small business banking

In this episode I review a breakdown of profits and profit margin for selling print on demand products on Etsy, followed by a discussion of business banking and the benefits of setting up business accounts even if you're a sole proprietor. I also recommend a few checking and credit card products (US only) for new and experienced sellers.

Episode webpage: https://podinsights.net/print-on-demand-profits-business-banking/

Goodpods Podcast App: https://goodpods.com

Audio gear in episode: 
Microphone: Rode Broadcaster
Interface: Audient ID44

Website: https://podinsights.net/
YouTube: https://www.youtube.com/c/PODInsights/featured
Twitter: https://twitter.com/POD_insights

Thank you for your support!

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Lucas and David were joined by Dan Topel and ACA’s Female Shop Owner of the Year, Tara Topel of Topel’s Towing & Repair in Lake Mills, Wisconsin. 

Recorded live at AAPEX 2021, both Lucas and the Topels recount the struggle and challenges in navigating the complexities of building their own shops.

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Join Kosta and his guest Philip Clemmons, Vice President of Wilson Bank and Trust as they discuss how to be your own CFO.

Better Together with Kosta Yepifantsev is a product of Morgan Franklin Media and recorded in Cookeville, TN.

Find out more about Kosta and all the ways we're better together:
http://kostayepifantsev.com/

Find out more about Philip and Wilson Bank and Trust:
https://www.wilsonbank.com/

George Cook comes from a long line of community bankers. His family has operated a small community bank in the Somerset, PA area for approximately 130 years. While he was earning his MBA at Dartmouth College, he met Ken Martin, an investment banker and main street business owner who would eventually become his co-founder in Honeycomb Credit. They both realized from their own experiences that there was a growing hole in the small business banking segment, due to the declining numbers of community banks across the country. Their goal was to bring back relationship banking to the small businesses that needed it most.

In 2017, George and Ken set out to create a locally-focused crowdfunding platform. Utilizing the guidelines set forth in the JOBS Act of 2012, which relaxed securities regulations and made it easier for small businesses to raise capital, they built their own tech-enabled, scalable funding portal. Honeycomb Credit works with qualified, locally-owned businesses that need expansion capital. By tapping into their existing customer bases and surrounding communities, while leveraging Honeycomb Credit’s expertise and platform, these business owners are able to raise the loan proceeds that they need to grow their companies.

If you have any questions or if you’d like to chat, you can reach me at my contact info below. The purpose of this podcast is to share ideas, inspire action, and build a stronger small business community here in Pittsburgh. So please say hello, tell me what you think, and let me know how I’m doing. It means a ton!

YOU CAN REACH ME AT:

Website: https://www.proprietorsofpittsburgh.com

Instagram: https://www.instagram.com/proprietorsofpittsburghpodcast

Facebook: https://www.facebook.com/proprietorsofpittsburghpodcast

LinkedIn: https://www.linkedin.com/in/darinvilano

Phone: 412-336-8247

YOU CAN REACH GEORGE COOK AT:

Website: https://www.honeycombcredit.com

Instagram: https://www.instagram.com/honeycombcredit

Facebook: https://www.facebook.com/honeycombcredit

Twitter: https://twitter.com/honeycombcredit

Joe Formichella runs the small business banking team at Bendigo Bank, Australia's fifth-largest bank.

Joe is a highly experienced, career business banker. 

He does an excellent job of outlining how best to deal with your bank, (even if it's not Bendigo :)).

In these challenging times the keys are to;

1. Communicate with your banker so they know how you personally as well as the business are going i.e. don't stick your head in the sand
2. Demonstrate that you as an owner are pro-actively adapting your business e.g. by cutting unnecessary expenses  or finding new ways to produce and sell your product or service
3. Demonstrate that you are using any spare time created by a slowing business to undertake planning to give your business the best chance of success. Your chances of securing the help you might need from your bank will be enhanced when it is clear you have a solid business plan and you as owner understand deeply how the business operates and where the future opportunities are

SpecificallyJoe reinforced the need for a; 

1. Robust business plan
2. Clear description of the purpose of a new loan or lending assistance when discussing finance with your bank
3. Detailed summary of historical  financial performance and credible forecasts for your business to establish viability and serviceability. He noted however that given current challenges his bank, at least, understood that your current financial performance may be severely affected by uncontrollable, external influences and would take that into account in their assessment

https://www.bendigobank.com.au

Thanks for listening.  Visit the Small Business Banter website to subscribe, listen back, or check out any resources or information mentioned on the show.

Search @SmallBusinessBanter on your favorite podcast player to subscribe and listen to the episodes.

Reach out to Michael Kerr via the website if you need personal assistance or advice for your small business.

michael.kerr@kerrcapital.com.au

www.smallbusinessbanter.com.au

In segment #2 of Business Banking, Jason Watson, CPA, and Quentin Leighty, President of First National Bank in Monument, Colorado, continue their discussion about how to qualify for small business loans. Topics in this episode cover basic business lending options including collateralization, business acquisition lending, IRA loans, and SBA loans. Special thanks to Axe and the Oak Distillery for hosting our Bourbon and Business podcast series!!

This material is based on content from our website and our book, Taxpayer’s Comprehensive Guide to LLCs and S Corps. 

https://wcginc.com/kb/operating-agree...

https://wcginc.com/book

Thank you! 

Warm Regards, 

WCG Inc. (formerly Watson CPA Group) 
2393 Flying Horse Club Drive 
Colorado Springs, CO 80921 

719-387-9800 phone 
719-345-2100 text message 
855-345-9700 fax 

https://wcginc.com/ 

Facebook - https://wcginc.com/facebook 
LinkedIn- https://wcginc.com/linkedin 
Twitter - https://wcginc.com/twitter 
YouTube - https://wcginc.com/youtube

In this first segment about Business Banking, Jason Watson, CPA sits down with Quentin Leighty, President of First National Bank in Monument, Colorado, to discuss the pros of small business owners utilizing community banking vs. going to the "big banks" to finance a business and the perks of relationship-based models for banking. Special thanks go to Axe and the Oak Distillery for graciously hosting our Bourbon and Business podcast series!

This material is based on content from our website and our book, Taxpayer’s Comprehensive Guide to LLCs and S Corps. 

https://wcginc.com/kb/operating-agree...

https://wcginc.com/book

Thank you! 

Warm Regards, 

WCG Inc. (formerly Watson CPA Group) 
2393 Flying Horse Club Drive 
Colorado Springs, CO 80921 

719-387-9800 phone 
719-345-2100 text message 
855-345-9700 fax 

https://wcginc.com/ 

Facebook - https://wcginc.com/facebook 
LinkedIn- https://wcginc.com/linkedin
Twitter - https://wcginc.com/twitter 
YouTube - https://wcginc.com/youtube