Great entrepreneurs are hard to find because only a few people can handle the pressures of the hustle that they go through. Some of the best skills that an entrepreneur would most likely be associated with include:
- Discipline to take the long road
- A knack for planning and execution
- Courage to experiment
- Ability to pivot and learn from mistakes.
Apart from this, they need excellent money management skills. Good financial planning is the backbone of a growing business. New business owners need to make several tough decisions single-handedly every day. We have created this 4-part series of mini-blogs to help these budding entrepreneurs start on the right foot!
Part 1: 7 Things an Entrepreneur Must Assume When Starting a Business
Part 2: Created a New Business Plan? Do This Next!
Part 3: New Entrepreneurs Must Master These 4 Skills
Part 4: 7 Ways for Entrepreneurs to Decrease Risk on Payments
Entrepreneurs Would Most Likely Be Masters at…
This blog covers the crucial planning elements that every entrepreneur must consider while beginning their journey! Here are a few things that every entrepreneur must master to run a successful business.
The Skill of Filing Important Paperwork
To start your business, you first need to register it with the government. You will need to file a lot of paperwork to set up your merchant account and register your business. You must also take care of the necessary paperwork to receive international payments if you plan to conduct business overseas.
Some of the essential documents that you need to file:
- Federal Tax Documents
- Formation Documents
- Trademark Documents
- Governance Documents
- Ownership Documents
- Business Licenses and Permits
- Complimentary Due Diligence Documents
An entrepreneur would most likely have to file other documents depending on the nature of their business (Business Corporation or Limited Liability Company). Filing these documents is a hectic and time-consuming task. If one or more of these documents go wrong, you may have to delay your operations by several months. So, you should always prefer taking the help of an expert to do so. As a payment processor, our team can help you file for a merchant account so that you can start accepting and sending payments for your business.
The Skill of Adopting Top Business Management Solutions
Adopting new technology for your business is no longer just an added benefit; it is a hardcore requirement. Business owners who do not leverage technology lose business to their competitors quickly. A modern-day entrepreneur would most likely be an excellent judge of character and technology. The best time to streamline all operations on a solid technological backbone is when you are just starting out.
Today, you can find several business management solutions in the market. They can help you with essential operations like invoicing, payment processing, human resource management, logistics, transportation management, task management, etc. Here are some links to help you choose the right type of software for your business requirements.
- Enterprise IT Management Software
- Field Service Management Software
- Business Process Management Software
- Policy Management Software
- Project Management Software
Some of this software is free, while some cost a lot. If you want to save costs in the initial stages of the business, you can always start with free software first and scale as needed. While selecting new products/services/tech for their business, entrepreneurs can go wrong in one of the two ways:
- Selecting the Best of the Best: Selecting the best available option may not always be the right move due to high initial costs. If you cannot justify the purchase yet, it is a good idea to wait for a while.
- Selecting Sub-Par Options: Saving costs and skimping are two completely different things. Make sure that you are not compromising on quality and security when choosing free or cheap solutions. There’s a fine line between “affordable” and “cheap.” Make sure you never cross it.
The Skill of Assessing Diverse Business Opportunities
Did you know that as of 2021, there are over 32.5 million small businesses in the United States? This means that 99.9% of all companies in the US are small businesses! The potential for individuals to start their own business has never been higher before. Here are 5 of the top business ideas that people are investing in right now:
- Warehouses, Non-residential Buildings, and Storage Units: People are moving across the country now. Some want to work from the office while others want to work from home. They are willing to pay hefty amounts to keep their valuable safe.
- Gas Stations: With the expectation of the travel industry to open up once again after COVID, gas prices are set to rise once again.
- Liquor Stores: The demand for high-quality premium liquor never ends.
- Insurance Agencies and Brokerages: People are buying insurance schemes left and right to secure themselves against another pandemic-like situation.
- Landscaping Industry: People working from home are now investing in keeping their homes in an even better condition.
Remember, you need not explore a new business altogether just for the sake of making more money. Instead, wise entrepreneurs would most likely play a safer bet by looking for a new business idea that complements their current successful business. Doing this helps them put the expertise they’ve gathered to good use.
The Skill of Streamlining Payments
You must be able to accept payments through multiple modes when they start coming through. Some of the different ways you can accept payments as a business owner include:
- ACH
- Wire Transfer
- Cash
- Credit cards
- Bank Transfers
- Paper checks
Streamlining your payments module from the get-go will help you seamlessly run and scale your operations. It will also help you curate your bank statements efficiently for tax-filing purposes. You must realize that you cannot accept all payments from your customers into your personal account after registering a business. Instead, you need to create a merchant account first.
Apart from this, streamlining your payments will also ensure that you can pay your vendors and employees effortlessly. ACH is a crucial technology that helps business owners with their payroll management. ACH payments can help business owners pay set amounts regularly on hosted payment portals without lifting a finger. Moreover, this payment method can also help the business owners reduce payment processing costs that eat into their profits.
Want to learn more about payment processing solutions for your new business? Have an insightful call with our in-house experts to find and implement the best ACH and credit card processing practices for your business.
Date originally published: January 22, 2022