(ARA) – We’ve all heard the bad news: There is a global recession, the housing market continues to decline, the banking industry is struggling and unemployment continues to rise.

But, if you are one of the many whose employment has been affected by the recession, there is a silver lining. Entrepreneurs account for 50 percent of the gross domestic product and 50 percent of job creation in America. Small businesses grew rapidly in the last two recessions. If you prefer being part of an existing company, many companies are looking to upgrade their talent, especially smaller companies who will value previous experience.

Ready to start your own business? A recent study by Network Solutions and the University of Maryland investigating the overall health of U.S. small business shows that 69 percent of small businesses were profitable in 2008 and, of those, 69 percent say their success was equal to or better than the previous year.

“This is a great time for personal change. Pursue a lifelong passion or turn your professional experiences into profit for yourself,” says Rebecca Rodskog, a corporate change management consultant and founder of Rodskog Change Consulting in New York.

Ever thought of freelancing or consulting? Have a penchant for chocolate? Do you have a talent for knitting? Is calligraphy something you happen to be good at? Believe it or not, you can make money from these skills by starting your own business, says Rodskog.

Having started out on her own after years in corporate America, Rodskog now offers several tips for turning the recession into revenue:

* Take it small scale at first. We’re not talking comprehensive business plans and venture capital commitments. Step one would be to get yourself online. Creating a Web site for your business or to tout your skills is neither difficult nor expensive, and it’s a great way to get yourself started. Let’s face it, everyone searches online first when they are looking for a service or product.

* Proactively network. Connect with new people on social and professional networking sites such as Twitter, Facebook, LinkedIn, Plaxo and Xing. And don’t forget to network offline too. Attend industry, chamber of commerce and community events — and always have a business card with you. Some of your best marketing can occur through your own face-to-face and offline communities.

* Work with partners. Don’t be afraid to ask for help from those who have an expertise you don’t. You can also consider bartering your skills for theirs to keep your costs down.

Not ready to go out on your own? If starting your own business isn’t in the cards for you, Rodskog also suggests a few things to keep in mind to be sure you stand out in the crowd.

* In this market, flexibility and adaptability are key essentials to finding a new job. Consider new categories and positions that you otherwise might not pursue.

* Tap into one of the many Web sites that specialize in career changes like: www.careerchange.com, www.rodskog.com, www.careerapple.com and www.how-to-change-careers.com.

* Believe in the power of the collective. Offer to help others when you can — whether it’s passing along a job tip, article or helpful contact.

For more information and other valuable tips from Rebecca Rodskog and Network Solutions, visit www.growsmartbusiness.com.

Courtesy of ARAcontent

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Succeeding in your own business definitely relies not just on luck, but on preparation, money and time.

(ARA) – If you’ve been sending lots of resumes and getting the runaround, you’re not alone. According to the U.S. Labor Department, unemployment is the highest level in 25 years.

Is it any wonder that many unemployed, underemployed and workers fearing the loss of their jobs are now considering going into business for themselves? After all, if you’re self-employed you’ll never be laid off, right? And entrepreneurs are truly the backbone of the American economy; they create 80 percent of all the jobs in America, without the benefit of bailouts or handouts.

But is self-employment right for you? The prospect of being your own boss may look appealing, but what are the real benefits — and risks — of going it alone?

While preparing to write her book “The Accidental Startup, Business Basics for the Chance Entrepreneur,” author, Fox Business, CNBC and CNN media personality and financial expert Dani Babb surveyed 200 entrepreneurs and discovered that just 10 percent were unemployed when they started their own business. Another 26 percent were working part time and wanted full-time work, and 63 percent were already employed.

Yet with unemployment figures continuing to increase, Babb predicts so will the ranks of “chance entrepreneurs,” those who find themselves suddenly out of work and unable to find another job. If you’re among those ranks, it would be wise to weigh all the risks and benefits of becoming self-employed.

In the first chapter of “The Accidental Startup,” Babb explores the benefits of working for yourself, including:

* A stable income
* No more fear of losing your job
* Additional income
* Freedom to make decisions
* Flexible hours
* The chance to do something you’re passionate about
* Pride of ownership
* Earning potential

You should also consider the risks and downsides of self-employment, including:

* Feeling of instability as your business struggles to grow
* Potential for failure
* Unforeseen costs
* Potential for long hours
* Lack of vacations
* Difficulty in building your business
* Blurring (or disappearance) of work/life boundaries

You also need to consider financial aspects of being an entrepreneur, Babb advises. You’ll need to insure your business and learn the tax basics of being self-employed, payroll taxes, corporate taxes, etc. You’ll likely have to pick up your own healthcare costs, and provide coverage to employees. You have to consider if self-employment really will make you better off financially than just getting another job, or if you will be content just breaking even.

Once you’ve decided if self-employment is the right move for you, you’ll need to develop a business plan, raise capital and manage finances, learn about your customer, know what to expect during the first year and develop a strategy for growth.

“You may become an entrepreneur by chance, but succeeding in your own business definitely relies not just on luck, but on planning, preparation, money and time,” Babb says.

Published by Alpha Books, “The Accidental Startup” examines the reasons and motivations that lead to entrepreneurship, and helps new business owners plot a step-by-step guide to starting and running a business. The book is available in major book retailers across the country and from online merchants.

Courtesy of ARAcontent

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(ARA) – In this economic environment, everyone is looking for resourceful ways to decrease spending and save money. This is especially true for small business owners, as they look to reduce expenses, take advantage of discounts, increase cash flow and in turn, improve their business’s bottom line.

Here are several resourceful and creative ways that small business owners can save money as they navigate today’s economy.

* Barter

While bartering may sound a little old fashioned, it’s a great way to work out deals between businesses and save cash. For example, if you are a paper supply company, barter to provide a printing company with all their paper needs in return for free copies. If you are a graphic designer looking for an accountant, offer your creative design expertise in return for sound financial advice. Through bartering, you can work out deals that are beneficial to you and the businesses you partner with. In addition, be proactive in your efforts to enhance existing business relationships in terms of operating expenses, etc. In tough times, many companies are willing to work out deals to retain your business.

* Save

Take advantage of programs designed to help you save money on everyday business necessities, such as office supplies and computers. Bank of America recently launched an online shopping portal called Add It Up where small business owners can earn up to 20 percent cash back from more than 270 retailers when they shop online with their Bank of America check card. Participating retailers include top names such as Staples.com, HomeDepot.com, Walmart.com, and Costco.com, where small business customers spent the most money in 2008.

“Small business owners make frequent purchases from these retailers as they manage their day-to-day business needs,” says John Durrant, Bank of America Small Business Strategy Executive. “By shopping online through the Add It Up portal, small business owners can potentially save over $1,000 a year — that’s a savings of more than $80 a month, which could equal the money you spend on gas to visit clients, or monthly shipping expenses.”

* Evaluate Expenses

Take this time to reevaluate all of the annual service contracts that your business currently has in place. You may no longer need the comprehensive and often costly full-service phone plan because you use your cell phone to make most business calls. You may also consider getting rid of your traditional fax machine and utilize free online faxing Web sites in its place. Other items to evaluate include changing over traditional, printed company newsletters and mailings to paperless communications, as this can reduce your yearly business expenses for paper, ink, and printing. Savings that seem small in the short term can help make your company profitable in the long run.

* Network

Through networking, small business owners can learn how their peers and fellow entrepreneurs in the local business community are navigating their business through the current economy. Many online networking sites, like Bank of America’s Small Business Online Community, are free to join, provide expert content and the opportunity for small business owners to get immediate feedback. To get some offline face time with colleagues and peers, find out if your local chamber of commerce hosts networking events that you can attend to meet small business owners in your area. Tapping into the experience of your small business peers is a great way to gain additional savings tips.

* Promote

Advertising is a good investment for business dollars, but keep in mind that you don’t always have to spend big bucks to conduct a successful advertising campaign. Consider advertising through an e-newsletter or a series of e-mail marketing campaigns. These online techniques are usually less expensive and allow you to target specific customers. If you want to continue with direct mail, be sure to cull down your mailing list and eliminate any customers you haven’t heard from in a while. Or, consider slipping advertising materials and coupons into items you are already mailing out, such as invoices.

* Travel

In this current economic environment, eliminating any business travel that isn’t absolutely necessary can save small business owners a great deal of money. In place of traveling to see customers and clients, plan weekly meetings using free Web or phone conferencing applications. If you must take a business trip, try to plan ahead and do your homework. A little researching for a less expensive flight or hotel can go a long way and save big money.

For more information about Bank of America’s Add It Up online shopping portal, visit www.bankofamerica.com/additup.

Bank of America, N.A. Member FDIC (c) 2009 Bank of America Corporation

Courtesy of ARAcontent

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USA Today Small Business Columnist Steve Strauss has some simple tips to help green your business – just in time for Earth Day. Here are Strauss’ top recommendations that can even benefit your bottom line:

Use energy-efficient lighting.
Simply replace incandescent lights (standard, flood, halogen) or T12 (1 1/2-inch diameter) fluorescent lights with CFs or LEDs to reduce energy use. Strauss has seen how these inexpensive changes can reduce your power bill by up to 20 percent, and the new bulbs can provide better color and less flickering.

Use energy efficient equipment.
Invest in office equipment that is Energy Star-certified to ensure that it meets the Department of Energy’s green standards. A wide range of appliances for the home and office including computers, monitors, refrigerators and dishwashers are certified.

Save paper and space by using two-sided printing.
Use all-in-one devices that offer automatic duplex (two-sided) printing like the Brother MFC-9840. The duplex printing feature can reduce your paper costs, your necessary storage space (by using less paper for the same amount of documents) and may even save some trees. It’s a fast, robust machine that’s also cost-effective and Energy Star-certified. According to the Energy Star program, certain benefits can mean lower energy bills while even prolonging the life of an appliance. Visit EnergyStar.gov for more details.

Install motion sensors and timers.
Conference room and office lighting is often left on even when the room is not in use for hours. According to Entrepreneur Magazine, installing occupancy sensors in a 12,500-square-foot office can save $1,130 annually. Also remember that electronic equipment often continues to use electricity even if they are turned off but remain plugged in. To ensure that your equipment is not using additional electricity when it is turned off, consider plugging the equipment into a power strip with a timer.

Recycle your consumables.
Some retailers offer cash incentives to recycle your print cartridges, so Strauss recommends finding a local retailer that offers this service.

Purchase recycled paper products and materials.
Printing paper, Post-It notes, envelopes, folders, pads of paper are all available in recycled versions, typically for the same price. Some recycled paper prices are now equivalent to conventional paper due to increase in demand, refinement of the papermaking process and the significant reduction in energy and water needed to make recycled paper.

Investigate green power options.
Many local utilities offer customers the opportunity to buy renewable power that comes from wind farms and other sustainable sources, and the new stimulus bill includes a number of tax incentives for alternative energy sources. Talk to your building manager and accountant to see if solar panels or the purchase of power from other renewable sources makes sense for you.

Reuse and recycle as much as possible.
Shipping boxes, scrap paper, folders and other office materials can often be re-purposed. If not, be sure to have bins handy for recycling. If your bins are not clearly differentiated, be sure to label them with a P-Touch labeler so everyone knows the correct bins to use.

Rally the troops.
Create a “Green Team” of employees to come up with other ideas for greening your business. Many employees are passionate about the environment and this gives them an opportunity to activate around a cause they care about while improving your bottom line.

Attract sales leads.
Keep track of your progress and share results with local media. Positive press coverage can help you draw new sales leads and enhance your image among existing customers.

Going green and being energy efficient with your business is a great way to help the environment and potentially affect your bottom line in a meaningful way. For more information about Brother’s printers, all-in-ones and labeling systems, visit www.brother-usa.com.

Courtesy of ARAcontent

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Small Business Funding Problems? Get Creative

Owning a small business is always a challenge, but especially when the economy is in a well documented downturn. The Federal Reserve recently noted more banks are raising lending standards for small businesses, blaming tightening credit conditions on a less favorable economic outlook. The current credit crunch’s effect on small businesses across the country leaves many unsure where to turn for financing to expand, renovate or manage seasonal fluctuations. Where can small business owners go when the bank isn’t an option?

This was the situation New York restaurateur Arlene Weston found herself in when she decided it was time to build on her Jamaican heritage and open her own restaurant. Weston applied for several small business loans, but after facing a denial she emptied her savings account and borrowed money from her grandmother. She scraped together as much cash as possible and opened a small, two-room restaurant in New York’s trendy Chelsea neighborhood.

It didn’t take long for Weston’s restaurant to become a critically acclaimed talk of the town. The original restaurant only seated 40 people and Weston saw the opportunity to expand by adding a third room. Unfortunately, she’d already tapped out her personal financial resources and appeared too large a credit risk for a traditional small business bank loan.

Then Weston got creative. Her restaurant had always accepted credit cards from customers as a form of payment so she took advantage of something called a Merchant Cash Advance through a company called AdvanceMe.

A Merchant Cash Advance is not a loan, it requires no collateral, has no interest rate, fees or penalties. With an MCA, a company will purchase a certain amount of a business’s future credit card receivables at a discount in exchange for providing immediate working capital to the business. The MCA provider works directly with the credit card processor to take a small fixed percentage of daily credit card receipts until the obligation is fulfilled. Unlike a traditional loan with fixed payments, an MCA stays in line with a business’s receivables – the MCA provider gets paid only when the business gets paid. The result is a cash-flow-friendly way to obtain business capital.

MCAs, such as the one Weston obtained through AdvanceMe, are an innovative funding stream for small businesses with 50 or fewer employees and less than $10 million in revenue. The primary requirement is that a business accepts credit cards as payment. Most providers, like AdvanceMe offer very high acceptance rates as they are able to evaluate risk differently than other financial providers. Common criteria most providers review are the time in business, current status with a landlord, the average credit card activity for four to12 months and the status of other current financial obligations. These variables, in large part, determine the specifics of each deal.

As lenders tighten their standards to minimize risk businesses are turning, in larger numbers, to alternative funding streams when their primary bank is not an option. These may include credit unions, Web-based social lenders and merchant cash advance companies.

A recent survey by Capital Access Network of more than 250 small business owners revealed a growing need for alternatives. An overwhelming majority, 81 percent, feel it is important to have access to a line of credit that is readily available and predictable in today’s economic environment.

Once an alternative solution is identified, business owners should be sure to do their due diligence and make sure the provider they choose to work with for funding has a long track record of success helping businesses like theirs. Entrepreneurs should do their homework to find the funding company’s history and make sure they adopt industry best practices. Careful consideration of creative funding will help ensure their small business can maintain operations during tough financial times.

Today, Arlene Weston’s restaurant is three times its original size and seats 100 guests and she’s working on a second location in Harlem. “Before approaching AdvanceMe, the idea of developing a second restaurant was nearly at a standstill. They were truly part of my overall financial strategy, continue to provide me with funds needed and deliver them in record time,” says Weston.

For more information on small business MCAs, visit www.MerchantCashAdvanceInfo.com.

Courtesy of ARAcontent

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How Small Business Owners Can Make Every Dollar Count

Now more than ever before, it’s important for small business owners to get the most return on every dollar they spend. After all, as the backbone of the American economy, the small business owner’s success spells good news for everyone.

“Small business owners recognize the value and importance of making their money work harder for them,” says John Durrant, Card Marketing product executive for Bank of America. “And with close to 25 million small businesses across the country, this critical segment of the economy is looking for simple, easy-to-use tools to make the most of their dollars.”

From cashing in on rewards programs to learning smarter management practices, here are some tips for small business owners looking to stretch their dollars:

Credit Card Rewards

The credit card industry virtually pioneered the rewards program concept now widely used by companies from hotels, rental cars and airlines to restaurants and online retailers. Companies are making it easier than ever to redeem rewards.

The latest innovation is a business credit card that gives small business owners double points for items they need most – like taking that important client out to a restaurant, making sure they can always fill the gas tank for their top sales producer or getting all their business supplies for the office. Bank of America’s WorldPoints Rewards for Business has no annual fee and offers two points per every dollar spent at restaurants, business supply stores and gas stations, and one point per dollar spent for all other purchases. It also allows small business owners to transfer points between personal and business WorldPoints rewards cards.

In addition, they can earn bonus points by shopping at well known brand name merchants through the WorldPoints Mall. There are over 750 point redemption options, including merchandise, cash, travel, gift certificates, unique experiences and signed memorabilia. And through the MyConcierge service, cardholders have complimentary access to anything from a restaurant reservation to hard to find event tickets for an important client. Visit your local Bank of America banking center to apply for the rewards card with the double points feature.

Save a Bundle with Bundled Products

From phone, internet and cable for the home or office to insurance carriers who offer discounts for multiple policies, small business owners can easily make their money work harder for them by leveraging the bundling bandwagon. Often, a packaged deal is a significant savings over what you would pay for each component separately. Plus, buying bundled products can save small business owners valuable time they would otherwise spend investigating individual product alternatives.

Don’t Do it Yourself

Initiative and self-motivation are the hallmarks of every great entrepreneur, but for many small business owners, doing everything themselves might not make the most business sense. If obligations such as payroll and accounting are taking a small business owner’s time away from aspects of their business that generates revenue, then they are actually losing money. Every hour wasted adds up to actual dollars off the bottom line.

“In today’s market, small business owners have access to a wide range of products and services that can help them more easily manage their financial affairs,” said Durrant. “Bank of America offers a full portfolio of products that help small business owners reduce the time spent managing finances from hours to just minutes.”

A competitive and highly technological marketplace means more opportunities than ever for small business owners to save money. Doing so spells success not only for them, but for the American economy as well.

Courtesy of ARAcontent

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It’s no cliché: Small businesses really are the backbone of the American economy. Representing 99.7 percent of all employer firms, nearly 25 million small businesses have created 60 to 80 percent of the new jobs annually over the past decade, according to the Small Business Administration.

Of course, employing all those workers means tax season lasts all year long for small businesses who must regularly deal with payroll taxes. If you are an average small business owner, you likely invest hundreds of hours per year managing payroll.

Is it any wonder more small business owners are turning to online services to streamline their payroll activities? Bank of America alone reports 1.8 million small business customers use their online banking and financial management tools. Millions more use a variety of online services and tools to meet their needs.

If you’re considering an online payroll service, or aren’t 100 percent satisfied with the one you’re currently using, here are some tips for finding the solution that’s right for your business.

* Look for a service that is specifically designed for small businesses, rather than one that also serves mid to large companies as well. “As a small business owner, your needs and payroll tax obligations can differ significantly from those of larger organizations,” says Barbara Weltman, a financial services expert who specializes in small businesses. “One size definitely does not fit all when it comes to a payroll solution.”

* Seek guarantees. Does the service pledge to pay any fines that might result from their incorrect calculations? Errors in federal, state or local withholdings can add up to painful fines for small business owners. Bank of America will pay fines that result from their calculation errors.

* Is the service fully integrated with your online accounts, allowing you to manage all your finances with a single password?

* While all online payroll systems should provide you with instant calculations of federal, state, local and voluntary withholdings, you’ll also want to look for one that goes the extra mile. Weltman favors Bank of America’s Easy Online Payroll, which offers 21 different payment types, such as salary, hourly, overtime, tips and bonuses; vacation and sick day tracking; professional printing of paychecks and stubs from your computer; electronic one-click federal tax filings and payments; and processing, electronic filing and two printable, signature-ready copies of W-2, 940, 941 and 944 forms.

* What incentives will the service provider offer as thanks for your business? Bank of America’s service is free for small businesses that pay all employees by direct deposit to accounts at Bank of America. To learn more, visit www.bankofamerica.com.

Courtesy of ARAcontent

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Kurt Plank, owner and president of North Station Millwork, manufacturer of hardwood moldings and flooring, needed to find a way to streamline his accounting and computer systems, “So I could spend my time on providing quality product and supreme customer service,” he says.

“After researching other businesses in my field, I knew something else had to give so I could spend more time focusing on customer service. I looked at our other processes and decided to make the system updates. It gives us the advantage that sets us apart from our competitors,” explains Plank.

The first move he made was switching to the Business Care program by Peachtree. It includes software, unlimited access to support, unlimited access to training, and you can also get it with payroll tax service included. You wear many hats as a small business owner — CEO, accountant, human resources manager, IT manager, sales — the job list is endless. The last thing you need to worry about is whether or not your software is current. Many software vendors are filling that gap by offering subscription services.

With the Business Care program, you will always have the latest version of your software, often with unlimited access to support and training services. This is a great solution for small business, and will help them maximize their software investment.

Here are some other system upgrades that may give your business operations a boost:

Remote Access
It’s the up-and-coming way to work and many companies have already adapted systems for employees to work remotely. If you don’t already have it, research remote access as a way to help employees stay connected from wherever they want to work, and for salespeople to have access to information they need out in the field. GoToMyPC from Citrix is a great solution for remote access. You can even manage your business from home, which frees you up from time spent going to and from the office.

Payroll
If your company has outgrown your current payroll system, or you do it yourself by hand, consider upgrading your accounting software. Updated payroll software can help you by providing you with tax updates to make it easier. Or, outsource your payroll. Peachtree offers a payroll tax service as well as a fully outsourced payroll solution; you upload your info and Peachtree manages the payroll checks and direct deposit — one less item on your to-do list.

Getting Expert Help
It’s a good idea to start working with an accountant on financial planning to help you foresee the future of your business — and to reach your goals! If you need one and don’t know where to turn, start locally. Depending on the kind of accounting software you use in your business, search for an accountant who knows how to use it. Check with your accounting software vendor; you can visit sites like www.sagesoftwarepremieradvisors.com to find an accountant near you.

For more information about a remote access program, visit www.GoToMyPC.com. For the Business Care Program and the Sage Software Accountants Network, log on to www.peachtree.com.

Courtesy of ARAcontent

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