Posts tagged money

What School Fundraisers Can Teach You About Business

Fun fact: School fundraisers are a $1.4 billion industry. (We know, we’re as surprised as you are.) 

So it stands to reason that school fundraisers—a business model in its own way—can be a good resource for business owners who have sales goals they want to hit, writes OPEN Forum contributor Geoff Williams. There are indeed a few lessons you can pick up from studying school fundraisers’ success:

1. Set a goal. “School fundraisers don’t usually last long,” Williams writes. “While you can’t restrict your sales period to several weeks, you can set short-term goals, which are likely to get you where you want to be faster than an open-ended mission.”

Read on for three more things you can learn from school fundraisers.

In this week’s Top Two Tips, David Kidder, co-founder of Bionic, and Skin Authority founder and CEO Celeste Hilling, join us. They tell us why solving your customer’s problems will pay off for your small business and why you should always have a Plan B when it comes to cash flow.

This Is How Pet Lovers Spent Their Money Last Year

Apparently, Americans will do almost anything to keep their furry (and not-so-furry) friends happy, healthy and pampered.

Read on for more weird pet economy facts.

Women Launch 1,200 New Businesses a Day

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You guys. 1,200 new businesses a day? That’s up from an average of 740 a day in 2013! This is just one of the many statistics that have us excited about the state of women entrepreneurs:

  • There are now 9.1 million women-owned businesses in the United States.
  • These women-run firms generate more than $1.4 trillion in revenue.
  • Women employ more than 7.8 million people.

For more insights into the State of Women-Owned Businesses, read our report.

10 Common Money Mistakes That Can Sink Your Company

1. Not keeping an eye on cash flow

2. Investing too much in product or infrastructure ahead of sales.

3. Appearing too successful

4. Over promising and under delivering. 

5. Not paying payroll or other business taxes when they are due

Read five more ways you could be endangering your company’s finances on OPEN Forum.

This infographic will teach you how to avoid cash-flow woes.
Seems like you can’t go anywhere online these days without coming face to face with a new conference opportunity, guaranteeing to change your business and your life. More often than not though, the only thing they can guarantee is taking your money. To find out if a conference is worth your time, ask yourself these five questions:
What do I receive for my conference dollars?
What is the conference format?
Who are the speakers?
What are my goals for attending this conference?
What will it truly cost me to attend this event?

From OPEN Forum’s “Hack the Conference Circuit: Getting the Most Bang for Your Buck”

Seems like you can’t go anywhere online these days without coming face to face with a new conference opportunity, guaranteeing to change your business and your life. More often than not though, the only thing they can guarantee is taking your money. To find out if a conference is worth your time, ask yourself these five questions:

  1. What do I receive for my conference dollars?
  2. What is the conference format?
  3. Who are the speakers?
  4. What are my goals for attending this conference?
  5. What will it truly cost me to attend this event?

From OPEN Forum’s “Hack the Conference Circuit: Getting the Most Bang for Your Buck

Business 101: Accounting is critical in knowing just how healthy your company truly is. Don’t know the difference between a balance sheet and a spreadsheet? This video is a good place to start.

Getting funding for your great business idea doesn’t rely solely on the largess and shrewdness of investors with venture capital. There are a number of other ways to get the money you need to get your business off the ground, including:

Corporate sponsorship. Corporate sponsorship isn’t right for everyone, but for some it’s a good way to help get your small business off the ground. Many large companies are willing to help fund small businesses if they are confident they can get something in return.

From OPEN Forum’s “5 Ways to Fund Your Small Business (Without VCs)”

Getting funding for your great business idea doesn’t rely solely on the largess and shrewdness of investors with venture capital. There are a number of other ways to get the money you need to get your business off the ground, including:

Corporate sponsorship. Corporate sponsorship isn’t right for everyone, but for some it’s a good way to help get your small business off the ground. Many large companies are willing to help fund small businesses if they are confident they can get something in return.

From OPEN Forum’s “5 Ways to Fund Your Small Business (Without VCs)

The 9 Types of Profits You Should Avoid

Not all money is good money when it comes to the types of profits you earn through your company. Avoid these nine practices and types of profits:

  • Upselling customers on products or services that are high-margin but not in their best interests
  • Using negative-option billing to automatically charge customers for services they may not need.
  • Employing hidden fees and charges
  • Eliminating all research and development expenses
  • Firing needed customer service staff
  • Inflating prices in exchange for offering overly generous payment terms
  • Capital gains on the sale of investments held by the company
  • Profits earned on discontinued products and services
  • Gains earned on the sale of company equipment

From OPEN Forum’s “When Profits Can Kill Your Business