Recently FeeFighters was acquired by Groupon. It has been 3 years since we started the company as a hobby and 2 years since we raised angel money and went full time on the business. Our goals have always been to help small businesses run more efficiently, and by teaming up with Groupon, a pioneer in local e-commerce, we are able to execute on that goal even better than we were as an independent company.
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A personal guarantee is when one of the owners or principals of a business extends his/her personal credit to back up liabilities incurred by the business such as business loan. Corporations in the US and most other countries have limited liability for the owners. That limited liability was an important legal innovation because it allowed large groups of investors to invest in a company and not risk losing anything more than their original investment. Read more
Yes, I am adding to the cacophony of commentary on local deal sites. This is one data point, but I have bought from local deal sites a total of 3 times in my life (and once was amazon and once was gap) and this was my mailbox this morning. Read more
Only those who are asleep make no mistakes.
Ingvar Kamprad, Founder IKEA
No doubt Wikileaks made the news in 2010, with the release of those ‘secret’ documents from the Army and the State Department, and they may continue doing so in 2011 with a release of new documents from a large financial institution. Read more
You can’t have a better tomorrow if you are thinking about yesterday all of the time.
Charles F. Kettering, inventor
There’s a wealth of information on Twitter at the disposal of each small business owner,writes Alyson Kruger in Business Insider. She compiled a list of people that provide the best advice, answer questions and link to resources: Read more
With banks ignoring the needs of small business owners with increasing frequency, many have turned to friends and family when they need a boost in their cash flow or need a loan to make a large purchase. But it’s unwise to approach a personal loan casually, and not take the same precautions that you would for any other type of loan. After all, there is much more at stake than just a failed loan or foreclosure—there are important relationships at stake. If you’re thinking about borrowing from those closest to you, read the following hints before you make the commitment. It just might save your business—and your friendships. Read more
When most people think of bankruptcy, they automatically think of it in negative terms. After all, it’s a sign that a business has failed, and has taken the step of last resorts. In fact, according to the Administrative Office of the U.S. Courts , 58,322 business filed in 2010. But did you know that it can also be used as a way to reorganize your business, and perhaps give it that much needed financial boost? If you’ve thought about filing bankruptcy in your business, let’s take a look at your options and what you need to consider. Read more
“I am only as good as my team” is a line we hear quite often from successful business owners. While it is true that a successful team and happy work environment encourage productivity, it is also true that the business owner is the one who sets the tone. “A good team” is something that has to be built and nourished, and it starts with the boss. Read more
Many small business owners try to do their own books, but many times, that can lead to profit loss in the best case scenario, and a meeting with a representative from the IRS in the worst case. These business owners believe that by doing their own books, they’ll save money because they won’t have to pay accounting fees. But that may not be case. A good accountant will act as more than just a number cruncher—he can usually save a business owner money by evaluating business financial practices, and even by helping plan for expenditures and expansions. If you’ve never thought of hiring an accountant for your business, let’s first take a look at what you’ll need to consider, and then how to keep the costs to a minimum. Read more
In my last post I talked about why you should leave your corporate job and join a startup. In this post I want to talk about how you can get a job at an awesome startup like FeeFighters.
Outright, online accounting software for small businesses, seeks to streamline business accounting. How are they different from other business accounting sites? Let’s take a look.
Lots of times FeeFighters users ask us what a personal guarantee is and when/why they have to sign on. This week’s kick addresses that issue as Sean talks the basics on personal guarantees.
FeeFighters recently spoke at a utility conference about how its participants can save money on credit card processing. After analyzing one of the participants’ credit card processing statements, we realized they could save 25% or about $30,000 annually on their credit card processing fees.
Last week, I had the pleasure of speaking at the Extreme Entrepreneurship Tour. My task: inspire students to consider becoming entrepreneurs. One of my pieces of advice was to expand professional social networks by joining LinkedIn.
We were having lunch with our friends Sunir and Mike from Freshbooks, and Sunir mentioned the event SOBCon. I had no idea wtf he was talking about, but he then explained that SOB stands for Successful Online Business.
By the time we talk to business owners, many have been burned by a credit card processor. They reach out because they have been lied to, promised lower rates, and altogether feel cheated.
Many business owners in these uncertain times are looking for a way to turn around their flailing businesses.
We had a great time submitting, organizing, and speaking on our panel on financial institutions and startups. Here are some photos from the event and a great summary from moderator Felix Salmon:
I was reading the New York Times, learning from Thomas Friedman about the myriad of Islamic uprisings that are about to occur and I was presented with the attached ad.
