Starting a business could be your next step toward financial and personal freedom. But obviously there’s a lot to think about before in dive in.
First of all, is this the lifestyle you want to pursue? Second, do you have enough money to get started? Use the financial essentials below to help you determine whether launching a business makes financial sense for your future.
Look at Your Personal Financial State
If you’re trying to open a company, you’ve probably been setting money aside. Even if they’ve been doing this, most business owners still have to take out a loan, but your savings should substantially reduce the personal financial burden.
Growing top line revenue is survival. Without setting the table, you have no chance to make a profit, or even just stay in the game. With so much hype around the Internet and social media, more established forms of marketing are being discounted. Yet the elevation of social media as an end all, be all strategy does a disservice to those who must plot the direction of their company’s marketing efforts.
Nowhere is this more apparent than in small business where owners and managers are bombarded by sales pitches for different types of tactics. Some owners will be swayed by a good pitch and buy the tactic. Others will not feel comfortable and will not do anything. If neither of these persons has identified their customer, neither choice is helpful to their business.
Who is your customer? That is the single most important question you will ask in your business life. If you’re smart, you’ll ask it again and again because the answer is always changing. Most owners never ask it. The majority answer “anyone.” You can’t market to ‘anyone.’
Entrepreneurship isn’t for the faint of heart. It brings endless challenges and demands a whole host of diverse strengths and skills. Although not all that long ago viewed as “the weaker sex,” women are kicking some serious butt in the business world.
As a female entrepreneur, I’ve always believed that women have what it takes to succeed. And according to the 2012 U.S. Census data, I’m not wrong. The 2012 survey showed 9.9 million female-owned businesses, a not-too-shabby 2.1 million firm increase (almost 27 percent) over the 7.8 million in the 2007 U.S. Census.
That’s steady progress toward reaching—and exceeding—the 14.9 percent of male-owned businesses reported in 2012 (which only increased by 1 million businesses in the five years after the 2007 survey numbers came out).
Allocating capital for businesses of any size can be a stressful undertaking. Traditional bank loans can take weeks to become available, and even alternative lenders may charge higher interest rates for the convenience of fast cash. The process can be frustrating, and can throw a wrench into a smoothly running business.
If you’d rather not go through the hassle of taking out a loan, you may want to consider using a factoring service. Factoring is an alternative method of finance that allows business owners to sell their invoices, or accounts receivable, to a third party (the “factor”) for a certain percentage of their total value. The factor pays this portion of the invoice, sometimes in as little as 24 hours. Then, the company collects your customers’ payments and forwards the remainder to you, minus its service fee.
This solution gives quickly expanding businesses reliable capital to carry them to their next transaction.
Midlife crises are fairly easy to recognize in others, but they’re often not so easy to recognize in yourself—and sometimes even more difficult to recognize when it comes to your company.
Business owners have always had to grapple with marketplace changes, but now as a seasoned business owner, you are facing a new wave of trends such as a mobile workforce, social engagement with customers, unexpected competition from startups with slick marketing, disruptive new models of business, and generational shifts in leaders, employees, and customers. In the midst of these struggles, you may find yourself trapped between what you used to be and where you want to go next.
One of the things I’ve thought a lot about recently is location independence. Even though I still have a “real” job, my online businesses are doing well, and I know that if I quit my day job, I could live anywhere I decided.
Location independence is on the rise, thanks to technology that allows us to do more remotely. You don’t even have to own your own business to enjoy location independence. Telecommuting is on the rise, thanks to an increasingly mobile workplace, and you might be able to work for “the man” while still living where you want.
If you want to make location independence work for you, here are a few things you can do to move forward:
We all do know and are aware of the fact that how difficult it is for the business organizations to stay ahead of their competitors when it comes to customer service trends. Consumers continue to demand a change and evolve unless and until your organization continues to stay current and the customers move ahead without even noticing you. Given below are the 6 major common misconceptions the business organizations generally believe about customer service this 2016.
Are you the type of person who thinks of everyone else before yourself? If you are, you probably don’t even realize it. Business owners are particularly prone to this trait. We have a responsibility to our team and our customers, and that can become a singular focus.
But when your weekly date night starts to become monthly, and your evening workouts are replaced with late night office hours, you might be putting yourself on the back burner–and that doesn’t help anyone.
Many industries have their own lexicon. Doctors, architects, dentists, and writers—to name a few—all have certain distinctive words that are used almost exclusively within the field to convey specialized meanings.
The insurance also has its own vocabulary. However, unlike other fields that have a tendency to remain insular, most people, especially business owners, will at some point come to have firsthand experience with these terms.
You might be familiar with some of these insurance terms, especially if you’ve ever purchased auto insurance or homeowner’s/renter’s insurance. Keep in mind that personal insurance has far less variety than business insurance. Due to its very nature, business insurance offers an extensive assortment of options.