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10 Financial Resources for New Small Business Owners

10 Financial Resources for New Small Business Owners

You’ve taken the leap toward turning your passion into a business—now comes the hard part: managing and growing it. For many people, the most challenging part of managing a new small business is finances: What should I track? What do I need to worry about for taxes? How do I pay employees?

Luckily, we live in the 21st century, where all you have to do is get online to find a slew of financial resources that will guide you. As a small business owner, however, you don’t have time to sift through the Google results, so I did it for you. Here are ten that will be especially helpful in your first year, as you learn the basics and lay your groundwork.

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Access Financing Tool

If you’re still looking for funding, use this tool from Business USA. After answering a few short questions, including what kind of financial help you need and what kind of business you’re starting or running, you’re presented with a variety of government loans and grants you can apply for.

Introduction to Financing

This 30-minute course is provided by the U.S. Small Business Association and is free to anyone who’s interested in taking it. During the course, you’ll learn the basics of accounting, including what money flows are, how to keep an accurate ledger, and much more. If you’re totally new to accounting, don’t miss this.

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Tax and Expense Organizers

The easiest way to start learning what you do and don’t need to track is to get pre-made financial organizers created by financial professionals. The experts at Curtin CPA have created a variety of templates for you to print, including expense worksheets, expense organizers, tax-exempt organization forms and more. Find what you need, print, and start learning.

Savings Plans for Small Businesses

This is another 30-minute course from the U.S. SBA, and is also free. During the course of this training, you’ll get an overview of savings plans and strategies, including long-term savings plans, tax breaks, retirement planning and more. This is another informative course that’s a no-brainer for any new small business owner.

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IRS Virtual Workshop

This “virtual workshop” is all about small business taxes. Within the workshop you’ll find nine different lessons, starting with “what you need to know about federal taxes” and ending with “hiring people who live in the U.S. but aren’t U.S. citizens.” This resource comes straight from the source, making it one of the most valuable financial resources on this list.

Myth Busters—Minimum Wage Edition

This video put together by the National Federation of Independent Business, breaks down details surrounding minimum wage. As they say in the description: “Misinformation swarms around minimum wage. See what common notions are actually works of fiction.”

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SME Toolkit Financial Forms

This is a long list of forms you’ll want to bookmark for later. Here you’ll find everything from cash flow analysis worksheets to employee timesheets and budget planners. All are free and downloadable.

How to Prepare a Balance Sheet

This resource provides you with the initial equations you need to create an accurate balance sheet in addition to details for determining what your assets and liabilities are. You’ll also find formatting suggestions for the final spreadsheet that you create.

Small Business Calculators

Head over to Sure Payroll’s financial resources section and you’ll find a variety of calculators that you can use to determine payroll costs. Choose from a number of specific calculators, including those for payroll deductions, payroll taxes, marginal tax rate and earned income credit.

Top Tax Deductions

Don’t miss an opportunity to deduct come tax time. This list of potential deduction opportunities, put together by Forbes, is a great place to start when determining how you can save when tax season comes around.

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Last Updated on June 25, 2019

How to Ace an Interview: 10 Tips from a Professional Career Advisor

How to Ace an Interview: 10 Tips from a Professional Career Advisor

Wondering how to ace an interview? In this article, you will learn everything you need to nail your dream job — from resume submission to the end of the interview cycle.

In order to land a job interview, you must start with submitting a great resume. Submitting resumes is generally done by, “apply now”, the way many apply for consideration to a job requisition. Even if not applying the tradition way, let’s say, emailing someone in your network about an opportunity- you will still need a great resume.

So first thing first, work on your resume.

Today in the United States, 98% of organizations use applicant tracking systems (ATS) to extract information from an applicant’s resume to build a digital applicant profile that can be searched, filtered, and/or ranked.[1] So, a resume that is ATS friendly is part one for landing and acing a job interview.

To do this, a resume must have certain formatting and keywords to get the resume through the scan and into the hands of a recruiter. Without a resume that works with and for today’s technology and requirements, an interview can be difficult to land.

Here’s a great DIY Resume Guide (Do it Yourself Resume Guide) to help you craft an ATS and Recruiter friendly resume:[2]

There used to be a time where a job application was enough, today, an ATS friendly resume leads all methods in landing a job interview.

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Now, let’s talk about acing that interview.

A job interview is part 2 of the job application process. An interview is where applicants that have met the minimum requirements are selected to discuss the job opportunity with the employer or hiring manager.

Interviews are generally conducted via telephone, in person, and or applications/technology such as Skype. When the interview is landed, these 10 tips will help you ace the job interview:

1. Going for a Job Opportunity That Speaks to Your Passion

Having a passion for the job/ industry is extremely important. Doing something that aligns with inner passion is important for quality of life.

People that have passion for the job that they are interviewing for generally have better interview experiences. When we talk about what we love, it is seen in our faces, our body language, and heard in our tone. Here’re 10 Reasons Why Following Your Passion Is More Important Than Money.

In short, consideration of talents, discovering the things that make you happy and sad, and what you love losing yourself in.

2. Study the Job Description: Essential Job Functions and Qualification Requirements

Doing this will allow you the opportunity to develop examples of past and present experience that relate to the essential job functions and required qualifications.

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Examples of experience is always a plus for interviewers, painting a full picture goes a long way. Even when not asked for an example, it is always a plus to tie answers to interview questions to examples from your experience.

If there is a portfolio (work samples: images, writing samples, published work, videos, awards, etc.) of work- that’s even better!

3. Research the Company and the Interviewer(s)

Being an employee means entering into a relationship with an employer. In many areas of life, research is done prior to committing; researching a company prior to an interview is no different.

It is important to determine if the company is a good fit and therefore makes it easier to answer “why do you want to work here?” It helps better verbalize how past experience, skills, and values align with the company’s mission, and it shows the interviewer that you are interested in more than just a job.

4. Think Positive and Tap into Confidence

Positivity exudes confidence and both are necessary, so the employers knows that trust can be given.

Thoughts lead to action, therefore, operating from a positive perspective will reveal confidence. The goal of the interview is to land the job offer; employers need to believe that you believe in yourself so that they can believe you. Here are a few tips for positive thinking.

5. Have Copies of the Resume Used to Apply for the Job

It’s always good to be ready for extra interviewers in the room; many interviews today are panel interviews/ multi-person interviews.

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Though a resume was likely submitted with the application, it is always a good idea to come with extra copies in anticipation of the potential need. If there was no resume submission, it is crucial that you provide a copy during the interview; doing this shows the employer preparedness and resolution to challenges.

6. Plan for Behavior Based Interview Questions

Most companies use pre-selected questions, often times having a list of behavior-based questions. Usually these questions start with: “provide an example of”, “tell me about a time when”, and/or “describe a time/situation when”.

Having examples of problems solved and strategies used, initiatives led, contributions to teams and departments, will help ace a job interview. Painting a picture to help employers see skills, qualifications, and experience is extremely important during a job interview.

7. Make a List of Selling Points

It’s important to be proactive about the selling points that you want to make in an interview. This is where a portfolio works great! It is a great idea to make a list of selling points that reaffirms and demonstrates skills, qualifications, and experience.

Consider: awards, programs/ processes launched that led to cost savings and/or profitability, training/education, etc.

8. Showcase a Mixture of Personality and Professionalism

Companies like to make sure that interviewees are a good match for the company culture. Having a good balance of personality and professionalism during a job interview is key.

Personality can be shown when discussing hobbies, community service or extracurricular activities in answers to behavior-based questions, when describing your passion, and when discussing selling points.

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9. Have Your Questions Ready- Interviewing Isn’t One-Sided

Interviews are two-sided, like all relationships (an employee and employer agreement is a type of relationship). Before entering in many relationships, we all have a set of questions that we need answers to, prior to making the decision to commit.

Beyond doing this for self (because asking questions helps reduce doubt and uncertainty), it also shows the employer that there is interest in the company and its future and, shows that you are informed.

Here are a few considerations: “Can you tell me about the team I’ll be working with?”, “Why is this position open?”, and “What qualifications/ skills are important to succeed in this role?” You can also take a look at this guide for more idea: 7 Questions to Ask in a Job Interview That Will Impress the Interviewer

10. Follow-up with a Thank You Note

Interviewers love gratitude. Sending a “thank you for taking the time to discuss the job opening with me”, is very important to acing an interview.

Interviewers discuss one job opening with many applicants. A thank you note can serve as gratitude and the final chance to showcase selling points. This is also the opportunity to address any concerns that the interviewer may have had in the interview.

Summing It up

Consider a job interview a house. the foundation for acing a job interview is passion. The frame is a resume that lands the interview. The plumbing and electrical are showing up with confidence, providing a list of selling points, having examples of your experience and qualifications, and engaging the interviewer. The roof is showing gratitude with a thank you note.

More Tips About Job Interviews

Featured photo credit: Nik MacMillan via unsplash.com

Reference

[1] Jobscan: What is an Applicant Tracking System?
[2] Veronica Castillo: New Job- DIY Resume

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