Running an online business can be both stimulating and daunting. It's like boarding a ride with no seat belt on. But fear not! With the right strategies, you can turn your storefront into a thriving one. From generating leads to optimizing sites, there are ways to grow your business.
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In this episode, Micah Fraim joins us. He is the founder of a small business servicing big e-commerce businesses. He shares his insights about online and offline business accounting. It will help you future-proof your company in this digital landscape.
So, buckle up. Put on your business hat. Let's explore clever tactics to take your business to the next level!
Here are three reasons why you should listen to the full episode:
- Learn tips on how to optimize your online presence.
- Take your online store to the next level.
- Discover strategies on how to grow your online business.
- For more insights, set a consultation with Micah through his company’s website.
Starting Out in the Industry
- His dad, a financial advisor, influenced his philosophy on money. He inspired him to get business as a course and accounting as a major.
- He looked for security after his father’s crises. He got a corporate job as a financial analyst at a big firm.
- He decided to leave after 3 years to set up his own firm. He faced risks of losing a big chunk of his income.
- He started out with small clients in his area. Then, he stumbled on his first big clients.
- Word spread of his great work among the bigwigs.
- Understanding the core of his clients’ business operations.
Start an Online Business
- All e-commerce has periods dictated by the market. It results in difficult tax issues related to state policies.
- Nurture your small business idea and turn it into a great online business.
- Start a business via affiliate marketing. A profitable online business earns money through ecommerce business.
- Utilize social media accounts when you start your own business online. Then, sell online.
How Accounting Helps Your Best Online Business Ideas Grow
- Invest in experts to solve your legal and tax issues. A great business knows the value of legal assistance.
- Delegate these matters to experts. As the head of the company, focus on crafting strategies.
- Get expert advice on your taxes once you’ve established your business model.
- As a business owner, don’t try to keep your own books. Set up meetings with an accountant to discuss your business needs. Determine the right plans bespoke to your business.
- Get a bookkeeping program to make sure you log all things.
- Learn to understand basic income statements, balance sheets, and cash flow statements. This will help you spot advantages and assess your performance.
Common Mistakes of Business Leaders
- It’s not about worrying over the smallest, day-to-day details. It’s about paying attention to reports. It's about tracking your metrics and KPIs to reach sound business decisions.
- Don’t worry about the numbers. A leader’s mindset should be serving the public with their services and products. This way, you can have a stable base of customers. It will keep your business for a long time.
- It’s hard to face legal battles. Setting up preventative measures with experts is critical.
Micah Fraim is the owner of Fraim, Cawley & Company, CPAs. Some of his clients are the biggest and most successful online businesses. It includes Adam Linkenauger from Authority Online and Rocky Ullah from I Love Basketball TV. He is a thought leader on social media. He has millions of subscribers on YouTube and Facebook. He has been featured in major publications such as Time, Forbes, and NASDAQ.
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