Summer is the season to take the time to enjoy the beautiful weather. It’s also when the sun is out a little longer, allowing us more time to enjoy the hobbies we love. Be it knitting a sweater or organizing a softball game with friends, summertime is the best time to make, create and build on the things we love. For young entrepreneurs, it is also the best time to take those hobbies to the next level. There is nothing greater than creating a successful business doing the things you love, especially when you can start today. Below are some tips to spend the least amount of money while still making sure your new business is off to a successful start: (more…)
One of the most important hurdles – or rather opportunities – for an entrepreneur to come to terms with, is limitations. Aside from knowing what limitations lie in the way of your business, you must figure out how to use these limitations to your advantage. Having the ability to harness such resourcefulness will ultimately give your firm a competitive advantage in the market. For being able to turn a constraint into a new opportunity, is a differentiating skill that separates the “okay” entrepreneurs from the “great” entrepreneurs. Finding a way to do this will safeguard your enterprises self-sustainability, which ultimately will lead to your business’s success.
Take for example the Facebook business model, the offering of a free product while relying on revenue from advertising to survive. This model was born from the idea of wanting to offer a fun and free service, but still needing to make some sort of income in order to remain operational. (more…)
There is not a single business on the planet that does not have an online presence. Any enterprise that hopes to be successful must employ the internet. You can promote your business online to an audience of billions. Even better is the fact that you can sell your products right from the comfort of your home through your website. However, owning a website is not as simple as getting a random site set up for you. (more…)
We all try to be in-tune with customers: sending surveys, providing feedback forms, offering round-the-clock support, and monitoring social media channels 24/7. But even if you respond to every comment, positive and negative, you’re not hearing from your most valuable customers. And it’s due to one common prejudice: survivor’s bias. (more…)
Consumers spend millions of dollars on gift cards every year, especially during the holiday seasons. Offering gift cards can be a very lucrative strategy for increasing your business profits. Whether an egift card or a plastic gift card, every business needs to have some kind of gift card program.
Here are some of the ways your business can benefit from gift cards: (more…)
Running a business is a full-time job. Thankfully, there are a lot of really useful tools out there to help entrepreneurs run things smoothly. We asked our small business experts what their favorite tools are for running their businesses.
Here’s what they had to say…
“Without a doubt, our business would not be able to function without Google Drive. It’s free and we are able to share our documents with our business partners in other countries. We can even work together simultaneously on the same document. We use documents, spreadsheets and templates for invoices and other forms. It’s easy to insert our logos, signatures and other proprietary information.” –Jacquie Whitt, Adios Adventure Travel (more…)
Tides are a fluctuation – rising and falling from forces exerted by the sun, the moon, and the Earth’s rotation. Depending on where you are on Earth, sea levels are subject to any number of external forces such as wind, inclement weather, land masses and changing shorelines. By collecting and reviewing data on tides humans have been able to navigate the globe with some level of predictability. The same holds true for business. Collecting data from many sources, compiling, and analyzing it can help improve the way you navigate through your current business environment and provide a measure of predictability as you move ahead. Here are four factors to consider as you work towards your goal:
The question of whether a startup should buy or rent can be a tricky one. Both options have obvious advantages and disadvantages and there is no single answer. There are some ideas, though, that can be used as general guidelines.
For some businesses, the answer to this is an easy one. For example, a business might be historically connected with a specific location so it makes more sense to own a facility there. Other startups might profit from the fact that they can transfer quickly to another location and for them, renting makes more sense. (more…)
When it comes to small business financing options, it’s usually traditional funding methods that come to mind: working capital loans, SBA loans, business lines of credit, etc. But did you know an alternative option exists that’s allowed thousands of entrepreneurs to launch businesses debt-free? It’s called a Rollover for Business Start-up (ROBS), and it enables you to leverage your own retirement assets to buy a business without having to pay any tax penalties or get a loan. (more…)
When it comes to your business, office space isn’t just one of those things that fall under the heading ‘nice to have.’ Office space is a necessity. But the right office space? Means so much more. The right space will lend your business legitimacy, possibly even prestige. Its functionality can help your productivity, amenities will increase employee satisfaction, and the location could determine the ultimate success of your business.
With all that in mind, here are some tips for choosing the best office space for your business. (more…)