Starting A Business on A Shoestring
Small Business Startup Financing Tips
It used to be that starting a business on a shoestring was an option for the new entrepreneur but with the economy being in the shape that it’s in, starting out with little to nothing is almost a necessity. Finding funding for a new venture usually meant a trip to the bank with your business plan and your good credit record. Today, that kind of lending has become very difficult to find for an untried business.
The good news is there have been thousands of successes that began with very little and there is no reason you can’t be one of them if you just keep a couple of thoughts focused in your mind.
First, don’t burden yourself with debt or liabilities like rent or payroll until you know you have a business that will work. If you can avoid these liabilities and the business fails, then all you’re out is your time.
A business does two things. It sells things and it makes (or obtains) the stuff it sells. Nothing happens until something is sold. Your initial efforts shouldn’t be on product but on selling. What little money you spend should be on marketing.
You can use this experience to get feedback from potential customers (even if they don’t buy) to figure out just what they are looking for in your product or service and what they would be willing to pay.
This info is invaluable in developing a product or service that has a chance to be a winner.
Use the money from sales to grow the business. Don’t save it (at a whopping 1.5% at most banks) and don’t take it as a bonus. Use it to improve the selling method and marketing.
Don’t spend money unless what you buy can make you money.
Outsource, don’t hire anybody. Employees cost money and come with a ton of liability. Use an agency or freelancers as workers.
Common sense and a focus on selling will bring you the cash that you need to keep the business growing. Wait until you are established before you take on debt to grow the business.
Related Resources From A Touch of Business:
10 Businesses You Can Start for Under $500
Low Cost Startup Business Ideas
Small Business Financing: Get The Loan You Need To Get Started – There are many options to fund your small or home based business. This online guide will help better understand your options as well as what you need to get the financing you need.
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Save Your Stars
For A Small Business CEO, The Nightmare Is Always The Same
Guest Post by Jennifer Prosek
You find the top talent. You train them and nurture them into stars and then – they leave you for bigger companies and you have to start all over again.
How can a small business save its stars?
How to Pay So People will Stay
The first step to retaining your top talent is to make sure your compensation system is in order. I have focused my compensation strategy so that it rewards the behavior I want to see from my staff. So for example, to encourage my staff to constantly be on the hunt for new business, I initiated a Commission for Life compensation plan. Any employee who sets up successful new business meeting – that’s it, just sets up the meting – gets 5% of the revenue from that account for the life of the business as long as they remain with the firm.
I also make sure I focus on offering “psychic” compensation. What’s that? It’s compensation that doesn’t come in monetary (or really any tangible) form. I offer my employees autonomy. I offer them complex and challenging work to keep them engaged and learning. I am generous with my praise and my appreciation.
Business Website Templates At Affordable Rates
Business Website Templates Tips For getting One Now
It’s time to stand out from the competition! As a business owner, if you want to make a great first impression to your customer base, then it all starts with your web design.
To give you a better idea, here are the top resources in free business website templates online available for download:
Template Monster: This website offers a large selection of business website templates, which are available in standard format and flash. Some of the themes that they offer include business, professional services, communications, financial consulting, mortgages, insurance agencies, accounting, and more.
Free Web Templates: With “free” being the operative word here, this website offers free business website templates available for download. This will give you the opportunity to create a professional looking website to attract your customers without having to spend your entire budget.
If you have not yet decided on the final theme of your web design, then it may be a good idea to download a free template to see how your customers respond.
Quack It: This website again is a very large selection of free business website templates. Even better, the website templates available are easy to download to your computer, add your own personal content to, and upload to your hosting service.
Even if you are not experienced in web design or computer programming, it is quite simple to download your template and customize your website without the need for a web designer.
We cannot emphasize enough the importance of customizing your website to better reach out to your demographic. If you’re having a difficulty increasing your conversion rate and attracting customers to your brand, then much of it may have to do with your web design.
Take the time to search through numerous business website templates to find the best choice for your company.
When you put effort into your web design, it makes a legitimate difference in your sales and marketing to your customer base. Fortunately, there are literally thousands of templates to choose from so that you can best represent the theme and vision of your company to all customers that visit your website!
For More Information And Resources on This Topic See:
Business Website Templates: Here’s Where You Can Get Them – If you’re looking for affordable business website templates, check out these top resources online to easily design your website.
How to Incorporate a Business: Is It the Right Choice?
Essential Tips on How to Incorporate a Business
Are you ready to learn how to incorporate a business? If you are a business owner, the process of incorporating a business is actually quite simple.
Incorporating a business allows you to reduce your risk and protect your assets, and you will also receive numerous tax advantages. On top of that, business incorporation will help to increase your credibility so that you can potentially attract new investors to stimulate growth in your company.
The first step in the process is to choose the state that you will incorporate your business in. Although it may seem simple to incorporate your business in your state of operation, many businesses choose to incorporate in a different state, like Delaware, because of their tax laws. In fact, most of the Fortune 500 companies out there are already incorporated in the state of Delaware for this reason.
After you have decided on your state of incorporation, you will need to create a pre-incorporation agreement with the cofounders of your business so that you can establish the prices and shares of your stock and create a Board of Directors.
You can then file forms through the Secretary of State office with the name of your business for incorporation; you will be updated as to whether or not this business name has already been taken.
After you receive the official certificate of corporation, it is best to hold a stockholders’ meeting so that you can establish corporate bylaws and a Board of Directors to govern your business incorporation.
Although the process of learning how to incorporate a business may seem intimidating at first, it is actually quite simple and straightforward. The only point to take into consideration is if you hope to incorporate in a different state since that process could be complicated and more expensive.
Yes, there are tax advantages to incorporating in a different state, yet it may be best to consult with a business advisor to make sure that this is the best choice for the future growth of your company.
For More Information And Resources on This Topic See:
How to Incorporate a Business: Simple Steps To Take – If you are looking for information on how to incorporate a business, this page will help you get started and identify key steps you need to take.
Can Marketing with Business Postcards Increase Your Sales?
Find Out the Truth About Marketing with Business Postcards
As a local business hoping to market to your community, are you still using business postcards to reach out to your customers?
So many business owners today are beginning to ask the question of whether or not old fashion marketing tactics like business postcards are still the best ways to reach out to their customers. Well, the answer is not so cut and dry.
To begin, if you are using business postcards to market to your customers and are seeing results, then you must continue to do what works for you. However, beyond a shadow of a doubt, you must simultaneously create an online presence if you hope to grow your business for the future.
In today’s age, even local customers are searching online for businesses within their community. This means that if you are a local business hoping to reach out to your customers, then you must have a website and a social media presence so that they can easily access you online.
As the best recommendation, it is important to divide up your marketing budget between online and off-line marketing efforts.
If you are using business postcards to send out special offers to your customers, you can continue to do so with a portion of your marketing budget. However, another portion of your budget must be spent creating an active website so that you can attract new customers to you online.
In today’s realm of business marketing, you really can have the best of both worlds. If you are seeing customer interest based upon business postcards that you mail out, you can continue to market with this method.
Still, it is important to pay attention to your customers’ developing interests as they do more shopping and consumer research online.
To reach out to new customer demographics, it is essential to create a solid online presence for the future.
In the meanwhile, you can continue to do what works by using business postcards to provide specials and updates to customers in your local community!
For More Information And Resources on This Topic See:
Business Postcards versus Online Marketing: Which Is Better?
Create An eBook To Help Market Your Business
The Path to eBook Marketing
There are many different online strategies for marketing a small business. Some of these strategies are fairly easy and others can entail a lot of work. When it comes to eBook marketing, no one would say this strategy is easy. Or is it? Let’s break down the basics of how the process works in order to define whether or not it is an easy concept.
Information Marketing:
eBook marketing is another form that information marketing takes. Rather than writing a short article presenting your knowledge of a subject, you would craft a 50+ page electronic book. The purpose of the eBook is, of course, to promote your business. If you own a gym or personal fitness business, an eBook covering the basics of strength training could prove to be a solid promotional tool. Similarly, an eBook covering the basic steps to get out of debt could provide excellent support to a credit counseling business. Really, there is no limitation to the subjects or types of businesses that can be integrated into an eBook marketing campaign.
Distribution:
The distribution of such an eBook can be undertaken in a variety of ways. Sending the eBook out via email is one. Allowing people to download it from a website or a blog is another. Some will even ‘sell’ the eBook on eBay for a penny. Uploading copies to file sharing sites can be another option. Once again, there is great variety to the ways in which you can distribute your eBook. Taking advantage of all these methods is recommended.
Production of Your eBook:
The obvious hurdle here is dealing with the production of the eBook. If you cannot write it on your own, you will need to hire someone to do it for you. This could rove costly depending upon the size of the eBook and the marketing firm hired to handle such tasks. It is, however, advised to hire professionals and not muddle through the material on your own. If the eBook fails to impress, it will not prove helpful to your business at all.
Related Resources From A Touch of Business:
Free Marketing eBook – Examples by Real Business Owners
eBook Marketing Exposed Overview
eBook Marketing Explained
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Time Management: Prepare Your Day The Night Before
Map Your Success The Night Before
Each night, sit down for 15 minutes or so and make your schedule for the next day. This is very important to your success in business because if you have no idea where you are going or what you are doing for the next day you won’t get far.
This can be as simple as jotting down what time you will wake up and what you plan to do after that. Creating this habit is also good because it allows you to put on paper what you need to get done. By doing so, it makes it official in your mind.
For example, your schedule could start with wake up 6am and get ready to work by 7am. Then, write what you want to do at 7am to 8am. Remember, to place the task that you consider the most challenging in the beginning of your day.
When you accomplish the difficult takes first, it makes you feel like you can do anything, and you can.
Continue with your schedule until you have mapped out the entire workday for your business. At the end of the day, look back at your accomplishments. For what you haven’t completed, place on your schedule for the next day.
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Jumpstart your day (the night before) – an evening routine
Own Your Own Business? Have You Considered Hiring Your Kids?
Tips For Hiring Your Kids
Hiring your children will save you money from having to hire outside help and it will also teach your children the importance of having job responsibilities. In addition, it provides extra incentive for them to work for their allowances.
Tap the talents that your kids already have or teach new ones, either way you benefit across the board. One lady told of how she spent over $2,000 for graphic designs done for her business. Now she lets her son do it and the work is just as good if not better.
Hire your son or daughter to do all those small business related tasks that have to get done but that you don’t have time to do. For example, they could update your date base of clients.
Check email for follow up or write articles for your marketing campaign. They will learn important information about running a business that isn’t taught in school–all while making extra money. And you save money in the end.
Related Resources From A Touch of Business:
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How to Improve Your Customer Service
When you hire a new employee, part of their training should be customer service. There are ways to improve on the way you handle your customers. Part of it is putting yourself in the customers shoes, understand what it takes to make a customer want to come back and shop in with you again. Once you understand all of those things, you are well on your way to giving excellent service to your customers.
To start with, give your customers a bonus such as a free gift. Tell them how important they are to your business. Listen to your customers suggestions and implement some of them. Hire employees who love to be around people and who have great personalities.
Teach the employees different ways to please a customer. Have them help the customer in a prompt manner. Make the customer realize that the employees are in the store to answer questions, and help find the products that the customers are looking for that day. Once the employee gets into the habit of giving great service they will improve from that point forward.
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