How to Analyze Your Profit Margins

July 06, 2020 by First Federal Bank

When you’re a busy entrepreneur it can be easy to get lost in figures like expenses, sales, and earnings. However, these numbers don’t paint the whole picture of your company’s health. That’s why it’s important to understand your company’s profit margins, which show you the proportion of how much profit you’re actually earning when compared to...

Topics: Small Business, Financial Education, Entrepreneurship

Add These Business Newsletters to Your Inbox

June 08, 2020 by First Federal Bank

Want to improve the success of your business? Start by learning from other business owners and market experts. By subscribing to communications from these companies and news outlets, your email inbox will be loaded with tools to give your company a leg up.

Topics: Resources, Business Banking, Small Business, Entrepreneurship

Finance Options for Opening a Restaurant

January 07, 2020 by First Federal Bank

Whether you have an old family recipe that you feel should be shared with the world or want to try your hand in a growing industry, starting a restaurant is challenging yet rewarding experience. Setting aside the intricacies of creating menus and establishing your brand, you will need significant seed money—The Balance Small Business’s Lorri...

Topics: Small Business Lending, Small Business, Entrepreneurship

Should Personal and Small Business Banking Overlap?

December 27, 2019 by First Federal Bank

One of the most common mistakes small business owners make is failing to separate their personal and small business finances. Many owners try to process their business transactions through their personal bank accounts, but whether they do it for convenience or to help reduce expenses and bank fees, the reasons to not do it are much more...

Topics: Small Business, Entrepreneurship

How to Make a Loan Against Your Retirement Accounts

December 23, 2019 by First Federal Bank

Saving for retirement is meant to help you finance your future, improving your quality of life after your work years. The more you are able to set aside and the longer you allow that money to accrue, the more cash you’ll have to live on. Because of this, it’s recommended to defer taking funds from your retirement savings as long as possible —...

Topics: Small Business Lending, Business Banking, Small Business, Retirement, Entrepreneurship

The Cost of Hiring a New Employee

September 18, 2019 by First Federal Bank

Whether your business is growing or a departure has left a vacancy, you need to hire a new employee. While the benefit of having that person join your company is valuable, the cost of hiring them — beyond their actual salary — can add up. To ensure you’re budgeting accurately for your next round of hiring, keep all of these overlooked costs in...

Topics: Small Business, Entrepreneurship

Best Tools for Accepting Mobile Credit Card Payments

August 26, 2019 by First Federal Bank

There are a lot of things to consider when you open a small business. One of the essential tools you’ll need is a way to accept payment. If you’re not ready to purchase or lease a whole register system, consider mobile credit card payment processing from one of these vendors.SquareProbably one of the most well-known names in mobile credit card...

Topics: Business Banking, Technology, Small Business, Entrepreneurship

What is Passive Income?

August 23, 2019 by First Federal Bank

Warren Buffett, the billionaire businessman and philanthropist, once said: “If you don't find a way to make money while you sleep, you will work until you die.” Though it may sound like a somewhat grim indictment against the retirement prospects of the working person, it’s at its core a recommendation to look into the winning strategy that is...

Topics: Small Business, Investing, Entrepreneurship

Should You Become a Landlord?

August 19, 2019 by First Federal Bank

Managing a rental property can be a smart investment. As a landlord, you are the owner of property that generates a monthly income that is set by you. However, as a landlord, you are responsible for everything that breaks, and you have to trust that your tenants will pay their rent without wreaking havoc on your property. It takes a lot of...

Topics: Small Business, Entrepreneurship