I wish I could honestly say that everyone could be a successful small business owner if they put their minds to it. But I can't. Some people are leaders, and some people are followers. We all have specific talents and gifts that we were given and have developed over time. Managing a business comes naturally to some people, and others constantly struggle just to keep the doors open.
The most important thing to consider when starting a small business is to list your strengths and weaknesses. Get other friends and family to also list what they see as your strengths. Once you have a clear picture of what your talents and gifts are, compare them to the questions below to see if you have what it takes to become a successful business owner.
Are you a self-starter? Can you be disciplined enough to stay focused and complete important tasks needed to make your business succeed? Look at your past work history and evaluate whether you tend to complete projects in a timely manner or do you tend to procrastinate? Do you need someone to check up on you to make sure the job gets done? If you feel you stay motivated and focused without the pressure of a boss, then go onto the next question.
How good are you at making decisions? You need to be able to look at your business objectively and make informed decisions to help your business grow. You can't let your emotions get involved because the business is your “baby”. If the decision doesn't make good business sense, you have to stand strong and say “no”.
How will the business affect my family? Are you supported one hundred percent by family members? Starting a business takes dedication and a lot of hours in the beginning. You need to make sure your family is taken care of before venturing into the world of business ownership.
Owning a business can be a gratifying and exhilarating experience. It can also be a long hard road ahead and be a complete disaster if you are not properly prepared. Be sure you are completely dedicated and have the skills mentioned above prior to taking the plunge of business ownership.
To Incorporate A Small Business
And as a result, their profits bulge, and they're able to start scaling up their marketing efforts and watch their business grow. But it all starts with the basics - making customers happy, and making it as easy as possible for them to do business with you.
So what does this mean for you, exactly?
Very simply, it means that you need to take a good look at how your customers interact with your business on a daily basis. Put yourself in their shoes, and visualize yourself dealing with your own business as a consumer.
As is often said, "the devil is in the details" - and as such, it's often a small, overlooked detail that can make all the difference in the world when it comes to simply struggling to get by - or building a massively profitable business that will give you the resources to accomplish your goals, and live the life of your dreams - whatever that means to you...
Well, this article is going to reveal one of the simplest, "no-brainer" ways to boost your sales almost instantly - just by making it easier for your customers to give you their money. And even if you already use this tactic, I'm about to show you how you can maximize it to earn even more.
If you haven't guessed it already, one of the easiest (if not the easiest) ways to instantly boost your sales is simply by accepting credit cards.
Here's Why:
1. Convenience - No more pulling out cash at the ATM - not to mention having to carry it around and having it weigh down your pockets. No, instead, your customers can buy something anytime they feel like it - well, that's assuming that the vendor has a merchant account...
2. Capacity to Spend More Money - It's a proven fact that it's easier for people to spend money with their credit card than it is to use cash, or pay with a debit card that subtracts the money from their actual bank account. For some reason, using credit isn't as psychologically "painful" when it comes to making a purchase - especially a larger purchase.
Giving your customer this peace of mind when it comes to buying your product or service will make it easier to sell, period.
3. Instant Payments - Payments are instantaneous, processed in a matter of seconds. This makes a world of difference for both you and your customer. But through the eyes of your customer, it is so much simpler because it's fast - and because there's no "waiting period" in terms of receiving the product and so on, which can often create an awkward situation that kills the "fun" of the purchase. This is especially apparent if you're dealing with international customers.
4. There's Less Risk For Them to Buy From You - Your customers are protected when they buy anything with their credit card. This is because their card (lender) provides protection in the case of non-delivery, scams, and otherwise false advertising. And they know that in most cases, if they ask for a charge-back, they'll have their money refunded directly from the card company without having to deal with an unscrupulous business.
This removes much of the risk on their part, which makes it that much easier for them to "pull the trigger"...
5. They Get Rewards for Rewarding YOU - Almost every credit card in existence carries with it some sort of "rewards program" which acts as an incentive for customers to use the card. However, especially with larger purchases, this can make the use of a credit card especially appealing - to the point where some consumers are so "rewards-crazed" that they'll even look for companies that accept credit cards in the midst of a minor emergency. Such as finding a tow truck company that accepts Visa/MasterCard and so on...
6. Get Paid While You Sleep - If you're reaching your customers on the internet, then your "store" or virtual sales pitch can make sales for you 24 hours a day, 365 days a year. And besides, with the fraud protection and security features that are offered with practically every credit card provider, if you can't accept credit card payments online, chances are you won't be making too many sales, either. It's the only way that makes sense to do business on the web...
So as you can clearly see, accepting credit cards is a crucial part of making things easier for your customers. And while this single act certainly isn't the only thing that needs to happen in order to make your business successful, it's very likely the easiest way to get more sales than you do currently.
Always remember - making it easier for your customers to invest in you, means that it will be easier for you to get more sales, and more customers. Which means that it will be easier for you to succeed. It's that simple.
Now, at this point you might be saying, "Okay, I understand - but isn't it ultra-expensive to set up a merchant account and accept credit cards?"
Not necessarily. The already-huge merchant industry is growing and evolving continually, with more and more "niche" services popping up that are designed for every imaginable type of business. It takes some research, but rest assured that there is a company out there that will cater to the exact needs of your business - and it will set up so that you'll profit as a result of "paying" to accept credit cards.
Just make sure that you look for reasonable rates that make sense. If a company looks expensive, ask to see some customer testimonials - or perhaps find some current customers and ask them about it yourself. On the flip side, if a company is advertising incredibly low rates - suspiciously lower than their competitors - then they're likely using hidden fees to profit from your account. Additionally, even if it's legit, chances are that what you save in fees, you'll "pay for" in bad service.
So shop around, and look for a service that caters to what you need exactly. If you're a retailer, look for a merchant account with a low discount rate and a reasonable equipment program. If you're a service business that runs larger transactions (like a moving company or a solo attorney), you might consider using one of the new "wireless" providers that can process payments simply by using a regular cell phone. But whatever you do, make sure that you read that fine print!
Don't ignore the "details" of running your business. Issues of convenience and flexibility might be the furthest thing from your mind, but they'll be the first thing on your customer's, so don't put it off. Remember - making things easier for your customers will in turn make it exponentially easier for you to succeed.
Both Kimberly Bagley & Chris Rempel are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Chris Rempel has sinced written about articles on various topics from Small Business, Credit Cards and Online Business. Chris Rempel highly recommends www.AcceptByPhone.com, which enables small businesses to accept credit cards using any phone (or cellular). Not only do they bypass the majority of the fees that others charge, they also have great customer ser. Chris Rempel's top article generates over 110000 views. to your Favourites.
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