VoIP (or Voice over Internet Protocol) has been around a fair while. But now, as the internet is getting faster and more reliable, this technology is really proving itself to be invaluable… especially for small businesses. By removing the need for a traditional phone line and instead making phone calls via the internet, there are a range of benefits you will experience in your business. Plus, you don’t have to personally be a techno whiz to set it all up because managed IT support companies like Keyspace exist that both sell the systems and provide IT support for you. Read on to discover five ways in which VoIP will benefit your small business.
Joint venture partnerships undoubtedly carry a significant level of risk, but they can also be an effective way to rapidly expand and diversify your portfolio. Fortunately, there are ways to deal with the risks that joint venture partnerships bring and tips to follow when considering entering into such an arrangement.
Why the Reluctance?
Particularly with joint venture partnerships based on business ownership and property transactions, investors are often reticent to get involved. This stands to reason – many of us have been exposed to dreadful stories of partnerships going awry, ending badly and resulting in significant financial loss.
In more good news for the job market, the unemployment rate has fallen to 5.9% as job growth exceeded expectations. For all the gloom and doom out there, this is further evidence that the recovery from economic collapse that started under President Obama is real. Of course it’s spurred in part by very aggressive action by the Fed, and there are some risks associated with that strategy. But letting the economy collapse in 2008/2009 as many suggested would have led to economic catastrophe. Instead we have a fighting chance to slowly and steadily right the wrongs from the economic crisis.
If you’re looking for a job, now is the time to get even more aggressive.
If you want to be able to accept debit and credit card payments from your customers, you will need to have a merchant account set up.
A merchant account like the one can apply for here, is a specifically designed bank account for holding funds that have been captured from card details provided by customers paying for goods or services.
Having a merchant account is a convenient and generally cost-effective way of taking card payments for your business, and you will have to apply for an account and meet a number of conditions in order to be accepted.
Why you need to apply
There is a very simple reason why you have to apply for merchant account and pass the application process. The merchant account provider is accepting an element of risk every time they accept a card payment on your behalf, so they need to know that your business is sound and the goods or services you offer are acceptable.
When the retailer or services provider fails to deliver or there is a dispute, the customer who has made payment by credit card will sometimes request a refund. The merchant account provider will want to know that you can help to minimise their risk and that your business is financially sound.
If you’re a business owner, one of the things you should always consider is whether you’d like to sell it at some point. This probably shouldn’t be your biggest concern of course, but it’s something you should keep in mind.
If someone wanted to buy your business, could they run it without you after a transition period? This is critical, because if you’re irreplaceable, you really don’t have a business you can sell without binding yourself to years of additional work.
Think about it, and it will probably trigger some additional thought as to how you structure your business. Think about what you should be teaching your team so that others can run certain aspects of your business that you control.
This is difficult for many entrepreneurs, but it’s essential if you ever want to have a real exit strategy.