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Archive for the ‘What You Need To Know About Small Business’ Category

Smart Investments For Small Business

In What You Need To Know About Small Business on June 12, 2019 at 11:44 am

If you have recently started making some reasonable income from your side hustle, freelancing or your small business, then firstly, congratulations! And secondly – it’s time to use it wisely.

Time

Think about what takes you the most time to do. While you will save money by learning to do it quicker, you will perhaps lose more by spending so many hours tackling it. Every minute that you don’t get to spend working IN your business is time that you have lost creating new content, products and services. So a great place to put your money into something that makes your every process quicker. A virtual assistant might just be the perfect place to put some cash. They aren’t super expensive and are very streamlined in what they do. So if you find you are spending a lot of time mopping up emails arranging appointments or even research and data mining – hand it over.

Organization

In general, you are going to be better off keeping on top of your money from day one. Using digital VAT software – and keeping it all updated weekly. Keep all of your mileage – you can find an app to do this if your software doesn’t. Take photos of all of your receipts and upload them to a file on your computer – as well as keeping the paper version.

This is a time investment – but if you stay on top of it, you won’t be spending days and days sorting through your earnings. Instead, you will simply need to check a total.

The same goes for the files on your computer. Keep them named and dated. So you no longer need to spend hours trying to find a logo you made for a brand in May 2 years ago – instead, you can be sure that you can get it in minutes.

Social Media Automation

While there is a lot to be said for a conversation that is currently happening, it’s interesting and gives you a more profound sense of your audience – but you really need to consider having your social media automated.

You can set up months of content, pertaining to your business – because of course through your organization skills, you know what you have coming up and launch dates too.

Some have brilliant free options so you can try them out before you decide to commit to any. The point is you can save a lot of time by having your usual campaign social media lined up and auto-posting. Giving you time to talk in real time and share on-trend content.

Take More Work

Then commission it out. For example, a writer might take on 25 pieces due in a week. The probably aren’t going to be able to do all of that alone. So they hire another freelancer and cream off the top of the initial payment. The work is done, you have made a profit – and you have given employment to another freelancer. Just make sure you declare it all properly. 

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Empty Coffers: What To Do When Your Small Business Account Runs Dry

In What You Need To Know About Small Business on June 8, 2019 at 11:02 am

To run your business successfully, you will need to have the proper financial backing. Sadly, many small businesses experience situations where their accounts run dry, meaning they have no capital with which to purchase resources or stock, pay their employees or expand. Happily, there are things that you can do, even in such a dire situation. Read on to find out what they are.

Get a bank loan

The most common solution when money is tight in a small business is to approach a bank or building society for a loan. Sadly, being approved for one isn’t always as easy as you would expect. In fact, often when it comes to business loans, you not only have to provide detailed paperwork as justification and evidence that you will be able to pay the money you borrow back, but it can take longer to get approved as well.

Of course, this isn’t much good when you are in a desperate situation and productivity has ground to a halt, because you can’t afford to pay for the resources you need. Therefore if you need a cash injection into your business fast, a bank loan may not be the best option.

Use credit to cover the cost

On the other hand, something that can work is to use credit to cover the financial gap that you are experiencing. In fact, if you already have a line of credit prearranged with your lender, you won’t need to go through all of the bureaucracy mentioned above.

Of course, not everyone has a source of credit already agreed on, and if this is the case, it’s well worth educating yourself on the difference between a secured vs unsecured credit card for your business. The reason being that even if you are struggling with poor credit, you still may be able to get the money you need to keep your business working, and so save it from disaster.

Factor invoices

Another smart move that small businesses that find their coffers empty can make is to take any unpaid invoices and factor them. What this means is that they sell them to an invoice factoring company, who will then release the majority of the value back to them immediately.

The best thing about this method is that you can get the money very quickly and you don’t actually need to take out any debt. The reason being that the money is what was owed to you in the first place.

Negotiate with providers

Finally, if you find that your business account has run dry and you are struggling to pay providers for vital resources, why not get on the phone and do some negotiation?

In particular, you will want to aim to set up a credit account where they invoice you for the costs of the material you buy. The reason being that this will often take a month or more, and so give you some grace time to raise the money you need while still getting the items that are essential for your business, ASAP.

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What Is The Entrepreneurial Spirit?

In What You Need To Know About Small Business on June 8, 2019 at 10:59 am

Our culture celebrates entrepreneurs. In fact, some of the wealthiest people in the country are not royalty, but those who come from a line of entrepreneurs, or were self-starters themselves. We like to imagine that with the right tools, the right approach and a little luck, we can make the most of ourselves and make it too. And while this attitude can often be ridiculed, for the most part, it’s right, and we have amazing opportunities here.

But first you need to know the ethos behind your actions. Learning how to best use the entrepreneurial spirit here can be a major benefit. In fact, diving into this topic is an essential part of understanding the role you hope to embody throughout your life. While you can define this progress on your own as you move from success to failure to success again, learning the history of the term and how its best applied in the modern day can be a nourishing prospect.

For that and more, we would recommend considering the following advice. You never know just how useful it could be:

Never Giving Up

No matter what entrepreneur you find, they will have a storied history of failures and successes. Most entrepreneurs like to begin telling their story by how down-and-out they were, and this is because for the most part, it’s true. You cannot really appreciate success unless you’ve somewhat tasted failure, or have been in difficult circumstances. You can be successful of course, but without this vital lesson you might find it a little less textured than you might like or appreciate.

However, even in the bad times, you need to keep your head up. You need to understand what your journey means to you, and how your purpose defines your future choices. If you can orient your goals and know what you have to achieve, and on top of that how flexible you might need to be with said goals, you can have a much better time of things.

On top of that, never giving up is something that even top level executives need to internalize, because it might not seem like it, but they can make mistakes too. In fact, the magnitude of their mistakes are often much heavier than anything a low-level entrepreneur with a dream could imagine. Does that mean that the life of a self-starter is fraught with worry and failure? Of course not. But you need to accept it as part of a fundamental stepping stone on your journey.

There can be a lot of learning in defeat. There can be a lot of freedom in it too, as it can help you think again, redirect yourself, and learn what not to do next time. But one thing is the most important – the ability to keep showing up and never giving up. If you can do that, you do yourself the greatest kindness you can in the corporate world.

Staying On Top Of Trends

You’ll never see an entrepreneur succeed who doesn’t stay up-to-date with societal trends and technological advances. They need those tools to stay competitive. This works even in those areas where a vintage approach is the purpose. For example, consider an entrepreneur who wishes to open his own barbershop. He’s sick of the usual modern design of barbershops up and down the inner-cities, and so decides to do something different. He wants to go back to the old days.

He decides to open a place with old-aesthetics. There are leather armchairs, straight razors, the barbers have beards, waistcoats, and smooth jazz plays. The first thing you do is offer your client a beer before they sit down. This might all seem like an old-timey methodology of doing business, but really, it’s very modern. It’s happening back to a time people feel nostalgic for, and want to experience. It satiates a very modern need. On top of that, the promotion of this business will likely be on social media too. SEO through the use of cmd-space.com will also be employed to get the word out there reliably, and in targeted markets.

None of this could be half as successful without that understanding of modern business progression. So for that reason, the entrepreneurial spirit must always have both eyes in modernity, even if one leg in the past, and even with timeless values to uphold. What are those timeless values? We would suggest:

Networking

If no man is an island, no entrepreneur is one. We like to think of the self-starter having to save up money for their first office space, and then starting to design a product by scratch, working on all of the branding, developing a confident sales pitch, and staying reliable for their consumers. We like to think of them suffering long and hard alone, only gaining employees when slightly successful and starting to fully earn their keep.

But of course, this is quite a fabled and idealistic view of an entrepreneur. Entrepreneurs are adept at networking, at getting their ideas out there, at building partnerships and ensuring those valuable connections stay maintained. This is why reputation is so essential, and can be built by offering value, attending trade networks, and learning from the best in their industry. Remember – an entrepreneur is competing with every single self-starter in the global market. That’s a hefty task. And so being able to connect, potentially liaise or take inspiration from networked contacts can be a tremendous benefit, from top to bottom, when it comes to this kind of inquiry.

Having A Goal

Making money is of course a nice by-product of any successful operation. But the best entrepreneurs are problem-solvers, and wish to achieve that through a worthwhile means. Perhaps someone thinks they could provide a stronger and more reliable set of fishing equipment. Perhaps someone thinks a certain product line could be less harmful to the environment. The excellence of an entrepreneur is finding solutions to issues that might not exist yet, or improving on an old formula.

If you can do any of this, congratulations, you certainly have the entrepreneur’s spirit.

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How To Start Hardwood Flooring Business

In What You Need To Know About Small Business on May 30, 2019 at 10:33 am

Do you know that starting a hardwood flooring business is perfect for new entrepreneurs? The enterprise can begin on a small scale, and if you do well, your business name will be accessible and be a breakthrough towards growing big.

It is noticeable in the United States that a considerable percentage of homes are with wood flooring. It is evident that there is genuinely a significant market reach for a hardwood flooring business. Hence, hardwood business could be technical, but this business can be learned within a few months. The hardwood flooring Dallas is offering great deals to business start-ups.

Just like another type of business, the very first step you should do is carry out your market research, economic, cost analysis, and feasibility studies. Before launching your hardwood business, make sure you did all compliance right. When you do this, it will not take long before you can many clients, achieve break-even, and build rapport with banks.

Facts on Wood Flooring industry

The Flooring Industry where hardwood flooring sector is sub-set of is indeed a significant contributor to the growth of the economy of many nations globally. The industry includes flooring, carpeting, linoleum, and wood or other alternatives, and prepare surfaces for the installation of flooring and floor coverings. Hence, the industry is experiencing a variety of conditions like the rebound of housing, since the recovery of the US economy from the recession. Therefore, the recent revival of residential projects, the flooring installers are benefiting from the investment gains.

  • The industry is indeed much active in countries such as the United States of America, United Kingdom, Germany, France, Italy, Holland, Switzerland, Australia, and Canada.
  • In the US alone, there are about 133,286 registered and licensed flooring contractors employing about 191,158.
  •  The industry is earning a sum of $23 billion annually.
  • The Flooring industry growth is at 5.1 percent annual growth from 2012 to 2017.
  • The industry generates about half of annual revenue from work on new construction projects. It is about 40.0 percent from improvements on existing buildings and 10.0 percent from repair and maintenance work on existing flooring.

Four significant steps to starting hardwood flooring business

  1. Market Research and Feasibility Studies
  • Know the demographics and psychographics

Make your market to encompass all target reach. Consider families who are interested in acquiring a decent and well-renovated home, corporate organizations, remodeling and selling homes and foreign investors

  • Build your flooring specialization

You may consider laying, scraping, finishing or refinishing parquet and another hardwood flooring. Also, you can include

  • Installing and removing carpet, including sewing, binding, and cutting
  • Installing and removing asphalt tile, linoleum, and resilient flooring
  • Installing wood flooring
  • Installing resistant sheet tiles
  • Resurfacing flooring using epoxy resins
  • Sanding and finishing wooden floors
  • Know your competitors
  1. Prepare the legal matters
  • You may opt to either a general partnership, limited liability company, or even a sole proprietorship business. Usually, a sole proprietorship is an ideal business structure for a small – scale hardwood flooring company
  • Create a catchy business name. Be creative in creating a business name because whatever name you choose for your business will go a long way in creating a perception of what the company represents.
  • Ensure compliance of the insurance policies. Create a budget for insurance and possibly consult an insurance professional to advise on the appropriate insurance policies for your hardwood flooring business.
  • Comply with all legal documents as per mandated by the law of the US Government
  • Choose the best location in your business office
  1. Define your technical and workforce services

Determine the specific service involved in the Hardwood Flooring business. Every company vary, but, build a robust company profile before bidding for hardwood flooring installation contracts. It will give the edge amongst competitors.

Furthermore, make part of the technical plan is your supplier of the best materials. You may check the best hardwood flooring Dallas to outsource the necessary skills and flooring designs to satisfy your clients.

  1. Development of the marketing plan
  • Employ strategies that will attract customers. The brand will determine the market direction for the flooring business.
  • Create strategies to Boost brand awareness and create your identity. The market is dynamic, and you must be consistent in your brand and brand-boosting to get the appeal of your target market.
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The Sales Funnel Explained

In What You Need To Know About Small Business on May 30, 2019 at 10:26 am

As a sales or a marketing professional for a company, there will be a time when you come across the term ‘funnel’ and it is important that you know what it means for you and your business. The sales funnel is essential for businesses and it is a way to monitor the conversion rate from awareness to sale. Today we are looking at the stages of the funnel and some simple ways to improve them.

  1. Awareness

The first stage of the funnel is where someone hears about your product or service. It could be by word of mouth, from an advert, or through a review. Art his stage they know who you are vaguely but they haven’t yet made any attempt to research you.

  1. Interest

This stage of the funnel is also sometimes called Lead, and it is where a customer starts to look for a solution to a problem, whether it be a product or service, and they express some interest in your product or service. At this point you can start marketing to them to get them to make a decision on the product or service.

    3. Decision making

Now is the part you need to be on the ball with. When a lead starts to think of making a decision you need to ensure that you market to them so that they want to choose you over everyone else.

    4. Action

The final stage is the conversion where a customer finally makes a decision and takes action with your product or service. They buy your product and this is where you can really start to market other products and services that you provide. You can use a tool like netsuite lead to cash to help with this side of the funnel to keep people interested.

Now we are going to look at some of the methods you can use to lead people through your sales funnel:

  • Blogging – creating articles and guides which put into practice your products or services, you can teach people something useful and also give them the motivation to make a sale with you.
  • Lead magnets – by offering some real value such as content to your audience you will show them the value of your brand and make them want to investigate
  • Webinars – the decision making stage of a sales funnel might just be the most crucial, and webinars and videos can be a great way to target these people and steer their decision in one way or the other, and hopefully it will allow you to gain many more sales.
  • Paid traffic – this is a simple way to gain more awareness about who you are and what kind of things you can achieve. It will allow you to show people what sort of brand you are, what you stand for and what your aim is. Make sure that you pay for a good advert on google and this can make all the difference for you as a brand.
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