Once you have decided what products or services your business will provide, and gained a premises, vehicle, or even staff, you may also want to consider the ways that you will receive payment. You may need to factor in what will be most feasible for your line of work, as well as the type of payments that your clients may prefer to use.
Many people prefer to make payment with their debit or credit card, simply because it easy and convenient, and means that they don’t need to keep physical money on their person. This can also be more beneficial when larger payments are needed.
There are now even ways that you can take card payments remotely, such as from a client’s home – learn more about mobile credit card processing here – which means that larger sums of money can be transferred for work completed, or goods delivered, without either party needing that money on their person.
You may need to consider if there will be any fees applicable to you for card payments taken, either due to not meeting a minimum threshold, or in general, but could make it clear to the customer that a set amount will be added to their bill for anything under that required amount.
Payments for goods and services could also be taken traditionally, in the form of cash. To be able to do this, you may need to keep a supply of petty cash within your building or van, so that you are able to give change.
Other cash can then be deposited into your business account at the end of the working day, to reduce the likelihood of theft from your premises. Having a means of securely storing this money throughout the rest of the day, such as a locked register, or even a safe, can help to keep your profits safe.
You may need to consider the feasibility of taking cash for some aspects of your role, such as overly large payments, as well as the hygiene aspects during cold and flu season, as cash changing hands can contribute to the spread of germs.
One often overlooked means of gaining payment can be through the use of gift cards. These can benefit your business by allowing for goods or services to be paid for in advance by the buyer of the card, meaning that the recipient can then cash in on that at a later date.
In addition to the simplicity of giving the opportunity to use your wares as a gift, these cards can also help to promote your business, through inclusion of your company name, address, and even logo. You may want to consider whether you create your own vouchers to save money, or instead have cards made up to try and help prevent fraud.
Receiving payment can really help to motivate you to keep pushing your business forwards. By contemplating the variety of ways this can be achieved, you may also be able to increase the number of people who choose your brand.