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    Blog Posts by Michael Germanovsky

    • Broaden Your Customer Base with a Merchant Account and a Website

      By Michael Germanovsky | Profit Minded – Wed, Dec 5, 2012 12:38 PM EST

      Internet shopping continues to grow at record levels and smartphones are ubiquitous. Whether your business is in retail or the service industry, a merchant account and website are important tools to help grow the business.

      ComScore estimated that online holiday shopping in November rose 28% this year over last, and purchases on mobile devices were up 10%. Cash is out. Plastic is in. According to the Small Business Administration, credit cards are the most common method of customer payment. So if you don't have a merchant account, you could be losing revenue.

      A merchant account is a special bank account that allows business owners to process e-commerce transactions. Merchant accounts are available to everyone these days, regardless of the size or type of business. Companies like Square and Intuit offer devices that are compact and that easily attach to your mobile phone. This allows you to accept credit cards on the move, anywhere there is an internet connection and a smartphone.

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    • Building Business Credit

      By Michael Germanovsky | Profit Minded – Tue, Nov 27, 2012 6:44 PM EST
      buildingcredit

      As your entrepreneurial spirit shines through and you embark on your new venture, it is important to separate your business and personal credit. A mistake many new business owners make is using their personal credit to open lines of credit for their startup. Using your personal credit history can be problematic for several reasons. Not only will it increase the number of inquiries made to your personal credit profile, but it will also prevent your business from building its own credit.


      Establish an Identity for Your Business

      You need to register your business with state and local governments in order to begin building credit for the entity. A sole proprietorship can register in the form of a DBA (Doing Business As). However it may be more prudent to register as a Corporation or LLC (Limited Liability Company), which decreases the liability of the owner and adds more separation between business and personal finances.

      Regardless of how you register your business, it is important to

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