Balancing The Books
Hi,
I just wanted to bring up the subject of spreading your financial risk across the business. We have been seeing a lot of talk about payment processors lately in light of recent events but how many Warriors actually take the time to create a balanced financial strategy for incoming money.
Most 'traditional' businesses tend to have many complex strategies for managing money, cashflow and expenditure but it seems that so many people still view internet marketing as either a hobby or cash in the back pocket.
Consequently it is common to opt for the easiest strategy of collecting money which has to be PayPal in the main.
But of course, when this goes wrong, how do you maintain a cashflow.
Maybe it is a good idea now to start thinking of some options such as opening or using your clickbank account and opting for cheque payments or bank transfers. Yes I know it is not easy to hide these sorts of payments from the tax man but this is a business, right?
I also know that when you start off, it can take a long time to get hold of click bank payments but after you start seeing them coming in, that problem should go away.
If you are not in the US, then a cheque payment might actually be much slower because of waiting for it to arrive then waiting for your non-US bank to clear the funds and so electronic transfer might be good and places like Google Adsense did support this. Again it takes a while for the cash to flow but again, is just one more strategy to consider in your business for breadth and safety.
Ok, enough of me going on, has anyone else got any great thoughts or suggestions about this?
I just wanted to bring up the subject of spreading your financial risk across the business. We have been seeing a lot of talk about payment processors lately in light of recent events but how many Warriors actually take the time to create a balanced financial strategy for incoming money.
Most 'traditional' businesses tend to have many complex strategies for managing money, cashflow and expenditure but it seems that so many people still view internet marketing as either a hobby or cash in the back pocket.
Consequently it is common to opt for the easiest strategy of collecting money which has to be PayPal in the main.
But of course, when this goes wrong, how do you maintain a cashflow.
Maybe it is a good idea now to start thinking of some options such as opening or using your clickbank account and opting for cheque payments or bank transfers. Yes I know it is not easy to hide these sorts of payments from the tax man but this is a business, right?
I also know that when you start off, it can take a long time to get hold of click bank payments but after you start seeing them coming in, that problem should go away.
If you are not in the US, then a cheque payment might actually be much slower because of waiting for it to arrive then waiting for your non-US bank to clear the funds and so electronic transfer might be good and places like Google Adsense did support this. Again it takes a while for the cash to flow but again, is just one more strategy to consider in your business for breadth and safety.
Ok, enough of me going on, has anyone else got any great thoughts or suggestions about this?