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10 Best Practices to Refine the Dental Accounts Receivable Process

Accounts Receivable forms an integral part of any business. It is defined as the amount of money which a business expects from its customers in the form of payments against the services or goods provided to them. In the dental practice accounting; billing, receiving collections and payments, and client intake comes under the management of accounts receivable.

The dental clinic or hospital has to not only take care of the clinical procedures, but also manage a lot of clerical work such as clearing appointments, scheduling patients, organizing medical records, recording diagnostic and treatment methods, and more. Dealing with all these tasks, along with accounts receivable management is surely overwhelming. However, by following the below-mentioned guidelines, managing accounts receivable becomes effortless.

Complete Guide for Dental Accounts Receivable Management

Dental invoice processing is hard to manage to owe to different types of treatments of the patients which go on for weeks and months. This guide will surely help in lowering down the dental billing complexity and streamline the accounts receivable process.

1. Have a Written Payment Policy in Place



Documentation: It is imperative to have a written payment policy in place that makes the customers legally know that they have to make the payments fast or else face the penalties against overdue payment. From client queries to behaviors, everything should be documented in order to refine the payment policies. Having a well-documented and customized payment policy ensures timely payments, along dealing with client excuses.Offering Payment Plans: The most successful dentists are the ones who offer payment plans to their clients. The reason being most of the clients find it hard to pay their health bills, especially in one go. They need customized payment plans and offers to make the payments and offering them this option assures timely payment for sure.



2. Accept Different Payment Methods

The dentists who struggle to receive timely payments are the ones who prefer only one or two modes of payments. This approach limits the patients to pay on time as they might be ready to pay you in one of the forms which they are comfortable in, but you don’t accept that payment form.

So, it is vital to accept almost all payment forms, especially the online ones, and structure your accounts as required for eChecks, ACH payments, credit cards, HSA and FSA accounts, and more.

3. Patient Financial Services

The timely and accurate delivery of the accounts receivable is ensured with patient financial services in the medical world. For efficient handling of the medical billing, knowledge of the laws and insurance payers, along with healthcare regulations is evident.

Apart from this, timely submission of medical claims to the insurance agencies, along with a quick follow-up speeds up the claims and accounts receivable process.

4. Collect Money Upfront

For medium and large projects, this approach is definitely recommended. There should be an agreement in place that states half of the bill amount needs to be cleared during job initiation and the remaining amount at the end of the job.

This makes it for good faith, and you will most likely be paid at the end of the job as discussed. Apart from increasing the cash flow, it will train customers into paying before the completion of the work.

5. Rejected Claims Management Planning

When claims are rejected, it delays the accounts receivable and cash flow progress. It is important to find the root cause for claims rejection and plan to put appropriate strategies in place to ensure zero claims rejection.

It is essential to monitor the claims metrics closely with the medical payers and dental accountants to ensure the limitation of any unreasonable demand. This also decreases the accounts receivable days and make the revenue cycle more proficient.

6. Precise Price Assertion

Price assertion is considered to be extremely critical in the times of high-deductible offers and plans in terms of patient collections. By leveraging transparency in finance and clearing doubts regarding care costs upfront, better opportunities for the patients can be established in the form of payment plans, which eventually leads to even better management of the healthcare bills.

7. The Amalgamation of RCM/EHR System

Majority of the healthcare systems are opting and incorporating the use of the wholly integrated RCM/EHR systems to consolidate and streamline collection and billing processes. Through the integration of management systems for revenue and EHR in the healthcare sector, organizations can witness significant gains by the optimization of the revenue streams at the care time directly. This speeds up and maximizes reimbursement, streamlines collection processes, and minimizes denials at large.

8. Get Paid or Hold On to Work

This is more of a penalty tip where reinforcement in a negative way needs to be brought in use against some situations. The main motive behind this type of approach is to highlight the fact that relationships in the working arena constitute transactions where payments and work go hand-in-hand.

9. Provide Best Service Possible

Apart from getting treated for a particular dental problem, most of the patient complaint of not getting appropriate services. There are times when they have to wait a lot or do not have a good experience in the form of refreshments, washrooms, and other stuff.

Dentists should make sure their patients have the best experience when they enter their premises in terms of treatments, refreshments, infrastructure, washroom, utilities like free Internet, and more. This makes the patients feel good and respected, and this favor is returned gracefully by them in the form of timely payments.

10. Hire a Dental Accounting Practices Expert

When it comes to managing accounts receivable and other tasks related to accounting for dental practices, it is imperative to hire an expert for the same. This lets the dentists focus on the treatment of their patients and not on financial management.

It is imperative to look for a CPA (Certified Public Accountant) who must possess an undergraduate degree, along with the industry experience and eligibility for state certification. Also, your requirements for managing the accounts receivable and other financial tasks should be kept in mind, along with any other financial complexity at the time of hiring. For further necessities, hiring a team of CPAs or a firm providing accounting services for dentists is advisable.

Conclusion

The above-post clearly explains the need for efficient accounts receivable management. The step-by-step guide removes every possibility of an error during the management of accounts receivable and also provides great insights into finding the best expert accountant for your dental practice.

Also Read- 8 Tools to Make Your Business More Efficient

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Why Working in a Coworking Space Is Ideal for a New Startup

Many startups choose to work in coworking spaces these days. The trend is gaining momentum each year, and more and more startups elect to work for longer periods in shared working spaces before moving to a dedicated office. The following are some of the most important reasons for this new trend.

Fierce Competition

Any new startup will find the competition to be extremely fierce and even hostile. New businesses need to do their market research very carefully to ensure that there is a viable place for them in the community. There is also the issue of startup capital to cover the overhead of the business until such time that it to stand on its own two feet financially. Statistics show the harsh reality: 50% of all startup businesses will fail in the first two years. Therefore, any action that can be taken by the owner to reduce the operating costs can help the business have cash on hand for more important things. That is exactly why sharing a coworking space can be of tremendous benefit, especially during that time when a business is still struggling to stand on its own two feet.

The Case for Coworking

In many industries, coworking situations are frequently encountered, especially among startups. In most cases, a businessperson will pay for a membership, the cost depending on a wide range of options. You may require a certain number of seats to run your business successfully, or you may require one or more dedicated desks to do what you need to do. In such a coworking space, there are often things such as printing services or a variety of beverages for the convenience of people working there. There will also be telephone services that are then debited to the various businesses using the service.

Such a coworking space provides a new business with many benefits. There is no need to rent expensive offices or purchase office furniture and other important resources that normally needed to run a conventional business. The cost of those expenses is saved by using a coworking space, which is often the saving grace of a new startup. In fact, coworking spaces can make the difference between success and failure in a very competitive environment. There is also no need to commit to long-term leases as far as office space is concerned.

Looking at the Situation Objectively

Obviously, the most important reason why startups should consider a coworking space is that it provides a more cost-effective way of doing business. If the startup owners don’t find an effective way to curb excessive spending, they may very quickly find themselves in a situation where the startup’s capital is exhausted, and refinancing may not be a viable or cost-effective option because the potential of the business may not be sufficient to seriously consider additional finances.

It is important to approach the issue of coworking space with the necessary care, and several things have to be taken into consideration, such as the expected monthly costs. Furthermore, business owners should look at the value that can be derived from that coworking space, such as how much space is available and how many people can fit into that available space.

Basic Business Necessities

To run your business successfully, you may need meeting rooms and other office equipment. Another very important consideration is the future growth of that startup; therefore, the shared office space should be sufficient to allow the business to operate efficiently. In some cases, the target market of the startup might change, especially when market research has not been done properly, resulting in a location choice that later turns out to be less than perfect for that business. This situation may require the business to relocate to another part of the city where it will be closer to its target market. Such relocations can be very expensive, and once again, the option of shared office space could enable the startup to continue normally, something that would not be possible if conventional offices are leased. The problem is that there may be so many uncertainties when starting a new business and so many things for which there might not be a definite answer.

Many Things to Consider

Even though shared office space can be a wonderful solution, it is important that they provide all the things the startup requires. There needs to be scanning and printing options, an internet connection, and appliances for making coffee and other beverages so that things are civilized and comfortable. When it comes to conventional office spaces, business owners may have to run around and search for all the things needed to run that business successfully. Finding all those things can be time-consuming and expensive, but all of this can be avoided by finding adequate coworking space from which to run your business.

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What Skills do you Gain from Property Investment?

There are so many benefits to investing your money into property. The main reason people consider investing is to boost their income and achieve better financial security, but there’s actually a range of other ways that making an investment can benefit you. One of these benefits includes the impact that property investing can have on your skillset, helping you with future investments as well as developing skills to benefit your primary career. Here are some of the main skills you can build upon thanks to property investment. 

Communication skills

For investors that choose a hands-on investment, in which they manage the property themselves, communication is critical. You need to be able to communicate effectively with your tenants in order to build rapport and trust. If your tenant feels like they can count on you to respond to queries and resolve any issues as quickly as possible, they’ll be more likely to stay for longer. This is a huge benefit for any landlord, as you want to be sure to avoid any potential void periods where you could lose rental income. Communication skills are a big part of so many roles, therefore building on this skill is sure to benefit investors in all aspects of their life and career.

Money management

Investing is all about money, so it comes as no surprise that money management is one of the key skills that come from investing in property. Unless you hire a professional to help you, property investors need to be able to track their finances effectively, being aware of any outgoings and income. You should take into account all extra costs that come with owning a buy to let property, such as taxes, and make sure you know about terminology like rental yields. Many property investment companies will be happy to help their clients feel more knowledgeable and on top of their investment. For instance, popular company RW Invest provide their clients with expert advice and guidance every step of the way, along with informative guides for those keen to find out more about the property market. 

Research skills

Property investments require a large degree of research in order to be successful. You wouldn’t just jump straight into an investment without doing some research first, which is why those who invest in property are equipped with such strong research skills. Research should start with the initial stages of investing, as you need to look at things like location to make sure you’re securing an investment with the best rental yields and capital growth potential. After you’ve invested in a property, you’ll also need to carry on researching the current state of the property market, so that you’re aware of any fluctuating prices or major changes that could affect your venture. 

Patience

While not exactly a skill, one area that property investors tend to build upon is patience. Property investment can be tricky at times, and it might take some time before you start seeing the results you want. This could mean anything from waiting for an off-plan property to complete or waiting to find the perfect tenant to rent to. Being patient is necessary when it comes to investing, but it’s also a beneficial quality to have that will help with other aspects of life. 

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The Key to Growing Your Business

In the business world coming out on top can often come down to the finest of margins. One area which can make or break your business is the way you market your company. While word of mouth is great, you can’t get the ball rolling if you don’t have the initial clients coming in to see the excellent service you’re providing.

The marketing industry has been completely revolutionized in recent years as more and more businesses realize the importance of social media, streaming video and other digital elements in a marketing campaign. If you’re looking to take your business to the next level here are the biggest areas you should not ignore because they are prime opportunities to raise brand awareness and find new customers.

Social Media Advertising

There are few people alive who aren’t using some kind of social media platform today, so it goes without saying that social media provides an excellent opportunity for advertisement to grow your business. That doesn’t mean that all social media sites are created equally, however. As businesses invest more time and resources on social media advertising it becomes easier to track what is and isn’t working and to move the money being spent around accordingly.

The big winners of the social media sphere are Facebook. According to a Social Media Examiner survey asking simply if companies planned to increase or decrease their spending on a variety of social media sites nearly all showed more reductions than increases. Only two sites bucked the trend. Instagram, which is owned by Facebook, showed a +19% result. Facebook fared even better with a staggering +55%. These changes are because those platforms have proven their worth, so follow suit and turn your focus toward them.

Interactive Video

One of the hottest trends in video marketing is the use of interactive videos. When it comes to getting effective branding the key is interaction. When you can get viewers interacting with your videos, not only will they be more likely to share them with others, but the videos will also make a stronger impression so you get more out of each view.

Technologies like 360-degree videos catch the eye of viewers and make them want to keep watching, resulting in longer view times and increased engagement. If you want a video showcasing a new product or location to really make a splash, an interaction may be the answer.

Chatbots

When you get instant interaction with customers it has been found to improve their experience with your company and increase the chances of converting them into a new customer. While it may not be possible to have someone on staff to speak with customers online 24-hours a day, that doesn’t mean you can’t offer 24-hour service.

Chatbots are programmed to serve clients who visit your sites automatically, using algorithms to read their messages and respond with pre-written answers to their questions. It’s a great way to quickly solve problems and drive viewers to your services. Chatbots are an excellent addition to your sales funnels and landing pages to help visitors progress through the process.

Personalized Targeting

One of the best things about the increasing prevalence of Facebook around the internet is your ability to use it to focus your marketing efforts. Many people use their Facebook to log into a wide range of sites while also providing Facebook with information about their careers, education and interests. This information can be used to target your ads to the browsers most-likely to act on them.

When setting up advertising campaigns on the social media giant you have the option to get extremely granular with your parameters. This means that it’s much easier to ensure that the majority of your budget goes to putting your advertising in front of users who are hot leads.

Beacon Targeting

Few major consumer corporations don’t offer customers the opportunity to use an app to save or get special offers. These apps can be used for more than just driving sales with those specials, however. Some companies have begun using beacons in stores which can connect to the apps to track a customer’s progress through the store. This allows for detailed analysis of high traffic areas to help you focus and direct your marketing toward the hottest products likely to draw in the most eyes.

Break the Mold

Sometimes the best way to grow is to do something that nobody else has done before. When Mark Crumpacker was head of marketing and strategy for Chipotle he innovated with the idea to create original programming for iTunes and Hulu. Taking a bold swing like that is a high-risk option as there is the potential to fail in untested waters, but when properly executed it allows you to blaze a new trail and reap the rewards of your courageous marketing.

If you’ve been using the same marketing techniques for years then you’re behind the times. Trying out these hot new trends will take your marketing campaigns from the past into the future.

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How to Make Your Email Marketing Effective

Email marketing is one of the most important aspects when it comes to getting new customers so if you are a business, ecommerce, or a service provider, you need to stay on top of the game. Here are some important aspects that you need to focus on and how to get them to work for you to make your email marketing effective.

Adding Subscribers

When trying to attract people to sign up for your newsletter, consider adding an incentive. This will make it easier for you to add new subscribers. While there are people who might sign up just out of curiosity, relying on that alone will get you nowhere. It is important to note that the human mind operates in terms of profit and loss.

If you can make the incentive attractive enough for a user to feel like they will lose out on a profitable opportunity if they opt out, then you will attract new subscribers like a magnet. The incentives can be a discount coupon, free samples, sweepstakes, and so on.

Email Validation

Now that you have been focusing on gathering subscribers, another aspect of it is validating the email addresses. Email validation is necessary to churn out the bots and inactive users from the ones you really need to focus on – you can try an email validation and verification service.

How most email validation services work it that they extract the MX records from the email address and then it is connected to the mail server and then a message is sent over SMTP to make sure that the email really exists. This is necessary so that you don’t focus your energy and resources on something that isn’t even real and won’t give you a return.

Segmentation And Targeting

How you segment your subscribers and market to them will make a world of a difference as to whether your email strategy turns out profitable or not. Generally, you can first segment subscribers based on their profitability – loyal customers, new customers, and potential customers. Email validation is also an important aspect to segregating your target audience who can be turned into customers.

Once done, you can then classify them again based on their interest in the products.  So, if you sell gadgets online, then segment them based on people who are interested in mobiles, laptops, tablets, etc.

There are infinite kinds of segmentation you can perform on your list. What type of segmentation you do is completely up to you. Just make sure that the email platform you choose allows the segmentation options you are looking for.

Converting Subscribers To Customers

Once the segmentation is complete, you can start sending targeted emails to convert subscribers into customers. Make sure that the email you send is structurally sound and perfect. It must be in the correct format and have an intriguing subject line so that the audience will click and open the email. It must also have a body content that gets the message across in a short, succinct, and attractive manner. There needs to be a clear Call-To-Action button at the bottom of the email asking the receivers to act in a way you want them to.

For better results, you can use a tactic known as the ‘drip sequence campaign’. The idea is pretty simple. When someone subscribes to your email list, you must send them a free gift like an ebook, discount coupon, etc. Then wait for a few days and send an email once again asking whether they liked the gift you gave them.

Clear any doubts your customers may have and after a few more days, you can send invites to your customers asking them to check out products they might find interesting. Since they have already accepted a free gift from you, the customer will be compelled to check out your offerings in a positive manner and may end up buying it. This is usually done automatically and is a service provided by the email marketing software.

Analytics

Finally, make sure that you are an expert at tracking and interpreting e-commerce email analytics. These include open rate, click through rate, bounce rate, opt-out rate, and so on. Make sure to know what they mean and how to use such metrics to strengthen your hold over your business. When you master the analytics side of email marketing, you will be able to improve both the quality of your emails and the conversion rate.  

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5 Pieces Of Advice For New Entrepreneurs

As a new entrepreneur, you’re probably excited about the future and also feeling a bit overwhelmed. You will no doubt have a lot on your plate and others depending on you to make the right decisions so you can lead them to success.

There are five pieces of advice, in particular, you should highly consider if you’re going to build a business that thrives for years to come. Soak up as much information as you can at the beginning of your career so you can get a better idea of what it takes to run a flourishing business. Most importantly, enjoy the journey and appreciate the opportunity to set your own schedule and be a leader others look up to. 

1. Always be Learning

One piece of advice you should highly consider as a new entrepreneur is always to be learning. Figure out what it is you don’t know and then go out and seek the answers you need. Avoid relying on others for input and recommendations and instead gain the confidence yourself to determine the right path for your company. For instance, this is a good time to consider going back to school for business, so review online accredited MBA programs you may want to sign up for. 

2. Focus on Client Service

As a new business owner, your main focus should be to make sure you’re bringing in new customers regularly and that they’re satisfied with your performance. Be sure to thank your customers for their business and interact with them regularly to gather their feedback. Ask those who are pleased with your work to go online and leave reviews for you so other consumers can see how easy it is to do business with you. 

3. Create A Company Culture 

You’re going to be a lot happier as a business owner when you’re able to build a solid and uplifting company culture. It’s essential to have guidelines, rules, and policies in place so that you can deliver on your promise and are consistent with your outputs. Take an active role in the hiring process and make sure that who you’re bringing on to your team is not only skilled and talented but also that their personality meshes well with your company culture.

4. Manage Your Time Wisely

You’re going to be pulled in many directions at one time as a busy business owner and entrepreneur. Therefore, another piece of advice for you is to get in the habit of managing your time wisely each day. You may want to consider hiring an administrative assistant, keeping a calendar of events, and writing down a daily to-do list to help you achieve this goal. 

5. Take Care of Yourself

Your business is going to run a lot smoother when you are properly taking care of yourself. Put your health and wellbeing first, and you’ll find you have more natural energy and an eagerness to run your company. Avoid making excuses for why you can’t put yourself first and instead commit to getting good sleep each night, working out and eating right regularly. 

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How to Grow Your Online Sign Business

An online sign business can be incredibly lucrative. Whether your primary income or a side plan, many people are delighted to see how fast their revenues grow. If you own an online side business or you’re thinking about starting one, there are a few steps you can take to help it expand.

Your Target Market

One of the first things you’ll want to do is to understand your target market. You should have an essential understanding of the kinds of sign that people need before you begin. Some people prefer small signs with intricate details. Others like having signs that say something that can be seen from very far away. It’s a good idea to do at least some market research before and after you begin. Having a look at what your competitors are doing can also be quite helpful. A competitor indicates what kinds of signs are likely to be in demand. You should know this and keep in mind as you operate your own business venture.

Legal Steps

All business owners need to be mindful of any kind of legal issues that might touch on their business venture. For those who own a sign business, issues such as copyright may impact their ability to engage in certain productions. A consultation with legal authorities can help any owner understand what is required of them as they begin and once they are in business. The lawyer can also answer questions the owner might have about the types of signs they can produce as well as if they need to hire people once they’ve begun taking orders.

Fiscal Costs and Insurance

All business owners should be aware of the kinds of costs they are likely to face as they own and operate the business. The same is true of those just starting a sign business. Each person should have a budget in mind before they begin. An online owner will need to consider costs such as advertising as well as making sure they are properly insured once the business has begun operating. Every owner should be sure to do enough research in order to find out what is involved in the sign business before they let the world know about their new company.

Setting a Price Point

Setting up a price point is essential. Any online sign owner should know what their expected costs are and what the market is likely to bear. It’s imperative to with experts like those at Insty-Prints who can help all business owners realize what costs they are likely to face as well as how to figure out what kinds of prices clients will pay for their services. Knowing these facts and having reputable numbers can help any online sign business owner realize where their efforts are most profitably directed.

Your First Year

Many businesses struggle during their first year of operation. If want yours to succeed, you’ll need to be aware of this fact during that crucial time. Having the understanding and know how to pay attention during this time means your business is likely to get off the ground and beat the odds. Many people find it ideal to keep enough capital on hand during this time. Having the additional funds, you need on hand can help you weather any potential fiscal setbacks. If this is your side gig, you should be prepared to dig into your savings if necessary. If the online business is your main source of income, make sure you have enough money in your accounts before it begins in the event of issues such as a lag in supplies or an unexpected downturn in client demand.

Digital Marketing

Digital marketing is one of the most important aspects of running any online business. Knowing where to put your dollars and reach out to clients is a must for all those who operate an online sign business. Properly placed advertising can help you find clients directly. Making use of specifics such as social media advertising can pay off with increased orders and satisfied clients.

Necessary Equipment

All those who own an online sign business need the right kind of equipment. You should know what kind of equipment you need to create signs before you begin opening up your online sign business. If you are planning an expansion, now is the time to think about what additional equipment you might need in order to make your expansion plans come to life. It’s best to find out from other experts what they have done in the past with their own business. It’s also a good idea to read trade magazines and keep ahead of online industry trends.

A Business Plan

A business plan should include all the issues indicated here and many other details. The plan should ideally include all your working capital as well as any funds you are going to use for specifics such as marketing, consumer research and your inventory. It should also indicate which markets are likely to be most profitable for your plans for that initial startup as well as where your funds are best directed once you begin your efforts at expansion. Having such data and a completely thought out business plan is ideal. Watch as it really begins to pay off and your online sign business starts to grow.

Caryl Anne Crowne is a contributing writer and media specialist for Insty Prints. She often produces content for a variety of entrepreneur blogs. 

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Best Family Camping Spots in San Diego County

There’s nothing like a camping trip to bring the family together. In Southern California there are many great family campgrounds that can be combined with the fun of whale sightings San Diego. Take a look at the following list of top-notch campgrounds and get ready for some special family bonding time.

San Onofre Bluffs Campground

Nature programs, geocaching, and beach access. What’s not to love? This campground is beautiful and right next to the ocean. You’ll hear the waves crash in your sleep. It’s a little quieter and more secluded than some of the other ocean-side campgrounds. Trestles, a world-class surfing site, is just down the beach.

San Elijo State Beach

This is the most popular campground in San Diego, and for good reason. It offers spaces for bike riding and playing with friends, and is just a short staircase from the beach. Families can fish, swim, and surf to their heart’s delight. This is also a great place to stay if you’re interested in San Diego whale watching season in San Diego. San Elijo is convenient to many whale watching boat tours.

South Carlsbad State Beach Campground

The great advantage of this campground is its accessibility. It’s right off the highway, only 30 miles from San Diego. If you don’t want to drive down dirt roads for miles to reach your campsite, this is the place for you. It has a few nice amenities, too, such as:

Bathrooms with showersA camp store with provisionsPicnic tables and fire pitsPaved campground road for bikingShort walk to the beach



Cuyamaca Rancho State Park

If your family has had enough of the sun, sand, and surf, give Cuyamaca a try. This campground sits 5,000 feet above sea level in a beautiful oak forest with streams and meadows. If you don’t have a tent, you can rent a cabin with bunk beds and a wood stove. At Paso Picacho Campground you’ll find fire rings, flush toilets, and pay showers. Hiking trails leave right from the campground and you can boat and fish at Lake Cuyamaca. This state park is a lovely bit of pristine paradise.

The Ranch at Bandy Canyon

For families that prefer camping on a more elegant scale, try the Ranch at Bandy Canyon. You’ll find individually decorated cabins with a lot of rustic charm and personality. Fun things to do include:

Swimming poolLodgePetting zooHorseback riding lessons and trail ridesHot tubs

Cabins come equipped with kitchenettes and toiletries. Most have generous porches or balconies where you can sit and enjoy the peace and quiet of this beautiful location.

Silver Strand State Beach

Silver Strand is the perfect spot for families who love to RV. This campground is for trailers, motorhomes, and RVs only. No tents allowed. The Bayshore Bikeway goes right past the campground. It’s a flat smooth trail that accommodates bikers, walkers, joggers, or strollers. You can take the trail to Coronado Beach or the San Diego Bay National Wildlife Refuge.

Book your campsite today and start making family memories that last a lifetime. San Diego is calling.

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Money Saving Tips for Restaurant Startups

Tech
startups, transportation startups, financial startups — these are the new
companies that make headlines. However, around the world, tens of thousands of
restaurants open every year, most on shoestring budgets with skeleton staffs,
but rarely do restauranteurs receive equivalent help and resources to their
more popular startup brethren.

Running a restaurant might be more
difficult than managing any other type of business. If you are eager to open
your eatery’s doors, you need to slow down and think ahead, especially when It
comes to your budget. Until your restaurant becomes financially stable, you’ll
need to scrimp and save wherever you can — but definitely in the following key
categories.

Build Out

As much as you might dream of a purpose-built space that uniquely matches your brand and restaurant identity, you don’t have the cash for that yet. In fact, if you can move into a space that has already been a restaurant, you might want to avoid as many build-out costs as possible. Construction and remodeling costs a restaurant somewhere between $150 and $750 per square foot, depending on the upgrades needed, the quality of materials, etc. This means if your restaurant is in the average size range of 1,000 to 10,000 square feet, you could be paying $150,000 to $7.5 million just for build out, alone. For restaurant owners with small budgets, staying on the lower end of that spectrum is imperative.

Unfortunately, many restaurant owners don’t
know where much of their build-out expenses go because they hire a contractor to
manage the job. While this is undoubtedly convenient — and ensures a quality of
finish higher than you can produce yourself — it also often obscures where your
money is going. A better strategy is to hire individual tradespeople yourself
and then hire a contractor to coordinate them. Thus, you know exactly what each
service will cost, avoiding inflation from the contractor, and you can handpick
the best service providers for the job.

Kitchen Equipment

New restaurant equipment is exciting to any
new restauranteur — it’s shiny, filled with fascinating features and exudes
professionalism. Visiting a commercial kitchen showroom is not unlike visiting
a luxury car dealership in how it dazzles and allures. However, new restaurant
equipment is also ungodly expensive. It can easily take over $500,000 to fully
outfit a commercial kitchen with brand-new equipment, and again like luxury
cars, kitchen equipment immediately loses value as soon as it leaves the lot.

For your first restaurant, you should opt for gently used kitchen equipment instead. The prices of used burners, ovens, fryers and the like are exceedingly affordable compared to the brand-new stuff. Even better, you might try to negotiate keeping any equipment that remains in your restaurant space. Fixing up older models with commercial kitchen replacement parts is much, much more cost-effective than replacing equipment whole-cloth. These are not insignificant savings, which means they are incredibly valuable cost-saving tactics for new restauranteurs.

Linens

All the fanciest restaurants have linens —
but your restaurant doesn’t have to be fancy. Linens might not seem like a high
cost initially — just a few hundred dollars for enough tablecloths and napkins
— but their upkeep is expensive in time and money. In restaurants, linens are
abused; they quickly become covered in stains and food smears, and they need to
be washed, sanitized and replaced with excessive frequency. If you aren’t
offering a white-glove service kind of establishment, you should strongly
consider doing away with linens except for fancy events, like catering, and
invest instead in nice-looking tabletops.

Energy

There’s a reason so many businesses are focusing on sustainability and eco-friendliness these days — and it’s hardly concern for the environment. Rather, businesses, restaurants included, want to reduce their waste because it drastically lowers their expenditures and increases the likelihood of long-term financial success. There are dozens of ways that new restaurants can avoid high energy costs, including:

Clean and maintain kitchen
equipment. Kitchen equipment that is clean will
operate efficiently, meaning it won’t draw unnecessary amounts of power.Organize your kitchen. Your ovens shouldn’t be right next to your freezers, and your
dishwashers shouldn’t be adjacent to your ice machines. Invest in LED lighting. LEDs have come a long way in recent years; you can get them in any
color and intensity to precisely control your restaurant’s lighting and
drastically reduce its energy consumption.Turn off unnecessary
equipment. If you aren’t frying anything today,
there’s no reason to keep your deep fryers running. The same is true of lights:
Turn them off when no one is around to use them.Teach your staff about
efficiency. A staff that is water- and energy-wise
won’t be interested in wasting resources anywhere, especially on your
restaurant’s premises.

Restaurants are some of the most thrilling
and lucrative new businesses — but they are also some of the riskiest. If you
work hard to reduce your expenditures, you can give yourself a better shot at
restaurant success.

The post Money Saving Tips for Restaurant Startups appeared first on Entrepreneurship Life.

Why You Should Be Choosing Web Hosting for Your Website

Every
single website online can be seen by anyone and anywhere in the world. The
internet brought on the globalization of the world and we are all just learning
how to make it all work for ourselves. You have to make your website as
dependable as possible without any glitches or shutdowns otherwise who is going
to bother going on it? This is why you should just go ahead and try an unlimited web hosting in Canada to ensure your website can be seen
by all.

Why Choose a Hosting Service?

There
are numerous reasons why you should find a solid hosting service. They are
constructed to handle all of your needs and offer superior security that you will
appreciate.

Secure Data and Information

Many
of us probably have suffered through having our email hacked or one of our
social media sites. Now imagine if your website was hacked. If you ever had
sold goods and services through your website, all of your clients’ information,
credit cards, and bank accounts could be under someone’s control that has
nothing but evil things on their mind. At the very least, they would be able to
get all the email addresses and overload them with enough spam that it would
drive the ordinary person crazy.

A
good web hosting service will protect your website from these types of people.
You no longer will have to worry about information falling into the wrong
hands. Trust in the professionals.

Your Website Can Grow With the Right
Web Hosting

If
the traffic starts to increase to your site, web hosting can make certain that
it can handle all of the attention. The scaleability is one of the best
benefits to web hosting. We all imagine our blog or business site becoming more
popular. But we probably never imagined it could cause the website to crash.
Web hosting will have it running efficiently and quickly.

24 Hour a Day Support

With
the right web hosting, you won’t be left out in the dark when you have
questions or concerns. They are available to be reached 24 hours a day at the
drop of a hat. Let the professionals handle what you can’t. Very few of us have
the tech skills needed to ensure our website is running the way it should. With
web hosting we are guaranteed of it.

The post Why You Should Be Choosing Web Hosting for Your Website appeared first on Entrepreneurship Life.