7 Business Move$ to Make NOW!
Take the business farther by being ready for the WINS!
Use our checklist below to audit your business and boost your brands presence, revenue, and scaleability.
Formation
Formation & Legalization. Register your business and all DBA’s. Trademark logos, catch phrases & products if feasible. Copyright intellectual property and publications. Obtain and EIN, sellers permit & some form of licensing. Get business insurance. Protect your brand.
Business Banking
A few tips for auditing your current business banking: Keep all businesses separate; if you accept Cash App/PayPal create a business profile; keep personal funds separated - document funding from your savings as loans - create a paper trail; seek connectivity to your needs & business type - not popularity/familiarity; open a credit union account; keep checks in stock - pay yourself with checks (set up payroll) even if its a small amount; review statements for fees - ask a banker for program info to lower fees/add benefits. Keep an account with your credit card providers to maintain preference in credit availability.
Network is NET WORTH
Establishing an exchange network is critical to longevity.
Use your time and expertise to add value to others. Offer to support their interest, be genuine about learning other owners ventures/hot topics that may be in line with the businesses brand values or identity. If you engage in pop-ups do your research; look for highly rated vendors with a track record of bringing an audience; join groups & connect with other vendors. Join your city/county chamber of commerce; join business associations in line with your brand; support a local non-profit (even if you are one). Find small business hubs, small business centers, and non-profit small/specific demographic (minority/youth/LGBTQA) organizations that fit you/the brand. Be mindful of others but also be clear about your business: have a pristine 30 second pitch, hold regular internal audits & team meetings to stay ready; research competitors/other brands to acquire or improve skills; be open to meeting people, show up to be present with purpose.
Investment Accounts
Investing is not hard or limited to high income value. Invest early on in yourself and the business.
Keep a saving for yourself
Set up a savings for the business
Open an m1 account for $100/month
Open an IUL account for $100/month
Establish self-funded & guided retirement plans for you/the team
Build a 6-month emergency fund for you and a separate one for the business
Implement regular financial audits
Keep access to an accountant
Keep access to a bookkeeper
Talk to a financial advisor
Join business finance groups to learn more/learn opportunities
Payment Processing
Use payment processors to create an automated experience for online sites, booths, short-term pop ups, or retail stores. Research what is best for your sales volume and selling platform; register for one that allows many forms of payment; consider more than one based on needs; avoid costs such as annual fees and termination fees; most allow joining for free; also look for markup fees; check reviews and client ratings (also number of times rated).
Try these: Square / Shopify Payments / PayPal / Stripe /PayLine Data
Commercial Accounts
These accounts build commercial presence, relationships and financial tracking, which also impacts credit positively. Look for applications with no fees, no credit check and no owners personal guarantee. Open at least 3 trade lines and use the “Buy-Pay-Record” method to build scores; use the “Deposit-Withdraw-Repeat” method to build commercial activity and bank account record/status. Consider net 30 or net 60 based on overhead needs.
Try some of these trade line providers: U-Line / Home Depot / Divvy / Maverick Office Supplies / CEO Creative / Quill
Business Profiles & eContacts
Business Profiles allow you to establish connections, share contacts, hire services or employees, and offer opportunities to collaborate on your hot topics. Set up an eContact Card, digital card, and mobile contact for the business. You can also build your network by navigating these sites/platforms. Consider a crisp templated business profile, contact apps & other key links, and connectivity to other main platforms.
Try some of these: Alignable / Linked In / Business Profiles and registries by city/state / Corporate Alliances and registries; Lead and landing pages.
Become a CEO in The TIL Conference Room
Register to become a seasoned professional and join upcoming workshops, masterclasses and courses to teach you how to self-navigate your business, give you insight on where to get more support, and provide tips and steps to increase your success. www.til4ever.org/boostmybiz
