Home Wealth Project
Extensive Research On How To Build Wealth From The Comfort Of Your Own Home.
Extensive Research On How To Build Wealth From The Comfort Of Your Own Home.
Apr 19th
I don’t know if you’ve been following it, but that young lady named Susie from those Verizon commercials sure has had a meteoric rise – from the owner of a single front-yard lemonade stand to neighborhood magnate to venture capitalist darling to, eventually, the nationwide distributor of “Susie’s Lemonade.” So, how’d she do it?

Via data solutions, according to Verizon, as apparently “The Business With The Best Technology Rules.” That can’t be it though; fictional little Susie must have at some point needed a way to make company purchases, manage debt, etc. That means she, like all young entrepreneurs these days, needed to choose the right small business credit card.
Starting Your Credit Career
The biggest obstacles most young entrepreneurs face in funding their business enterprises or getting truly rewarding credit cards are their credit scores and the law. You see, the CARD Act – legislation that took effect in February 2010 – necessitates that people under the age of 21 either have a co-signer or be able to demonstrate sufficient individual income or assets to make a credit card’s minimum payments.
Most young people also have limited or no credit history, which means that the credit cards they could conceivably get – whether they be business credit cards for new businesses, credit cards for people with limited credit history, or secured credit cards – will have low credit limits.
As a result, credit building is the first order of business for most young business people. Interestingly, a credit card is the most efficient credit building vehicle given that information about card use is reported to a cardholder’s major credit reports each month. This means that finding a way to meet the CARD Act’s application criteria is imperative.
Once they do so, entrepreneurs must focus on staying well below their credit limits and paying their bills on time every single month so that the information streaming into their files at the major credit bureaus is positive and impactful.
When their credit standing improves (significant gains may be seen within a year; direct mail offers are good indicators of progress), young people can begin implementing a more lasting business payment strategy. This too is influenced by the CARD Act.
Developing a Strategic Company Credit Card Strategy
The CARD Act introduced a number of new rules and consumer protections, but they only apply to general-use (personal) credit cards. This means that when using business credit cards, entrepreneurs are not protected by laws such as that which prohibits issuers from increasing the interest rates on general-use credit cards unless the cardholder is at least 60 days delinquent on payment.
In order to garner the debt stability necessary to accurately manage a growing company’s financials, young entrepreneurs must therefore use personal credit cards for all funding (i.e. expenses that won’t be paid off before the end of the month). If they do not, they risk the cost of their debt increasing at any time, for any reason.
At this point, it is important to point out that the idea of a business credit card shielding its user from personal liability is nothing more than a common myth. All of the major credit card issuers hold business credit card account holders liable for debt. Therefore, young business people will not be sacrificing anything by using a personal credit card for business.
It’s also important to note that business credit cards do serve a distinct purpose: They allow cardholders to easily track company expenses, set individualized limits for employee spending, and earn rewards on every dollar they and their employees charge, among assorted other perks that vary by card. A two-card strategy, whereby a personal credit card is used in the aforementioned manner and a business credit card is used to make purchases that will be paid for in full by the end of the month, not only allows entrepreneurs to garner unique business benefits, but also find the best possible terms for revolving debt and earning rewards. No single card offers the longest 0% APR introductory term as well as the best rewards, after all.
Of course, having the right credit cards does not ensure business success, but armed with a solid plan for handing entrepreneurial expenses, young people who decide to go into business for themselves have a much better chance of following in Susie’s footsteps.
Lemonade Stand Photo via Shutterstock
A Young Entrepreneur’s Guide to Business Credit Cards
View full post on Small Business News, Tips, Advice – Small Business Trends
Apr 15th
Cool Info Guide For Beginners Wanting To Learn The Full Ins And Outs Of Kitesurfing Including The Right Equipment And Lingo. Huge 60% Commission Paid. Full Affiliate Resource Tools. All Done For You And Ready To Go. Quality Product With Tons Of Traffic.
The Complete Guide To Kite Surfing
Apr 5th
Enjoy An Enormous Commission (75%) And High Conversion % With This Unique Poker Product. There Are No Other Double Or Nothing Sng Ebooks Out There. The Ebook Is Two Volumes: Vol 1 Is Strategy, Vol 2 Is Hand Example Application.
Double Or Nothing Sit & Go Strategy Guide! 75% Commission!
Apr 2nd
Search Over 20 Million Scholarships And Grants From *one* Guide… Amazingly Fast And Easy! Save Countless Hours Of Mind Numbing Research. Highly Recommended By Educators For Minorities, Returning Adults And Online Students. Results 100% Guaranteed!
The Scholarship & Grant Guide – The World’s Largest Scholarship Guide!
Mar 31st
A Very Interesting Package For Making Thousands A Week On Fiverr! Great Design, Amazing Product And High Commission! Ebook & Software & Templates & Resell Products = Amazing Oppurtunity!
The Ultimate Guide To Fiverr!
Mar 30th
Earn $31.85 Per Sale! 75% Affiliate Payout! Awesome Conversions! Easy Sell – PPC Marketers Are Going Crazy Over This! Get Affiliate Tools At Http://www.adinfiltration.com/affiliates
Ad Infiltration :: Earn $31.85 Per Sale :: New Adwords Guide!
Mar 21st
Powerful Information, Way Better Than Competitors. Genuinely The Best Sweating Book On The Market. Generous Commission, Good Conversions, Return Rate Close To Zero.
The Definitive Guide To Stop Sweating
Mar 13th
Thank You Affiliates, In Just 4 Months We Are Now #1 Or #2 In Total Sales For This Market. New Autoresponder Ensures Higher Conversions. Just Amazing Guys, We Are Doing Over $7000 A Month Now! Thanks…
1.67% Steady Converting Xbox 360 Repair Guide
Mar 12th
There are some careers that we say are a “calling” such as teaching, being a doctor, nurse or a priest or pastor. Whenever we encounter people in those kinds of professions, we give them a little extra understanding.
But what about entrepreneurs and small business owners? Would you call entrepreneurship a “calling?” I’m sure many of us would shout out a resounding “YES!” After all, what might have started out as a way to spend more time with family and have more control over your schedule quickly turns out to take more time and cost more money and require more patience than any job ever did.
Entrepreneurship, no matter how you slice it, impacts more than the business owner, the employees and the suppliers of the business involved. It impacts families and friends in ways that few of us have ever imagined.
I have to admit that while I’ve felt and seen the impact of entrepreneurship on my friends and family, I’ve never really thought much about it until I received a review copy of For Better or for Work: A Survival Guide for Entrepreneurs and Their Families written by Med Cadoux Hirshberg, INC. columnist and the wife of Gary Hirshberg, Founder of Stonyfield Farm.
All I can say is, “WOW!”
As I jump into the book I’m overtaken by Meg Cadoux Hirshberg’s (@meghirshberg) warm, friendly and understanding writing style. She’s a columnist for Inc. Magazine so her style shouldn’t surprise you. But there is something so warm, so committed in her prose, that I’m immediately engaged. This might be because Meg is also the wife of Gary Hirshberg, Founder of Stonyfield Farm, so she’s writing with just a few years of real life experience.
You’ll be glad to know that Hirshberg doesn’t just tell HER story, she also brings other voices to the party – those of other entrepreneurs, their stories both good and bad. What you’ll find in For Better or for Work is that Hirshberg is writing about the elephant in the entrepreneurial room. It’s a myth that in running your business you control your life or your time. “A business is like a baby. It needs you when it needs you – and it always needs you.”
A Tour Around the Book
You can read For Better or for Work over the course of a weekend. It’s just under 250 pages and is speckled with actual family pictures; not just for Hirshberg, but of other entrepreneurs in their natural habitats – and with their families.
The introduction is worth reading. It’s Meg’s explanation of how the book came to be and how she got pulled into the vortex of entrepreneurship. Each chapter from that point on is dedicated to fulfilling the purpose of the book which is to give entrepreneurs and their families a “guide for navigating the emotional and logistical terrain of business building while simultaneously enjoying a fulfilling family life.”
There are fifteen chapters in the book and they follow a logical order. The beginning chapters are all about getting involved with the entrepreneur, followed by chapters on borrowing money, romantic relationships, children, what happens if you break up, what happens if your business dies, and just about every other possibility to strike an entrepreneur.
The end of each chapter has a summary section that includes “Thinks to talk about” and “Things to do.” After seeing this, I’m thinking that this should be required reading for anyone contemplating starting a business and their families with the assignment to run through each chapter section over dinner – sort of as a book club. Once you’ve completed that and still want to start a business, no one can say you weren’t warned.
On a serious note, each of these talking and doing sections is truly brilliant because they aren’t just empty and vapid ideas thrown onto a page. You can see how valuable each conversation will be to an entrepreneur and his or her family.
Here’s just one example pulled from Chapter 4; Bed and Boardroom – a chapter about working from home:
Things to talk about:
- How will everyone in the house feel about sacrificing some privacy?
- What is reasonably appropriate behavior for children sharing a house with a business?
Things to do:
- Set work hours as much as possible stick to them.
- Set up a work space in a part of the house that gets little people traffic.
Initially I joked about “being warned” if you still started your business after completing this book. That might have led you to believe that these discussion points are written in a way to dissuade you and that is not at all true. It’s clear that each chapter brings out a reality of what to expect and asks you to at least talk about how you will deal with it.
As in any other venture in life – clear and open communication is a key to success.
Who should read For Better or Work?
If you’re just about ready to head out on your own, this is a must read for you and everyone impacted by your decision.
It’s not too late for those of us who already have a running small business to share this book with our spouses. I hate to admit it, but I saw myself in the chapter on technology and being forever connected at all hours of the day. We had the “talk” about conversation over breakfast the other day and I made some new commitments about when and how I interact with technology. I think my son learned a valuable lesson both about identifying a potential problem and how to talk about it and negotiate a solution. No it’s not a point of resentment – it’s been discussed and agreed upon.
Now for those of you who are employees, don’t feel left out. Today’s economy asks about as much from employees as it does from entrepreneurs. Companies are doing more with less and much of that “more” has fallen on the few. This means working from home at all hours, traveling and time away from home. You, too, will benefit from reading this book and putting its lessons into practice.
Now You Know
If there’s anything that Med Cadoux Hirshberg has done, it’s brought this unspoken issue out into the open. Read For Better or Work and you’ll clear out a lot of that unspoken clutter between you, your business and your family.
For Better or For Work is a Great Guide for Entrepreneurs
View full post on Small Business News, Tips, Advice – Small Business Trends
Feb 26th
Ok, which would you prefer doing? Watching ESPN to see your baseball team prepare for opening day or trying to figure the last few expenses that will close your books? Yes, the crack of a baseball bat can be more entertaining. But cracking open an accounting software does not have to be drudgery, even if accounting was not your personal strength.
One book that assures ease is The Complete Idiot’s Guide to Quickbooks by Barbara Harvie, an award winning author of small business software manuals. I received a review copy in the mail and felt the book has value beyond Quickbooks related questions.
Learn Accounting Essentials
It may be a bit disingenuous to say that this book covers the features of Quickbooks. Hopefully, that is what you would expect from The Complete Idiot’s Guide to Quickbooks. But as you look over the pages, you’ll find that the genie grants the wish. From setting up a company file in Chapter 1 to assigning sales taxes in Chapter 17, you’ll find what you need to manage the software correctly.
As I mentioned at the start, what makes this book valuable is how accounting is weaved into the explanations. Again, disingenuous would be the word to use if this book didn’t explain accounting well. But it does make this book useful for those business owners transitioning from other invoice Cloud services that have cropped up since Quickbooks was first introduced. Services such as Freshbooks and Invoicera are excellent for solopreneurs and small businesses that must manage sales, but managing finances across several sales teams require a broad accounting application for quick organization and quicker results.
The accounting topics are well structured. Each topic illustrates how features have a certain value at a certain time. Never knew what closing the books really meant? Just turn to page 407 for an explanation.
Get Into the Habit of Nuanced Service for Customers
Harvie’s arrangement of explaining accounting terms and practices such as tracking inventory, accounts, and vendors reveals business basics that should be aware of throughout operations. You will also gain some of the nuances to help tailor to customer needs with meaningful accounting service. A segment on invoicing customers, for example, includes arranging for separate notice schedules between largest customer and smaller businesses that may need more personalized attention. Such dynamics extend into each reporting, such as the pricing level, as Harvie explains:
“With price levels, Quickbooks lets your charge different prices for different customers. Each time you create an invoice, sales receipt, or credit memo for a particular customer, QuickBooks uses the price level associated with that customer to calculate the price for services, inventory, and noninventory items.”
Further text explains applying a discount, but you get the idea – adjusting customer service instead of one size fit all.
This is still a manual series, so it has the similar The Least You Should Know chapter endings like The Complete Idiot’s Guide to WordPress, but Harvie does provide some resources at book’s end. Most of the book addresses the Quickbooks Pro (PC edition), but you’ll read appropriate references for the Enterprise edition for segments such as inventory costing.
What Compliments The Complete Idiot’s Guide to Quickbooks
There are a number of articles and book reviews in Small Business Trends that may make for great reading alongside this guide.
You won’t be a CPA with this book, but you’ll improve the discussion you’d have with a CPA. The end result are better financial choices needed for your business. That can make the difference in reaching the economic playoffs – growing your earnings and your business as a result.
The Complete Idiot’s Guide to Quickbooks: Give Your Accounting A Wise Start
View full post on Small Business News, Tips, Advice – Small Business Trends