Home Advertise Contact Blog Advertiser Login RSS
Newsletter Signup

Buy A Business Opportunity of Franchise
Home-Based Businesses
Choosing a Business Opportunity Growth and Profit Marketing and Sales
Plans and Goals Running Your Own Business Start-Up
Working From Home Entrepreneur Exchange Feature Articles
Opportunity Community Opportunity Focus In The News

Female celebrities are breaking the stereotypes of Hollywood and diving into the world of business. Check out how these women are using their fame, fortune, and power to start their own companies. From media production to makeup, these Top Female Celebrity Business Owners are doing it all!

As...

With only a few weeks lefts in 2017, it’s time to get organized now! The holidays are around the corner and you don’t want to be scrambling at the end of the year. Use these Small Business Organization and Tax Tips to End 2017 to help you keep the end of the year stress to a minimum.

Happy...

Entrepreneur Natural Disaster Tips - Top 50 Things for Business Survival

Hurricane’s Harvey and Irma have taken a toll on many home-based, work-from-home,...

Sponsors

STARSCAPES®
Imagine making up to $500 to $1,800 a day! Call or click now see how you can get your business for FREE! (602) 679-0257
Promotional Products Home Business
Run Your Own Business. Be Your Own Boss. Earn Great Profit Potential. Start At A Low Cost. Try It For Free! Learn More.
Residual Income Business Opportunities
Residual Income is the way that you work once and get paid multiple times—sounds great!... Read On
Top 7 Reasons to Consider a CMS
The internet loves obscure abbreviations. You can skip over most of them, but not CMS. What is CMS? read on...
The Ideal Length of Everything Online, Including Social Media Posts
When one of your busiest marketing channels limits you to 140 characters, you know that the internet sets its own rules.
Low Cost Business Opportunities to Own
Are your right for a Low Cost Business Opportunities to Own? The desire to own your own business... Read On
Why Advertise Your Business Opportunity?
Over the years we have been fortunate enough to receive quite a few testimonials. In fact, ... read on
The Top 10 Reasons to Buy a Business Opportunity or Franchise
Starting your own small business is part of the American Dream, right up there with owning your own home. Read On
7 Keys to Leading Highly Effective Sales Conversations
Most people's sales conversations could be better. Not a little better, significantly better. Read On
National Property Inspections
Flexible work schedule, no experience needed, and complete training and support available!
How Many Leads Does It Take To Close A Sale?
This Featured Article is live on our blog and I know could be very insightful for connectivity and ROI.
Top 50 Home-Based Business Ideas
Home-Based Business ownership can be the most rewarding endeavor you will ever undertake. The new year... Read On
I Want To Buy a Business Opportunity or Franchise
Who are the types of people who buy a business opportunity or small franchise? According to people in... Read on
Copying & Publishing Business Opportunities
Today creativity abounds in the printing and publishing space with more unique business solutions than ever imaginable.
 
Resource Center > Article
Home-based and Other Small Business Tips on How to Get Paid
Share this Article:

Whether you are a work-at-home one-person shop or even the owner of a small business opportunity or franchise with only a few employees, it’s very likely that the task of collecting on past-due invoices will ultimately fall on one person…you. And while there are many perks to being your own boss, having to play the role of collections agent is not one of them.

Let’s face it, asking people for money―even though you’ve earned it―isn’t always easy, especially when it’s a customer or client that you know means well but who may be struggling financially. Unpleasant as it may be, the hard truth is that the longer you give someone who owes you money a free pass, the less likely it is that you’ll ever get what you’re due. In fact, studies show that if you let things go for three months your chances of collecting are just over 70%. At six months, you’re down to little more than 50%, and if you get to the one-year mark there’s only a 25% chance you’ll ever be paid.

Okay, so there’s your incentive to proactively communicate with your customers and clients about your policies and procedures for how and when you expect to be compensated right out of the gate. It’s also good reason to manage your accounts receivables early on and regularly.

But what do you do when an overdue invoice has languished too long, say for more than 30 days? According to the experts, the key is to take action sooner rather than later. Start slow and steady, and follow these basic steps:

• Reach out to your customer/client to confirm that your original invoice was in fact received and restate the original terms set forth by you and agreed upon with regard to payment. Tell your customer/client that a prompt response to your request is much appreciated.

• Start with email. If that goes unheeded, it may be time to pick up the phone. Be assertive, yet polite.

• If talking in person yields little in the way of results with your direct customer/client contact, you may want to consider moving up the chain of command, if there is one. However, you need to be respectful the whole way. Remember, while you do want to be paid, you don’t want to risk your first-line customer relationship over what may only be a temporary problem…if you can help it. If you are appealing to another sole proprietor directly, it is okay to keep up the reminder phone calls for a short while so long as they are not too overwhelming and are placed with reasonable distance between them.

• Try to obtain verbal or written confirmation that your messages have been received and that payment has been sent, as well as when it should arrive. If you don’t see payment within a reasonable timeframe of when it was promised, you need to step up the pressure.

• This would be a good time to offer new payment terms if you can swing it. Perhaps your customer/client can afford to pay a set amount each month over the next six. If this new approach still doesn’t work, then threats (gentle at first) may become necessary. Mentioning your lawyer or a collections agency is what will oftentimes do the trick when being nice just hasn’t worked.

• Finally, be prepared to take action and call in reinforcements should reasonable exchanges lead nowhere after four to six months. Wait any longer and the chances are good you may never see a penny of what you are owed.

Related Blog Posts

Buying a computer for your business is a big decision. Don’t take it lightly! To help, we’re sharing our tips to Choosing the Best Business Computer.

If you’re thinking about buying a computer for your business, please read this, PLEASE! Buying a computer is one of the most important business...

Feeling overwhelmed with being a mom and an entrepreneur? We got you covered with our Success Advice for Mom Entrepreneurs!

Being a mom is a full-time job itself. It is no secret that children require a lot of attention. This can be tough if you are trying to start or run your business from...
30 Oct 17 Posted by: admin
in Running Your Own Business

Secure the Right Domain for Your New Digital Business - Every digital business starts with one thing in common: a domain name. Without a domain name, you do not have an address for your business where customers can find you.  It’s like having a business without having a physical address. How can...

With millions of apps to choose, what are the go-to apps for entrepreneurs? Check out our picks for the Top 10 Apps for Entrepreneurs in 2017!

Let’s face it, our smartphones rarely stray from our sides. We’re all tied to our phones, whether it be to text, call, or email. What are we using our...

Starting a Business? The Best Tools for Business Owners. To help you save your time searching the internet trying to decide what option to pick, we’ve compiled the best tools for business owners available on the market.

With modern technology, everyone is always raving about a new app or website....
 
   

I had the pleasure of chatting with Shawn Pigg, CEO of Hotels Etc. for BusinessOpportunity.com's Podcast series that will be released very soon on our new Digital Platform.  Here is the transcript from that call for our regular RSS feed subscribers who get all of our posts first.

If you would...
Read More


Premium Sponsor