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Small Business Restaurant - Complete Controller

The small business restaurant is one of the more challenging businesses to own. Chain restaurants have the advantage of national or global ad campaigns that benefit franchise owners, but the small business restaurant must use creative strategies to get enough business to succeed. These strategies also need to be low to no-cost to help the business while not eating away profits. Here are marketing strategies that will get people ordering, eating, sharing, and returning, that won’t break the bank. Check out America's Best Bookkeepers

Promotions and Coupons

While the taste and quality of the food served will be the biggest draw for a restaurant, customers will be equally concerned with cost. Offering coupons on the next meal or running specials and promotions will keep them returning as much as the excellent food. Even higher-end restaurants can benefit from promotions and coupons. While exclusivity can take a restaurant far, there are certain points in a restaurant’s life when the business takes a dip. All restaurants can be creative in how they make offers to their clients while keeping with the brand’s reputation.

Website

Having a business website featuring your menu and information is a must for a restaurant. The website should be inviting and include pictures of mouth-watering food, and the warm atmosphere customers can expect when they visit. An added attraction that could bring your restaurant more business through the website is to have an online ordering feature. This feature will allow take-out customers to peruse your menu longer, often resulting in added items they may not add if ordering over the phone. Check out America's Best Bookkeepers

Social Media

The most effective social media platforms for small business restaurants are Facebook, Instagram, and Twitter. All of these platforms allow the restaurant to interact directly with both regular and potential customers. Posts on social media should focus on the restaurant, the food, information, and engagement. The goal is to increase your online presence to help potential customers find your restaurant.
 

Reviews

Don’t be afraid to ask customers to review your restaurant. Many potential customers use search engines to find new restaurants to try in their area. When deciding to try something new, online reviews play a significant role in driving your restaurant’s traffic. Giving special offers, discounts, or free food or drinks in exchange for a review is a low-cost way to drive significant traffic to your restaurant.
 

Blogging

Adding a blog to your already engaging website can bring more traffic to discovering your restaurant. The content needs to be keyword-heavy, simple, and engaging. Use your website analytics to discover what search words bring traffic to your site and make sure every blog includes those words. Using humor and including community interests, and featuring food and restaurant staff will have people want to try you out. Check out America's Best Bookkeepers

 

Recipes and Cooking Classes

Believe it or not, though many people love eating out, so they don’t have to cook when they cook at home, they like to duplicate some of their restaurant favorites. A way to get more customers in the door is to offer your top chefs cooking demos while not giving away all your secrets. Even sharing recipes online for favorites will get people coming to your site and either ordering food or bringing them to your restaurant. The bottom line is, people love to learn something and interact with the chefs. This could be an easy way to draw in new and returning customers.

 

Interaction

Outside of digital marketing strategies, you should employ other tried and true marketing approaches. Run ads in local publications as can be afforded, attend community events, hand out free samples, and use flyers and signage.  Interacting with potential customers will get them in, and your food and atmosphere will keep them coming back.

 

Conclusion

When running a small business restaurant, marketing is the most important element in your business’s success outside of the food quality. Everyone knows most restaurants fail within the first three years, but your restaurant doesn’t have to be part of that statistic. Implementing these simple marketing strategies will make your small business restaurant the hottest game in town in no time!

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Business Owners Risks - Complete Controller

Being an entrepreneur in itself is a risk. You risk money, time, and sanity, deciding to own and operate your own business. But most entrepreneurs will say that the risk is worth the reward because owning your own business and having some control over your career and financial destiny is a powerful position in which to be. Here are some risks every business owner should be aware of and how to manage them to lead you to success. Check out America's Best Bookkeepers

Market risk

Market risk refers to the risk of loss due to fluctuations in the market. Everyone knows that if you are in business, your business is vulnerable to what is happening in the market. To minimize this risk-taking a toll on your business, an entrepreneur needs to plan how to ride out market downturns. Most successful entrepreneurs navigate the downturns by prepping a safety net when the market is strong. You know your business better than anyone else and should know your business’s strengths and weaknesses and what it offers. Having a strategy in place to combat market fluctuations will lessen or even eliminate this risk and thus limit stress. Check out America's Best Bookkeepers

Competitive risk

Competitive risk refers to how direct or indirect competition impacts your business. Unless you have a product or service that no one else in the world has, every business has a competitive risk. Start-ups, in particular, are vulnerable to this risk due to competition with well-established companies with the same product or service. However, this risk can be seriously diminished by researching the competition. Learning what works for them and their weaknesses can help you form strategies to give you a competitive edge over the competition, even if they have been in business longer.

Credibility risk

Credibility risk refers to the risk when putting out a new product or service in the market. It is a proven fact that consumers are more willing to try a new product from a brand they already trust. Building your brand from the beginning will eliminate any risk when offering new products or services or making any significant changes to the business. Even if a new product or service fails to be a hit with consumers, you will retain loyal customers if they trusted your brand before the failure.  Check out America's Best Bookkeepers

Technology risk

Technology risk refers to the risk of losses due to technology failures. This risk is incredibly risky for those businesses that are technology-based or dependent. Even if your company is not technology-based, even a website crash could spell significant revenue loss for a business. This risk is easy to minimize by investing in reliable and up-to-date software and performing regular security checks and maintenance. Data breaches are a huge technological risk due to how much sensitive data can be accessed. 

Financial risk

Financial risk refers to the risk that the company’s cash flow will not meet its financial obligations. This risk is shared by every business that exists and is the biggest concern of an entrepreneur. Financial risk isn’t limited to cash flow issues; it also relates to funding sources.  Financial risk for the business owner can never be eliminated. However, it can be minimized by having a stable accounting system and by vetting investors.

Conclusion

Risks are a part of life, but that is especially true for the entrepreneur. Knowing what the business risks are and how to minimize or eliminate them will keep you in business despite the risks. Knowing the different types of risks and how they affect your business can help you ride out the fluctuations and sail through a downturn.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
life insurance policy - Complete Controller

Most people don’t think of death in terms of their funeral and the costs associated, and often leave family members unprepared for the costs. Some life insurance policies will include death benefits that can be used towards funeral and final expenses. When choosing a life insurance policy, if you already hold life insurance, ask your agent about adding death benefits to your policy. The main importance is to get something in place now. The burden that a funeral and final expenses can have on the loved ones left behind can be overwhelming. Check out America's Best Bookkeepers

If you don’t carry or cannot carry life insurance or you want to carry separate insurance for end of life expenses, there are two funeral life insurance policies that are specifically designed to relieve your loved ones of this expense in their time of grief. Burial insurance and preneed funeral insurance. These life insurance types allow you to finance your funeral in advance, but there are some differences between the two you need to understand before deciding on which will best suit you and your family’s needs.

Burial Insurance

Burial insurance is a policy designed to cover your funeral or cremation expenses when you die. Burial insurance policies can vary between companies that offer life insurance, and like other life insurance policies, it comes in both term and whole life. Generally, death benefits for burial insurance are low, ranging anywhere between $5,000 up to $25,000. Check out America's Best Bookkeepers

Burial life insurance pays the death benefit directly to your beneficiary. It can then be used to finance your funeral and cover other final expenses in any way the beneficiary chooses. If they receive a higher benefit than the funeral cost, it is up to their discretion on how they use the remaining amount. It is often used to pay debts left behind or other final expenses.

Preneed Funeral Insurance

Preneed funeral insurance is also designed to finance your funeral before your death, similar to burial insurance. The main difference is that the funeral costs are predetermined, including services, merchandise, and church and burial services. It can also protect the costs from going up on the funeral expenses. These expenses are a locked-in, negotiated cost at the time of the insurance purchase.

Another difference from burial insurance is that instead of paying your beneficiary benefits when you die, the money goes directly to the funeral service provider of your choosing. This policy is paid in full once the negotiated amount is met through premiums, and the policy remains in effect for the entirety of your life. This policy will relieve your loved ones of the funeral costs and stresses.  Check out America's Best Bookkeepers

Conclusion

The arrangements are premade, which leaves little to deal with for those left behind after your death. However, there is no additional death benefit that can go towards final expenses or unpaid debt.

Both burial and preneed funeral insurance are beneficial to your loved ones after your death. It would be best if you determined which would better benefit them by deciding whether you will leave behind debt or other expenses or not. You also can prepay and plan your funeral directly with the funeral home of your choosing. This option would be similar to preneed funeral insurance. Instead of the funeral home receiving the payment at the time of your death, you will pay the costs in full directly to the funeral home, who will execute your plans once you’ve passed. Whatever option you choose, financing your funeral before your death is a great relief to your loved ones once you are gone.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Business Insurance - Complete Controller

When starting a small business, you should make your business an LLC or Limited Liability Corporation. Creating it as an LLC or Limited Liability Corporation will protect you and your personal assets from being affected should your company have legal issues, including lawsuits or collections.

Outside of making your business a Limited Liability Corporation, you also need to obtain business insurance. Many business owners believe they are completely protected by becoming an LLC. Still, this assumption is incorrect and could be costly or even devastating to a company that does not carry business insurance. Here are three major reasons your small business needs business insurance. Check out America's Best Bookkeepers

Protecting Your Business Assets

While forming your company into a Limited Liability Corporation protects your personal assets, business insurance is necessary to cover your business assets. Both of these, in combination, will give you complete protection against lawsuits and disasters.

Small businesses often have financial struggles larger businesses don’t experience, and one liability incident could destroy your business. This possible destruction is the main reason every small business needs business insurance without question.

Business insurance will also protect your business assets should one of your employees makes a mistake that puts your business at risk for suit or other liability. Check out America's Best Bookkeepers

Protecting Your Personal Assets

Even if your business is a Limited Liability Corporations, there are still some circumstances in which you could be held personally liable. These circumstances include if you guaranteed loans with your personal assets or left any of your personal assets attached to the business.

Therefore even under an LLC, your personal assets could be lost if connected to your business, and you don’t have business insurance. Business insurance also covers court costs even if you are not found to be liable.

We live in a litigious society. Even if you or your business have not done anything wrong, if a suit is brought against your business and you are not covered by business insurance, your company could go bankrupt.

Liability Goes Beyond What We Can Imagine

There are so many hidden issues we can involve ourselves in as a business that could open us up to potential financial devastation without business insurance. Professional liability insurance covers accidents that happen on your property, it also covers libel issues, and it covers third party mistakes made by your employees or subcontractors. Check out America's Best Bookkeepers

There are many scenarios where you and your business could be liable beyond what you can imagine that business insurance would cover. Those small businesses that go without business insurance may believe they are low risk due to the nature of their business. Still, many unforeseen issues can cost you greatly if you are not covered by business insurance.

Examples of Unforeseen Scenarios

An employee is delivering something and accidentally breaks a $125,000 vase. Without business insurance, your company would have to pay the client $125,000 or risk court where the client could win more than just the vase’s cost. If you carry business insurance, it would cover the vase’s cost and protect you and your assets.

The classic slip and fall can potentially wipe a business out depending on the physical damage the falling victim incurs. You would be liable for not only the medical cost but potentially for loss of income and future medical costs if the issue is permanent or long-term.

Conclusion

Small businesses have many expenses that are a challenge to pay at times, and often small business owners will cut out business insurance to save the premiums. These reasons laid out above explain why you need business insurance and should make paying the monthly premiums a priority.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Bad Debt Expenses - Complete Controller

Bad debt expenses in business are those accounts receivables that have gone into severe default and are considered a loss. For businesses that operate cash only or payment upon service or purchase don’t have issues with bad debt expenses. However, some businesses, to some degree, feel they need to operate by extending some credit.

If your business accounting shows your bad debt expenses to be high, you need to consider reassessing your accounts receivables. Here are five ways to lower or eliminate bad debt expenses and increase your company’s revenue. Check out America's Best Bookkeepers

Review of Credit Policies

You should be reviewing your accounts receivables monthly and noting what customers are late or possibly going to become completely default. If you have some customers who consistently pay late or default, you may consider changing them to cash-only or payment on receipt.

If you have multiple customers paying late or not, you may want to contemplate eliminating accounts receivables. You have to make tough financial decisions that have the best interest of your company in mind. While you want to be accommodating to your customers, it should never be at the expense of your business.

Eliminate Terms

Any credit terms, whether 30, 60, or 90 days puts your business at risk. Giving long terms of payment can cause your bill to be forgotten or ignored. You may need to consider eliminating these payment terms or only offering these types of payments to specific customers on a case-by-case basis. Check out America's Best Bookkeepers

Early Payment Discount

If you continue to offer 30, 60, or 90-day payment terms, you can offer various early payment discounts. Many companies that offer early payment discounts will give a significant discount if paid on the day of purchase or service. You can also offer lower discounts if paid earlier than the due date.

This discount will allow you to offer payment terms and give your customers the incentive to pay when the products or services are received earlier than the due date. Despite the discounts, if every customer is paying on time or early, your company revenue will increase because you will be clearing your accounts receivables.

Collection Policy

If you opt to continue allowing your customers to make payments or buy now and pay later, you will need to put a collection policy in place. This collection effort will be a regular interval at which you will send reminders and follow up with phone calls.

You must set a collection policy that will make sense to the due dates and provide the customer with reminders while not overwhelming them. Customers have often forgotten the payment, and gentle reminders will encourage them to pay without alienating them. It is suggested that you have three reminders. One reminder sent at the 30-day late mark, then another at the 14 days from the first reminder, then a final phone call seven days after the previous reminder. Check out America's Best Bookkeepers

Collection Agency

A collection agency would be the last resort but may become necessary to recover at least a percentage of the receivable from your defaulted customer. After your final phone reminder, you should give them seven days then look to turn the debt over to a collection agency.

A collection agency will buy the debt for a percentage of the total account and attempt to collect the full amount or even the full amount with penalties from profiting from the purchased debt.

Conclusion

While your customers are important, and you want to retain as many as possible for your business, you have to take steps to eliminate or lessen bad debt expenses. Your business has to make a profit to survive, and the more bad debt expenses you have, the lower your profits. Some businesses get into trouble when these bad debt expenses exceed profits; therefore, you must consider some or all of the ideas on this list to help eliminate it.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Find Your Business Idea - Complete Controller

Many people come to a point in their life where they decide they would like to start their own business. Maybe you are feeling underappreciated or that your talents are being wasted working for someone else. There could be many reasons you have decided to strike out on your own, and you need a business idea.

Before you start the process of choosing a business idea, make sure you are well-rested and ready to open your mind to the possibilities. Here are five steps to take to help you find your business idea. Check out America's Best Bookkeepers

You Don’t Have to be Original

Don’t apply too much pressure on yourself to come up with the next new thing. Search business ideas others have already successfully launched and maintained. There are so many business types, from the smallest home-based businesses to owning and operating a franchise business with major corporations’ branding.

Look for those businesses that tap into some level of desire or passion and explore them to narrow down the type of business you want to start. Once you have narrowed down the business type, look at ways to be unique or tap into a niche market. You don’t have to deviate much from the original business idea to add your brand.

Brainstorm with Someone

There is nothing that says you have to do this alone. Though the contemplation is for you to have sole ownership of the business, getting another person or, better yet, a team of people to help you brainstorm ideas can be productive. Check out America's Best Bookkeepers

Gather together, and if possible, have a whiteboard or drawing pad and express that no idea is a bad idea. If you are having difficulty connecting with someone to brainstorm, there are many online sources of articles or forums with multitudes of ideas you could add to your possibilities.

Turn Your Talent into an Idea

Everyone has gifts and talents often paired with untapped potential. Now is the best time to identify your talents and skills to their fullest extent and look for business ideas that use those talents and skills. This time is also where you can discover your passion.

So many times we get into long-term jobs or careers, we started of necessity and suppressed our passion and leave our talents to gather dust. Now that you decided to start your own business, it’s time to dust off your talent, gear up your skills, and ignite your passion.

Solve a Problem

Many businesses that exist today that have great success are those that solve a problem. Please make a list of problems that people face. Make sure it is a problem that most people or at least a group of people face. If you choose to solve a problem, only a few have, you will not sustain a business. Check out America's Best Bookkeepers

Even if there are already solutions out there for a problem you would like to solve, you can own a business in the market and still succeed.

Look Around for Inspiration

Open yourself up to look for inspiration everywhere. You can look at businesses that exist in your community or look online. Also, look for Inspiration that has nothing to do with the business. Inspiration and ideas can come from anywhere, and seeking inspiration will guarantee you find it.

Artists have muses or use nature or their surroundings. Those same sparks can inspire business ideas. You have to be open to the possibilities.

Conclusion

The ideas don’t have to come out of your mind, fully formed and perfect. Keep the thought that no idea is a bad idea and throw them out and narrow down to the ones that you feel a pull towards. Once you have narrowed it to one idea you have a passion for, it will be time to start planning.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Social Media Mistakes - Complete Controller

Anyone in business this day and age understands that the face of business is vastly different than it was even a decade ago. One of the largest advancements when it comes to business has been the internet and social media platforms.

When it comes to marketing your small business, you must use every avenue available to you, and having a heavy online and social media presence is the key. However, there are some mistakes that small business owners make when using social media. Here are the five biggest mistakes small business owners make on social media and how to avoid them. Check out America's Best Bookkeepers

Posting Too Much or Too Little

No matter the content of your posts on social media, you can post too much or too little. It would be best to find the balance between staying connected to your customers and followers and not over or under posting.

Bombarding your feed with business-related posts will flood your followers feeds, and because they are only getting eye-fulls of your content and nothing else, they may decide to unfollow or mute you. If this is the case, when they need your product or service, they may not remember that you offer what they are looking for, or worse, they remember that you were annoying with your posts and decide to give their business to someone else.

On the other hand, many business owners get off to a great start by setting up social media and gaining followers and interacting a bit, then go completely silent or post too little to make an impact. You are using your social media to connect with your customers, but it is an essential part of your branding. Social media platforms are where people get to know you, your staff, and your business, so you need to post often while holding back from posting too much. Check out America's Best Bookkeepers

Aggressive Sales Strategies

Aggressive or pushy sales strategies can backfire and often have the opposite effect on your sales and the desire to use your products and services when a need arises. If you ask most people how they feel about having a pushy salesperson approach them when they walk into a store or on a lot, they will tell you it makes them uncomfortable. The same can be said about using similar tactics when using your social media.

When representing a product or service of another company, those companies will push you to be pushy and center all their sales tactics around an aggressive approach. These people often get unfollowed when they are doing nothing but trying to push their products and services on you.

To avoid this, use soft sales approaches. Make videos that add value to someone’s life and connect them to you as a salesperson but don’t necessarily have to do with the product. This approach will make it easier for potential customers to approach you about what you offer. Or even if you approach them, they will be more receptive to what you are selling.

Bad Customer Service

It is no secret that many people use social media platforms to speak their opinion. Hiding behind a keyboard makes it far easier to say things we might not say if we were face-to-face with someone. Having said that, if a person gives a negative review or speaks of a poor experience with your company, you can use it as a customer service moment.

No matter the tone the customer is taking, you should always respond with kindness, understanding, and professionalism. Check out America's Best Bookkeepers

Not Engaging Followers

Your followers are not only those who have chosen to connect to you on social media. They are potential customers or future business associates. Many business owners who use social media fail to engage with their followers, leaving them feeling unconnected, and eventually, they will stop following you.

Find ways to engage them, whether it be by following back and commenting on their posts or acknowledging comments they make on your posts. Also, making your posts fun and engaging can positively affect your followers and potential customers or partners.

Poor Grammar

Having well-written posts representing your business should be a no-brainer, but it is astonishing how many don’t take the time to check before posting. Since everything you post to your business followers represents you and your business, make sure you check, then double-check, and triple-check for spelling and grammar. A few spelling and grammar checkers can be turned on within your chosen browser and used every time you post or comment.

Conclusion

There is no reason a business owner or marketer for your small business should make any of these mistakes now that you are aware of them and how to avoid them. Just keep in mind, as much as your social media presence can boost your business, if misused, it can also do damage.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Students with Federal Loans - Complete Controller

Besides purchasing a home, getting a higher education can be one of the most expensive endeavors in your life. While some students get scholarships or obtain grants that don’t have to be paid back and others have parents who can afford to pay for their education fully, many students have no choice but to obtain federal student loans.

Student loan debt rivals credit card debt to be the number one debt most working adults carry. While this fact may be disheartening, all hope is not lost if you carry federal student loan debt as there are some ways to gain debt forgiveness. Check out America's Best Bookkeepers

Debt Forgiveness Programs

Student debt forgiveness programs were developed to show compassion for students with an overwhelming amount of student debt. There are many smaller and local programs you can apply for; however, you will have to do your research to find them.

There are four major debt forgiveness programs you can apply to; however, they will not take on debts of students who are in default status, which means they have not paid against the loan in over nine months. These debt forgiveness programs are Public Service Loan Forgiveness, Perkins loan cancellation, Income-based repayment, and Teacher Loan Forgiveness specifically for students who went to school to become teachers.

While each of these programs is widely available, they have extremely strict requirements that have to be followed. They often require the yearly filing of paperwork and intricate program rules and steps to follow. Because the amount these programs give out each year is limited, if you are using the program and have even one slipup when it comes to procedures, you are removed from the program. It is important to consider your options before using any of these programs carefully. Check out America's Best Bookkeepers

Other Loan Forgiveness Options

There are a few different types of occupation-based loan debt forgiveness programs available, depending on how you live. Such programs are mainly for attorneys, doctors, and other professionals who pay more than the average amounts for advanced degrees. Students who used such loans have a great shot of getting the entire debt forgiven after just five years. The process mainly depends upon the type of profession, particularly for the people who have a full-time job in a community.

Loanforgiveness.org

There is a government-subsidized student loan forgiveness program with multiple options under the plan, one of which may be right for you. All of these loans or debt forgiveness plans are only for students with federal student loans.

  • Standard Repayment Plan: Under this plan, your payments are fixed to pay in full over ten years.
  • Income-Contingent Repayment (ICR) Plan: This repayment plan is based on your discretionary income at the time of the plan implementation or a fixed monthly payment over 12 years, also based on your discretionary income at the time of implementation. Check out America's Best Bookkeepers
  • Income-Based Repayment (IBR) Plan: This repayment plan is based on 10 to 15% of your income and will change if your income changes. There are two IBR plans, the standard IBR plan for students who obtained a federal loan before July 1, 2014, and the New Borrower plan for those who have obtained a federal student loan after that date.
  • Pay as You Earn (PAYE) Plan: This repayment plan will cap at 10% of your discretionary income at the implementation time. If you still have any debt after making regular payments for 20 years, the rest of your debt will be forgiven if you go on to earn a graduate or professional degree that would be extended to 25 years.

Permanent Disability Release

Through the Department of Education (DoE), if a student who has a federal student loan has an incapacitating physical or mental disability and cannot contribute to what is considered significant gainful activities (a job), there may be some debt relief for a federal student loan.

First, the student must prove the disability with an authenticated doctor and have supporting documentation. Once permanent disability is determined, the student debt is canceled; however, the student cannot apply for any other educational loans. The only way a student can apply for loans and continue their education is to obtain a letter from a qualifying doctor that shows they can now engage in gainful activity (get a job.) Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Business Success - Complete Controller

Starting your own small business can be exciting for the budding entrepreneur, but it can also be scary and intimidating. You can have the best business idea in the world and execute poorly and end up killing your business before it ever has a chance. While many businesses fail within the first five years, the highest percentage within the first year doesn’t have to be the same for you and your business. Check out America's Best Bookkeepers

Growing up, you can likely look back to your successes and failures and realize that the common thread to whether you were successful or failed was preparation. Entrepreneurs can’t just come up with a business idea and jump in the deep end without being prepared to swim. Besides writing a great business plan and lining up financing, here are five keys to business success every entrepreneur needs to know.

Stand Out

Your business could be an innovative idea no one else has come up with; however, it doesn’t need to be the next new thing to be successful. Even if you decide to start a business that is in a saturated market, don’t let that discourage you if it is a business you have a passion for the business you want to start. The key, in this case, is to be unique within the market. Have a product or service in addition to the standards that no one else has and make it your focal point.

This is the time for you to be bold and creative. There are no limitations for the eager and forward-thinking entrepreneur, not afraid to stand out.

Network!

Networking has been in existence since the beginning of time and is nothing new to the business world. While larger businesses have staff dedicated to networking and partnerships, networking is up to you for the small business entrepreneur. You can start by joining every local small business group that makes sense for your business. Check out America's Best Bookkeepers

You can also use your social media to network with friends and family, and if you use hashtags, you can connect to others outside of your direct connections. Networking with all types of businesses can be rewarding. You can be a source if other business owners need the products and service your business offers, or they may send referral business from their customers that need what you offer through your business that they do not.

Watch the Competition

Every business should be acutely aware of their competition. This awareness is not reserved for direct competition but also indirect competitors. To be the most competitive in your market, you should begin by knowing your closest competitor almost as well as you know yourself. Research them, know their best practices and what works for them, and determine their weaknesses and opportunities for improvement.

Knowing the competition can also lead to other networking possibilities. Competition doesn’t have to equal contention. There can be opportunities to partner to increase revenue and your customer base.

Take Care of Your Business Credit

All credit, whether personal or business, is important. While your personal credit score can prevent you from making large purchases or cost you in high-interest rates or loan denials, if it is negative, your business credit is even more critical to keep positive. Businesses can have downturns, emergencies, or unforeseen circumstances that will require capital that may not be on hand. If you need a small business loan, it could be the difference between survival or total failure if your credit prevents financial assistance. Check out America's Best Bookkeepers

Always pay your accounts payables on time, early, or better yet, in full. Ensure that all business loans and credit cards are paid quickly and consider your business credit score one of the most important things for you to protect.

Pricing

Many small businesses make one crucial mistake they shouldn’t be making and incorrectly set their prices. There is a fine balance between overpricing and underpricing. Pricing is a lot easier than you might think. Some market and competitor pricing research and calculations on operations costs will ensure that your pricing will not only be competitive but keep your operations running.

Conclusion

Every entrepreneur has a lot to consider and plan for when starting your own business. Focusing on standing out, networking, knowing your competition, taking care of your business credit, and pricing will ensure your business not only succeeds but flourishes.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers