking by, and then maybe their grandfather gave them another five and then the two neighbors, but either way, they raised it and they put it in an envelope and they said, "This is for the Humane Society. We want to go down and give that to them," which is just wow!
That just makes you smile and say, "That is amazing!" They're giving back and just the way they're thinking, that just makes you proud as a mother and, just as a human being, it's so nice to watch children and how they're so involved, but entrepreneurism, yes. They can do anything. That's what I always tell my kids, "You can do anything you want to do. If you put your mind to it, you work hard, and you dedicate yourself to it, you can do anything, so you need to follow your passion and follow your dream."
Kate: Perfect place to end this. Sharon Miller, Bank of America Head of Small Business. This is why I love these conversations.
Greg: I want Sharon to be my mom!
Kate: I know! Me, too!
Sharon: Tell that to my kids. Tell that to my kids.
Gregg: Kate and I do not roll our eyes.
Sharon: Exactly! That's what I was thinking. I got the eye roll this morning. Again, some days are better than others.
Kate: I love it! Sharon, thank you so much.
Sharon: This is great. I appreciate it, and this is going to be really, really ... I think it's going to be a great partnership.
Narrator: Thanks for listening to the Heartbeat of Main Street with ForbesBooks at ForbesBooks.com and Bank of America at BankofAmerica.com.
Check out episodes of the Bank of America Small Business podcast.
As a small business owner, there are likely a lot of people, institutions and groups that target your business as a potential sponsor of their group or event. Whether it is a local youth sports league or a concert in the park, groups target small...
As a small business owner, there are likely a lot of people, institutions and groups that target your business as a potential sponsor of their group or event. Whether it is a local youth sports league or a concert in the park, groups target small businesses because we have 1) a built-in audience, and 2) the perceived financial wherewithal to help underwrite the event.
But even though they want you, the question is, do you want them?
The answer should probably be yes, for six very good reasons:
1. It creates goodwill: Goodwill is one of those things in business that is important, vital even, but a little amorphous. Essentially, it is the reputation your business has in the community generally, and among your customers specifically.
The value of sponsoring an event is that it boosts the status of your business. Not only do people like and appreciate event sponsors, but additionally, they think more highly of a business that can sponsor an event. Additionally, tying your business to an event will co-brand your business with that event.
The upshot is that your business reputation should increase by sponsoring an event.
2. Event sponsorship can lead directly to sales: A recent survey by the Event Marketing Institute found that 74 percent of consumers are more likely to purchase a product after they were exposed to the business from a branded marketing event.
And here is anecdotal evidence: When I first moved to where I live now, I went to an event. One of the sponsors had a food truck there. Mmmm, delicious! We are still eating at their restaurant 15 years later.
3. Increased visibility is always good: 99 percent of all businesses are small businesses, but then again, you don’t need to be told you have a lot of competition; you know you do. An additional benefit of sponsoring an event is that it helps you get noticed. And especially in these days of Short Attention Span Theatre, getting noticed is more important yet tougher than ever.
Sponsorship can be the answer.
There are a lot of people who never heard of your business. But they will if you sponsor an event, and even better – if their first exposure to your business is because you are a sponsor of an event, that impression will likely be a positive one.
4. It can help you hit your target market: One of the important things when deciding whether to help sponsor an event is determining if the event caters to your intended demographic. If it does, if you choose wisely, then your sponsorship puts your business directly in the sightline – literally – of your target market, and how great is that?
5. Sponsorship can be a great lead generation tool: Sponsoring events should consist of more than just plastering your name on a program. A good sponsorship package should include some sort of lead generation mechanism. It could be
- An email opt-in form
- A business card collection system
- A networking event
Whatever the case, sponsorship can and should lead to warm leads.
6. Sponsorship can also generate partnership opportunities: By being out there in the community, by being more visible, and by co-branding with the event, you are not only exposing your business to more potential customers, but equally, you are more visible to other businesses and professionals. Who knows what opportunities may come from that? Likely some very good ones.
The bottom line is that sponsoring an event doesn’t cost, it pays.
Read Next:
Tips from a Pro: How to Score a Small Business Touchdown at a Local Event by Dhani Jones
How to Host a Successful Event for Your Small Business by Steve Strauss
How Event Sponsorship Can Benefit Your Small Business
How to Be More Effective at a Networking Event
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
You can read more articles from Steve Strauss by clicking here
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.
Bank of America, N.A. Member FDIC. ©2018 Bank of America Corporation
Are you in debt? If you’re like most Americans, the answer is a resounding yes. According to recent Federal Reserve statistics, the average American household has about $182,000 in mortgage debt, $50,000 in student loan debt, over $29,000 in...
Are you in debt? If you’re like most Americans, the answer is a resounding yes. According to recent Federal Reserve statistics, the average American household has about $182,000 in mortgage debt, $50,000 in student loan debt, over $29,000 in auto loans and nearly $17,000 in credit card debt.
But should you let debt hold you back from starting your own business?
More than half (52 percent) of millennials have student loan debt, according to an EIG study, and 43 percent believe it limits their career options. If you manage your new business wisely, however, there’s no reason debt should put a damper on your entrepreneurial dreams.
Key questions about personal debt
How much debt do you have, and what kind of debt is it? There’s a difference between a $180,000, 30-year mortgage and $180,000 worth of student loans. There’s also a difference between carrying a credit card balance at 16.73 percent APR (the current average) and mortgage debt at 3.5 percent interest.
If your debt is manageable, making payments on time can actually make it easier for your startup to access capital by improving your personal credit rating. But if your debt-to-income ratio (your monthly debt payments divided by your monthly gross income) is too high, your loan options will be limited. A debt-to-income ratio of 35 percent or less is good; over 50 percent spells trouble, according to Bankrate.com.
Financing your business when you're already in debt
If your current debt makes getting a business loan unrealistic, you still have plenty of options:
- Reduce your monthly debt load. Refinance or consolidate outstanding loans to lower interest rates and reduce monthly payments. If you’re racking up interest on your credit card balances, find a low or zero balance transfer offer.
- Start a low-cost business. A service business using equipment you already own (like your laptop) is ideal. If you do need equipment, consider leasing, equipment loans, or buying used equipment. Working from home will save you money, too.
- Be frugal. If you’re a recent college graduate with student loan debt, now is the time to live in your parents’ basement—0r childhood bedroom. If you're not willing to live with your parents, forgo spending on a social life, or subsist on ramen, you may not be ready to be an entrepreneur.
- Is your heart set on a product-based business? Try a crowdfunding website like Kickstarter to solicit donations from consumers who believe in your product idea. Essentially, they give you the money to make your product by purchasing it in advance.
- Tap into friends and family. Will friends and family invest in your business in return for a share of ownership, or lend you startup capital? If you do accept a loan from a loved one, be sure to draw up loan documents and treat the loan seriously.
- Start a part-time business. If you need income from your job to handle your debt load, look for a business you can launch part-time, working at nights or on weekends. Some entrepreneurs get part-time jobs to pay the bills and devote the rest of their time to their startups.
Rules to live by
Once your business is off the ground, getting a business credit card for necessary purchases is a good idea. Just be sure to keep the balance manageable and make payments on time to build your business’s credit rating.
Related Content: What's a Business Credit Score
Make your personal debt payments on time, too. As a startup business owner, your personal credit rating affects that of your fledgling business. Since your business doesn’t have a track record yet, lenders use your personal credit rating as an indicator of your company’s creditworthiness.
Related Content: How Your Personal Credit Impacts Your Business Credit
As your business begins generating income, resist the temptation to use it to pay down personal debt. Instead, put the profit back into building your business. The more you bootstrap your business growth, the faster your business will become profitable—and the sooner you can pay off all your debt.
Related Content: Check out the Small Business Community Credit and Lending Resource Center
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.
Web: www.growbizmedia.com or Twitter: @Rieva
You can read more articles from Rieva Lesonsky by clicking here
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.
Bank of America, N.A. Member FDIC. ©2018 Bank of America Corporation
Choosing your business structure is a key step when starting any for-profit business. You’ll need a business structure to open a business bank account, get a business credit card or apply for a small business loan. Your business...
Choosing your business structure is a key step when starting any for-profit business. You’ll need a business structure to open a business bank account, get a business credit card or apply for a small business loan.
Your business structure also affects your tax and legal liability, so it’s important to consider your choice carefully. Here’s an overview of the different types of business structures and the pros and cons of each one.
Sole Proprietorship: When you start a business by yourself and don’t select a business structure, you’re a sole proprietorship by default. As the name implies, sole proprietorships are owned and run by one person. You pay taxes on your business’s income as part of your personal income tax return.
Pros: This is the easiest form of business to start. Generally there is no paperwork to file and no special regulation applies.
Cons: You are responsible for all the company’s debts and liabilities, which puts your personal assets, such as your home, at risk. When you die, the business becomes part of your estate.
Partnership: If you start a business with one or several people and all the partners have personal liability for the debts of the partnership, that is considered a general partnership. If someone invests a chunk of money in your business but doesn’t want personal liability beyond that investment, you can form a limited partnership. The investor would be the limited partner. Both types of partnerships feature pass-through taxation which means that the partnership itself is not subject to tax, but each partner must include its share of partnership income, gain, loss, deductions, etc. on its own tax return.
Pros: No paperwork filing is required, and the partnership can continue if one of the partners retires or dies.
Cons: The general partners are personally liable for the company’s debts and liabilities. (However, the limited partner’s responsibility is limited to the amount of money they put in to the business.)
C Corporation: A C Corporation is a separate legal entity from its owners, which generally protects the owners from personal liability. Instead of pass-through taxation, the business pays its own taxes.
Pros: In some ways, a C Corp enjoys the greatest flexibility of any business structure. You can transfer shares of the C Corp to your heirs, there is no pass-through taxation to worry about, and there’s no limit on the number of owners. If you have big plans for your business, a C Corp is probably the way to go, since it can sell shares to investors (in fact, if you want to go public someday, you may have to form a C Corp).
Cons: You’ll pay for that flexibility with bureaucracy and fees. C Corps file state paperwork and pay fees at incorporation and every year thereafter. You’ll also need to choose a Board of Directors, hold annual meetings of shareholders, and file annual reports with the state.
S Corporation: An S Corporation is a form of corporation that meets specific Internal Revenue Code requirements. The requirements give a corporation with 100 shareholders, or less, the benefits of incorporation while being taxed on a pass-through basis.
Pros: An S Corporation offers the same protection from personal liability of a C Corp.
Cons: It requires state filing and fees, and has greater limitations than a C Corp. For example, there are limits on the number and type of owners an S Corp can have, the kind of business it can be engaged in, and the transferability of the business. Additionally, an S Corporation has pass-through taxation.
Limited Liability Company (LLC): A limited liability company (LLC) is a corporate structure whereby the members of the company cannot be held personally liable for the company's debts or liabilities. Limited liability companies are essentially hybrid entities that combine the asset protection characteristics of a corporation with the tax characteristics of a partnership or sole proprietorship.
An LLC offers some benefits of the corporate structure, such as protecting your personal assets. This form of business offers more flexibility in how you distribute profits compared to S and C Corps.
Clearly, there’s a lot to consider when choosing your form of business. You’ll need to think ahead and choose a corporate structure that can grow with your business. Because this is a big decision that can greatly affect your business, you should consult with an attorney as well as a tax advisor to choose the best business structure for your needs and goals.
Neither Bank of America nor any of its affiliates provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.
Related Content:
Business Income from Pass-Through Entities: The new 20% deduction
Changing to the Type of Entity That's Right for You
Choose a business structure – from U.S. Small Business Administration
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.
Web: www.growbizmedia.com or Twitter: @Rieva
You can read more articles from Rieva Lesonsky by clicking here
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.
Bank of America, N.A. Member FDIC. ©2018 Bank of America Corporation
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