Today, I wanted to show you three reasons on why you should highly consider a business card for your small business.
Rewards – Many cards out there offer rewards, every time you swipe your card. You can get cash back on your purchases, get points, as well as bonuses. It’s a great way to get rewarded on the money that you have already spent.
Keeping track – I love my card, because I will literally put everything on the card. What you’re going to find out is that it’s a lot easier to keep track of spending all on one card, rather than using a few cards all the time. You’re going to find that tracking on one card is going to be a lot less stressful, trust me on this one!
Easy funding – Walking into a bank, and asking for a loan can be hard. If you have a good credit score, you can soon find out that you can get a credit card rather easily. Just make sure that you have a decent score, and you know what you want.
These are the three ways on why you should choose a business card. Research your cards, and find one that works for you.
Check out my top business credit card list today all at FINDbizcards.
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In fact, many freelancers and small business owners will tell you that the potential earnings from a small side business will far out weigh what can be earned at a part time job. When you combine the earnings from a side business run out of your home with the savings you have not having to drive to a part time job or prepare lunches to take to the second job (or even more savings if you normally buy lunches when you’re working) the amount earned from a side business is far greater.
Side Business is a Full Time Effort
With any self-starting business or business in general, it is essential that the operation runs as smoothly as possible. Because one of the goals of most entrepreneurs is to make a profit, money management is a huge responsibility, no matter how small the business may be. Maintaining accurate financial records are very important for tax reasons, growth preparations, and for the bottom line of profit. Businesses who spend more than they earn likely won’t get very far.
Keeping the Financials Straight
One way for small side businesses to acquire an accurate financial picture of how the business is functioning from the start is by using a credit card designed especially for small businesses. By tracking spending from the start using the credit card and the monthly reporting statements, businesses looking to grow will have an accurate understanding of what is necessary for expansion, should the business remain successful. This will be especially important in the event additional financing is necessary. Lenders like banks and private investors will want a solid track record of profits and operating expenses for the business before they would consider loaning money or investing in a new business.
Plan for Growth
Side jobs, especially one that an owner has a passion for doing, can truly amount to the next great company with a lot of work and dedication. It is definitely a time to remain progressive in business practices and starting off on the right foot will enable a business to keep moving forward. Small business credit cards not only help with accurate accounting, they also can help to build a positive credit rating for a company. With a solid credit history, a new company can benefit from an increased line of credit. Profits from the company can suffer greatly when spending incoming cash on business needs. Using the right business card for your small business can also be beneficial if the rewards program selected offer rewards that make sense for a company, such as cash back rewards, discounts on business travel, or discounts on office supplies and equipment.
Earning a second income by starting a new business has an excellent potential for growth and prosperity, provided it is done correctly and managed well. Keep track of spending and making notes about operation of the business will be an invaluable resource for a business plan to support expansion.
by: Debbie Dragon
]]>1. Keep your personal finances and business finances separate. It’s easier than you think to accidentally mix up your funds. Using a credit card that is used only for your business expenses and purchases eliminates the problem of labeling every transaction in your personal checkbook or on your personal credit card statements at the end of the month.
2. Build credit in the name of your business. If you obtain a credit card in your business name, the more you use it and make on-time payments, the stronger you will build the credit score of your business. After several months of building a good credit history, you may be able to obtain small business loans or other sources of financing if necessary.
3. Get stuff for free. There are numerous rewards programs with credit cards. If you choose one that works for your business, you can easily earn the things you usually buy for free. For example, some rewards credit cards offer you a way to earn office supplies at a discount. The key to making a rewards program successful is to choose one with no annual fee and pay your balance off in full each month. If you travel regularly for business, it would make sense that you get a card with travel rewards- either earn miles towards free flights, or get free or discounted hotel rooms.
4. Easy record keeping. Owning a small business means you are allowed to deduct certain purchases on your taxes, but only if you have good records to prove you’ve made those payments. A credit card with an annual, itemized statement will make tax season a snap, regardless of the number of transactions you’ve made on your card.
5. Additional credit cards for employees. As your business grows, you may find the need to allow key employees within the organization the ability to make purchases or pay for business expenses on your behalf. Most credit card companies will allow you to obtain additional cards in other people’s names. Your transaction listings and statements will show which credit card made each purchase, allowing you to see at a glance whether the employee use of credit is being abused or not.
6. Concierge services. Depending on the credit card you choose, you may benefit from additional services like reservation assistance, verification of flights, and even a personal shopping service. Did you forget to get your wife flowers for your anniversary? A quick call to your credit card concierge service and they can make the arrangements for you.
7. Travel benefits. In addition to the potential to save money on travel costs with a credit card rewards program, most credit cards offer travel accident insurance that helps cover you for things like lost luggage or flight cancellations.
]]>Ease Your Cash Crunch
A small business credit card can ease your business’s cash woes. Through the development and implementation of a sound financial plan that utilizes a credit card you can guarantee that your business will always meet payroll, be able to purchase inventory on an as needed basis, and manage both seasonal and business fluctuations without depleting your cash reservoir. Another added advantage is the cash advance feature, which allows you to withdraw cash from an ATM to cover emergencies and other unanticipated expenses.
Unlike a personal credit card, a business credit card also provides a business size credit line, which is substantially higher.
Keep Track of Business Expenses
Through the use of a credit card, you can, with little to no effort, separate your business expenses from your personal expenses. This allows for easy identification of tax deductions and filing of accurate income tax returns.
Secure Multiple Cards
You can also secure more than one card through small business credit card programs. This allows you to give employees the authority to make purchases while freeing up your schedule for more pressing issues. You can also do this with ease since you are also given the ability to set spending limits for different employees, which will further help you to control your expenses.
Access Free Business Resources
Anything free is good! Some credit card companies also provide clients with a wealth of resources to help manage cash flow and develop good record keeping procedures free of charge. Extensive reporting is conducted on both a monthly and bimonthly basis to help you track your expenses down to the penny. Additionally, free business checks and electronic funds transfers are also available.
In addition to that, you can also access reports, data and advice on developing business and marketing plans, conducting market analysis, and pricing products through a company’s web site. You can also increase your knowledge of other products and services like software programs that can help your day-to-day operations run more efficiently.
Build Credit to Qualify for Larger Loans
Obtaining a credit card and using it wisely can also be a stepping-stone to help your business qualify and secure a loan with a major bank or venture capitalist firm. By establishing a good relationship and credit history with a company that also offers other products and services, it’ll just be a matter of time before other cost-saving services are thrown your way.
Perks and Rewards
Perks and Reward Programs designed especially for small businesses are by far one of the best features of a small business credit card program. Small businesses can earn airline points and cash back rewards just like the big boys. Discounts are also available through select merchants like FedEx and Staples, which can result in huge cost savings for supplies and other operational expenses. Some companies also go an extra mile by providing rental car and lodging benefits.