Category: Running a Business

Nav vs WalletHub: Which Credit Service is Best for Your Business

Nav vs WalletHub: Which Credit Service is Best for Your Business

Checking your credit on a regular basis is important, whether you’re a consumer looking to make better credit and financial decisions, or a small business owner hoping to do the same.  With dozens of places where you check and monitor your credit reports and scores, you may not be sure what service will work for you. Here we’ll analyze two options: Nav and WalletHub.  Keep in mind that Nav is designed for small business owners, while WalletHub is focused on… Read More
Our Top 9 Pricing Strategies for Service Based Business Owners

Our Top 9 Pricing Strategies for Service Based Business Owners

Key takeaways: Service providers often struggle with setting prices, afraid that a high price will scare off potential customers, or charge too low a price to create a sustainable business.  Small business owners need to set a pricing structure that helps them attract their ideal customer, while meeting their own financial goals.  There are a number of pricing strategies that can work, based on the type of service you offer and the value you provide.  Research pricing strategies and revisit… Read More
How To Set Your Prices for Product-Based Businesses

How To Set Your Prices for Product-Based Businesses

As a business owner, setting prices may be one of the most frustrating but crucial aspects of running your business. Set prices too low and you may not make enough money to stay in business or to grow. Set prices too high and you may scare off customers.  Finding that “just right” sweet spot is often an ongoing task. Just when you think you have it right, it will probably change. A competitor will copy your product and slash the… Read More
Business Credit and Other Financing Options for High Risk Businesses

Business Credit and Other Financing Options for High Risk Businesses

Small business lenders, merchant processors and credit card companies often consider some types of businesses “high risk.” If your small business falls into one of those categories, you may find it more difficult to get financing or a merchant account. Here, we'll explain what can make a business high risk, what types of financing may be available to higher risk businesses, and how building strong business credit may help your business increase its financing options.  What Is Considered a High… Read More
NAICS Trends How and Where to Explore

NAICS Trends How and Where to Explore

As a small business owner, you may not have access to consultants, research reports and other data larger businesses often have. But you do have access to free government resources you may use to help create or update a business plan or conduct market research.  Here’s how to access and use NAICS trends.  What is the NAICS Code Methodology?  NAICS stands for North American Industrial Classification System. The NAICS methodology is a system for classifying businesses by the industry in… Read More
BOI Reporting: What Every Business Owner Needs to Know

BOI Reporting: What Every Business Owner Needs to Know

As of January 1, 2024, small businesses have a new government reporting requirement they need to meet. If reading those words made you break into a cold sweat, worry not. We’re going to break down everything you need to know about beneficial ownership (BOI) reporting, the new requirements, and how to breeze through compliance (yes, it’s possible).  What is BOI Reporting? BOI reporting provides the federal government with identifying information about individuals who directly or indirectly control a company. It… Read More