So You Decided To Start a Business… Now What?

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It is easier than ever to start a business. Most businesses find their beginnings online, while others choose the brick and mortar lifestyle. Some businesses start life as part of a franchise or startup

2020 saw around 804,000 new businesses celebrate their first birthday in the United States, according to Statista Research Department, and over 600,000 small businesses open their doors every month. You’ve just decided to add to that. So, you’ve decided to start a business, now what? 

Picking Your Business

This seems simple to say, but picking the type of business you want is important because you want a business with a lot of staying power. Only 50% of startups make it past the 5-year mark, with only 33% crossing that 10-year line. So, choosing a business that embodies your passion and has the staying power you need to keep your business going is something you need to really consider. 

Make a Business Plan

Whether your business is online or a physical store, it helps to know what you want your business to offer the public. A business plan can help you to see if your business idea makes sense, help with sales and marketing, identify any problems and how you might overcome them, and much much more. It can also show possible investors or small loan services that you have a concrete idea of where and what you want your business to be, improving your chances of getting capital for your company.

Think about Market Research

If your business idea revolves around selling a product, market research can help you discover whether your chosen audience is right for your product. Similarly, if you’re looking for the right product or industry for your business, market research can lead you in the right direction.

Keep on top of recent Industry Trends.

No matter what industry you want to focus on for your business, keeping up with the latest trends and news within that industry can help you keep business relevant for returning and new customers. It can also act as inspiration for your business, especially when it comes to market research. 

Think about Marketing 

This is a big one. For every business, marketing is essential. 61% of businesses pay for digital marketing every year, and only 50% of small businesses pay 10k or less for their marketing. It’s safe to say that it is very important. It’s a way for your customers, audience, readers, etc., to see your business and pick it out from the crowd. Without marketing, your business is invisible, so ensuring that you have the right marketing tools at your disposal is so important. You can use online marketing tools and resources, such as marketing agencies, social media, GoogleMyBusiness and other tools to make sure your customers find your business. If you have the money, marketing agencies are a great help. If you don’t, social media marketing is for you.

Utilize Online Resources 

For some businesses, especially if they are online, money might not be an option, at least when you’re starting out. Fortunately, many online resources can help ensure that you can get your business on its feet and running until you start gaining revenue. There are even online courses that can help to teach you how to start a business. For instance, if you’re looking at starting a coaching business, you can use an online coaching business course to learn the fundamentals. Online courses are not only a great way to learn more about business development and management but are flexible enough to fit your schedule. 

Look into Small Business Loans 

Finally, think about funding and financial resources. Most banks offer small business loans, and private business loan lenders can provide you with as little as $1000. With the growing interest in starting a business, small business loans have become the best option for gaining startup capital. However, for online businesses, banks are not the only option anymore. Crowdfunding has become an excellent alternative method of gaining capital for a business or product. Sites such as Kickstarter, Indiegogo, GofundMe and Patron offer online businesses a way to turn their audience, customers, and clients into investors. 

Conclusion

So, whether you’ve just decided to start or business or you’re just looking at what is needed to get started, know that there are many different resources available online that you may find helpful. These are just a few tips to point you in the right direction and get your business up and running, and now the rest is up to you.

Plugging The Gap: Finding Funding When Your Business Is Waiting To Be Paid

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Waiting to be paid by your clients and customers can be very frustrating when you run a business. Not only does this mean that you miss out on interest from the money you’re making, but it also means that you can be left without the resource to cover the expenses that you accrue over time. Thankfully, there are several ways to overcome issues like this, making it possible for your business to plug the gap and keep operating as normal when payments are due. To give you an idea of how this works, this post will be exploring some of the best ways to secure funding in circumstances like these.

Bridging Loans

Banks understand that loans don’t always need to be long-term. In fact, bridging loans have been around for a very long time, and are designed to last as little as a week or two. This can give you all the time you need to get invoices and other bills paid by customers, while also giving you the funds required to continue working properly. A 10-day bridge loan is a good place to start, with most customers and clients paying their bills nice and quickly once you’ve sent them a reminder. Of course, though, you need to make sure that you keep the lender in the loop if you can’t make a repayment when you’re supposed to.

Invoice Finance

Invoice finance has been around for a very long time, offering businesses the chance to borrow money against the invoices they have outstanding. In some cases, this will be done as credit, though some invoice finance providers will be willing to simply buy your invoices and take them off your hands. This will mean that they have to deal with chasing up your clients, taking the risk out of your business and getting you on the right track. You may need help from a financial broker to get a service like this off the ground.

Merchant Cash Advances

This final option will only be open to those that have some sort of retail business that is able to accept money through payment terminals. Merchant cash advances enable you to start a line of credit that uses your card machines as the basis for your repayments. Once you take out a loan, the money will slowly be paid back from the transactions that go through your machine, usually at an agreed percentage rate. This option works very much like an overdraft and is widely considered to be one of the safest ways for businesses to borrow money.

With all of this in mind, you should be feeling ready to overcome the challenge of funding your business when payments from customers are overdue. This sort of issue doesn’t have to be the end of the world, but you need to make sure that you take the right steps if you’re going to find success along the way.

Turning A Hobby Into A Booming Business

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Everyone has a hobby, and everyone knows they’re good at or have fun with what they do in their downtime. But one day we find ourselves thinking: what if I can make money off of this? If you’ve recently find yourself entertaining the thought, or you’ve been planning it for a while, this is the sign it’s time for you to build your own business off of your hobby activities. If you don’t know where to start, here’s some of the steps you’ll want to take.

Take Baby Steps

Baby steps is often not what we want to do when it comes to getting stuck into a new venture, but doing well in your business when you’ve never conducted something like it before means taking it bit by bit is essential.

Think of it as a side hustle. You don’t want to immediately drop everything to stick at your new business, as it may not take off in the way you plan for it to. When the customers start leaving amazing reviews and you’ve got yourself a good amount of notoriety amongst a cult following, then it’s time to consider taking it up full time. For more advice, check out the tips on succeedasyourownboss.com.

Get a Website

This is the main thing to do when you want to take your ‘hobbying’ to the next level. If you don’t have a place for people to stop off at and contact you through, they’re not going to even bother! So, either build one yourself, or use the multiple online marketplaces to set up your own shop, and subsequently your own corner of the web.

It takes time, but in the end it’s worth it. Hire out a webmaster if you don’t know the first thing about web design or coding, or download some software if you’re the type of person who likes to go it alone. Either way, whatever you do with your website will work, and you can build on the design and add other functions the more and more orders you get.

Take out a Loan

Chances are you’re going to need a little more than pocket money or what’s in your savings account to set up an online retail store or buy plenty of materials to carry out your new business. It’s good then that funding is a lot more accessible than it used to be! Plenty of adverts on social media are often the first port of call if you’re looking to make it on the web.

Just because you’re a new business, or because you don’t have any previous experience, doesn’t mean you’re not deserving of a cash line from somewhere like Smallbusinessloans.co. It’s not just young and fresh entrepreneurs that always look like they know what they’re doing that use these kinds of services, and thankfully online lending options have a lot of information for you to read up on if you don’t know where to start.

Let posts like these help your endeavors!

Why Do You Want to be An Entrepreneur?

Being an entrepreneur is certainly a stressful experience.

Why, then, would anyone dream about taking their chances as an entrepreneur?

It is not that hard to fathom.

Let us find out why.

It is Satisfying

When you taste success as an entrepreneur, it could be both emotionally and financially

rewarding. There is no better feeling in this world than seeing a product you have

designed on a store rack, or when you have provided extraordinary service for an

appreciative customer. It is all the more exciting to win a new customer over or

successfully complete a sale when you know it all comes down to your perseverance.

Further, it is very pleasing when customers tell you that your service has truly made a

remarkable difference in their lives. Finally, it goes without saying that generating

profits and knowing your business is scalable provide great personal satisfaction as well.

It is Flexible

The degree of flexibility in an entrepreneurial avatar is far too flexible than what you

would experience in a typical 9 to 5 job. Yes, you can put in more hours at work, and

you can very well do so whenever you want- on your own terms. Moreover, you can

take a break at 330 to pick up your kids from the school down the road. What’s more,

you need not seek for permission from your boss. If you are nocturnal, you can change

your schedule to work from 12 am to 5 am. You are the boss. You are free to call the

shots. And, it can be quite exciting.

It is an opportunity to create

What do you want to do as an entrepreneur? Do you want to build something new? Or,

do you prefer to help others around you? Maybe you want to form a legacy that will

outlive you. Or, you want to help the community by leaving something behind. No

matter what motivates you, building things or creating stuff right from scratch is akin to

raising a baby.

Got a new idea for a small business? It is not difficult to get business loans these days.

Several small business loan companies are ready to turn your dream into reality. Leave

it to them, and set your focus, rather, on the new idea. The joy you get from seeing

your idea grow, and develop over time into a successful entity is incomparable.

The sense of accomplishment, the degree of flexibility and the chance to innovate that

an entrepreneurship role offers is quite difficult to replicate in most other professions.

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