Any business with the goal to expand should focus on building business credit from the get go. Even if you’re not ready to apply for business funding today, the time will likely come in the future. To qualify for business funding and manage your working capital, it’s important to build your business credit. There are several steps you can take to do so, no matter where your business is currently at in regard to its finances.
Here, we will break down the definition of business credit and share some ways to build business credit. This way, you can properly assess your working capital.
Business credit is a measurement tool that is used to qualify businesses for financing methods. In the same way that people have credit scores, businesses too have their own credit history and credit score. Business credit bureaus like Equifax, Dun & Bradstreet and Experian keep track of a business’ debt records.
This credit report is likely to be used by creditors, lenders, suppliers and insurance companies when they need to evaluate your creditworthiness to approve or deny applications and deals.
While there are ways to access business loans for bad credit, it’s less than optimal. Instead, you can follow these recommendations to build your business credit along your journey.
Some of these tips can be performed from the outset of starting your business. Others may happen over time. Either way, if you consistently take care of the following, your business credit will grow.
We’ve touched on some of the benefits of having good business credit already. But, to make sure it’s extra clear, here’s why it’s so important:
Building business credit is a great approach to expand your access to business funding options. The type and amount of debt you take on affects your working capital, so it’s the best case scenario not to carry debt.
With good business credit, you will be able to secure the best loan terms and deals possible as your business will be considered trustworthy since you’ve built a history of paying what you owe.
Many businesses find value in taking out a merchant cash advance. But, they may need to consider using a reverse consolidation to help pay it back.
Did you know that there are more than 20 million ecommerce sites?
The world of online retail is extremely competitive. As a business owner of an ecommerce website, there are many things, both big and small, that can help you gain a competitive edge and boost your sales.
Depending on where you are in your business cycle, you may need to rely on financing methods like taking out a short term business loan to fund your efforts. Or, if you have enough cash flow, then you can reinvest into your business to increase profit.
We will break down 10 useful, tried and true optimization tips to boost your online sales. Then, we will get into various financing methods should you need some quick cash fast.
As an online business owner, you may find yourself in need of quick cash to finance your business costs. While traditional bank loans are an option, many new businesses won’t qualify because of the strict requirements. However, there are alternative forms of funding like taking out a short term business loan to get the capital you need to increase your sales.
A short term business loan is a type of loan that supports a temporary business capital need. Many businesses who aren’t approved for lines of credit will look to short term business loans. This attractive funding option tends to have a lower credit limit than a business line of credit, but they also provide businesses with funding fast.
They get their name from the repayment structure, which tends to be short term. Rather than paying back monthly or yearly, short term loans are often repaid on a daily or weekly term. It’s important to look at the annual percentage rate (APR) which affects how much you’ll owe back on what you borrow.
There are a variety of different types of short term business loans, including:
At Uplyft Capital, our focus is on merchant cash advances, a type of short term business loan that can provide you with approval and funding in less than a day. A merchant cash advance’s repayment structure is based on your business’ credit and debit card sales over a period of time. This means, you borrow money and then pay it back with a percentage of credit and debit card sales. It’s a great source of funding for businesses who need cash fast, have steady sales and are looking for alternatives to traditional loans.
Ecommerce businesses have skyrocketed over the years. New ecommerce sites make their way into the digital world on a daily basis. These digital storefronts have a grand opportunity to boost their sales with a variety of approaches and actions. For many, this will require some upfront capital for their short-term needs. That’s where a short-term business loan like a merchant cash advance can come into handy!
Once you devise the strategy by which you will grow your online sales, you can estimate your need for capital (if cash flow can’t cover the costs). Then, you have the option to apply for any type of short term business loan you wish to finance your expansion!
Many businesses find value in taking out a merchant cash advance. But, they may need to consider using a reverse consolidation to help pay it back.
There are many ways to boost your bottom line.
From focusing on maximizing sales to minimizing costs, there are various methods you can try to find what works to fuel your growth the fastest. Depending on your strategy and goals, you’ll require different funding requirements and methods by which you can attain the capital.
Some business owners may opt for a short term business loan. Short-term business loans are a capital funding method used for a business needs like working capital, buying equipment or expanding. If you’ve been denied business loans because of your credit history and financial status, you need to know that there are ways to find funding through business loans for bad credit.
Before we jump into the logistics, let’s take a look at some of the most common ways by which small businesses can transform into profitable powerhouses.
Options for business funding are plenty. If you have bad credit, then you may need to consider business loans for bad credit or short term business loans.
Growing a profitable small business won’t happen overnight. It’s useful to conduct research in your respective industry to figure out customer demand. Based on needs and funding options, you can outline a plan to run your business efficiently. This way, you can satisfy customers while maximizing profits and minimizing your costs.
The aforementioned strategies are just a few ways that small businesses can boost their bottom line. It could require a short-term business loan, an alternative funding method, or finding business loans for bad credit to make your dreams a reality.
Many businesses find value in taking out a merchant cash advance. But, they may need to consider using a reverse consolidation to help pay it back.
As small businesses enter respective markets, their first goal is to survive. The truth is that many won’t make it. However, from the massive amounts of businesses that don’t keep their doors open for very long, there have been a lot of lessons to learn from to become one of the ones that do.
According to the Small Business Administration, two thirds of businesses that have employees will survive at least two years. Only about half make it to lasting longer than five years. Within the first year alone, 20% of businesses have to call it quits.
No matter the industry you’re entering, as a small business, you will have an uphill battle to protect against your fragility. We aren’t here to scare you out of trying. In fact, we want you to finish reading this article, equipped with the knowledge and power to be one of the businesses that defy the odds.
Every business has their own fair share of hurdles. What works for one may not be the same formula for another. That’s why it’s so important that you understand your market and customer’s needs. The first step for a small business’ success resides in its value proposition. Be clear and communicative about why you start your business and the value you will bring to your customers.
When you care about your quality and service, you can take care of one of the biggest business challenges – retaining a loyal customer base. Besides this crucial piece of business, you’ll have to maintain strong leadership, obtain the right capital funding, open up shop in the smartest location, grow steadily and oversee your marketing plan closely.
The SBA’s data has shown that a business’ survival rate is somewhat independent of the economic situation. So, don’t be afraid to start something new if the economic environment is less than optimal. Your small business’ survival is more in your own control than you may think.
Many businesses find value in taking out a merchant cash advance. But, they may need to consider using a reverse consolidation to help pay it back.
The stages of business growth can vary, but most experts will define either 4 or 5 stages of business growth. As someone looking to start a business or someone looking to grow a business, it’s useful to understand the general life cycle of a business so you can take the right steps at the right time to boost your chances of survival.
The world of business is ever changing and shifts along with supply, demand and consumer preferences. To establish a startup as a powerhouse and well-known brand, you will have to take calculated risks. Let’s take a look at the four main stages of business growth and things to consider during each step along the journey.
Some people will consider a business a startup at the inception of the idea. Others will only see a business as a startup when funding has been established and there’s some semblance of a customer base. No matter when you define the beginning of your startup phase, you have a minimum viable product (MVP) to work with and should turn your focus to:
a. Talent: The people you hire in the beginning of your business will set the stage for the company culture. While there is a cost to bring on a new hire, it proves to be worth it when you can find the type of people who are willing to do whatever it takes to make the business successful. Some traits to look for in your first employees include: flexibility, adaptability, desire to problem-solve, a willingness to learn and take on new jobs as needed.
b. Process establishment: The next business stage is scaling. But, before you scale, you want to have well-defined processes so that as you expand, control and quality do not fall behind. You need to make sure that processes are clear and iterative so that as the business grows, the processes will continue to work for you and not against you.
c. Customer service: As the holy grail of most businesses, customer service should always be at the top of your mind. Invest time, money and energy into supporting your customer base, especially those who are with you from the beginning.
d. Early adopters: Early adopters are those who are first to use a new product or service. To attract this customer base, you have to clearly define your target audience. Rather than spreading a lot of money across a wide net to attract people, focus on your core audience and let them help you build brand awareness through word of mouth. This will help to lower your customer acquisition cost and promote brand loyalty from the get go.
Every company has a different timeline for when they become profitable. But, once you move past the break-even point, then you’ll look to scale the business. At this point, you may look for additional business funding or reinvest your profits into the business.
a. Executives: At this point, it’s worthwhile to invest in at least one or two executives with experience in your industry. They can help to sharpen your go-to-market plan and optimize efforts.
b. Define roles: Since you recruited your team in the startup phase, you may not have clearly defined their roles since everything was getting up and running. Now, you’ve probably been able to better clarify what each person is responsible for doing, and if need be, you can bring on more team members who are experts in their respective roles.
c. Marketing: To boost your brand awareness, it’s the right time to invest in marketing and branding. From establishing a strong brand identity to communicating your value proposition to an audience, this is the time where you will begin to see your business take off.
Once your brand is established, your team is in place and your profits are growing, expansion is the next to do. The goal is to grow your market share. This can be done by:
a. New opportunities: Explore new opportunities for revenue. This may be by offering new products or services, expanding markets, creating up-selling features or growing brand equity in existing markets.
b. Stay focused: Hopefully, things are looking up. But, it’s important to also remain vigilant and aware that your product and services must retain their original (or better) quality or your success will be threatened.
c. Key aspect is cash: You’ll likely need cash on hand to expand. This is especially true if your expansion plan entails adding new products or services. There are several ways to receive business funding, but two common methods are by taking out a business loan or applying for a merchant cash advance.
How do you know you’ve made it? If your brand has become a household name or your market share is maximized, you’ve likely hit the maturity stage. You’re no longer focused on establishing your brand identity or expanding your markets, but rather, you are in the business of retaining customers and in it for the long haul.
a. Build customer loyalty: More than half of business’ sales generally come from existing customers. That’s why it’s so important to retain your customers and continue to provide them with the value you’ve always promised.
b. Organizational structure: While your organizational structure is solid, it’s useful to consider how you can innovate and try new ideas. In most instances, this type of culture can be generated and supported by the organization’s leaders so that everyone feels like they can contribute ideas and be heard.
Business moves fast. It takes agile business owners who are up for a challenge to make their business last in an overly competitive landscape. While every business and industry has their fair share of nuances in terms of business structure, communication and goals, these four stages of a business cycle have become somewhat universal.
Some important takeaways for business owners include: remember why you started, continue to prove your value to your customers, invest wisely by taking calculated risks and understand your business financing options at every step of your business’ life.
Many businesses find value in taking out a merchant cash advance. But, they may need to consider using a reverse consolidation to help pay it back.
When it comes to running a small business, the big and small decisions more often than not end up relating back to money. From sourcing funding to managing finances and paying taxes, there’s a lot of information to know. Of course, many businesses rely on financial advisors and accountants to manage their books, but it can literally pay you to understand the basics about small business taxes.
That’s why we’ve made this guide to outline the main aspects of small business taxes, from the kinds of taxes you may have to pay to the considerations to take when structuring your business.
The types of small business taxes that you will end up paying will depend on the way you structure your business (we’ll get to that later). But, the three main types of business taxes are:
Besides the aforementioned taxes, you may be required to pay these too:
The way by which you structure your organization legally will undoubtedly affect your tax rates. Here’s a look at the types of businesses you can run and their respective tax implications.
When you run a business, you’ll have to keep track of income and expenses. Expenses get deducted from your revenue as pre-tax so that your tax liability is then lower based on profits (instead of revenue). To write off expenses, here’s a list of common ones that can be deducted:
The best way to find out what you can write off is to consult with your accountant or CPA. In most instances, small business software for taxes like QuickBooks will help to itemize expenses for you.
Also note, you can write off startup costs before you are fully operational. You can deduct up to $5,000 in startup expenses and up to $5,000 in organizational costs. This holds up as long as your total costs to get going is less than $50,000.
Taxes can surely get complicated. That’s why it’s so useful to know the basics when you’re setting up your own small business. If you have the opportunity to consult with an expert, it’s definitely advisable. As you can see, the way you set up your business as a legal entity will greatly affect your taxes. So, be sure to perform research before jumping right in.
Once you’re getting going, you may realize you need some help funding your small business. Don’t forget that’s what we are here for at Uplyft Capital. Whether we can provide you with a cash advance or not, we invite you to leverage our Marketplace to get connected to the best small business loan for you.
Many businesses find value in taking out a merchant cash advance. But, they may need to consider using a reverse consolidation to help pay it back.
When you start building your small business, a big question pops up early on. You’ll find yourself asking, “Is it time to hire a new employee?” Whether the answer is yes or no at any given time, it pays to know how much it’ll cost you to bring on a new employee.
Of course, everyone’s job titles and salaries vary. But, there are associated (and often hidden) costs to hiring a new employee. In fact, Deloitte has shown that the average cost of a new hire is $4,000, but the price may likely vary.
Here, we will break down everything you need to know about the hiring process, how to hire the right person, and the total cost of hiring a new employee for a small business.
It would be great if the right candidate naturally showed up at your door when you are ready to hire. The truth is that there are many surefire ways to find the right person, but they take time and as such, have costs.
The first step is to write out the job description, which will include a summary of the position, line items or bullets of their job responsibilities, and the required experience and/or education to fulfill the position. You can post the job description on job boards (there are likely to be fees for this) or across social media (can be free unless you pay to sponsor the post). Another option may be to hire a recruiter. However, this may be a more costly option than you are ready to take on. The average cost of a headhunter is $20,283.
It’s no Denzel Washington movie when it comes to training day. Once you’ve recruited the perfect new addition for your team, you’ll have to invest resources like time, money and effort into preparing the new hire for their role. Training actually turns out to be one of the most expensive pieces of the new hire process.
You could and should think of training as an investment. You are putting money upfront to hopefully reap dividends in the future, if all goes according to plan. On average, the cost of training a new hire is just north of $1,200 per employee. This number is calculated by quantifying the hard materials cost, as well as the time it takes a manager and fellow employees to get the new hire ready to go (to the point of 100% capacity).
Along with on-boarding comes the process of submitting paperwork and documentation, including but not limited to: health insurance, annual salary, benefits and the like. You’ll have to set up an approval process for the new hire to receive necessary paperwork and it to be properly reviewed. Many big businesses have this managed by a Human Resources department or have outsourced an HR team. As a small business, you may want to take this on by yourself to minimize the costs. If you do so, there are plenty of options for automated human resources management software on the market.
In business of any size, customer satisfaction tends to be a top priority. Equally as important is employee satisfaction and retention. Just like it costs more to acquire a new customer than retain an existing one (5x more in fact), the cost of turnover is like throwing money out the window. You invest time and resources into getting a new hire up and running so that they can hit the ground running. Remember when we said this is an investment that will only pay out if the employee reaches maximum potential? If an employee quits shortly after being hired, all the costs associated with on-boarding can be considered sunken. Corning Glass Works has found that an employee who attends a structured orientation program is 69% more likely to remain with the company for at least three years.
As a small business hiring a new employee, you probably have spent most of your time calculating a new hire’s costs based on their salary and benefits. Beyond their salary, you should also factor in the price of benefits like: medical and dental plans, retirement contributions, disability coverage, life insurance, tuition reimbursement and so on.
The break-even point for bringing on a new hire tends to take place by month six, at least for mid-level managers (according to Harvard Business School). This is based on the employee reaching their full potential by that time, as training, salary and cost of lost productivity even out.
The cost of hiring is not a one-size fits all calculation. Naturally, the salient costs like one’s salary varies greatly by location, hours of work, experience level, etc. But, as a small business, taking on any new costs is an important consideration. However, new hires may not be a cost you can fully avoid because at some point, the benefits of hiring someone to help boost productivity will outweigh the costs of not having a valuable team member. Here are some tips to help reduce the cost of new hires:
Small business owners have a lot to manage. That’s why the consideration of hiring a new employee is one to take seriously. Devoting the right time and resources to find the perfect candidate can save you money in the long run.
While the hiring process isn’t always the most quick piece of business, it often ends up being one of the most important. Give time to figure out the exact job description, necessary base salary and benefits, on-boarding process, training environment and overall employee experience. The goal is to find the right person who also feels you offer the right opportunity for growth and maximum potential.
Many businesses find value in taking out a merchant cash advance. But, they may need to consider using a reverse consolidation to help pay it back.
But, if it is something you’re passionate about, it can afford you both a living and more flexibility than a standard job in an office. Before you get started running a business from home, there are legal factors to take into consideration, as well as financial aspects that are necessary to understand.
Working from home is much different than running a business out of your home. Here’s everything you need to know!
When you start a business from your home, there are various legal considerations. These laws vary by state and locality, so it’s important you can define the type of business you plan to run. Then, it’s best to check that you are allowed to legally run your business from your home.
No matter your reason for starting a home-based business, there are some tips and steps that look the same for every at-home entrepreneur. From the inception of the idea to marketing the new business to the world, you’ll want to touch base on each of the following steps in your process of building.
1. Brainstorm Ideas: After checking in with your localitlie’s business registration restrictions, it’s best to start by brainstorming various ideas for your business. You can run a salon, daycare, e-commerce business, service-based business like tutoring or another type of business from home.
2. Combine Talent and Skills: The optimal way to go when deciding upon the business you’ll run from home is to pick something that combines both your talents and skills. This will help to ensure you are passionate about the work you will be performing day in and day out. Some people have the education and experience they already need to run a business from home. If you have more to learn, don’t be afraid to take online certification classes, attend trade school, rely on a mentor, read books or ask people in your network questions.
3. Funding: Like any type of business, you’ll have to have funding to get it off the ground. There are a variety of kinds of funding methods you can rely on for capital. Some of the most popular funding methods include: business line of credit, merchant cash advance (particularly fitting for commerce businesses even if you have bad credit), small business loan, or crowdfunding. While it is sometimes possible for a startup to self-fund, it requires extra disposable income or being okay with going into debt. However, if you are confident you will be making sales as your business gets up and running, then a merchant cash advance can give you quick funding upfront for a promise of a portion of your future credit card sales for repayment.
4.Write a Business Plan: Running a business requires planning and organization. Writing a business plan can help you stay on track to achieve your goals. It is also a necessary piece of documentation to have if you plan to apply for business loans or investment. A business plan typically includes: an executive summary, financial planning, marketing strategy and a budget.
5.Separate Personal and Business Finances: Importantly, you’ll want to separate your personal and business finances, especially when working from home. A lot of your personal life and work life will overlap when it’s all taking place in the same location. As such, it’s even more important to separate your finances. This begins with opening a separate business bank account and tracking business expenses separately from what you spend personally.
6. Insure the Business: Whether you rent or own your home, you will likely already have renter’s or home insurance. When you open a business in your home, you should ensure that you have the right home-based business insurance protection. This typically requires both general liability insurance and professional liability insurance. You could even want a Business Owner’s Policy (BOP), depending on what industry you’ll operate in.
7. Understand Tax Deductions: Business owners who work from home can claim tax deductions for certain portions of the business activities that take place inside their home. For example, you can deduct a portion of your rent (based on the percentage of space you use for your “home office”), utilities, repairs, maintenance and real estate taxes.
8. Create Your Business Identity: Once you have all your financial plans and logistics figured out, you can get into the fun work of building your brand. With enough brand awareness, people will hopefully be able to recognize your logo and know what your business is. To get to this ideal place, you must begin with creating your business’ assets, which include: a logo, typography, color palette, packaging, a business website, and marketing materials, to name a few.
9. Designate a Workspace: You’ll want to designate a workspace inside your home that is dedicated to the business. For some, this means having an office or studio for work. For others, it may be cornering off a part of your living room for business activities. It doesn’t matter how big the space is – the importance is being able to step into it and knowing you’ll be productive. It’s also nice to be able to limit distraction in this portion of the home so you can set your work hours when you’re spending time in that location. Again, this also will play a role in your tax deductions as you can accurately estimate the square footage used for the business versus living.
10. Get the word out: After you’ve set up all the behind-the-scenes factors to ensure your business can run smoothly (i.e. finances, funding, brand identity, etc.), you can step into the spotlight! Oftentimes, this is one of the hardest parts of any business. Building your brand and marketing your value will entail preparation, funds, and time. While you can do it alone, it’s recommended to rely on experts in respective fields like social media, paid advertising, SEO, influencers and the like. If you can commit to providing a product or service of quality with great customer service, then word of mouth can become your best and most useful tool for marketing.
Running a home-based business has a lot in common with running a business from an office space. Some things that overlap include building a brand, writing a business plan, sorting out business funding and applying a marketing plan. Some things that make it different are the extra considerations around what’s legal and illegal to do from inside your home, as well as the implications for your business taxes.
Having a home-based business can offer benefits like flexibility and lower overhead costs. At the same time, it can require extra coordination, organization and motivation to get up and get to work, since you’ll be tempted to go relax on the couch or stay in bed. But, if you know there is a home-based business you want to try that can glean profits, then follow the aforementioned steps and get to working. Go big and stay home!
Many businesses find value in taking out a merchant cash advance. But, they may need to consider using a reverse consolidation to help pay it back.
Whether you’re doing it out of choice or necessity, taking your business online can boost your brand awareness, expand your clientele and help you build your bottom line. Running an online business takes work, but if you set it up properly, it can be easily sustainable.
Here, we will outline the basic steps you should consider when building your business online. From the seemingly obvious to the more nuanced details, be sure to read and share this guide with anyone who wants to transform their business to be digitally-focused.
Taking your business online or starting a new online business isn’t something that looks the same for everyone. In the same way that everyone finds business funding that works for their needs, business owners create online stores according to goals.
In any event, there are some common steps that are worth exploring and sticking to, including the following:
Once you have funding for your business, the next step is allocating where and how you will spend the capital.
Don’t ignore marketing. More specifically, invest in marketing!
It’s usually a hard pill to swallow because you won’t be able to see the results right away.
But, once you are up and running, you’ll see the ROI. Some aspects of marking you should familiarize yourself with include:
Online businesses pop up daily. There are so many reasons why starting an online business or converting your current business to operating online makes sense. Not only will you have low overhead costs, but you can also reach a global audience and quickly adapt to the changing needs of customers.
With a digital business, you can follow trends and adjust your website accordingly.
From branding to content to marketing, there are a few key ingredients to running your online business efficiently. Be sure to line up your process and plan before jumping right in.
Many businesses find value in taking out a merchant cash advance. But, they may need to consider using a reverse consolidation to help pay it back.
Does the thought of actually doing it and everything that it entails stop you in your tracks? You’re not alone.
Starting your own business can be scary and may feel impossible, but with the right tools and guidance, you too can build your own successful business. Here are some basics to get you started:
The financial aspect of building a business is usually the most intimidating piece, especially for those who haven’t been saving up to do it or who don’t have extra money laying around. Let us start off by saying: do not let this stop you! There are many ways that you can get the financial support you need to move forward in your business plan; we will share just three. Some first steps are a business line of credit, traditional business loan, or merchant cash advances.
To start, a business line of credit is geared towards small businesses as a more flexible loan than a business loan. It works similar to a credit card in that you can borrow up to a certain amount of money and pay interest accordingly. Just like with a credit card, you can use and repay at your discretion as long as you don’t exceed your limit. .
The next option is your traditional business loan which is fairly easy to get since there are many lenders out there looking to partner with business owners. You’ll most likely need a credit score of 720 or higher, a stable source of income, and a business plan (it doesn’t have to be perfect, don’t worry). One of the biggest pluses of a business loan is that if the business fails the loan doesn’t have to be repaid *in most cases. This should give most borrowers a sense of relief. When applying for a loan, it’s important to make sure you read the fine print – there are usually early repayment penalties that come with a loan, so finding the right loan for you is crucial.
Finally, you have merchant cash advances (MCA) which isn’t exactly a loan but rather a cash advance that will be repaid according to a percentage of the credit card sales deposited into your business’ merchant account. The benefits of a MCA is that you can apply for one and have funds appear in your business checking account within 24 hours upon approval! The application process is a bit different than from a lender or banker in that a MCA provider will evaluate your daily credit card receipts to assess risk.
A successful business cannot operate without a successful team. You’re not expected to do it all (and you definitely shouldn’t). Begin by figuring out your strengths and weaknesses so that you can see where you’ll need more hands on deck. That said, utilizing recruiting companies as well as securing a solid Human Resources department are vital for success.
It is important to remember that when hiring staff, you want people who will stay and grow with your company. Your team members should have the same goals and values, and even more importantly should be as dedicated to the success of the business as you are.This comes hand in hand with building a culture for success. This means making your employees feel valued, respected, and trusted. How do you do this? Establishing company norms such as team building activities, whole company meetings, weekly happy hours, and other unifying experiences. A team that likes and trusts each other is bound to thrive!
In today’s age, word of mouth is the biggest marketing agent. People look to the internet for customer reviews first, using platforms such as Yelp, Facebook, and other online forums. For this reason, customer service and satisfaction are critical. Utilizing free social media platforms like Facebook, Instagram, Twitter, and Yelp can build your clientele as well as your credibility tremendously. They are also ways to engage with your customers and provide quality customer service.
You’ll need a basic website to direct your customers to, even if it just states the minimum about your company: who you are, your mission, contact information, and product or service details. Email subscription is another great way to keep your customers up to date on products, services, and anything else going on at your company. You can also add news and other updates about your company to invoices that are emailed to customers.
There are many free ways to market your product or service, but you’ll also want to set aside a marketing budget for some paid advertising, which will definitely increase your visibility.
Keeping track of where you’re spending money can be tiring, but it’s extremely important. If you find that you’re spending too much time and energy doing this, you may want to look into online tools and apps for expense tracking; finding the right one could be a game changer. Having a specific budget will ensure that you aren’t dipping into other funds or spending money on things you don’t need. Pay attention to what is and isn’t working so that you aren’t spending money where you don’t have to.
You can do this by:
Building a successful business certainly sounds easier than it is (if it sounds easy at all), but following the right steps can help drastically.
Your first step is to figure out the right funding for your needs, and once you’ve done this, you’ll be able to get moving!
Many businesses find value in taking out a merchant cash advance. But, they may need to consider using a reverse consolidation to help pay it back.