Category Archives: entrepreneurship

Best Books for Starting Your Own Business

I have compiled a list of books in my library that I highly recommend to anyone interested in starting a business. If you choose to buy them through my link, you will also be supporting me.

Starting a Business QuickStart Guide: The Simplified Beginner’s Guide to Launching a Successful Small Business, Turning Your Vision into Reality, and Achieving Your Entrepreneurship Dream. By Ken Colwell Ph.D. MBA (QuickStart Guides™ – Business) Paperback – Illustrated, February 25, 2019.

Dr. Ken Colwell, Ph.D., MBA, and author of Starting A Business QuickStart Guide and Running & Growing a Business QuickStart Guide, is a seasoned strategic and operational leader with extensive experience working within entrepreneurial ecosystems and interacting with relevant private and public sector stakeholders at all levels in order to accomplish objectives.

Nolo’s Guide to Single-Member LLCs: How to Form & Run Your Single-Member Limited Liability Company by David M. Steingold Attorney

Single-member LLCs are the business entity of choice for small businesses with one owner. With an SMLLC, you get personal liability protection, pass-through taxation, and flexibility of management. Nolo’s Guide to Single-Member LLCs has all the essential information you need to decide whether an SMLLC is a right choice for your business. It explains:

  • how to form an SMLLC and why it can be a good business entity choice
  • the attractive features of an SMLLC, such as pass-through taxation, personal liability protection, and flexibility of management
  • how to choose the proper tax treatment for your SMLLC
  • the tasks involved in running your SMLLC, like paying taxes, filing annual reports, and keeping proper records.

Mind Your Business: A Workbook to Grow Your Creative Passion into a Full-time Gig Paperback – by Ilana Griffo January 15, 2019

Mind Your Business is the ONLY book that teaches you everything you need to know about how to build a successful business from scratch. From developing your brand to designing products to identifying your legal and tax needs, this comprehensive guide will take you through every step of the process and help you create a unique and customized roadmap for your business.

Starting a Business: The Ultimate Guide to Planning, Launching, and Boosting the Success of Your Enterprise Paperback – by Lucas Edholm November 16, 2022

This groundbreaking book includes SIX BOOKS that will teach you from start to finish everything you need to know to be a successful entrepreneur. Give shape to your idea and set up a prosperous business following this proven path to entrepreneurial success.

Your Next Five Moves: Master the Art of Business Strategy – by Patrick Bet-David 

Both successful entrepreneurs and chess grandmasters have the vision to look at the pieces in front of them and anticipate their next five moves. In this book, Patrick Bet-David “helps entrepreneurs understand exactly what they need to do next” (Brian Tracy, author of Eat That Frog!) by translating this skill into a valuable methodology. Whether you feel like you’ve hit a wall, lost your fire, or are looking for innovative strategies to take your business to the next level, Your Next Five Moves has the answers.

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Mindful Teachers, Teaching Mindfulness

Improve your teaching, and your students learning

Mindfulness can certainly be beneficial for growing a business. It can help individuals stay focused, manage stress, and be more creative. It has been found to improve decision-making, communication, and overall work performance. Additionally, it can help to foster a positive and productive work culture, which can lead to increased employee satisfaction and retention. However, it’s important to note that mindfulness alone will not grow a business, it should be combined with other strategies and tactics.

Here are a few mindfulness exercises that can help reduce anxiety and stress before or after each teaching session, or at work. I made a card deck for you to print and keep handy. (Download the full deck here in Canva, a sign-in is needed)

It’s important to note that mindfulness practices should be practiced regularly to achieve the best results. It’s also a good idea to consult with a therapist or counselor to help you develop a practice that works best for you.

You can also help your students to overcome their fear, stress, and learning challenges by practicing a few mindfulness exercises. It’s important to remember that mindfulness is a personal journey and each student may have their own pace and preferences. Encourage them to find what works best for them, and remind them that it’s okay if they don’t feel the immediate result. Here are a few ways you can encourage your students to use mindfulness exercises for achieving better results:

  1. Lead by example: Model mindfulness exercises in class and demonstrate the benefits of mindfulness. Share your personal experience with them.
  2. Incorporate mindfulness into the curriculum: Incorporate mindfulness exercises into the curriculum, such as deep breathing exercises before a test or a guided imagery exercise before a class presentation.
  3. Make it accessible: Provide resources for students to learn about mindfulness, such as books, videos, and apps.
  4. Provide incentives: Offer rewards for students who regularly practice mindfulness exercises.
  5. Make it fun: Make mindfulness exercises interactive and engaging, such as a mindful coloring activity or a mindful movement break during class.
  6. Communicate the benefits: Share the research on the benefits of mindfulness, such as improved focus, reduced stress, and better mental and emotional well-being.
  7. Create a safe space: Encourage an open-minded and non-judgmental attitude towards mindfulness practice, this will make students feel more comfortable and willing to try it.

eBook and Audio Book: Useful Tools for Online Tutoring Courses

eBooks and Audio books are also agreeable for tutors and teachers who are teaching online because they offer a variety of interactive features and multimedia elements that can enhance the learning experience. For example, eBooks can include interactive quizzes, flashcards, and videos to make the learning experience more engaging. Audio books can also include interactive elements such as pause, playback speed, and also support for different languages. These interactive features allow teachers to create a more dynamic and engaging learning experience for their students. Additionally, eBooks and Audio books can be easily shared and distributed among students and teachers, making it easy for everyone to access the material. With the growing trend of online learning, eBooks and Audio books online have become essential tools for online tutors and teachers to deliver an engaging and interactive learning experience to their virtual classes.

eBooks are trending now among online tutors because they are convenient and easy to access on electronic devices such as smartphones and tablets. They are also often less expensive than print books and take up less physical space. Additionally, with the rise of e-reading devices and apps, it has become increasingly easy for students to purchase, download, and read eBooks.

It is important for online tutors to match their skills with this trend because eBooks are becoming an increasingly popular format for reading. By writing in a format that is easily accessible to readers, writers can increase their audience and reach a wider range of readers. Additionally, writing eBooks can also be a way for writers to self-publish their work and have more control over the distribution and promotion of their work.

There are several ways a teacher can generate eBooks for their online tutoring classes:

  1. Use a word processing program: Teachers can use a program like Microsoft Word or Google Docs to create and format their eBooks. They can then export the document as a PDF or ePub file, which are common eBook formats.
  2. Use an e-book creation tool: There are a number of online tools and software programs that teachers can use to create eBooks, such as Kindle Direct Publishing, CreateSpace, and BookBaby. These tools often have templates and design options that make it easy for teachers to create professional-looking eBooks.
  3. Hire a professional designer: If a teacher wants a more polished and professional look for their eBooks, they can hire a professional designer to create the layout and design.
  4. Convert existing content: Teachers can also convert existing content like PowerPoint presentations, word documents or pdfs into eBooks using eBook converter software.
  5. Use a Learning Management System (LMS): Some LMSs like Canvas, Blackboard, Schoology, etc. have the functionality to create eBooks and share them with the students. For more learning tools read Tools for Work From Home Online Tutoring.

Regardless of the method chosen, it is important for teachers to ensure that eBooks are accessible and easy to read on a variety of devices. They should also include interactive elements like quizzes, flashcards, and videos to make the learning experience more engaging.

Audio books can be a helpful tool for tutors because they can provide students with a different way to engage with the material. Some students may find it easier to listen to a book rather than read it, and Audio books can make the material more accessible for those with reading difficulties. Audio books can also be a useful tool for students who are learning a new language, as they can help with pronunciation and listening comprehension.

Tutors can use Audio books in a number of ways, including:

  • As a supplement to reading: Tutors can use Audio books to support students who are reading the same material in print or digitally. The audio version can help students with their reading comprehension and fluency.
  • As a primary source of material: Tutors can use Audio books as the primary source of material for students who have difficulty reading or prefer listening to reading.
  • As a way to introduce new vocabulary and concepts: Tutors can use Audio books to introduce new vocabulary and concepts to students in an engaging way.
  • As way to engage students: Tutors can use Audio books to engage students and hold their attention. They can be used as a way to break up the monotony of traditional lessons.
  • As a way to improve listening comprehension: Tutors can use Audio books to improve students’ listening comprehension skills. This will help students to understand spoken language more effectively.

There are several tools that can be used to create audio books, some of the most popular include:

  1. ACX: a marketplace where authors, literary agents, publishers, and other Rights Holders can connect with narrators, engineers, recording studios, and other Producers capable of producing a finished audiobook. 
  2. Audacity: an open-source audio editing software that can be used to record and edit audio files.
  3. Adobe Audition: a digital audio workstation that can be used to record, edit, and mix audio files.
  4. GarageBand: a digital audio workstation that is available for Mac users. It can be used to record, edit, and mix audio files.
  5. Pro Tools: a digital audio workstation that is widely used in the music and film industry. It can be used to record, edit, and mix audio files.
  6. Text-to-Speech (TTS) tools: TTS tools like Amazon Polly, Google Text-to-Speech, and IBM Watson Text-to-Speech can be used to convert written text into spoken words, which can then be recorded as an Audio book.
  7. NaturalReader: it is a professional text to speech program that converts any written text into spoken words.
  8. BookBoon: it is a publishing platform for textbooks and eBooks.
  9. Voicebunny: It is a marketplace to find and hire professional voice actors to narrate your audiobook.

All of these tools have different features and capabilities, so it’s important to research and choose the one that best suits your needs and skill level.

In conclusion, Audio books and eBooks have revolutionized the way we consume and interact with information, especially in online tutoring. They have proven to be incredibly useful for both tutors and students. Audio books provide an easy and convenient way for students to consume information on the go, while ebooks provide a cost-effective and eco-friendly alternative to traditional textbooks. Tutors can use these digital formats to supplement their teaching materials, provide additional resources for students, and create a more interactive and engaging learning experience in an online tutoring setting. The ability to access and engage with information in a variety of formats is essential in today’s digital age, and Audio books and ebooks offer a powerful solution. They can help to support and enhance the learning experience for both students and educators.

Low-Cost Advertising for Your Small Business

Some low-cost advertising solutions for small businesses include:

  • Social media marketing: Utilizing platforms such as Facebook, Instagram, and Twitter to promote products and services.
  • Email marketing: Sending promotional messages to a list of subscribed customers or clients.
  • Content marketing: Creating and sharing valuable content, such as blog posts or videos, to attract and engage an audience.
  • Influencer marketing: Partnering with popular social media personalities to reach a larger audience.
  • Local directories: Listing your business in online directories, such as Google My Business or Yelp, to improve visibility in local search results.
  • Referral marketing: Encouraging current customers to refer friends and family to your business.
  • Community events: Participating in local events or sponsoring community activities to increase brand awareness.
  • Public relations: Using press releases, and working with local publications, blogs or influencers to create buzz and interest in your business.

You can download the PDF version of the Social Media Marketing infographic in Canva. Sign-in is required.

Each of these options has its own pros and cons and will depend on your budget, target audience, and the type of industry you are in. Here I will explain more about one of the most successful digital marketing recently, Social Media Marketing.

Social media marketing is the process of promoting products or services through social media platforms such as Facebook, Twitter, Instagram, and LinkedIn. It can involve creating and sharing content, running paid advertising campaigns, or engaging with customers through social media channels.

A successful social media marketing campaign can have a number of different goals, such as increasing brand awareness, driving website traffic, or growing sales. The parameters you will want to consider will depend on your specific goals, but some key elements of a successful social media marketing campaign include:

  1. Target audience: Identifying the demographics, interests, and behaviors of your target audience and tailoring your content and advertising to appeal to them.
  2. Platforms: Choosing the right social media platforms to reach your target audience. Different platforms have different user demographics, so it’s important to select the platforms where your target audience is most active.
  3. Content: Creating and sharing high-quality, engaging content that resonates with your target audience. This includes text, images, videos, infographics, and other forms of media
  4. Branding: Maintaining consistent branding across all of your social media accounts to increase recognition and build trust with your audience.
  5. Engagement: Building relationships with your followers by responding to comments, messages, and reviews. Encouraging user-generated content can also help increase engagement and drive more visibility.
  6. Analytics: Monitoring the performance of your social media campaigns and adjusting your strategy as needed based on data-driven insights.
  7. Advertising: Running paid advertising campaigns, on social media platforms or through other channels, to reach a wider audience.
  8. Experimentation: Not every campaign is going to be a huge success, be prepared to experiment with different strategies, mediums and times and learn from the result to improve your next campaign.

What is Affiliate Marketing and Does it Really Work?

Affiliate marketing is a type of performance-based marketing in which a business rewards one or more affiliates for each visitor or customer brought by the affiliate’s own marketing efforts. It is a way for a company to sell its products by signing up individuals or companies (“affiliates”) who market the company’s products for a commission. In affiliate marketing, the affiliate promotes the products of the company and earns a commission on each sale or lead generated from their marketing efforts. The company provides a unique link to the affiliate, which the affiliate can use to promote the company’s products. When a customer clicks on the link and makes a purchase, the affiliate earns a commission. The company tracks the sales and leads generated through the unique link and pays the affiliate a percentage of the sale or a fixed fee for each lead.

There are several types of Affiliate Programs:

  • Pay-per-sale: This is the most common type of affiliate program. Under this program, the affiliate earns a commission each time they refer a customer who makes a purchase.
  • Pay-per-click: Under this program, the affiliate earns a commission each time a customer clicks on a link to the company’s website.
  • Pay-per-lead: The affiliate earns a commission each time they refer a customer who fills out a form or signs up for a service on the company’s website.
  • Pay-per-install: The affiliate earns a commission each time a customer installs a software application on their computer.
  • Revenue sharing: Under this program, the affiliate earns a percentage of the revenue generated by the customer they refer.
  • Two-tier: This is a type of affiliate program that allows affiliates to recruit other affiliates and earn a commission on their sales.
  • Lifetime or recurring: The affiliate earns a commission on the initial sale and any subsequent purchases made by the customer.
  • Hybrid: This is a combination of two or more of the above types of programs.
Try Audible Plus

As an example, we can refer to the affiliate program with Amazon. The Amazon Associates program is Amazon’s affiliate marketing program. It allows website owners and bloggers to promote Amazon products and earn a commission on resulting sales. By joining the program, you can add links to Amazon products on your website or blog and earn a commission on any resulting sales.

The commission rate varies depending on the category of products that you promote, but it can range from around 1% to 10%. Additionally, Amazon offers bonus rates for high-volume affiliates and for promotions that result in a certain number of sales within a certain timeframe.

It’s free to join the Amazon Associates Program and there is no minimum traffic requirement to participate. Once you’re accepted, you can start adding affiliate links to your website or blog right away. Amazon also provides a variety of tools and widgets that you can use to promote products, such as banner ads and text links.

It’s important to note that Amazon has strict policies on how affiliate links can be presented, they generally don’t allow any misleading links, or any kind of manipulation to inflate sales or clicks, also it’s important to disclose that you are affiliated with amazon when promoting any product.

Overall, the Amazon Associates program is a simple way for website owners and bloggers to monetize their content by promoting Amazon products and earning commissions on resulting sales.

Some other popular Affiliate Marketing Programs include:

  1. Commission Junction (CJ): This is one of the largest and most popular affiliate marketing networks. It offers a wide variety of products and services to promote, including those from major brands like Nike and Best Buy.
  2. ClickBank: This is a digital products marketplace that offers a wide variety of products in various categories, like eBooks, software, and courses, to promote.
  3. Rakuten Marketing: Formerly known as LinkShare, Rakuten Marketing is another popular affiliate network that offers a wide variety of products to promote.
  4. ShareASale: this is a platform that specializes in small businesses and individual products from retailers, fashion, home, garden, etc.
  5. FlexOffers: This platform provides access to thousands of affiliate programs from various merchants.
  6. Avangate Affiliate Network: This platform specializes in software and technology products, focusing on B2B and enterprise-level offerings.
  7. Skimlinks: This is a platform that allows you to easily monetize your content by turning product links into affiliate links across more than 65,000 merchant programs.
  8. Impact Radius: This platform offers over 8,000 global affiliate programs from brands like Etsy, Postmates, and GoDaddy.

It doesn’t matter what product you pick as your niche and which company you promote; the only important factor to your success in affiliate marketing is how fast you can build a reliable network of buyers. In other words, your social knowledge plus your sales proficiency, and your persistence, are significant variances that affect your success.

Work From Home Online Tutoring Business – Part 3

Budgeting and Forecasting for Teaching Online:

Starting an easy small home business idea can be a great way to earn extra income, and online tutoring is a viable option to consider. However, it’s important to keep in mind that budgeting and forecasting are vital tools for any small business to ensure financial success and make informed decisions. A budget, which is a plan for allocating resources over a specified time period such as a year, including projected revenues and expenses, can be used to track actual performance against the plan. This will help you to stay on track and make any necessary adjustments to your teaching online business.

Forecasting is the process of making predictions about future events, based on past and present data. It can be used to anticipate changes in the business environment and make adjustments to the budget accordingly.

Effective budgeting and forecasting require a clear understanding of the business’s financial position and the factors that may impact on its performance. This includes analyzing historical financial data, monitoring market trends, and considering the impact of any changes to the business, such as new products or services, expansion into new markets, or changes to the competitive landscape.

Small businesses can benefit from budgeting and forecasting in several ways. First, it can help them set financial goals and create a roadmap for achieving them. Second, it can provide insight into potential financial risks and opportunities, allowing the business to make proactive decisions to minimize the former and capitalize on the latter. Finally, it can help the business to allocate resources more efficiently and make more informed decisions about investments and financing.

The most effective financial plans are those that are created based on a thorough understanding of a company’s needs and goals. As a business owner, it is important to regularly review past performance in order to identify any issues or areas for improvement and plan for future actions. Acquiring the skills to create a sales forecasting report is essential for any small business owner, as it allows them to project their sales performance over a specific period of time. A budgeting report can be helpful in creating a sales forecasting report, as it provides a detailed overview of a company’s financial resources and how they are being allocated. According to Boyd (2017), effective forecasting involves managing the potential for deviation from the forecast, rather than striving for perfect accuracy. The difference between actual and expected results can pose a significant risk to a business, and it is important to carefully consider this risk when making financial decisions.

As an example, let’s say you are looking into creating a budget and business plan for a teaching online business. You have gathered some information on the business’s sales budgeting and actual sales for the first quarter of operation.

Type of business: Online teaching painting on the rock, one on one with each course duration of 1 hour

Imagine you prepared this budgeting before really starting your online rock painting tutoring, then after 4 months you calculate the actual numbers and make a new statement for your business and this is a result.

Unfortunately, your tutoring business has experienced a loss despite generating higher than expected sales. According to your budget, your income should be $64.17 per hour of tutoring, but in reality, it is only $60.89. To determine the cause of this discrepancy, it is important to examine your hourly tutoring charges. Your budget assumed that you would charge $90 per course per student, with each course lasting only one hour. However, it appears that you have been working more than one hour per course, resulting in a loss for the business. To prevent this from happening in the future, you may want to consider increasing your course charges or sticking to a strict one-hour teaching plan. By carefully analyzing your budget and actual performance, you can identify areas for improvement and make adjustments to optimize the financial health of your business.

As you can see, budgeting is a valuable tool for small businesses to plan for their financial future and avoid losses. By accurately gathering and analyzing data, business owners can create realistic budgets that take into account a variety of factors that may impact performance. By regularly reviewing actual performance against the budget, businesses can identify any discrepancies and make adjustments as needed to optimize their financial health. Overall, effective budgeting is essential for the success of any small business and can help business owners to achieve their financial goals and grow their operations over time.

Create Amazon Business Account

Work From Home Tutoring Business – Part 1

Online tutoring is a niche work-from-home business that allows individuals to use their knowledge and expertise to help students learn a particular subject or skill. With the proliferation of the internet and advances in technology, online tutoring has become a popular and convenient way for students to receive personalized instruction from the comfort of their own home.

One of the main advantages of online tutoring is the flexibility it offers. Tutors can choose their own hours and schedule sessions at a time that is convenient for them and their students. Additionally, online tutoring allows tutors to work with students from all over the world, expanding their potential client base.

To be successful in the online tutoring business, it is important for tutors to have a strong understanding of the subject they are teaching and be able to communicate effectively with their students. They should also be able to adapt to the various learning styles of their students and use different teaching methods to help the student understand the material.

Online tutoring can be a lucrative business for those who have a passion for teaching and are willing to put in the time and effort to build a successful tutoring practice. With the right skills and dedication, online tutors can make a difference in the lives of their students while working from the comfort of their own home.

The idea of working from home isn’t necessarily new, but it can be unfamiliar to those of us who have recently lost traditional 9-5 jobs. It can be intimidating to consider the possibility of not having a fixed position, not having a boss, and not working for someone else. However, the most daunting aspect of working from home might be the responsibility of running your own business and making it profitable. Fortunately, there are many home-based businesses that can be started with little or no investment and can be run from anywhere.

Online Tutoring Business

Do you have a particular area of expertise that you can teach others? Do you want to help people reach their goals? Do you have experience teaching children in a school setting? If you answered yes to any of these questions, then you might be interested in starting your own online tutoring business. If you’re not quite ready to start your own business or you want to gain more experience in the field, you can also work with existing tutoring companies. Many online tutoring businesses offer the opportunity to join their team, and you can also look for local companies to connect with.

Wyznet.com
TutorMe.com
Chegg.com

If you’re ready to start your own online tutoring business, there are a few steps you can take to build your reputation and establish yourself as a trusted resource.

First, make sure that you have a solid foundation of expertise in a subject area and the ability to effectively teach others. It’s also important to have a clear desire to help people achieve their goals and, if applicable, experience teaching children in a school setting. If you meet these criteria and feel ready to start your own business, then it’s time to take the next steps.

If you’re not quite ready to start your own business or want to gain more experience in the field, you can also consider working with existing tutoring companies. Many online tutoring businesses offer the opportunity to join their team, or you can look for local companies to connect with.

You can find more information here: https://www.sba.gov/business-guide/launch-your-business/choose-your-business-name

Select Effective Online Tutoring Tools: As you begin your online tutoring venture, it is crucial to have tools that facilitate online collaboration with your students or clients. Nonetheless, you do not need to spend a substantial amount of money on these tools at the outset. There are several potent options that are either free or low-cost, which can aid you in getting started. Below are some examples of such tools.

You can find more on this topic at Work From Home Tutoring Businesses – Part 2 and Budgeting for Your Online Tutoring – Part 3

Why Your Small Business Needs a Business Plan

A business plan is a crucial document for any small business. It provides a roadmap for the future, outlining the goals and objectives of the company, as well as the strategies and actions that will be taken to achieve them.

There are several reasons why it is important for small businesses to have a business plan. First and foremost, it helps to clarify the direction of the company. By outlining the vision and mission of the business, the business plan serves as a guide for decision-making and helps to keep the team focused on the long-term goals.

Another important reason to have a business plan is that it can serve as a tool for obtaining financing. If a small business owner is seeking funding from investors or lenders, a business plan is often required as part of the application process. The business plan provides an overview of the company’s financial projections, including revenue and expenses, which can help investors and lenders to assess the risk and potential return on their investment.

In addition to helping with financing, a business plan is also useful for managing and growing the business. By setting clear goals and objectives, the business owner can track progress and make adjustments as needed to stay on track. The business plan can also serve as a reference point for creating budgets and making strategic decisions.

So, how can a small business owner create a business plan? There are several steps that can be followed to ensure that the process is thorough and effective.

First, it is important to conduct market research to understand the industry and the target market. This includes gathering data on competitors, consumer trends, and the overall economic climate. This information will be important for developing a marketing strategy and identifying unique selling points for the business.

Next, the business owner should outline the company’s vision and mission, as well as the specific goals and objectives that are intended to be achieved. It is important to be specific and measurable in order to have a clear roadmap to success.

The business plan should also include a description of the products or services offered by the company, as well as a target market analysis and marketing strategy. This should include details on how the company will reach and communicate with potential customers, as well as how it will differentiate itself from competitors.

Financial projections are another important aspect of the business plan. This includes creating a budget, outlining expected revenue and expenses, and projecting future growth. It is important to be realistic and conservative in these projections to ensure that the business is viable and sustainable.

Finally, the business plan should include a management and organizational structure, detailing the roles and responsibilities of team members, as well as any outside consultants or advisors.

In conclusion, a business plan is an essential tool for any small business. It provides a roadmap for the future, helps to secure financing, and serves as a reference point for managing and growing the business. By conducting market research, outlining goals and objectives, describing products and services, developing a marketing strategy, and creating financial projections, small business owners can create a comprehensive and effective business plan.

Accounting Software For Your Small Business

Part 1- Wave:

Using small business accounting software helps relieve the burden of manual data entry, prevents common human errors, helps businesses and accountants when tax time comes around, and allows the user to look at in-depth reports of how their business’ finances are faring. As a small business owner, you benefit from accounting software because it helps you track accounts receivable and payable and clearly understand your profitability.

Wave Free Accounting Software

Wave Accounting offers different types of accounting software for small businesses but it is well known by businesses that offer different types of services. This software offers free tools like: Invoicing, General accounting, and Receipts generating . In the main dashboard, you have access to crucial financial information about your business. You can keep track of your sales, invoices and bills, and purchases.
There is also an option to connect your bank account to this software and control your accounts’ cash flow. Wave accounting offers effective report generating tools that allow you to keep track of your business’ health with monthly or yearly comparisons. With these reporting tools, you’re able to identify any trends with your cash flow management.
Other advantages of Wave accounting software are:

  • A very user friendly and easy to run interface
  • Mobile App that offers almost all the services you need to run your business
  • There is no limit on transaction or billing
  • Unlimited number of users

E-Commerce Websites That You Can Sell Your Craft and Arts

Where Can I Sell My Candles?

Last year when the pandemic craziness had just started, my neighbor knocked on my apartment’s door while yelling: “Ella, you don’t need to open it; I’m going to leave it on your doormat.” I was puzzled: “What? Reilly, is that you? I don’t understand what you are talking about.”
“Honey, there is a candle jar behind the door; I made it myself. Try it and tell me if you like it or not. I appreciate your feedback. It is lavender.” I could hear her voice falling as I tried to fix my mask and when I opened the door she was already gone. That night I called to let her know I loved that candle. The fragrance was good, it didn’t smell like paraffine, and it was powerful enough to sense it in my room. The oil burned smoke-free. The jar’s size was perfect, and it didn’t get too hot. “Oh really? I thought you were just complimenting me. I bought some stuff online to make a candle for myself, but I made too many of them. I can give you a dozen if you want.”
Two days later, we were on zoom – her condo is just next to mine, but we needed to follow social distancing protocols, you know – discussing how and where she could sell her candles at reasonable prices and fewer fees. I made this list for her, and now I’m sharing that with you:

Amazon Handmade

You might have heard about Amazon Seller’s Center, but this one is a bit different. You have to pay a selling fee for a regular seller account, but Amazon will waive the professional selling fee ($39.99/month) with this Amazon Handmade account. Although you need to submit your application for approval, it is an easy and straightforward task. You can apply as a maker working lonely on this program or a maker with up to 20 family members/employees. This account’s limitation includes reselling, dropshipping, Outsourcing of product production, Digital/downloadable products, food/grocery items, and electronics. Other charges with an Amazon selling account are:

  • 15% commission on total sales
  • Minimum $1 referral fee
  • Fulfillment by Amazon shipping plan (depends on your package size and weight)

Etsy Seller

Etsy is the number one selling platform for artists and the craftiest. However, This American e-commerce website was established newly because its main focus was on selling arts and handmade, it became successful worldwide. I used to think that the selling charges on Etsy were so high compared to eBay, Mercado, and eBay. However, when I researched some particular product selling rates and decided that for crafts, arts, and handmade, Etsy has the higher successful selling rate in the shortest amount of time. Fees and charges are:

  • $.20 listing fee
  • 5% transaction fee
  • 3% + $0.25 payment processing fee
  • %15 offside ads fee
  • Shipping cost (seller or buyer)
Photo by RF._.studio on Pexels.com

What I suggested Reilly do was:

  • Apply for Amazon Handmade
  • While waiting for the approval, start listing your candles on Etsy
  • Consider your choice of shopping by doing some research
  • If your application got approved on Amazon, list your item
  • Consider the wait time before any actual sales
  • Keep track of charges on both websites
  • Make your decision after at least 20 successful selling processes

Lastly, let me tell you something, if your sales went up in the first or second month by 60%, you are ready to open your e-commerce store. So keep an eye on your sales and compare it each month. You can use the following chart as an indicator of your success.

Sample Graph of Sales Progress Per Month

This graph indicates the behavior of the sample business for each month after establishment. I suggest three essential points affecting our decision. The first one is when the sales jump to 9 items per month after a continuously lower sales period. Because this event happened in month 8 of the opening of the business, I would like to conclude it as a positive turning point. It means that this business has a successful future. Then in less than two months sales improved twice. I consider this another turning point, and I would suggest the business owner open a business account and a QuickBooks self-employed account in addition to an e-commerce website like WordPress, Shopify or Wix. The third turning point is to show whether this business is achieving its vision statements or not. (You can find more information in my previous post regarding business plan: here)