Online businesses have a distinct cost advantage over brick and mortar businesses – they don’t need to rent out a storefront at a good location. Their owners can save on rent overheads by running their business out of their homes.
Businesses that have a physical presence, though, have a distinct advantage in another way – people trust them more because they can see them. People buying from physical stores know that they are there for them, should a problem turn up.
They can look at the store assistants and the manager to see if they trust them through the buying process. If there’s a quality issue, it’s always easy to go back to the store for a return or exchange. They know that storefront retailers are serious businesses. They’ve invested money in launching a store and hiring people.
Due to the hardships between 2007 and 2010, the banking industry has gone through a number of changes designed to get through the recession. With the economy finally regaining strength and stability, small business owners looking to realize their dreams or expand their horizons are understandably curious about how the banking industry will affect them. The good news is that solid ideas with a strong target audience are still in good standing.
Available Credit Sees Ups and Downs
Because of the recession, most banks felt the need to create a number of newer, stricter regulations, especially involving credit. Up to 2010, little credit was available as banks worked to make sure they could cover their own liabilities. In the intervening years, however, the economy has slowly but steadily become stronger. Continue reading →
When starting a home-based small business, you hope it will grow into a thriving empire…or at least a reliable ongoing income source. The key word is “grow.” And as your business grows, you’ll likely reach a point when you’re selling all you can produce without making serious changes to your business plan. Here are some ideas to help you overcome that plateau. Continue reading →
I know from working with more than 4,000 new entrepreneurs over the past twenty-five years that when they come to us they all want to “be in business, not planning to be business”. There is an understandable impatience shown.
I know firsthand from planning my own three business launches the critical importance of step by step business planning, but I also know that few prospective entrepreneurs will take the time to complete a full-blown business school style business plan.
So, my team of coaches and I have reduced the business start-up process to just eight steps in our Start Your Business NOW! Start-Up School. Continue reading →
Starting a business is a step by step process – starting with an idea, a business name, and creating a business plan. A business plan includes the purpose of your business and how you will go about marketing or advertising the same. It also includes the expenses, liabilities, assists, budgets, and how your business plans to make a profit and grow. Growth alone is a complicated subject where you have short-term and long-term growth plans based on how well your business is doing. Once you’ve done this, it’s time to address legalities such as licenses, insurance, recruiting employees, etc. Continue reading →
Having a great business idea is just the first step. Getting funding for your new company is the more challenging task that follows up. Often, individuals are discouraged from making their dream a reality because of the limited funding opportunities that are available.
It is possible to find investment for a business idea, even if the economy is slow. Presentation of your idea and having a highly professional business plan will show potential investors that you are serious and that you have what it takes to succeed. The following tips will help you present yourself well and capture the interest of potential investors. Continue reading →
It comes as no surprise that thousands of businesses, large and small, have gone bust during the current downtrend in the economy. Literally millions of workers have been made redundant, leaving them on their own to carry on. Some have tried their hand at contracting whilst others put their expertise to work at launching small business enterprises. Those enterprises that survived understood what it takes to start a small business in a bear market. Against all odds, many of these small businesses are flourishing concerns today because they took the time to get the facts straight before launching their company.
In my work with more than 4,000 start-up clients over the past twenty five years I have noticed a recurring pattern – many of these new entrepreneurs have set a financial goal they want to achieve their first year in business, but they haven’t committed to writing a detailed description of how they intend to achieve this result.
The process of doing so is known in the business planning process as “marketing planning”. Technology-oriented businesses often title this work as creating “the business model”. Continue reading →
Your business concept is awesome and you know it. But you need startup funds and a way to convince investors that they’ll see a return on investing in your business. The thought of putting together a business plan that will effectively “sell” your business concept to seasoned investors is intimidating, but it’s also essential in getting the funding you desire. A well rounded business plan will provide you with valuable insight into your business, its potential for success, and the areas in which you may want to fine-tune your operating model. Continue reading →
With so much information out there about small business banking, understanding the ins and outs of your business finances can be a headache at first. Adopting good banking practices in the first stages of your business can mean the difference between success and ending up wrapped in debt.
Business banking differs slightly from personal banking, so it is important you have a strong understanding of your financing options and how to keep track of your spending and investments. Continue reading →