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A sinking fund is a fund containing money that you set aside to pay off a bond, debt, or other large upcoming expense or purchase. These types of funds can help your or your business take manageable steps toward your end goal and are a beneficial component of your financial strategy. Or, if you \nwork for yourself\n, a sinking fund can also be a great way to save for your goals. \nIn this guide, learn more about what a sinking fund is, the benefits, different types of sinking funds, how to set one up, and other factors to consider before adding it to your business strategy. \nWhat is a sinking fund?   \nAs stated above, a sinking fund is money you save or the accumulation of capital to prepare for an out-of-the-ordinary, predetermined expense. The term “sinking” refers to the decreasing amount of debt you have remaining as you pay it off.  \nHaving a sinking fund is important for your business because it helps ease the burden of paying any debts owed. \nSinking fund examples \n\nThere are several common examples and forms of business-related sinking funds. They include: \nInsurance premiums:\n These premiums make sure your business has enough money to cover any unexpected occurrences. \nTaxes:\n Taxes ensure your business has money in the future to pay taxes on future earnings.   \nQuarterly loan payments:\n Loan payments ensure your business has enough money tucked away to help pay down accumulated debts. \nOther common examples of sinking funds for individuals include medical expenses, vacations, holiday gifts, and costly home repairs.  \nSinking funds vs. emergency funds vs. savings accounts  \nWhile they are similar concepts, sinking funds and emergency funds are not the same thing. While an emergency fund should be set in place for an event that occurs unexpectedly, a sinking fund is reserved for a planned and specific expense. \nEmergency funds are also similar to savings accounts, which are set up for long-term savings, but aren’t created for one expense in particular. \nSinking fund benefits  \n\nThere are many advantages of sinking funds, both for individuals and businesses. Explore them below. \nHelps you save money \nSinking funds help you save money and get ahead of debt, as well as achieve more financial freedom and flexibility. Saving money through a sinking fund allows you to be better prepared for specific, large expenses and will reduce the need for you to take on additional debt. \nTaking on additional debt from costly purchases can slow your debt repayment progress, so a sinking fund can be beneficial in that case. \nLowers interest payments \nIf a business has poor credit ratings, it can be a lot more difficult to attract potential investors unless they offer higher interest rates. A sinking fund can offer alternative protection for investors so that companies can offer lower interest rates. \nAdditionally, the ability of a business to buy back bonds and repay debts will not be compromised, resulting in a solid credit rating and confident investors. \nAdds an element of security  \nOnce a company creates a sinking fund, it sets money aside in a separate account with the goal of repaying its bonds. Sometimes, a business can face financial situations in which the ability to pay back debts to investors is compromised. \nWith a sinking fund, a \nsmall business\n is able to protect itself against unprecedented economic downturns because money is placed in a special account, boosting financial security. Investors will also be more inclined to purchase your business’s bonds if they know there’s a high likelihood that you’ll be able to repay your creditors with a backup sinking fund. \nUncovers tax benefits  \nThere are tax benefits that come with sinking funds, such as financial leverage. For example, sinking funds can help earn compounded interest, which helps to reduce the cost of borrowing. Also, the interest expenses will decrease proportionately to the number of outstanding bonds.\nThese tax benefits can save your business a lot of money in the long run that can be dispersed into other areas, such as cash flow.  \nTypes of sinking funds \nThere are four different types of business sinking funds, including regular payment, callable bond, purchase back, and specific purpose. Let’s explore them in depth below.\nRegular payment sinking fund: \nThese funds are used to pay creditors and trustees on a regular basis. Payments are periodically scheduled on a regular basis. \nCallable bond sinking fund:\n Callable bonds are sinking funds in which a company has a call price that’s fixed. In other words, funds are accumulated to pay the bondholders at a set call price.  \nPurchase back sinking fund: \nThis type of sinking fund is used when a company wants to buy back a bond. These bonds are purchased from bondholders and are either sold at market price or sinking fund price. \nSpecific purpose sinking fund:\n Specific purpose sinking funds are used for a single purpose and nothing else.    \nHow to set up a sinking fund: 5 steps  \n\nNow that you’re aware of what a sinking fund is and its benefits, you can set up your account. Here are five simple steps to create a sinking fund: \nOpen account:\n Create a new business account that’s designated for your sinking fund. Be sure to keep this account separate from personal and other \nbusiness expenses\n and accounts so you know exactly how much you have. \nMake a list: \nCome up with a list of items you need to save for or the debts that you need to pay down, such as taxes and insurance payments. \nAssign dates: \nAssign dates to each item(s) to signify when you need the money. \nCalculate:\n Determine how much money you or your business needs to save monthly as well as the total saved by the due date. \nSet up automatic transfers:\n Making monthly automatic transfers helps you stay on top of adding money to your fund. \nOther sinking fund considerations \nHere are some additional considerations when it comes to sinking funds: \nCan you have too many sinking funds?\nIf you have too many sinking funds going at once, you may not see much progress. Instead, avoid overwhelming yourself with too many sinking funds and only dedicate these accounts to things you really need, like debt repayments or a large business expense.  \nStriking the right balance is key — try starting with two to three accounts to cover the most important expenses first. If you are able to juggle that, consider creating more fund accounts. Setting automatic payments should help streamline the process. \nHow much money should I have in my sinking fund?\nThe amount depends on your business’s financial situation and goals. A good place to start is to take a look at what expenses need the most attention, such as debts, and then calculate how much money you need to save each month to pay them down within your desired timeline.\nReach your financial goals with a sinking fund\nSinking funds are a great low-risk saving strategy for expected future costs and paying down your business’s debt. These accounts are easy to set up and can help your business reach its goals. \nIf you’re starting your own small business, be sure to invest in a card processing system or \ncharge cards\n to make \naccepting payments\n from new customers easier. \nSolo makes it easy to pay, get paid, and track spending\nSolo is not a bank, but is a financial super-app for small businesses, freelancers, sole proprietors, contractors, and more. Solo is the easy way to pay, get paid, and keep track of your spending. Your customers don't have to sign up to pay you, and can use several payment methods, including Apple Pay, Google Pay, and cards. QR codes make it easy to get paid, and you can easily cash out your Solo account balance for free, or spend it using your Solo Cash Card anywhere Visa is accepted. Learn more at \nSolo.co\n.

What is a sinking fund? Definition and how to set one up

A charge card is a type of electronic payment card that works similarly to a credit card but requires you to pay the entire statement balance in full every month. Like a credit card, a charge card does require a credit application for approval and allows you to make purchases that can be paid at a later date. \nTypically, charge cards are used by high-earning individuals or businesses. Unlike credit cards, charge cards don’t have a capped spending limit or interest and offer reward benefits to the cardholder—however, these cards generally do come with a high annual fee. \nRead more about charge cards, how they differ from credit cards, and how they can benefit your business ventures.\nCredit cards vs. charge cards \n\nCharge cards and credit cards are very similar, sharing common characteristics such as rewards and perks. However, there are some key differences between the two. Explore all the differences between them below.  \nCharge cards don’t have a set spending limit  \nWith credit cards, you’re assigned a credit limit upon signing up. If you exceed this limit, the credit card may be declined. With charge cards, this does not apply—but the issuer might still restrict how much you can spend using the card. \nDuring your credit check, factors such as credit history, income, any debt, etc. determine how much you can spend with a charge card. \nBills for charge cards must be paid in full \nWith charge cards, your balance needs to be paid in full, usually monthly. The balance does not carry over to multiple months like credit cards. \nInstead of having to pay your balance in full each month, credit cards allow you to pay a partial, minimum balance each month to avoid the late fee.\nCharge card advantages \n\nCharge cards can be a very beneficial \npayment method\n for business owners who need to make large purchases. Plus, since charge cards don’t have a preset spending limit, they can also provide a form of \nemergency funding\n for your business. Read more to learn about the advantages of charge cards. \nNo preset spending limit  \nCharge cards do not have a preset spending limit like credit cards do. This is advantageous if you or your business is planning on making a large purchase. \nAlthough there is no spending “limit,” there are still certain limitations based on your payment history, card use, credit record, and other factors, which are dependent on the card provider you’re using.  \nCarries no interest or debt \nSince you’re required to pay off the entire balance of a charge card, debt is not accrued. If you don’t pay the entire balance, most issuers won’t allow you to keep using the card, which also prevents debt from increasing. Debt is easier to accrue with credit cards since you’re able to roll over balances into future months.  \nAdditionally, charge cards don’t charge interest fees like credit cards do. Credit cards often charge high interest rates that average about 18% if you don’t pay the balance in full. \nOffers perks and rewards\nSimilar to credit cards, charge cards are well known for their generous perks and rewards. For example, many charge card providers offer up to triple points on travel and dining experiences, credits for making purchases, and purchase points. \nThe only type of reward that charge cards don’t offer that credit cards do is 0% interest promotions (since there’s no interest with charge cards) and no option for balance transfers since the card needs to be paid off in full. \nCan help boost your credit score\nIf you use your charge card responsibly and make payments on time, then your FICO credit score can be boosted. Additionally, the balance carried on a charge card won’t negatively affect your credit like it would with a credit card. \nHelps you become financially disciplined\nSince charge cards require you to pay your entire balance in full each month, they help you not to spend more money than you’re able to immediately pay back. With charge cards, there’s no “pay it back later” mentality.  \nNot paying the statement in full results in late fees, so that’s even more motivation to stay disciplined and on top of your payments. This can result in better financial health in the long run.   \nDrawbacks of charge cards\n\nCharge cards aren’t for everyone, and it’s important to be aware of their disadvantages. Here are some factors to consider before getting a charge card:\nMandatory monthly payment in full\nCharge cards require you to pay in full each month, so if you’re carrying a steep balance and you’re either not prepared or don’t have the funds to cover it, it can cause issues. \nIf you’re unable to pay the statement balance in full, the issuer is likely to charge a late fee, which is often around $40. Depending on the issuer, you also may not be allowed to put additional charges on the card until that balance is paid in full. \nHigh annual fees \nCharge cards carry very high annual fees compared to credit cards, which often offer very little to no annual fees. If a credit card issuer does charge an annual fee, it’s usually an average of $100. Typically, charge cards cost anywhere from $95 to $500 a year. \nCould encourage impulsive purchases\nSince there’s no spending limit on charge cards, it could encourage impulsive spending for those who aren’t financially cautious. Charge cards require more discipline than credit cards since you’re required to pay off all funds each month rather than let the balance carry over. \nCredit required \nA charge card usually requires a good to excellent credit score for approval. If you have bad credit, however, there are still options—credit cards have better acceptance rates for those with a lower credit score. \nOptions are limited\nUnlike credit cards, where there are countless issuers and options to choose from, charge cards are more limited and potential customers have fewer options. The main issuers include American Express and Brex. Charge cards are also not as widely accepted as credit cards at retail stores. \nCharge cards and credit scores \nCharge cards have a minimal effect on credit scores since they don't have a preset limit and are not included in credit utilization, however a material percentage of your credit score is payment history, so paying on time is beneficial to you. Late charge card payments are reported to credit bureaus, just like credit cards. Late payments can stay on your report for up to seven years and can affect your score.  \nCharge cards and credit cards may have many characteristics in common, but there are some differences between them when it comes to how they affect your credit score. \nCredit profile inquiries\nSimilar to a credit card, applying for a charge card is likely to result in the issuer reviewing your credit report. This results in a hard inquiry, which may drop your credit score slightly and will last on your report for around two years. \nFICO credit score \nPayment history is the most important factor in determining your FICO credit score. Paying your charge card bill on time will boost your credit score. Charge cards are also reported to credit bureaus, so demonstrating a strong payment history will put you in good standing. \nIs a charge card the right fit for your goals?\nCharge cards are great for businesses that are just starting out and need to make large purchases and pay \nbusiness bills\n. With this guide, you can determine if charge cards are the right fit for you, whether you’re an entrepreneur or a new business owner. \nSolo makes it easy to pay, get paid, and track spending\nSolo is not a bank, but is a financial super-app for small businesses, freelancers, sole proprietors, contractors, and more. Solo is the easy way to pay, get paid, and keep track of your spending. Your customers don't have to sign up to pay you, and can use several payment methods, including Apple Pay, Google Pay, and cards. QR codes make it easy to get paid, and you can easily cash out your Solo account balance for free, or spend it using your Solo Cash Card anywhere Visa is accepted. Learn more at \nSolo.co\n.

What is a charge card? The difference between charge cards and credit cards

In this article:\nWhat is order fulfillment?\nWhat you need to know about the order fulfillment process\nCreating a profitable shipping and handling strategy\nHow to accurately calculate shipping costs\nShipping pricing options for eCommerce stores\nShipping carriers\nWhether you plan to run a brick-and-mortar shop with a supplemental online shopping cart, or whether you’re considering going fully eCommerce, your efficacy with shipping and handling will have a huge impact on your customers’ overall experience. \nIf their online purchase experience doesn’t go as expected or there’s a mishap with their order, you’re not likely to keep them as a customer unless you go over and above to make amends. \nHelp your business keep more opportunities by following our guide to fulfilling online orders. \nWhat is online order fulfillment?\nOrder fulfillment is everything involved in the process of ordering a product. Storing your inventory, taking and organizing orders, packaging, and properly shipping the product to your customers are all a part of the process. \nEnsure that your customers have a good experience with your business by strategizing your order fulfillment process. Whether you are business-to-business or business-to-consumer, your order fulfillment process will factor greatly into how they view your company. \nWhat you need to know about the order fulfillment process\nOrder fulfillment is more than simply shipping items to a customer. A lot of strategizing is involved to ensure a satisfactory buying experience. From tracking orders, to making sure you have the inventory you need to fulfill orders quickly, to having a profit-positive, yet customer-pleasing shipping and returns system in place, you have a lot to think about. \nInventory receiving and storage\nBefore you can ever provide a product to a customer, you need to have the inventory from which to pull that product. How are you getting the product yourself? Are you renting warehouse space or are you drop-shipping? \nGo deeper: \nHow to set up an online store\nIf you manufacturer the product or order it to yourself first and keep your inventory on hand, you obviously need a place for storing and organizing your inventory (also known as warehousing) while waiting for shipment. \nThis will help you keep your products secure and organized, and help you to know what is available for your customers’ immediate purchase. \necommerce store warehousing inventory with shelves\n\nOn the other hand, maybe you’re choosing the dropshipping method. Dropshipping is when you use a third-party manufacturer or warehouser to store products and ship them directly to your customers.   \nNo matter which of these methods you use for your inventory storage it will be important to have plans for these next parts of the order fulfillment process.\nOrder processing\nOrder processing involves physically retrieving the product and packaging it (whether you are doing this or you’re using a dropshipper). Basically, this step involves preparing the item to be shipped to your customer. \nA few things to include in your order processing procedures:\nExamining the product to ensure it’s not broken or defective\nSelecting the appropriate packaging material that will be used (boxes, bubble wrap, paper, packing peanuts, etc.)\nPackaging the product securely\nAdding a shipping label with the correct address\nDetermining how much shipping will cost (if this hasn’t been done already)\nIf you are dropshipping your products, make sure you have an approved process and clear instructions in place with the company that will be processing and shipping your products for you. \nShipping\nWhen your product is ready to send to the customer, it’s time to get it into the possession of the carrier that will be delivering the product. How will you make this happen?\nFor smaller shops, you might be running the products to the post office yourself. \nFor larger and more regular orders, you might schedule a daily carrier pickup at your location, or wherever your orders will be prepared for shipping.\nWe’ll talk in more detail about shipping in the sections below.\nReturns\nYou need to be prepared to process returns. Not every person will be satisfied with their product. \nMaybe they ordered the wrong size or purchased a gift for someone and found they already had a similar item. Whatever their reason for the return, you should be ready. \nCome up with simple, clear, and profitable return policy. Good things to consider when developing your return policy include:\nDuration of time during which you will provide a full or partial refund\nTerms that qualify a refund\nWill you accept returns on merchandise that has been removed from its original packaging (not the shipping package)?\nDo you charge a “restocking” fee?\nWhich party is responsible for return shipping fees (you or your customer)?\nDo you provide refunds as store credit or do you refund the original fund-transfer method (credit/debit cards, PayPal, electronic check, etc.)?\nThen, depending on the quality of the product when it is returned, you need to decide if you will restock it or dispose of it. \nafrican american woman working fulfilling small business ecommerce order\n\nCreating a shipping and handling strategy\nWe’ve talked about some of the main factors that go into the order fulfillment process, and now it’s time to get strategic and create your shipping and handling plan. \nResources\nThe resources you have available will largely determine how you will handle the shipping and handling of your products. \nWhat is your order volume like?\nIf you have a low amount of orders coming in, you may choose to fulfill the orders yourself. Then you need to determine if your home will work for this or if you’ll need to rent a storage space to handle your inventory. \nLarger order volumes may require you investing in your own storage space or outsourcing the work to a third party. \nDetermine what your order volume will be and how you plan to scale to help you in deciding how to ship your products. \nLocation\nYour location will definitely factor into the cost of shipping your products and may even factor into where you are willing to ship your products. \nLonger distances and overseas or over country borders impact shipping rates, so you’ll want to keep these things in mind when putting your order fulfillment strategy together. \nWill only ship locally? Will you only ship to the continental U.S.? Will you ship wherever people are willing to buy from you?\nThink about the type of shipping rates that you want to offer your customers. If you want to offer free shipping or a flat rate, shipping products out of the country isn’t going to be a viable option for you. (We’ll go over shipping options later in this article so you can decide which works best for your business.)\nProducts\nThe traits of your products will have a large impact on your shipping strategy. Are your products heavy, fragile, hazardous materials, temperature-sensitive, over-sized? All of these attributes will contribute to how your products need to be shipped and what the cost of that will be. \nTechnology\nWhat kind of technological resources do you have at your disposal? Integrating your online store with your shipping and handling processes will help you run a more efficient order fulfillment operation. \nSome functions that can help:\nAlerts for your shipping and handling team when an order is placed\nProviding tracking information to your customers\nDigitizing your inventory levels and keeping them available to all shipping locations\nHaving a reorder point formula when stock levels get low\nHow to calculate shipping costs\nSeveral factors contribute to your overall shipping costs. Along with everything that we’ve discussed already, you need to identify a few additional pieces of information to calculate your shipping costs. \nDelivery time\nHow quickly can you get your products to your customers?\nYou may need to experiment with this one a little bit. Determine the time it will take for a product to get to your customer after they place an order. \ncommon carrier driver delivering package to a woman for ecommerce\n\nMany US customers today have been spoiled by Amazon’s 2-day shipping (or even same-day shipping!) and expect the same from other companies. Is that something that you could try? \nShipping items quicker also results in higher costs and more complicated infrastructure, which should be reflected on the customers’ costs. \nBottom line is there’s no way you can compete with Amazon on shipping costs for common goods, so you need to determine how you will differentiate your store from the monster eCommerce players.\nTake all of these things into consideration and determine a reasonable time frame to ship your products to your customers. Set clear expectations for your customers as well so they aren’t surprised by the time that it takes their order to arrive. \nGet estimated costs \nGet estimated costs of shipping your products from different carriers. Most major carriers—USPS, FedEx, and UPS—will calculate costs accurately based on the size and weight of the item and the shipping origin and destination. \nDo some comparisons with different carriers to see what your costs might look like and use that to help you find the best rates. You may also ask about bulk shipping rates or special discounts if you meet certain terms.\nShipping costs factored into the product price?\nWill you factor any shipping costs into the cost of the product? If you choose to offer free shipping, you will have to make up the cost in other ways.\nWill you need to raise the price of your product a little bit? Can you save money elsewhere in your business to help you absorb the cost of shipping? \nAfter all, the most customer-satisfying shipping experience in the world won’t help you much if you’re not profitable at the end of the day. \nAlso, “free shipping” is a lot more appealing to customers than even $5 shipping. So if you have a product that sells for $30 and shipping costs you $5, it will likely be more attractive to your customers if they purchase the product for $35 and get free shipping than if you price it at $30 and charge them $5 shipping—even if their actual out-of-pocket cost is the same.  \nman shrugging for online ecommerce fulfillment shipping\n\nHandling costs\nHandling costs are important to consider if you are using a fulfillment center or have extra employees you are paying to assist you with order processing, packing, and shipping. \nIt may be difficult to determine the handling costs for each individual item, so let’s take a broader look at this.  \nLet’s say you are spending an average of $1,000 each month on your shipping and handling operations and you send out around 200 orders. Your handling cost per order would then average $5.\nOf course, there’s a little more that goes into it than that, but this is a good start to determining your costs. Be sure to take these into account.\nShipping price options for eCommerce stores\nCustomers expect options when it comes to selecting how to ship their orders. What’s more, you don’t want them to be surprised and disappointed when they get to the checkout process and see how much their shipping is going to cost.\nWe’ve laid out several common shipping options for you so you can determine which one/s will be the best option for your business. \nFree shipping\nFree shipping is self-explanatory. We’re all familiar with Amazon Prime’s free 2-day shipping. But there is a lot to consider if you are going to offer free shipping to your customers. \nIt is not free for you to ship your products, so how are you going to balance out your cost of shipping and handling customer orders? \nA common solution is to raise the cost of the product to cover the cost of shipping. This way, your customer is satisfied that they “don’t have to pay for shipping” (even though they technically are in a way) and you don’t have to absorb that cost. \nHowever, on less expensive items, it doesn’t always make sense to raise the cost to cover shipping expenses. It will make more sense from a customer perspective to pay a flat rate for shipping several low-cost items rather than getting free shipping on items that cost a few dollars more than they “should.” \nFlat rate shipping\nFlat rate shipping is when you have a specific, stated shipping cost no matter how many items a customer orders. Let’s say you have a flat rate of $4.99 for shipping orders of any amount. Your customer might order 1 product or 10, but their shipping rate would remain that same $4.99. \nReal-time quotes\nReal-time quotes take the size, shape, and weight of your products and, in real-time, calculate the costs necessary to ship them.\nReal-time quotes are a great shipping option if you sell an assortment of products of varying sizes and weights. This helps to ensure that the customer is getting a fair rate and that your costs are covered. \nonline store on tablet for ecommerce fulfillment\n\nTwo-day or same-day shipping \nIf you’ve determined through market research that your customer base is intent on getting rapid shipping, then it might be a good idea to offer two-day or same-day shipping. \nYou don’t have to offer free shipping on these options either, and if you do, be aware that the costs will be \nsignificant\n. \nDetermine your costs to ship your products in this time frame and add a shipping option with a higher rate for quicker delivery times. You might be surprised how many customers are willing to pay significantly more to see their orders a few days sooner. \nRate-by-order\nRate-by-order allows you to offer your customers deals for paying more at your store. For example, you could charge for typical orders but offer free shipping on orders over $100 (or whatever threshold you determine will be profitable for your store). \nShipping carriers to consider for your online fulfillment\nIf you are managing the shipping and handling for your business, it’s a good idea to become familiar with the different carriers that are available to you. \nResearch local, national, and international carriers (depending on where you will ship your products to) and find the best rates for your product offerings. \nSome of the common carriers include:\nUSPS\nUPS\nFedEx\nDHL (international)\nwhite usps truck for ecommerce shipping fulfillment\nAfter you’ve successfully delivered a product to your customer, be sure to follow up by asking them how you did. \nLet them know that you appreciate online feedback and reviews on your website, Facebook page, or Google listing to help convert even more customers. 

Complete guide to fulfilling and shipping orders for your online store

In this article:\nDecide what products to sell\nWill you warehouse your own products or dropship?\nCome up with a memorable business name\nSteps to set up your online store\nYou’ve decided that you want to start selling products online. That’s a great step towards starting or growing your own small business.  \nBut maybe you’re not quite sure what you need to do to get started. In this article, we’ll guide you through the things you need to be prepared for to start an eCommerce store for your small business. \nWhat will you be selling?\nFirst, you need to know what you’ll be selling. If you’re looking to start an online-only store, you should already have products in mind that you want to sell. \nOr maybe you already have an established business and just want to reach more customers by opening an online store as an extension of your brick-and-mortar shop. \nEither way, you’ll need to figure out the answers to these questions to have a successful online store. \nWhat is your niche?\nYou need to determine where your product fits into a consumer’s world. Is it a necessity, convenience, something they want? What is the general category of your product? Is the market already saturated by popular brands?\nSelling a product online in a niche that already has a heavy amount of brand loyalty, for example, headphones (Sony, Beats, Skullcandy), will be very difficult because people won’t be searching for a new place to shop from. They’ll go to the brands they like and are familiar with. \nBut in a niche where there isn’t a lot of brand recognition, like sweaters or water bottles, there’s a lot more opportunity for people to consider new brands and stores to purchase from. \nWhat costs will be associated?\nDetermine the costs that will be associated with manufacturing, packaging, and shipping your products. This will help you to figure out a cost that will be profitable for you. \nWho are you targeting?\nYou need to know your target audience. You need to understand how they think, what they like, their spending habits. This will help you to choose a price and design your product in a way that is appealing to them. Be as specific as you can.\nDecide to dropship or stock your own inventory\nNow you know what you are selling, but are you going to warehouse your inventory yourself, or are you going to dropship your products?\n\nLet’s go over both of these options. \nDropshipping\nDropshipping is the process of sending an order to a manufacturer or wholesaler who then ships the product directly to your customer. You don’t actually store the product yourself, but purchase it from a third party and they ship it to your customers. \nThis is a great option for online stores, particularly if you don’t have a large space to keep your inventory. Anyone can use dropshipping methods to get their eCommerce store up and running. \nThis sounds pretty enticing. But there are cons associated with this method as well. \nWhen a customer wants to make a return because the product wasn’t right for them or there was a mistake with their order, that falls back on you to figure it out. It’s your business, and your product, so you need to work with the manufacturer to determine the processes to fix the problem. \nThis can take a lot of time when you’re working through a third party and it can cost a lot of money to return the product, especially if the manufacturer you’re using is overseas. \nComing up with a good return policy can help offset any of the negative impacts that this might have on your business. \nThis is particularly true today, with so many huge eCommerce brands and companies offering free, no-questions-asked returns and exchanges. It’s difficult for smaller companies to provide the same level of service due to lower volume and higher relative costs.\nStocking your own products\nWarehousing your own products and shipping them yourself seems to have three obvious disadvantages:\nPurchasing inventory costs money in advance\nStoring that inventory costs money (and takes space)\nPacking and shipping products costs time and money\nWith dropshipping, all of that can be outsourced and save you a lot of time… but it can be prohibitively expensive.\nThere are some major benefits to stocking your own products: \nReturns are easier and faster because you handle these directly with your customer rather than through a third party\nYou can add more custom branding to your packaging (brand awareness is huge!)\nDelivery times are generally shorter\nYou know your products better than any third party\nBetter profit margins are possible when you purchase products in bulk and store them yourself\nThere are pros and cons to both of these solutions. You need to decide which works best for your business model and what will help you scale your business. \nCome up with a business name and domain name\nYour online store will need a business name (which you may already own) and a domain name for your website. \nYour domain name is the URL that customers will use to access your online store, and it can have some impact on how well customers can find your store when doing a search online. \nIf you already have a business name for a brick-and-mortar store, that’s great. Try to find a domain that fits well with your brand. \nIf not, follow these tips for choosing a business name for your online store:\nFollow any state guidelines for business names\nDon’t pick something that is too similar to a competitor\nChoose something that is intuitive to spell and pronounce\nChoose a name that is actually available as a .com domain name (duh)\nChoose something unique\nBe consistent with your branding/products\nDon’t limit yourself unnecessarily with your business name (maybe you want to expand your product offerings in the future, so don’t choose a name that limits that)\nOnce you have your business name, you need to choose a domain name for your online store. If your business name is available as a domain, then that is generally the best option from a branding perspective. But there are some other things to consider when choosing a domain name:\nChoose a “.com” domain preferably, if you are selling within the US or internationally\nAvoid brand names and product names that are owned by other companies (even if you sell those products)\nBe unique, but also make it easy to spell and pronounce\nIncluding a keyword can help your website be more searchable online (but again, don’t limit yourself by adding a specific keyword if you plan to expand your offerings later on)\nFind your eCommerce website builder\nOnce you have your products and your business and domain names figured out, it’s time to find the right website builder for your online store. \nThere are several eCommerce solutions that you can choose from, so do your research to find the one that will work best for your business. \nwoman using tablet showing ecommerce fashion store\n\nWe’ve listed a couple of our favorites for you to get started. \nEcwid\nFrom a cost and usability perspective, Ecwid is one of the best online store builders you can find. \nEcwid is an awesome resource for selling products online across multiple platforms—your website, social media, Amazon, Google Ads, POS, mobile apps, you name it. \nAnd, if you have 10 products or less, you can use their free plan (however we recommend their Venture or Business plan for more features). \nAll you have to do is create an account and get started. There are no fees to start and no transaction fees (although Ecwid does partner with outside payments processors who will charge a nominal transaction fee for card payments).\nFor all Ecwid plans, you can add your products to your current website or get a free instant site.  \nEcwid plans:\nThe Free plan includes 10 products that can be added to an online store.\nThe Venture plan is $15/month for up to 100 products. It allows you to add products to a Facebook shop, Instagram store, and mobile POS. You can also add discount coupons, get automated tax calculations, inventory management, and advanced SEO tools. \nThe Business plan is $35/month and allows up to 2500 products. This plan comes with product filters and variations for customers to easily search through your store to find exactly what they need. \nThe Unlimited plan is $99/month and lets you have an unlimited amount of products and has a Square POS integration. \nShopify\nShopify has a drag-and-drop store builder that makes putting your online store together easy and fun. \nYou can choose from several free themes, customize your colors and fonts, and everything is designed to be friendly for mobile devices, too. \nPlans for Shopify:\nBasic Shopify starts at $29/month and allows unlimited products, discount codes, and 24/7 support. (Recommended for new startups without a brick-and-mortar location)\nShopify starts at $79/month and includes everything from the basic plan, plus gift cards and professional reports. \nAdvanced Shopify is $299/month and includes advanced reports, third-party calculated shipping rates, and up to 8 store locations. \nMany other platforms for setting up an eCommerce store are out there, so read up on your options and find the one that will work best for you. \nPick your eCommerce template and customize it\nDepending on the eCommerce solution that you choose, you will likely have a template to choose from, or at the very least some customizations you can make to it. \nThe design of your online store is important. It helps set the tone for your store and helps to establish your brand. So make sure to customize the messaging, colors, images, and fonts to the full capabilities you are allowed with your platform. \nAdd your products\nOnce you’ve customized your online store, it’s time to add your products. For every product, you’re going to want to include the following items:\nName\nPrice\nCategory\nWeight (if applicable to determine shipping costs)\nFiles (if selling digital products)\nDescriptions (avoid jargon, complex sentences, cliches) \nProduct images (high-quality images are a must here. Get a professional photographer if you need to)\nSet up payment methods\nAfter you’ve added your products, you need to set up your payment methods. Determine what options you will have connected with your online store and how your customers will be able to pay for their orders. \nIt will be good to research different payment processors and methods for accepting payments prior to setting up your online store. Here are some questions to ask when conducting your search:\nWhat are the fees? Are there any additional transactional fees or percentages kept from orders?\nIs it a highly recognized source that customers will trust?\nA few popular payment options to look into that are easily integrated into most eCommerce solutions:\nPaypal\nStripe\nSquare\nApple Pay\nWhat about security?\nOnline store builders generally come with built-in SSL certificates, meaning your customers’ information will be encrypted to ensure their online shopping experience is secure. \nFigure out shipping policies\nNow that you have your products and payment methods figured out, you need to make sure that you can ship your products to your customers in a cost-effective and customer-friendly way. \nHere are some questions to consider as you set up your shipping rates:\nWill you offer free shipping?\nWhere are you shipping to and from? \nAre there specific places you won’t ship to? \nWill you ship outside of the United States?\nWhat are the costs to ship outside of the US or continental US?\nConsider the following shipping options and determine will work best for your business. \nFree shipping\nIf you choose to offer free shipping, it’s a good idea to increase the price of your products to include the costs that you will incur for shipping. Free shipping is an enticing selling point to the customer. You just want to make sure that it’s still a profitable option for you, too. \nFlat rate shipping\nFlate rate shipping is the same price for every product or order. No matter how many things the customer orders, their shipping is only a flat fee of your choosing. \nThis is also an enticing selling point for customers if they will be making large, bulky, or heavy orders. Be sure you can cover the costs and still make a profit.\nReal-time quotes\nReal-time quotes calculate the shipping fees in real-time based on the size, weight, and destination of the product. This is a great method for transparency for your customers and helps you to cover the costs better if you offer products of varying sizes and/or ship to locations with varying costs.\nLocal pickup\nIf you have a brick-and-mortar store, you can add an option for your customers to come pick up their online orders at your location. Additional options like this can be a good selling point, especially for local customers. \nRate by order\nRate-by-order shipping is a great option to reward your customers for spending more at your store. For example, you might offer free shipping on orders over $50 (or whatever threshold you decide will still be profitable). \nShipping services\nYou’ll need to pick a reliable courier to deliver your products to your customers. Some popular options include USPS, UPS, and FedEx. Most online store builders also have partnerships with specific couriers to give you better shipping rates and discounts. \nfedex truck on the road for shipping ecommerce\n\nTroubleshoot your store, and publish it when you’re ready\nNow that you have all of the above figured out, you should thoroughly test your store. Look through all of your products and make sure they are set up how you want them. Ensure that there’s a good flow from browsing to checkout. Test ship some orders to yourself or friends.\nUse this list to help you test everything before publishing your online store:\nDoes everything actually work? Go through the entire checkout process a few times\nAre the prices displaying and calculating correctly in the cart?\nTest your payment processor\nIs your content all there and correct? No typos? Have someone proofread your site\nDoes it work on mobile?\nTest across multiple browsers\nDouble-check your settings (language, currency, time zone, store name, contact, order settings, product settings)\nWhen you’re confident that your store functions properly and you are satisfied with the look and feel of it all, then publish it! \nThe last step is to start marketing your store and getting it in front of more customers online and in person. \nSome handy small business marketing resources for you:\n\nThe small business marketing success guide\n\nWhy Instagram Stories are the most underrated small business marketing tool\n\nTop 10 best practices for small business email marketing\n\n\nWhy small business email marketing should be your top priority\n\nBuild your online presence and work for more online reviews\nOnline reviews are a great way to help improve your eCommerce store’s reputation, \nimprove local SEO\n, and gain new customers. Make sure you stay on top of your online reputation.

How to set up an eCommerce store for your small business

In this article:\nStart brainstorming\nSolve a problem\nDon’t look for a completely unique business idea\nStart doing something\nTalk to professionals\nDo market research\nDetermine the costs\nDetermine the time commitment\nTalk to your personal network\nStarting a business is a big decision and a great step toward independence in your career. Before you can start a business though, you need to have a solid idea to get off the ground. \nComing up with a business idea and deciding the type of business you want to run is the most important part of starting a business. We’ll walk you through some important steps in determining what kind of business you should start. \nStart brainstorming about small business ideas\nWhen you start your own business, you should make sure it’s something that you’re passionate about and enjoy. This will help you find the motivation to keep it going when times get tough. \nSo, to find your passion, start brainstorming. \nGet a sheet of paper or jump onto a Google doc and make a list about yourself. List the things that you really enjoy doing and things that you’re good at. These can be things like “I’m really good with kids,” “I enjoy talking to people,” “I’m organized,” “I’m great at strategic planning,” etc. \nOn another page, make a list of things that you really don’t prefer to do or aren’t particularly good at. Maybe you’re great at talking to people one-on-one but you don’t like talking to large groups or making big presentations. Write those things down. \nLet the creative juices start flowing and keep writing until you have an expansive list of things about you that can help you to determine the perfect type of business for you to run. \nman brainstorming for small business startup ideas\n\nYour idea for small business should solve a problem\nUltimately, your business idea should solve a problem for someone—and it doesn’t have to be a problem that no one’s ever solved before. \nIf you’re good at landscaping and lawn care, look at what it takes to start a lawn-care business. It’s been done before, but it’s perfectly fine to enter into a market that has some competition. \nThink about a common problem that people have and will have for many years to come. Then, come up with an idea that solves that problem, whether it’s a new way of fixing an old problem or the same way that other businesses are already solving the problem (just better). \nDon’t look for a completely unique small business idea\nThis may seem like an odd suggestion, but most ideas that you come up with aren’t going to be totally unique. You might think of some grand idea only to go look it up on Google and someone is already doing it. That’s OK!\nBusiness ideas that are already in use are proven to be successful, and competition is a necessary aspect of the free market. If you think you can excel with a business idea that someone else has already started, then give it a try and look for ways that you can make it better. \nOn the other side of this coin, if you start a business that is \ntoo\n unique, consumers probably won’t know that it’s even a service or product that they need and won’t think to look for it. \nIn this online world, coming up with a business that people already need and are searching for is going to help you immensely. \nWe aren’t trying to discourage you from being unique, we just want to bring up these points for your awareness in your search for the perfect business idea. \nA unique business idea can succeed if you’ve done the research on the need/desire for it and know how to market it well. For example, an existing \nsmall business idea can work in a small town.\n The people in that town would probably appreciate a regular laundromat if they don’t already have one!\nStart doing something\nDon’t just wait around for an idea to fall into your lap. Start doing something. Maybe you don’t have your business idea totally figured out, but you know what you’re good at doing, so do it.\nStart freelancing and taking on side jobs that relate to specific skills that you enjoy using. Use those side gigs to determine if you’d be interested in starting something like that full-time. \nYou might find that you don’t enjoy doing those things as much as you thought you did, or you may decide that you’ve hit on a great idea and have a great place to start from. \nTalk to small business professionals\nWe cannot stress this one enough. Talk to a lot of professionals who have started their own businesses or who help run businesses in the industry that you’re interested in. \nYou don’t have to do this all on your own, nor should you. Plenty of people have started successful businesses before you, so take advantage of their experience and ask questions to help guide you in the right direction. \nUpon talking to people in your desired field, you may decide that this is the perfect route for you, or you might find out that it’s not at all what you thought it would be. \nYour local chamber of commerce or SBA association can be a big help in networking with local businesses and getting you talking with the right people.\nDo market research\nAs you start to really narrow down the ideas for your new business, do a lot of market research. You need to determine if your business idea is even a viable solution for the demographics you would serve in your specific location. \nHere are some questions to look into during this process:\nWho would benefit from this business idea? \nIs there enough demand in your target location to provide profits?\nHow would your business solve your target customer’s problem?\nWhat would motivate consumers to choose you over competitors?\nWho would your competitors be?\nHow does your audience view your competitors?\nWhat are your competitors doing to get customers?\nHow would people purchase from you (online, in-store, through affiliates)?\nHow would you reach your target audience (marketing strategies)?\nDetermine the costs of starting a small business\nIf there seems to be a good demand for your business idea and it makes sense from a market research perspective, then it’s time to determine if it makes sense for you personally from a financial perspective. \nWhat will the costs be for you to start up this business? Will you be financing everything yourself, or will you be seeking out investors or loans?\nDepending on the type of business you are starting, there could be a decent amount of capital that you need to get off the ground. So make sure you know what your costs will be before diving all in. \nDetermine the time commitment of your small business idea\nAlong with costs, starting a business also requires a huge time commitment. Maybe you’re starting small as a side gig, so it only takes a small amount of your time at first. But as you get more clients, that could change quickly. \nDetermine what kind of time will be necessary for the business idea you’ve come up with and plan accordingly. \nIf you don’t have the time to devote to getting this business idea into action, then it might not be the idea for you, or it may not be the right time to start a new business. \nRun your small business idea by your network\nWhen you have thought through your new business idea or even before this point, you should run your idea by your personal network of people that you trust. Talk to friends, family members, mentors, and get their thoughts on your idea. \nSometimes when we get a new idea, we get so emotionally invested in it that we haven’t thought through all of the risks that could come with it. \nTalking to people you trust and letting them give their feedback can help bring up points that you didn’t think about. 

How to decide what kind of small business you should start

In this article:\nSole proprietorship vs. incorporation\nTypes of incorporations\nHow to incorporate your small business\nWhen you first start your business, a sole proprietorship makes sense, especially if you are your only employee. But at what point should you take the next step to incorporate your business?\n \nAs your business starts to grow, there are several advantages that incorporating can offer you. There’s definitely a lot to think about as you’re considering taking that next step with your business, so we’ve provided a great starting point for your research with this article. \nSole proprietorship vs. corporation\nFirst, let’s define sole proprietorship versus corporation. \nA sole proprietorship is a business that is owned and run by one person. In this type of enterprise, the business and the owner have no legal distinction and are essentially the same entity. \nAn incorporated business (a corporation) is a company that is formally recognized as a separate entity in the eyes of the law. Once incorporated, the business is its own legal structure separate from the individual/s who started it.\nAdvantages of a sole proprietorship\nAs you are starting your business, keeping it simple as a sole proprietorship can make a lot of sense. Some of the advantages of this include:\nYou don’t have to file separate business taxes\nYou have less paperwork because you aren’t required to separate financial statements for your business and yourself\nYou get to keep all of your profits because you are the sole owner\nAdvantages of incorporating your small business\nWhen you decide to incorporate your business, you are turning it into a legally separate entity. The business and the owner are no longer one and the same. \nBecause of this, some things may become a little more complicated, like taxes and financial records. But it provides several advantages that being a sole proprietor doesn’t offer. \nYou can protect your personal assets from lawsuits and bankruptcies because your business and you are separate entities\nEstablishing your business as a corporation gives your business more credibility with customers, vendors, and employees\nAn incorporated business has the potential for better longevity. If you pass away as a sole proprietor, the business goes away with you, but an incorporated business can be passed along to another owner and the business can continue\nBetter chance of securing a business loan \nTypes of corporations\nAs you are considering incorporating your business, it’s important to learn the types of corporations, the advantages of each, and the purposes they serve. \nIn simple terms, the main differences between each type of corporation are the ways that taxes are handled.\nfile tabs with LLC S corp C corp for how to incorporate small business\n\nLLC\nLLC is a \nlimited liability company. \nLimited liability means that the owners of the company are not personally responsible for any debts or lawsuits that the business may incur. LLC members (another term for the owners) don’t have to put their personal assets on the line to cover lawsuit settlements. \nThat being said, there are some similarities between an LLC and a sole proprietorship to keep in mind. An LLC is kind of a stage in between a sole proprietorship and a full corporation. It combines some elements of both types of business structures.\nTaxes are one such thing in an LLC that are more similar to the structure of a sole proprietorship. The LLC doesn’t pay its own income taxes; the owners list their business profits and losses on their personal tax returns. \nWith an LLC, you can choose to tax your business as a corporation, but there are some additional tax laws and filing requirements to consider (learn more under the S corporation section below). \nThere are some distinct differences between an LLC and a corporation that you should consider before deciding which direction to take:\nIt only takes one business owner to form an LLC; you don’t need to have multiple members to get started\nIf you run a business in the banking, trust, or insurance industry, you can’t form an LLC\nSome states prohibit additional types of businesses from forming an LLC, so learn what your state requirements are before pursuing this option\nC corporation\nA C corporation is owned by shareholders of the company and, as such, its profits are taxed differently from any other type of corporation. A C corporation is required to elect a board of directors to oversee policies and make business decisions for the company.\nMajor advantages that a C corporation has over other types of corporations:\nC corporations usually have a lower risk of being audited\nYou can deduct the cost of benefits as a business expense (for example, you can write off the costs of health plans for your employees)\nThe corporation’s profits are taxed, and then the profits can be split among the owners (usually saving money on taxes for the individual owners)\nC corporations can have an unlimited number of stockholders\nForeign nationals can invest in C corporations\nS corporation\nAn S corporation is not a type of business entity like an LLC or C corp. Rather, it is a way to designate how your business will be handling its taxes. The IRS only classifies businesses as one of the following when it comes to taxes:\nSole proprietorship\nPartnership\nC corporation\nS corporation\n“LLC” is not an option when determining how to handle your business taxes because in an LLC you have to choose whether to file taxes as a sole proprietorship, partnership, or corporation. \nThat’s where S corporation comes in. This is the designation you can choose on your taxes for your LLC business if you want to be taxed as a corporation. \nThe main difference between taxing your business as a sole proprietor and an S corp is the way Medicare and Social Security taxes are handled. Sometimes, LLC owners can save money here by choosing to file as an S corp. \nAdvantages to taxing your business as an S corp:\nThe owner reports an individual salary which counts as an expense for the business on tax returns\nMedicare and social security taxes are only paid from each individual’s salary, not all business profits\nincome tax documents return for S corp for how to incorporate small business\n\nHow to incorporate your small business\nYou might already have a pretty good idea of which type of corporation will work best for your business. But no matter which way you choose to file, the following steps are important as you start the process of incorporating your business. \nConsult an attorney\nFirst, find a good attorney. Unless you are an expert business lawyer yourself, it’s likely that you’ll miss some things along the way, so protect yourself by consulting an attorney to help you hit all the right steps. \nAn attorney will be familiar with compliance, local licensing and zoning laws, and the proper paperwork for filing your incorporation. \nDetermine which type of corporation is right for you\nDo your research on the purposes and advantages of each type of corporation. Which is the best for your business?\nAre you a solo business owner and just want to keep your business and personal assets separate? Then an LLC could be a good route for you to take to protect yourself as an individual from any lawsuits that may come up related to your business. \nOr, maybe you have multiple owners, several employees, and/or a number of people interested in becoming shareholders. Then a C corporation might make more sense for you. \nTalk to your attorney about the tax implications of each type of corporation that you are considering and use that to help you decide which way to file your business. \nFind a business name\nWhen you file your business as a corporation, you need to have a unique business name. You won’t be allowed to choose a name that is already in use in your area because that will confuse consumers.\nSo, come up with several different options for a business name. Most secretary of state offices even have an online business name search where you can see which names are already registered. Use these resources to help you come up with something unique. \nName a registered agent\nA registered agent is someone that can accept mail on behalf of your company. When your business becomes a corporation, you are required to have a registered agent. This can be the owner of the company, your business attorney, or another director or employee within your company so long as they reside in the same state as your business. \nThere are even online services that you can pay to act as your registered agent. \nWrite articles of incorporation\nEvery corporation has to write their “articles of incorporation.” This is typically a one to two-page document that includes the following information:\nExplanation of your corporation’s purpose\nYour business’s name and address\nNames and addresses of each member of your board of directors\nNames and addresses of each officer of the corporation\nThe duration of your corporation (usually forever)\nYour attorney should be familiar with this process and can help you draft up your articles of incorporation. There are also online legal sites that offer assistance with this for a small fee. \nFile articles of incorporation with your state\nOnce you have your articles of incorporation written, you need to file them with your state. There is a fee associated with this—usually anywhere between $100 and $500 depending on your state—so be prepared for that. \nThis document should be filed with your secretary of state, and you can usually do this through their website. Find your secretary of state’s website and follow their instructions for filling your articles of incorporation. \nObtain business permits and licenses\nAfter your business is registered with the state, you need to obtain any and all business licenses and permits that are required for your particular business type (if you don’t already have these). Your attorney can help you determine what you need here. \nOpen a bank account for your business\nNow that your business is a separate entity for you as an individual, you need to open a separate business bank account. This will help you keep accurate records of your business’s finances. \nAll of the steps leading up to this point should be sufficient for an LLC. If you are choosing to establish a C corporation, continue with the next three steps. \nWrite your corporate bylaws\nCorporate bylaws lay out how your corporation is to be structured. They should have information about your shares, voting rights, how to replace board members, and other such details. \nTypes of information that you might include in your bylaws:\nTypes of shares that can be issued by the corporation\nInformation about shareholder and board meetings\nHow loans, contracts, and other transactions will be approved by the corporation\nProcedures for financial audits and how often they should occur\nInformation about the fiscal year\nProcedures for amending corporate bylaws\nYour corporate bylaws help keep structure within the business and are typically much more detailed than your articles of incorporation. These will help board members and shareholders stay accountable to the business. \nKeep a book of corporate records\nAs you incorporate your business, you should start keeping a “book” of corporate records. This is a record of all relevant documents for your corporation. This doesn’t need to be a physical book, but can (and probably should) be kept in your digital records for ease of access. \nItems to keep in your corporate records:\nArticles of incorporation\nCorporate bylaws\nMinutes of shareholder and board meetings\nAll stock transactions\nAnnual reports\nBusiness loan documents\nAny contracts the business enters into\nCommercial real estate transactions\nHold a board meeting\nOnce you have all of your records in place and have registered your corporation with your state, you are almost there! The last step is to hold your first board meeting to make everything official. \nAgenda for this first board meeting should include the following:\nBoard member formally adopt the bylaws and articles of incorporation\nA corporate seal is decided on\nIssue shares of stocks to initial shareholders\nElect your CEO, CFO, and other officers\nKeep a record of the minutes of this board meeting and all future board meetings. \nComplete any other state and federal requirements\nNo matter which type of corporation you are filing as, be sure you complete all state and federal requirements that apply to your business. Discuss these with your attorney. \nOnce this is done, your business is officially incorporated! This whole process can be completed within weeks if you enlist the right attorney and do your initial research to understand how everything works. 

192 articles found in “Learning”

What is a sinking fund? Definition and how to set one up

What is a charge card? The difference between charge cards and credit cards

Complete guide to fulfilling and shipping orders for your online store

How to set up an eCommerce store for your small business

How to decide what kind of small business you should start

How and when to incorporate your small business

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