Tag: small business

What Services Should Your Small Business Invest In?

With so many different services available, it can be difficult to figure out which ones are worth investing in. This blog post will discuss some of the services that small businesses should consider.

Starting a small business is an exciting venture. Not only do you get to be your own boss and determine your own destiny, but you also get to make decisions about which services to invest in that will help your business reach its goals. But with so many different services available, it can be difficult to figure out which ones are worth investing in. This blog post will discuss some of the services that small businesses should consider.

Marketing Services

Having a good marketing plan is essential for any successful business. Investing in marketing services such as SEO, PPC (pay-per-click) advertising, social media management, and website design can help you reach more customers and build brand awareness. Hiring a professional digital marketing agency can ensure that your campaigns are effective and cost-efficient.

IT Services

Small businesses need reliable IT services to keep their systems running smoothly and securely. Investing in IT services such as managed hosting, cloud storage solutions, security monitoring, and server maintenance can help protect your data from cyber threats while ensuring that all systems are running optimally. A good IT service provider will have experience with small businesses and will be able to provide tailored solutions designed to meet your specific needs.

Commercial Janitorial Services    

No matter what kind of small business you own, keeping it clean is essential for creating a pleasant environment for both customers and employees alike. Commercial janitorial services provide professional cleaning solutions tailored specifically for the needs of your business. These services may include dusting furniture and fixtures, vacuuming carpets, mopping floors, sanitizing surfaces, removing trash, scrubbing bathrooms and kitchens, window washing, or pressure washing outdoor areas. Investing in commercial janitorial services ensures that your business stays clean and organized throughout the week so that you can focus on growing your business instead of worrying about cleaning up after it!

Accounting Services

Last but not least is accounting services – every small business should invest in accounting advice or software to track their finances accurately and efficiently. Keeping accurate financial records allows you to monitor cash flow and expenses while making sure taxes are filed correctly at the end of each year. Having access to timely financial information also helps when it comes time to apply for loans or grants from banks or other funding sources. Professional accounting advice or software can save time while ensuring accuracy with all financial matters related to managing a small business.

Running a successful small business requires careful planning and investments into quality services that will help take it further down the line towards success – whether it’s marketing advice or commercial janitorial service needs, having the right professionals by your side makes all the difference when trying to achieve growth within any industry! By taking these steps you’ll be able to make an informed decision about which service is best suited for helping grow your small business!

10 Steps for Moving Your Small Business Out of Your House

Moving a small business from your home office can be an intimidating process. Here are steps you should take when moving your small business out of your house.

Moving a small business from your home office to a commercial space can be an intimidating process. It involves researching and selecting a space, negotiating leasing terms, and getting the space ready for your business. It is important to take the time to properly plan and execute this transition so that it doesn’t disrupt your business operations or strain your budget. Here are 10 steps you should take when moving your small business out of your house.

Step 1: Assess Your Needs

Before you start looking for a new office space, you must identify exactly what type of facility you need. Consider factors such as the size of the office, location, parking availability, and any special amenities or services you may require. This will help narrow down your choices so that you don’t waste time considering spaces that aren’t suitable for your needs.

Step 2: Research Properties

Once you have determined what type of office space would best suit your needs, research potential properties online or contact local real estate professionals, like White Strand Development, for assistance. Make sure to look at multiple options before making any decisions about which property is best for you.



Step 3: Get Financing

Depending on the cost of the property, you may need to secure financing in order to pay for all or part of it. Talk with banks and other lenders about possible loan options that may be available to help fund the move. Finding the best money lender is not easy and thus you must scout with care.

Step 4: Negotiate Terms

Once you have found a property that meets your needs and secured financing if necessary, negotiate lease terms with the landlord or building owner. Make sure all terms are clear before signing any agreements so that there are no surprises later on down the road.

Step 5: Check References

Before signing a lease agreement with a landlord or building owner, check references from past tenants or clients who have worked with them in some capacity in order to get an idea of their professionalism and reliability. This will give you peace of mind knowing that they will be reliable partners throughout this process and beyond.

Step 6: Inspect The Property

Once all terms are agreed upon between yourself and the landlord/building owner, schedule an inspection of the property with a licensed inspector before signing any paperwork. This will ensure there are no major structural issues or problems with the building before any money exchanges hands and responsibilities become official between parties involved in the transaction.



Step 7: Finalize Lease Agreement

After passing inspection, finalize all paperwork related to leasing terms between yourself and landlord/building owner including setting up payment arrangements if necessary (e.g., first month’s rent).

Step 8: Set Up Utilities

You will need access to utilities such as electricity, water, internet connection etc., so make sure these services are set up prior to moving into the new office space in order to prevent any disruptions in service once moved-in day arrives!

Step 9: Prepare For Move-In Day

Prior to move-in day make sure everything is prepared according to plan including having movers scheduled if needed along with packing materials like boxes etc., arranged ahead of time so there won’t be any unexpected delays when it comes time for moving day!

Step 10: Make A Grand Opening Plan

After settling into your new office it’s time for celebration! Brainstorm ways on how best promote this milestone moment by developing grand opening plans such as hosting events like open houses/networking opportunities, inviting media outlets/local news stations, launching special discounts & promotions, sending press releases out announcing grand opening, reaching out directly via email campaigns, & more!

Taking these 10 steps when transitioning out of running a small business from home will help ensure that everything runs smoothly without disrupting operations or straining budgets during this exciting next step. Proper planning is key here so make sure not take shortcuts!



5 Tips On How To Find The Perfect Long-Lasting Roof For Your Small Business

If you want to keep your small business operating efficiently year after year, it is vital that you keep your company’s building in excellent condition.

If you want to keep your small business operating efficiently year after year, it is vital that you keep your company’s building in excellent condition. To do so, this means having a roof on your building that will last for decades and give you little if any worries along the way. However, it can be more difficult to find that perfect long-lasting roof than many small business owners realize. To make the process as easy as possible, here are five tips to keep in mind.

Experience Installing Commercial Roofs

First, remember that all roofs are not alike. In fact, there are often considerable differences between commercial roofs and residential roofs. Thus, your first step in this process should be to find a roofing contractor such as suffolk county roofers that has years of experience installing commercial roofs of all types and sizes.

Consider Various Roofing Materials

While many residential roofs are asphalt shingles, commercial roofs can be this as well as many other types of materials. Over the years, metal roofing has become more popular with many business owners because of its durability and long lifespan of 50 years or more. As you seek estimates and recommendations from Allcon Roofing, inquire about what types of materials will be available for your roof.

Licensed and Insured Contractor

Always work with a contractor who is properly licensed and insured to install your commercial roof. Using a local contractor, such as a roofing contractor in Elizabethtown, KY, ensures they are familiar with local building codes and regulations, providing you with accurate estimates and high-quality workmanship. If you don’t, you may encounter multiple issues. In addition to installation mistakes, you could receive inaccurate estimates, resulting in you paying more for your roof than necessary.

Do You Really Need a New Roof?

In many instances, small businesses don’t actually need a new roof, but instead can simply have their existing roof repaired or given a facelift with specialized roofing treatments. Even if your roof is leaking, this may not necessarily mean a roof replacement is inevitable. If you work with a reputable roofing contractor, you may be able to get a long-lasting roof at a price much lower than you expected.

Reviews and References

You can find local installation companies by searching online for ‘Roofing contractor in Rockwall, TX‘ (or elsewhere relevant) and reading through the most highly rated reviews. Their website should explain the services offered as well as a portfolio of past projects. By conducting online research, you can be sure to hire a reputable company. It is good to read as many online reviews as possible about a contractor since these can often let you spot common complaints made by their customers. Always ask any commercial roofing contractor you have under consideration for references regarding previous jobs. If they hesitate to provide any, seek out another contractor.

Documents You’ll Need When Starting a Small Business

One of the primary steps in getting your new business off the ground is getting the requisite documents together that you will need for your new company.

One of the primary steps of getting your new small business off the ground is getting your requisite documents together. There are contracts, government requirements, and several financial papers. Let’s take a look at just some of the important paperwork that you will need for your new company.

Permits, Certificates, and Licenses

In order to operate in most jurisdictions, a business is required to apply for a general license, at the least. That said, some governments will require particular permits and certificates, depending on local laws and the type of business you are operating. For example, restaurants, bars, and nightclubs need additional licensing.

DBA, LLC, or Corporation Paperwork

Sole proprietorships, limited liability companies (LLCs), and corporations are all different types of business structures and each requires that you file specific documents with your home state. Sole proprietors, or those that are the sole owners of their companies, need to file a “doing business as” document, or DBA, to register a business name that differs from their own. This is required to open a business checking account.

On the other hand, if you want to create an LLC, you will need to file Articles of Organization with the state which should contain all the necessary information pertaining to your company. LLCs are set up to protect business owners from liability and their company’s financial obligations. Corporations, which are entities within themselves, likewise would file Articles of Incorporation with the state.



Certificates of Incumbency

A certificate of incumbency is a document that is officially issued by a corporation, listing its board of directors, officers, and key shareholders, or an LLC, listing its members.

Federal Tax ID Documents

Any business that is not a sole proprietorship will require a federal tax ID. Sole proprietorships are basically the same legal entity as their owners, so the business owners’ Social Security numbers work in the same capacity for their businesses.

Bank and Financial Documentation

This can include loan documentation, profit and loss statements, bank account statements, payroll reports, and balance sheets. Not only are these papers important for tracking company growth over time, they will also be necessary if you need to secure future financing from financial institutions or investors.

In conclusion, having the appropriate documents to set up your business will ensure that it is operating properly in accordance with local, state, and federal laws. While you can find resources online with regard to startup documentation, it is always best to contact an attorney for the best advice.



Does Your Small Business Need Insurance?

Here are some of the most common types of business insurance and how they work. How to get insurance for your home-based or small business.

In the United States, small businesses have a variety of insurance options. Many purchase property and casualty insurance as well as business and liability insurance.

Businesses that want to protect themselves from potential risks need insurance coverage for legal defense, theft protection, and property damage coverage for business owners. Small businesses must choose between paying premiums or risking being uninsured in the event of a catastrophe.

Small business insurance can be confusing since it is necessary to understand what is covered and what isn’t. In this article, we will discuss some of the most common types of business insurance and how they work. Also, we will discuss how to get insurance for your home-based or small business.

How Does Small Business Insurance Work?

Small business insurance covers financial losses due to unexpected events. Small businesses need this type of insurance because they are vulnerable to many business risks that could cause them to fail.

Insurance for small businesses protects them against lawsuits, property damage, theft, and other unforeseen events. They also cover employees injured on the job or involved in work-related accidents. Business owners will have to pay out-of-pocket for this kind of expense if they don’t have insurance.

What Type of Insurance Do You Need for Your Business?

The insurance industry is complex. It can be difficult and time-consuming to choose the right insurance plan for your business because the right insurance plan for your small business depends on several factors, such as cost and coverage. Consult a business insurance broker to help you choose the most appropriate coverage for your small business.



Without Business Insurance, What Are the Risks?

To make a profit, a company needs business insurance. Insurance protects a company from financial risks and lawsuits. Those without business insurance can be sued, lose assets, or end up bankrupt. Additionally, they will be responsible for the company’s legal fees and other damages. In short, without business insurance, a company is assuming too many risks.

5 Points to Consider When Buying Business Insurance

When looking into business insurance, consider what kind of coverage you need. To make the right decision for you and your business, you need to know what you require.

Keep these points in mind when considering business insurance:

  1. What are the risks that your company faces?
  2. What kind of coverage are you looking for?
  3. How much coverage do you need?
  4. What is the deductible?
  5. What are the benefits of having business insurance?

Overall, owning a business can be risky. To minimize many of these risks and keep your business afloat, look into insurance. Experts in your area can help you navigate which types of coverages you need and what will work best for your budget.



Affordable Marketing Strategies for Small Businesses

Here are some low-cost marketing ideas that could offer immense ROIs for your business.

Growing a small business is more a marathon than a sprint; long-term growth is only achievable when you learn to adapt your strategies to your company’s cycles. Unlike large corporations with near-limitless marketing budgets, small businesses often have to stretch their resources thin or forgo marketing altogether.

Enter low-budget marketing. Despite its cheap connotation, low-budget marketing can be quite effective without involving bottom-of-the-barrel tactics. Here are some low-cost marketing ideas that could offer immense ROIs for your business.

Content Marketing

Did you know that content marketing could cost up to 62% less than traditional forms of digital marketing while generating up to three times as many leads? The beauty of content marketing is that even the most ad-averse Internet users might be willing to check your content if it meets their needs.

For instance, blog content – the most common content marketing strategy – is informative, engaging and will cost almost nothing if you do it yourself. Even if you pay a dedicated blog writer, the potential upsides far outweigh the costs. Other forms of content marketing you should consider include instructional videos, e-books, sale announcements and white papers.



Referral Marketing

Nothing beats the goodwill of satisfied, repeat customers. Encouraging your existing customers to spread the word about your business is arguably the cheapest and easiest marketing strategy. What’s more, you will likely land highly qualified leads at below-average acquisition costs than if you acquired them on your own.

Social Media

Marketing on popular social media platforms like Instagram, Facebook and Twitter has proven to be very effective. Nevertheless, it takes plenty of time and effort to build an online community, let alone a sizable audience interested in your brand.

A good workaround for this issue is investing in paid ads, and what better way to extract maximum value from your advertising budget than through an advertising agency. Media buying agencies, in particular, can eliminate all the guesswork from your paid marketing campaigns. They can offer you an unbiased perspective of your marketing strategy and reach the biggest target audience possible at the lowest cost.

Affiliate Programs

If you wish to market your business without incurring any advertising costs, look no further than affiliate marketing. Most affiliate marketers take the form of bloggers, content publishers and influencers. By incentivizing your affiliate programs through handsome payouts per lead or sale, you can acquire cheap, high-quality leads and boost your sales tremendously. Plus, you only reward your affiliates for successful conversions.

Final Thoughts

Even on the most modest of budgets, small business owners are spoilt for choice on what to include in their marketing plans. By using multiple affordable strategies that target different sections of your marketing funnel, you can attract repeat customers, build cash flow to reinvest in your marketing and hasten your company’s growth.



Finance Tips for Starting a Small Business

Creating and operating a small business can be challenging, but you can achieve this goal with patience, hard work, and commitment. The article is about finance tips you can use when starting a small business.

Creating and operating a small business can be challenging, but you can achieve this goal with patience, hard work, and commitment. One of the most critical factors of a company is the financial aspect. Please continue reading about finance tips you can use when starting a small business.

Create a Business Plan 

Knowing the type of company you want to begin, the future market, and the type of products and marketing strategy you will have in place is essential for small business owners. This information is included in the plan, along with finance startup costs. Suppose you are unsure of what your expenses could be. In that case, it will likely prevent you from obtaining the products, office space, staff, marketing, and other resources necessary for a successful opening. Therefore, creating a business plan that includes the finance costs is vital.

Gather Funds 

You will more than likely need to spend your earnings and savings on the new business. If you do not have enough funds saved or you cannot get the money from other family members and close friends or potential business investors, it would be a good idea to apply for small business grants and loans. When doing the latter, it will take good credit scores and other factors. If your credit history is not the best, this doesn’t mean you have to give up altogether. With: Micahael Meoli suggests that you can take steps to improve your score while working on other aspects of the business, such as finding your target consumer base and establishing product and service strategies.



Learn More about Tax Regulations 

There are more tax codes to follow with businesses than tax situations you have experienced as an individual employee. Some common errors include misreporting income, filing late, or underpaying taxes. Failing to know as much about tax regulations as possible could lead to significant financial setbacks, such as bankruptcy. When you do not pay these bills, it could also cause you to be denied lending from financial institutions and inhibit your company’s ability to grow, making tax preparation and assistance vital for new business owners. You should also know that even if you encounter such financially draining situations there are legal professionals out there who can help you throughout the process. You can find more information here and learn how.

Stay Within Budget 

Even with all the budget planning, there are unforeseen expenses that could cause difficulties. However, it would help if you monitored your finances frequently and worked hard to stay within budget. This tip could also guide you and prevent you from making costly errors in terms of spending, production, hiring, and more. Even after your first years of business, it would be beneficial to create an annual budget to improve your ability to manage finances.

Before starting your small business, you should take some of the tips mentioned above into consideration. These are steps that could lower your odds of financial disaster and boost business success and stability.



10 reasons every small business needs a mobile app

It is very easy now to hire a mobile app developer and start the process of creating your first app.  The absolute last thing you can afford to do is fall behind.

We live in a world where almost everyone has a smartphone. This means that if you do not have a mobile app, you may well be missing out on a vast marketing avenue. If you want to remain competitive, then you need to get with the times. You can be sure that your competitors will have one or be in the initial stage of having mobile app development for their business. The fact is, the world is changing and evolving place. You need to embrace change as part of your overall business strategy. After all, we are living through a digital revolution, and that is not going to change any time soon. In fact, it will only accelerate. It is very easy now to hire a mobile app developer and start the process of creating your first app.  The absolute last thing you can afford to do is fall behind.

1.  Enhances Your Brand Image

Your brand is a vital component to your overall success, and a mobile app is a great representative of your brand. You can make it as attractive and interactive as you like in order to encourage customers to download it. The more downloads and uses you get, the better this is for brand recognition. This is a brilliant way to entice people to purchase from you.

2.  Greater Visibility

A mobile app is a perfect opportunity to have your products in your customer eye line. If you have had your app downloaded, it will appear on a customers phone, and smartphones are looked at for at least a few hours every day. That means your logo will be viewed over and over again, used and sending traffic to your website.

3.  Easier to Promote

Having a mobile app gives a far better impression to any customer than not having one. It is a modern technique that shows you are with the times. An app helps your business stand out from the crowd and helps build trust a loyalty in your brand. It is also a great tool to have when looking to promote new products and services.



4.  An Extra Marketing Channel

Essentially having an app gives you another sales and marketing channel. You can easily keep people up to date with what is happening. If you develop push notifications, you will easily be able to advertise whenever something new crops. An app encourages users to revisit your website and keep things fresh in the mind.

5.  You Can Digitalise Your Loyalty Program

A loyalty program is great at helping you earn more revenue. Loyalty programs work in a number of different ways and can easily be digitised. By having an app and allow users to see the bonuses of shopping with your on their hand, you’ll increase your customer number and sales too. You can even have special app-related offers to generate greater app traffic.

6.  Great Return on Investment

A mobile app is definitely worth the cost of creating it. Due to its versatility and the fact it is on so many people handheld devices, it will no be long until you begin to see the benefits of such a piece of software. As the world is becoming more digitised, soon it will be the norm to simply buy and sell using apps.

7.  Your Customer Base

If you have an app available on all the various app stores, the likelihood is far more potential customers will find you than your regular marketing avenues. This will increase your caches of making a sale. Due to the fact that apps are also integrated with social media, you will benefit from a much further reach.



8.  Customer Insights

An app gives you the chance to get direct feedback from customers. You can add reviews, ratings, and preferences etc., to get better analytical information. You can track the number of downloads and monitor user engagement, as well as see which products get the most views. Understanding your customers help you make better products in the future.

9.  Increase Customer Loyalty

If you want customers to stiuck around, having good service and a convenient nature is absolutely essential. Fortunately, an app provides you with just the ticket. Apps are generally faster and easier to navigate than websites. Additionally, you can use it to promote special offers so they are easily seen.

10.  Beat Your Competitors

In this day and age, you have to digitise your marketing platform. An app is just a great way to do this. Apps need time and expertise to make right, and if you get in first, you can improve and update your app before your competitors. This will benefit you in the long run as you will have had an app first and had more time to develop it.



10 Best Startup Business Ideas to Earn Money in India

Anything between 60 percent and 90 percent of all startups in the world flounder and fail during the first two years. Start working with a small business idea that you can manage easily and possess the necessary skills to keep it running.

India has one of the most vibrant startup ecosystems in the world. The Indian government provides fast clearances to Micro, Small and Medium Enterprises (MSMEs) through its online portals. As a matter of fact, you can register a startup in India in less than a week.

Additionally, there’re several ways to get funding to launch a startup in India. We have several crowdfunding platforms from where you can raise some seed money for the startup. Or approach venture capitalists to fund the business initially.

And then we also have the Micro Units Development and Refinance Agency (MUDRA) loans for startups available from various public and private sector banks. Furthermore, entrepreneurs from certain communities can also get business loans on soft terms to launch a startup.

However, the main hurdle in launching a startup in India is the business idea. We have almost all sorts of businesses that’re fairly well established and running well. In such a scenario, finding the right business idea can prove difficult for some. Therefore, in this article, I will be discussing the 10 best startup business ideas to earn money in India.

10 Best Startup Business Ideas in India 

Before I write about the 10 best startup business ideas in India, here’s something you should know about. Anything between 60 percent and 90 percent of all startups in the world flounder and fail during the first two years. That’s because entrepreneurs behind these startups don’t have adequate experience in that specific field of business.

Therefore, start working with a small business idea that you can manage easily and possess the necessary skills to keep it running.



Digital Marketing Agency 

The digital marketing industry in India is projected to cross the $160 billion mark by the year 2025, according to a report by Goldman Sachs. This clearly indicates that there’s an ample scope to start a digital marketing agency as a startup business. However, to launch a digital marketing agency, you’ll require the necessary qualifications. These qualifications are fairly simple to acquire since there’re several excellent digital marketing academies in India providing both online and offline courses.

Food Processing Plant 

About 35 percent of all food produced in India goes waste due to lack of food processing units and adequate cold chain logistics. Therefore, you could consider launching a startup business that processes food such as fruits and vegetables, meat, fish and poultry products as well as food grains among other items. This is a very profitable business too and you can easily get the necessary permits and licenses since the Indian government is actually encouraging entrepreneurs to enter the food processing business. You can also export processed food outside India since there’s a high demand for such products.

Dropshipping 

Dropshipping is a relatively new business in India. You can launch a dropshipping business with very little capital. If you’re new to dropshipping, here’s a brief description of what this business is all about. There’re several wholesalers and manufacturers you’ll find on websites such as Indiamart.com. They offer products at wholesale rates. You’ll have to sign-up with these companies and suppliers for sending products to your customers. As a dropshipper, you’ll need own website or marketplace to sell these items. Whenever anyone places and order, you have to pass it on with the money to the supplier, after retaining your portion of the profit. The supplier ships the goods to the customer.

Milk Parlor 

The demand for milk in India never goes down. As a result, there’s fierce competition between dairy cooperatives and companies to sell their products to the public and grab a larger slice of the market share. Therefore, you could consider a startup business of a milk parlor. In some states of India, dairy cooperatives are providing all the necessary infrastructure such as the freezers and refrigerators as well as signboards to those who’re willing to open their branded parlor. Nandini in Karnataka state is one example. All you need to show is a commercial premises located in a busy business or residential area from where the startup can attract customers for milk and milk products, including sweets.

Medical Sample Collection Centre 

Following the Covid-19 pandemic, most people that require their medical samples such as blood, urine, stool and sputum, among others to be tested, prefer a home service. This means, they’re willing to pay for someone to collect the samples from their homes instead of visiting a lab for the purpose. This directly implies that you can open a medical sample collection center as your startup business. This business earns money through labs, clinics and hospitals. They will pay you a monthly amount for collecting samples from patients on their behalf and handing over for testing. The one in highest demand is collection of oral and nasal swabs for Real Time- Polymeric Chain Reaction (RT-PCR) tests nowadays for people that wish to travel.

Blogging 

Blogging is no longer the hobby that it once was. Instead, blogging has graduated as a startup business because it’s very simple to open a blog and make money. All you require to launch a blog is excellent knowledge about anything related to your profession, studies or even passions and hobbies. And you’ll need superb writing skills to create amazing content that people would love to read and engage with. Starting a blog with your own paid website is possible with an investment as little as Rs.3,000 per year. You can buy a superb domain name and website hosting as well as other essentials and start blogging. A blog makes money through Google AdSense, sponsored posts, affiliate marketing and native ads, among others. This is a simple, home-based startup business idea that requires very little capital to launch.



Meal Services 

In some places, a meal service is also known as a “tiffin service.” Basically, it involves providing deliveries of meals for lunch and dinner to clients at offices and homes. This is an evergreen startup business idea since there’s no shortage of customers for meal services. All you require is a small team that will help you prepare food that people love, crew for packing and delivering these meals to customers. You can provide both veg and non-veg food or just veg or simply non-veg. The choice is yours. As a matter of fact, several entrepreneurs without much educational qualifications have become millionaires by opening a meal service business.

Health Drinks Stall 

Have you ever been to a jogger’s park in your area? If not, I would suggest you visit one at the earliest. Usually, there’re some stalls that sell health drinks such as juices of various herbs, fruits and roots to joggers and health-conscious people that go for a morning walk or job. And these stalls prepare fresh juices and sell to their customers. You too can enter this simple business which involves working just during the morning and evening hours when people go for jogs and walks at parks.

Food Truck 

While we’re still on the subject of food and drinks, here’s one more superb startup idea that you can try. And that’s opening a food truck. According to industry sources, starting a food truck doesn’t cost more than Rs.750,000 which includes the vehicle, commis equipment and permits. Dining out or having a snack at food trucks is trendy nowadays. As a result, you can see several food trucks parked outside malls and other busy places. You can offer superb meals through a food truck and make a lot of money.

Online Tutoring 

Also, as an aftermath of the Covid-19 pandemic of 2020, there’s a huge surge in the demand for online tutoring. Students from standard VIII to standard X and standards XI and XII require online tutors to help them crack the tough exams conducted by various educational boards. Since lots of brick-and-mortar coaching classes are now shut due to fear of spreading the Covid-19 contagion, you can offer coaching classes online. All you require is a website to advertise your courses and enroll students and software such as Zoom to conduct online classes. The e-learning industry is witnessing a boom and is expected to grow exponentially over the next few years.

In Conclusion 

You can try any of these top 10 startup business ideas to become an entrepreneur. I’ve included only those business ideas that have a high rate of success and a superb demand from customers. As you can see, some of these startup business ideas also require low or zero investments. Therefore, you can select from any of these to launch own startup.



 

What Kind of Shipping Supplies Does a New Business Need?

By knowing the proper packaging to use, your business can find quick packaging solutions to meet customer needs. Here are seven materials you need to ship correctly.

As consumers, we have high standards for the products we receive. We want them to arrive looking beautiful, arrive quickly, and remain intact when they arrive. To keep up with these high standards, small businesses need to keep certain shipping supplies on hand to improve their shipping processes.

One of the easiest ways for a small business to remain competitive and get that edge above others is to understand the type of packaging that is cost-efficient but that protects the equipment that is being shipped.

By knowing the proper packaging to use, your business can find quick packaging solutions to meet customer needs. Here are seven materials you need to ship correctly.

Custom-Sized Boxes

Companies that specialize in circuit boards like Advanced Circuits understand that packaging electronics correctly is crucial. Corrugated or cardboard shipping boxes that are the right size and weight for your products can help you use a smaller amount of warehouse space, ship less expensively, and cut other costs like fuel for shippers. Circuit boards in particular are thin and fragile which is why professionals that handle them do everything they can to prevent them from breaking in half. Being mindful of the circuit board’s size and durability is how professionals determine what packaging is necessary.
Boxes are available in a variety of sizes and styles. You can even do as many businesses do and print the boxes with your branding.



Biodegradable Air Pillows

Eco-friendly packaging materials really help customers feel more confident in buying your products. Air pillows are a smarter way of using packaging, and they protect your products.

Vermiculite

This natural mineral protects your products against mold and mildew. It protects against moisture but also against shock absorption. It is recommended by Hazmat and helps keep products, especially fabric products, dry.

Gel Packs

If your products need to be temperature controlled, you can use refrigerant gel packs to keep cargo at the right temperature. These products are nontoxic and frozen, which gives protection for many hours.

Shipping Labels

If you ship hazardous materials, be sure you have labels that specify the need for safe handling. Keeping these labels on hand will ensure you always carry the correct labels for hazardous products.

Packaging Tape

No matter the product, you need the right tape. It must be durable and secure all of your boxes. Heavy-duty shipping tape can get a lot of packaging done. Good tape can help get your packages ready quickly.

Getting your product to your customer on time and in a reliable way is critical to the well-being of your business. For this reason, you need to keep shipping materials on hand so you can quickly get your product to the customer in a timely fashion.



Asset Management for Startups: A Smart Entrepreneur’s Guide

Today we’re going to look at asset management for startups, to help entrepreneurs keep track of resources wherever they may be.

There’s never been a better time to own a small business. Never before has a small business owner had so many powerful tools to help their business succeed. Small businesses are flourishing all over.

In fact, the great majority of businesses in the United States are small businesses.

With so many going into business for themselves, it stands to reason that not everyone is going to have a solid background in business. Just because someone starts a business doesn’t mean they have the tools necessary for success.

Today we’re going to look at asset management, to help you keep track of your resources wherever they may be and in whatever form they may come. Having an experienced asset manager to work with you will benefit your company a lot. Like Global Partnrs have included Formerly at Natixis John Hailer in their board of directors.

What Is Small Business Asset Management?

Small business asset management is both simpler and more complex than it might seem at first glance. Unlike other compound words, it’s more than just a sum of its parts. Small business asset management is more than just asset management for smaller companies, this is why we recommend Business Asset management systems Australia.

First off, asset management itself refers to maintaining someone’s investment portfolio. Asset management for small businesses is a little different. It’s more akin to inventory management than any kind of investing.

The confusion comes from what constitutes an asset. Thinking of generic asset management software might conjure images of basic accounting software. If you own a business, however, you know there’s a lot more to it than that.



Why You Need Small Business Asset Management

Imagine you’re running a tech company. Does your development team upload to a communal GitHub repository? That’s an asset.

Assets could also include invoices and accounts payable. That means you need to keep track of when those payments are due. Asset management software and tools will keep track of all of that for you.

Modern asset management software tends to handle all of the things you need to keep track of, maintain, and process your assets.

Asset management software will often let you process invoices and payroll through one convenient portal. It includes the latest features for privacy and security, so you don’t need to worry about sending sensitive information.

Asset management software can also offer in-depth control over every component of your enterprise. Things like access and permissions become of utmost importance when you’re dealing with intellectual property. A good asset management resource will take care of that for you.

Of course, employees are one of a company’s biggest assets. If you need help optimizing your human resources, consulting with a headhunter is a sure-fire way to ensure you get what you need.

Business has gotten unbelievably complex in the 21st century. It becomes impractical to try to keep track of it all in your head past a certain point. Putting an asset management system in place helps clear your mind so you can focus on making your business its absolute best!

Want More Startup Advice?

There have never been so many outstanding resources for business owners of all sizes, in every industry. Whether you’re looking for advice on choosing an asset management platform or how to find the right talent, we’ve got everything you need to make your startup flourish.

Browse the rest of our site today for more business wisdom!



Factoring 101: What Is a Factoring Company?

What is factoring and how does it work? This article gives you the basics you need to know to decide if a factoring company is an option for your business.

Managing cash flow is crucial for small businesses. Around 48% of small businesses had concerns about their cash flow in 2020, up from 40% in 2019.

If you’re looking for ways to free up cash flow to help your business function and grow, have you considered using a factoring company? Are you aware of how they can help you gain access to cash tied up in your invoices?

What is factoring and how does it work? This article gives you the basics you need to know to decide if factoring is an option for your business.

What Is Factoring?

Invoice factoring is a form of cash flow financing sometimes known as accounts receivable financing. A factoring company buys your outstanding invoices so you can receive the cash right away, rather than having to wait the 30-90 day terms on the invoices for your clients to pay.

While it is used by businesses ranging from startups to Fortune 500 companies, factoring is especially well suited to small and medium-sized businesses. Small business invoice factoring is a fast and easy way to boost cash flow, especially for businesses that may have trouble securing a loan from a traditional lender.

How Does Factoring Work?

A factoring company pays up to 90% of the value of an invoice as a cash advance and collects the payment that is due from the client. Once it approves an invoice it can pay the money in as little as 24 hours. That makes it ideal for businesses that need cash quickly to cover expenses.

The factoring company charges fees of around 1-5% depending on the amount of money, the length of the invoice period, and the client’s credit quality. Longer payment terms and questions about the client’s creditworthiness increase the fees.



There are two types of factoring. In recourse factoring, the business is responsible if the client fails to pay the invoice by the due date. In non-recourse factoring, the company takes on the credit risk. Some companies offer both options with different terms, so you should make sure you understand the terms you accept.

How Do Businesses Use Factoring?

Some businesses factor all of their invoices, while others use it only for customers that may take longer to pay. They use the cash to pay employees, buy inventory and new equipment, expand the business, or cover other expenses.

Small businesses often prefer factoring over other forms of financing, as it does not involve taking on debt or long-term contracts and the fees are low. It can smooth out uneven cash flow and keep a business afloat between invoice payments.

Some invoice factoring companies specialize in providing services tailored to specific industries, including trucking, construction, health care, or staffing. Some banks offer factoring, but most factoring companies are independent service providers.

A Factoring Company Can Unlock Cash Flow for Your Small Business

Using a factoring company can release cash tied up in your accounts receivable. There’s no need to undergo a long loan application process or take on debt.

Now that you know the benefits, you can research to find the best factoring company for your needs.

If you found this guide useful, keep reading the blog for more tips and growth strategies for your small business.



Why a Data Breach Can Have Disastrous Consequences for Your Business

Small business owners must know how to understand risk, anticipate potential actions, and take measures to protect against these actions.

It seems like every time a person cuts the TV on today or opens a newspaper, they read about another major company suffering a data breach. Business owners understand the importance of data and protect this information from those who shouldn’t have access to it. They are very cautious when it comes to customer and payment information, but criminals continue to find ways to make it into systems and steal the data.

The criminals recognize that the data collected by companies has value to them as well. Any business that accepts debit and credit card payments could find they are a victim of this crime. No business is immune, and the cost of a data breach is enormous.

In 2018 Ponemon Institute conducted the Cost of a Data Breach Study. This project found that the average cost of each lost or stolen record was $148 in 2018. Imagine how much that has gone up in three years. At that time, the average cost for a business when its data was breached came in at $3.86 million globally. This represented a 6.4 percent increase over the prior year. Sadly, this figure has likely gone up in the past three years as well.



Companies often obtain insurance to protect them in the event of a data breach, and business owners need to ask about this type of policy when shopping for insurance. Many people fail to do so, which is a mistake. Every business owner, regardless of the company’s size, must understand the consequences they face if the wrong person gets their hands on customer data and payment information. With this information, the business owner can determine their level of risk.

A business owner should never assume criminals won’t target their enterprise because it is too small. Criminals count on them thinking this way, as they know it means the business owner hasn’t fortified their system. It remains vulnerable to attacks, and criminals like easy jobs. They take less time and still pay out big rewards in many cases.

Small business owners must know how to understand risk, anticipate potential actions, and take measures to protect against these actions. To do so, they must clearly understand the consequences they face if they fall victim to a data breach. What are these consequences?

Short-Term Consequences

Every business that accepts debit and credit cards is knowledgeable when it comes to chargebacks, as they have probably encountered one or more customers who have disputed a transaction. Some chargebacks are legitimate, but fraudulent claims remain commonplace. Sadly, business owners know how costly these claims are.

While the consequences of a data breach aren’t immediately known, they damage the company’s bottom line. The business will find it faces direct financial consequences as a result of the breach. This includes fines, investigations, and increased security costs.

When a company suffers a data breach, the Payment Card Industry Security Standards Council has the power to fine or penalize the business. In addition, other card network brands and regulatory agencies may impose fines on the business. These fees quickly add up.

The victim of the data breach is required to conduct a forensic investigation to learn how the breach occurred. While the investigation is of great help in identifying any problems within the company’s computer system, it eats up valuable time and money. This could be disastrous for some businesses.

Furthermore, the business might find it is required to provide credit monitoring for customers impacted by the breach. The business becomes responsible for the cost of this monitoring. It also becomes responsible for costs associated with any remediation efforts. These efforts could include identity theft repair, replacement of any cards impacted by the breach, and more. The Payment Card Industry retains the right to impose additional compliance requirements on a business that has suffered a data breach.



Long-Term Consequences

However, the short-term consequences of a data breach shouldn’t be the company’s biggest concern. It needs to focus on rebuilding the trust of its customers. Consumers share their sensitive information with those they trust. They do so with the belief the business has taken the necessary steps to safeguard this information from others.

In fact, a study conducted in 2017 by PwC found that 92 percent of consumers believe every company must remain proactive when it comes to protecting customer data. A failure to do so can have devastating effects. It may even lead to the loss of customers or the closing of the business permanently.

In order to be successful, a business must maintain a good reputation. It serves as the organization’s most valuable asset, and every company must protect the brand at all costs. The PwC study looked at consumer response to a data breach and found that even one breach can harm a beloved company. Eighty-five percent of consumers taking part in the study stated they would avoid a business if they didn’t trust the company’s security practices.

A business owner shouldn’t despair if their company falls victim to a data breach. With time and effort on their part, they will find they can recover from this breach. Sadly, their bottom line will suffer as they work to regain the trust of consumers and rebuild their reputation. Furthermore, some customers will never return. The loss of even one customer is damaging to a business, as it costs more to gain a new customer than it does to retain an existing one.

Verizon conducted a study in 2018 looking at consumer attitudes toward data security and privacy. This study found 69 percent of those taking part would not work with a company that had its data breached. Imagine losing 69 percent of your customers. Very few businesses could survive this.

Every business owner must recognize the consequences of a data breach and use this information to protect their organization. This involves creating an action plan that outlines specific steps for safeguarding customer data and payment information. If help is needed in this area, don’t hesitate to seek it out. It’s better to pay a third party to protect customer data than to lose the trust of the public. Make this a priority in your budget, as you can’t afford to do without the added level of protection.



Why do small businesses need a company lawyer?

As a small business owner, here are the top reasons why you need to retain the services of a company lawyer.

When you hear about a company lawyer, the first thing to come to mind is probably a multimillion enterprise with various interests. However, this should not be the case. Startups, both small businesses and established businesses need a company lawyer. These lawyers are most up-to-date on some of the compliance laws and regulations that you may need to keep your business up and to run. They can also come in handy when you need expert legal advice or representation. As a small business owner, here are the top reasons why you need to retain the services of a company lawyer.

Structure

Regardless of the business model you choose, sole proprietorship, partnership, corporation, or even a limited liability company, keep in mind that there are a lot of decisions you need to make regarding your choice. These decisions will be the building blocks for operations in your business. The foundation you build for your business plays a major role in its ability to remain in operations. A company lawyer is also instrumental in establishing the relationship between you and the employees as well as investors (if there are any).

Legal Counsel

As stated before, these lawyers are up to date when it comes to the legal sphere of the business. A company lawyer can help shield your business and/or investors from personal liabilities resulting from accrued debts or lawsuits. Just like employees need a lawyer like Oregon Age Discrimination Lawyer to settle their dispute with employers, companies also need legal help to deal with such issues and to present their case in the court. They can also help your business remain compliant with both the state and federal laws, this way, your investments can remain safe.

Some of the compliance laws you need include, premises liability, zoning, copyright and trademark, employment, and tax laws. You need to cultivate a lasting relationship with your lawyer for them to provide the much-needed guidance when dealing with vendors, customers, contractors, partners, and employees.



Legal Documents

There are tons of documents and paperwork that every entrepreneur needs to fill and submit before launching operations. To get everything right, you need a business lawyer to help draft and review some of these legal documents. To operate optimally, you need to get all these documents well lined up. Get a qualified lawyer like Ian Carter to ensure the documents present have no errors or omissions.

Finances

Depending on the nature of your business, a business lawyer can help guide you through financial ventures such as business loans, raising capital as well as keeping records of your income and expenses. Business lawyers can also equip you with the knowledge on how to be fiscally responsible. They are also excellent when it comes to tax laws. They can help organize tax payments.

A business lawyer is an asset when it comes to figuring out how to separate both your business and personal finances. Every business, small or big, needs a lawyer to keep things running smoothly and effectively. Reach out to those in your area and schedule a consultation to help you find the best fit for your business.



How keeping track of your Online Reviews can boost your Small Business

Take the right steps to manage your online reviews and improve the reputation of your small business.

Customer reviews can make or break your small business. With every negative review, your sales and profits take a severe hit that lasts for many years. Take the right steps to manage your online reviews and improve the reputation of your small business.

Reduce or Remove Negative Reviews

Negative customer reviews are similar to gossip because people tend to believe them. Reducing or removing the number of negative reviews is necessary. One bad review causes you to lose hundreds of existing customers and thousands of potential customers who will no longer be interested in your business.

Highlight Most Flattering Reviews

Among all reviews, there are always one or two that go into great detail, praising both the product and its company for its exceptional service. This is the type of review that you want at the top of the reviews page, and you should use the customer as an informal brand spokesperson. Always look for ways to highlight your most flattering reviews that are most helpful to other customers.



Monitor All Reviews

It’s hard to keep track of every customer review that appears manually. Every seller’s account or website that should have an automated feature to alert them of every new review that is created. Another option is to hire online review monitoring services in the form of software or professionals who will make note of all new reviews. Using customer tracking or customer relationship management software is the most affordable and easiest choice to monitor online activity. Upon hearing of a negative review, the business owner will respond quickly to correct damaging information about your company and its products or services.

Keep Track of False Reviews

Although not common, there are some small business owners who deal with false reviews from mischievous customers, disgruntled employees, or ruthless competitors. One solution is to verify the details of each purchase before allowing a review to be published. Another tip is to review the signs of a false review, especially if it’s negative, and have the ability to remove it, if necessary.

Reviews and ratings are essential tools that establish trust and loyalty among your customers. Reviews help potential customers know what to expect when they buy your product and trust your company. Make a regular habit of keeping track of online reviews with the help of software and employees. Protect your business from false accusations, maintain customer satisfaction and improve your brand visibility and reputation.



How to find investors for a small business

Small business owners know that raising money to start a new company can be a challenge – how can you find someone willing to back your dream, with no guarantee of success?

You have grand plans for expanding your small business—but can you afford to make it happen?

Small business owners know that raising money to start a new company can be a challenge – how can you find someone willing to back your dream, with no guarantee of success? They can seek the services of experts like Judah Karkowsky as that can prove really beneficial for their business.

It can be done, once you know how to find investors for a small business—keep reading to learn more.

Look for Small Business Grants

You might be surprised that one of the best places to find small business funding is through the government! The U.S. Small Business Administration offers a wide range of grants to help small businesses get off the ground and achieve their goals.

It’s done to help provide stimulation to the economy and it can be a fantastic funding source for your business. You might also be eligible for a zero or low-interest government loan, which can help you get started without needing to worry about hefty interest repayments.



Consider Crowdfunding Sites

Have you heard of crowdfunding? It’s a concept where many people contribute a very small amount of money to get a business going, rather than a small number of investors providing large amounts of money.

You might want to try looking for startup investors on sites like Kickstarter, Indiegogo, or Kiva. For the best chance of success, be clear about both your business goals and what you’re offering investors in return.

Reach Out to Your Network

When thinking about small business investors, many people start by reaching out to their own networks. Friends, family, and business associates are all possibilities when it comes to funding, so think about asking them in a respectful and kind way if they’d be willing to support your new venture.

Be sure to share your investment opportunities on social media, especially LinkedIn, so that it reaches a wide audience.

Try Private Equity Firms

Private enquiry firms are a more traditional funding source, especially if you need large amounts of capital. They can provide the financial backing to get your business up and running.

However, before you approach any investors, especially large firms, you need to make sure you know how much your business is worth, with clear and achievable goals for the future.

These business valuation methods can help you learn more about how much your business is actually worth.

Learn How to Find Investors For a Small Business With These Tips

Are you ready to launch your amazing new business? To give yourself the best chance of success, use these ideas to learn how to find investors for a small business.

It helps to be patient and to prepare for the occasional rejection. However, with enough time and effort, you’re sure to secure the funding you need for your business.

Get started today by preparing a comprehensive plan to showcase to potential investors—it’s sure to pay off!

Was this article helpful? If so, please read on to find more entrepreneurial and business tips.



How to run a successful small business?

If you need your small business to be successful, here are a few guidelines for the way to make it happen.

According to the U.S. Census Bureau, the general variety of commercial enterprise programs commenced to get better in overdue 2009 and has been trending up for the beyond ten years. That’s good.

But, the census records suggest the variety of deliberate wages (WBA) and high-propensity (HBA) commercial enterprise programs have now no longer proven the identical stage of bounce-back. That’s no longer so good.

The failure fee for brand new organizations is someplace around half, with approximately 50 calling it quits after the primary 5 years.

Not a notable start, however, it does imply that 50% are surviving beyond the 5-12 months mark. The outlook relies on the way you view the proverbial glass.

The Small Business Administration says that nearly 80% of recent organizations make it through their first 12 months. Although that could marvel you, it is virtually a miles higher statistic to recognize.

If you need your small commercial enterprise to be extra worthwhile than ever before, right here are a few guidelines for the way to make it happen. And remember: Building a hit commercial enterprise is a marathon, now no longer a sprint.



Focus on Customer Service

According to an examination states that 51% of clients will now no longer repeat commercial enterprise with an organization after a horrific career experience. Other research has proven that it takes numerous tremendous patron reviews to make up for one bad one.

Given that unswerving clients make miles less complicated to sell, make excellent customer support a priority. Examine your contemporary customer support and make the adjustments that want to be made to make sure that your small commercial enterprise is presenting a carrier advanced to that of your competitors. You may also want to put money into the body of workers training, revamping your go back policy, or make primary upgrades together with responding directly to voicemails or emails from clients.

Why Do Businesses Fail?

There are, of course, a myriad of motives why an enterprise would possibly fail. According to studies,

Though, there are some which might be greater, not unusual place than others:

No need: A brilliant product or service gets you nowhere if there is 0 want for it. Due diligence and marketplace studies are critical within the early stages.

No money: Launching and constructing an enterprise is expensive. You want capital, investments, loans, and/or sales to get you through the tilt times.

The incorrect humans: The maximum success enterprise proprietors and marketers recognise to surround themselves with humans smarter than them. You want a robust team.

To a lot of competition: If the marketplace is already saturated, and there are already masses of installed providers, you are preventing an uphill battle.

Pricing: If your charges are too excessive and also you restrict your purchaser base. If they may be too low and you are now no longer pulling insufficient sales to live afloat. It’s a very, very first-class line.

But it truly is now no longer all. There are masses of different motives, like horrific locations, bad enterprise plans, useless marketing, increasing too fast, and so on.

If you cross into enterprise hoping for the best, you are probably going to fail. It’s harsh however true. You should actively paint to make an enterprise a success. You want to study, observe and learn.

And you want to appear to the professionals for the hints and hints which have helped them be successful earlier than you.

Build Word of Mouth for Your Business

Whether you use your enterprise in a small network or in a massive city centre, phrase of mouth is greater vital than ever. Most customers flip to the internet to look for evaluations of companies earlier than determining in which to shop, so constructing great popularity is crucial to the fulfilment of your enterprise.

How do you get an advantageous phrase of mouth? By offering good, expert service, constructing and tracking your neighbourhood (and online) popularity, and gaining exposure via a means of giving returns for your network via your guide and sponsorship of neighbourhood agencies and charities.



Understand the marketplace and define clear KPIs

You want concrete statistics to your best customers, the present competition, anticipated boom and demand, marketplace trends, and greater. These sorts of insights are beneficial and assist you’re making knowledgeable commercial enterprise selections and desires.

And you want to be clean at the four Ps: product, price, promotion, and location. They can manual the advent of your marketplace studies, advertising plan, and client personas, and function as an extraordinary jumping-off factor in case you’re no longer certain where to begin.

The four Ps of the advertising blend are evolving, and you would possibly need to discover the eight Ps that greater appropriately mirror current advertising. They encompass product, price, location, promotion, people, process, bodily evidence, and performance.

With commercial enterprise desires and studies in hand, recollect considering what you need personally, too. There’s a cause why airways educate us to locate our very own oxygen masks earlier than supporting others: if we do not contend with ourselves, we cannot contend with a person else.

Likewise, in case you do not have non-public desires and plans in your very own intellectual health, you may not be as powerful in jogging your commercial enterprise.

Expand Your Marketing Efforts

Effective advertising and marketing are fundamental to growing your sales; however, you do not have to interrupt the financial institution to sell your enterprise. There are many less expensive approaches to marketplace your merchandise and services, including:

  • Creating and usage of an advertising kit
  • Sending out promotions together along with your invoices
  • Joining expert organizations
  • Involving the newspapers for your grand openings, moves, or charity events
  • Giving unfastened workshops or instructions associated with your merchandise or services
  • Developing enterprise partnerships and doing cross-advertising with complementary businesses
  • Cold calling (sure it may nevertheless work)
  • Advertising your enterprise to your automobile with an automobile wrap

Draft a business plan

Whether you create a proper commercial enterprise plan or absolutely record expert desires, workflows, or whatever else, that mind wants to be written down someplace and shared with all stakeholders.

In the virtual age, that is simpler than ever before. A dwelling record saved withinside the cloud and on hand to all and sundry now no longer most effective lets in for consistency and collaboration however for evolution over time. Changes may be made, saved, and shared automatically.

However, the important thing right here is to jot all of it down. It’s now no longer sufficient to absolutely set desires and processes. Research exhibits that we’re certainly much more likely to gain and take into account them while we write them down. We examine higher while we create in preference to simply read.



Should your small business accept bitcoin? Three reasons to embrace cryptocurrency

It was less than ten years ago that a business taking payment in cryptocurrency was a newsworthy event. Now, the decision to accept it or not is just another question to tick off the small business checklist.

There are a million and one things to think about when you’re launching a small business, and while you may think that you’ve covered them all as you finally launch, that’s when someone will blindside you with a question you weren’t expecting, like: Can I pay with Bitcoin?

It was less than ten years ago that a business taking payment in cryptocurrency was a newsworthy event. Now, the decision to accept it or not is just another question to tick off the small business checklist. A lot of people are still a little hesitant when it comes to cryptocurrency, especially those who may be less comfortable with the tech side of things. While it’s true that the value of cryptocurrency is somewhat volatile, it has become increasingly accepted by everyone from tech giants like Microsoft to tiny online stores. If you’re fretting about whether to accept it or not, here’s what you need to know.

Cryptocurrency Offers Security

One of the main reasons why so many people use cryptocurrency is the fact that it is so secure. Every small online business has faced that horrible situation where you realize that a customer has defrauded you. With cryptocurrency, this is much less likely because sales are final, with no chargebacks. It’s also good for the customer, as their data and banking information isn’t stored, which leaves them less vulnerable to data breaches. It is owing to this convenience that we now have Bitcoin store in Montreal where we can buy bitcoins with cash.



Cryptocurrency Is More Mainstream Than Ever

It seems fair to assume that a lot of the reticence small business owners feel about allowing customers to pay with cryptocurrency is that there is still this perception of it as a niche currency, something that is only used by people who spend most of their lives online. Well, that may have been true a few years ago, but Bitcoin and other cryptocurrencies are more widespread and popular than they have ever been and it’s not a situation that is going to change. Take Ethereum, for example, which has certainly got Microsoft’s attention. It’s so easy to convert cash to Ethereum and start taking advantage of what cryptocurrency offers, there’s nothing exclusive about it. You can read more about Crypto at Paxful and buy, sell and trade with confidence.

Cryptocurrency Gives You Independence

If you’re anything like us, you will have dedicated too much time in your life to find an online payment system that incurs the smallest possible fees. For small businesses trying to offer goods at competitive prices, it’s particularly frustrating to see those margins get whittled away by those transaction costs.

Well, when customers pay with cryptocurrency, there are no fees to pay if it’s a peer to peer. There’s no country of origin for the payment, no national bank that is involved, it’s a purely virtual transaction that allows payments both national and international to go ahead without any additional costs. For non-peer-to-peer payments, you could still be looking at fees as low as under one percent. Of course, it makes sense that online payment giants are trying to get in on the act.



How smaller businesses can afford better onsite security measures

With so much money going to different parts of the company, some owners or managers wonder how they might address security concerns.

Any small business has to deal with several startup costs. With so much money going to different parts of the company, some owners or managers wonder how they might address security concerns. Although it might be tempting to skimp on this aspect of the business, losing assets or data could be a killing blow to a new venture trying to get off the ground.

Entry Apps

You may think that anything technical that relates to security has to be expensive. However, you can safeguard your company’s entry points just by using an app. Instead of issuing employees with physical keys that can be lost, stolen, or copied, try keyless entry. This technology can lock and unlock critical doors through the use of an app that includes authorized personnel. Pretty much everyone will have a smartphone already, and they can use the application right from their phones.

Commercial Fencing

A fence around your corporate property is a relatively inexpensive way to improve your security. There are different kinds of fences that may work for your needs. A commercial fencing contractor can go over all of the options with you, and they will make recommendations that should fit your needs based on their assessments. Fencing provides your business with a physical security barrier and a measure of privacy, so consider how investing in commercial fencing colorado (or wherever your business is located) can better protect your assets. You can pair this with a remote gate that allows cars into the facility and provides yet another barrier.

Adequate Lighting

Lights are already going to be a key component at your site both indoors and outside. You can improve security measures with lights simply by checking for dark spots in the building and around it. Any large areas covered in darkness and difficult to see through when looking out windows should be addressed as soon as you can. This is a relatively cheap way to give potential intruders fewer places to hide. You can invest in energy-efficient bulbs for even more savings.

Wireless Cameras

You can’t be everywhere at once, but you still need to know what is going on around the building. Installing some wireless security cameras as key points where entry, egress, or loitering might be common is a good idea. Some models are portable, and you can move them around if needed. You may be able to get some discounts on this tech if you buy several cameras at once.

These are just a few of the ways you might be able to bring on-site security up to a reasonable standard. You don’t need to go for the biggest, fanciest methods of protection, but you should reach a level that allows you to feel safe knowing that your business is secure even when you are not on the premises. It is important to consider online data protection as well. Loss of data could be hugely disruptive to a small business.

Tips for managing personal finances for start-ups and small business owners

When you are just starting up or if you have a small business, the initial few years are high investment years in terms of both product validation and market uptake as well as steady income. In this phase, it is essential to manage your personal finance well. Because when personal finances are not managed well, your business will also suffer and start a chain of losses.

Here are some tips for your personal finance management:

Don’t quit your job

A start-up usually demands high capital investment in its initial years. You may begin by investing a good sum of money into your business, but you will realise that you will need many such smaller investments during the initial growth years. Some of these may have been accounted for while some may not have been accounted for.

So, it is a good idea to continue at least partially with your steady income and job while working on your start-up idea side by side. This will ensure that you are financially secure for your personal expenses at the very least. At the same time, it will give you freedom for growing the start-up to a point where you can quit your job and investment full time, energy and resources in your venture.

Diversify your income sources

It is great to have focus, ambition and drive in whatever you do. However, from a practical perspective, it is a wise decision to diversify your income sources and hedge your risks. This will ensure that when one income stream is struggling, you have the ability to depend on other sources for at least covering your bills and regular expenses.

Improve your Credit Score 

A good credit score is your gateway to acquiring easy credit options like a personal loan or personal line of credit. It proves your creditworthiness and assures lenders of your ability to repay. This means a lot for your personal finance, as you shall be able to negotiate good interest rates, easy repayment options and more. If you have a good credit score, you may also be able to secure a slow interest personal loan or line of credit without collateral. MoneyTap is an app which provides a seamless online loan and personal credit, in a fashion where you pay interest only on the amount of the approved loan that you actually utilize. If you are looking for a bad credit loan, try Lendforall.

Here are some tips to improve your credit score:

  • Clear any bills that are due, on time
  • Clear your credit card debt as soon as possible
  • Apply for a new credit card only if needed, and try to sparse out credit card applications
  • Don’t close your unused credit cards, to strengthen your credit history
  • Diversify the forms of credit that you use

Separate Business from Personal finance 

Most start-up owners find it difficult to delink their personal life from their business. This trait is often instrumental in making their business successful, but the same characteristic can have a negative impact when adopted in managing finances.

Small business owners make mistakes when they muddle up their personal finances and their business finances. Here are a few reasons why you must consciously make an effort to keep your finances separate:

  • It will help you save tax-related stress. Mixed finances and inter-usability of incomes without clarity often leads owners into tremendous stress during the tax filing season.
  • Separate accounts will lend more credibility to your business.
  • If there ever occurs a crisis on the business front, your personal assets will remain safe and you shall not have any personal liabilities.
  • It will ensure that you do not put any burden of your venture’s financial position on your personal account.



Diversify your investments

As a start-up owner, you will need all three – savings, investments and liquidity. But make sure that you hedge your risks by diversifying your investments in different fields like mutual funds, stock markets, etc. This will ensure you do not suffer any major losses from a single failed investment, if any. Learn about index funds at  thestockdork.com.

Develop a Frugal lifestyle

As a start-up, being thrifty is absolutely essential. Minimise your demands so that you can reinvest the maximum amount of your income into your business. In order to develop a frugal lifestyle, you need long term planning, budgeting your expenses, and always being on the lookout for ways to reduce unnecessary expenses.

Make an Emergency fund 

A contingency fund is a must-have for all small business owners and entrepreneurs. Maintain this fund at any cost, and ensure that you do not break this fund unless there is an actual emergency. If you really need funds, you could consider opting for other credit options like a personal line of credit or a personal loan which will help you get through your requirements without disturbing your emergency savings.

All in all, while working on your business idea is important, it is equally crucial to managing your finances which is the backbone of your business. And these small tips and practices can go a long way in developing a successful organization and stable personal income.

Author Bio

Lily Tran is a content writer, working for MoneyTap, who writes about all things Finance. Her passion for credit, debt, loan & investment drives her to help readers get an insight into everyday finance.