Tag Archives: small business owner

Business Grants vs. Business Loans | business.com

Learn whether a business grant or business loan is better for your business.

Running a business is expensive – plain and simple. At some point, there is a good chance you will need to seek additional funding from an outside source. One way to do that is through a business grant or loan. Although the two may seem similar, there are a few key differences that will make one type the better option for your business.

Read More

What are PEOs and ASOs? | business.com

If you’re considering outsourcing your HR responsibilities, there are several options to consider, such as PEOs and ASOs.

As a small business owner, your expertise is likely in the industry your company is in and not necessarily in some of the tasks that go into running any business, like running payroll, managing tax compliance, and researching benefit options. That’s why, depending on the size of your business, it may be in your best interest to outsource these responsibilities. Among the options you may want to consider are using a professional employer organization (PEO) or administrative services organization (ASO) to manage all, or some, of your human resources responsibilities.

Read More

6 Strategies You Need to Run Your Company Through Uncertainty | Entrepreneur

Well, I didn’t expect this to happen — and I’m guessing you didn’t either. If you’re a small-business owner, you need a plan more than ever. These are the strategies I’m relying on as a small-business owner to help me lead through this extremely uncertain time.

1. Time

You need to give yourself a little time to process the impact this coronavirus will have and the challenges and opportunities that it has created for you, your business, your family and others. Most of us will be a little dazed for a while. Unfortunately, just because some of us have more time on our hands doesn’t mean we’ll spend it productively. Right now, I’m mostly focusing on taking a deep breath.

Read More

How to Embrace the Power of No in Your Small Business | Inc.com

Ever try to negotiate with a toddler? You’ll soon find one of the first words that they learn is “no,” and they use it every chance they get to let you know what you’re offering doesn’t work for them. You don’t have to cross your arms and pout, to see the lesson learned from them in how most entrepreneurs negotiate.

As a small business owner, you are probably optimistic to a fault and eager to please. You focus on making customers happy at all costs, so you are willing to take on an immense amount of pressure to avoid ever having to say the dreaded word “no.”

This is a shame because there’s so much power in that single word. When used thoughtfully and intentionally, it creates negotiating leverage, but more importantly, it changes the entire psychology of the decision-making process.

Read More

How to Transition from Small Business Owner to CEO | business.com

Learn how small business owners can transition from day-to-day duties to the CEO role.

All entrepreneurs get lost in the details of the business, but that approach is not scalable.

Having a CEO performing CEO duties is crucial to the health of the company.

By focusing on the big picture, entrepreneurs can more effectively identify what they want to accomplish and how to go about it.

All entrepreneurs have probably heard the well-worn advice “Work on your business, not in it.” It sounds like just another corporate cliché, but it’s a necessary caution because any entrepreneur is in danger of getting sucked into nitty-gritty employee work instead of assuming the big-picture CEO role. Take it from me.

Read More

3 Small Business Expenses That Add up Quickly | The Startup Magazine

As a small business owner, you know that it takes money to make money—and unfortunately, sometimes it takes more money than you’d think. From paying your employees to managing your utility bill, there are a lot of small business expenses that can quickly eat away at your take-home revenue if you’re not being proactive about it.

If you’re not sure how to evaluate your small business expenses or optimize them, look no further. In this article, we’re going to call out those expenses that tend to add up quickly and give you tips to help you regain financial control of your small business.

Read More

Five Different Types of Landlords Small Businesses May Encounter | Getentrepreneurial.com

Renting a commercial space makes up the largest of many small businesses’ monthly expenses. The location one chooses for their business significantly impacts the overall success of the organization. Factors such as accessibility from major roadways, the amount of foot traffic the location offers and local zoning codes and ordinances all play a role in determining the best commercial location to grow a business successfully.

Finding the right commercial location takes time and care. No small business owner wants to get trapped in a lease for a space that fails to suit their unique needs or proves too expensive. When determining a location, business owners interact with various types of landlords, and do well to proceed with caution to build a mutually beneficial business relationship for landlord and tenant alike.

Read More

‘Family Discount’? When and How to Say No to Freebie Requests | Business News Daily

When you start telling your friends and family about your new small business, at least a few of them are bound to ask — perhaps only partly in jest — about a “family discount” on your products.

What’s a small business owner to do when family, friends and even casual acquaintances ask for discounts or freebies? If you offer your services or products for free or for a deep discount, you may hurt yourself financially, and over time, you may even begin to resent people you love. On the other hand, you don’t want the people in your social circle to think that you are selfish or ungrateful, especially if they have supported your entrepreneurial endeavors.

Though there is no one-size-fits-all solution that will work for all entrepreneurs or in every situation, there are lessons to be learned from fellow business owners who have faced the same dilemma. Here’s how to turn a potentially uncomfortable conversation into a transparent and productive transaction that honors some of your most valued relationships.

Read More

Opening the door to further opportunity online | The Startup Magazine

Having a website means you have secured your piece of real estate online, you are present and ready to welcome customers. But part of the game is working to bring traffic into your storefront.

Cisco’s Visual Networking Index, released this month, predicts that internet traffic will almost triple in the next few years due to an increasing number of people coming online. The report forecasts that by the end of the decade there will be 3.4 devices and connections for each human being, an increase from 2.2 in 2015.[1] Within this scenario, each and every small business or startup hopes to be in a position to capture at least some of that incoming traffic.

Equipped with your domain name and website, it is time to start looking at ways to help ensure your online presence is performing to give you exposure to the growing internet population. Here are a few areas to consider working on:

Read More

The Difference Between Marketing and Advertising | Small Biz Trends

If you ask the person next to you about the difference between marketing and advertising, there’s a strong possibility you won’t get a clear answer. That’s because for many people, there’s only a subtle difference between marketing and advertising that’s often difficult to explain.

To be honest, advertising and marketing are closely related disciplines that have much in common. Yet they differ in many ways too. To see the differences and how each can benefit you as a small business owner, you must first understand the basics of both.

Read More