Whether it’s asking to borrow startup capital or partnering a joint venture, going into business with family may not always be the brightest idea and can end up more costly than traditional methods of getting financed. There can be major pitfalls and endless consequences if unforeseen obstacles arise, plans are dashed, and money is lost.
No matter how prepared your relatives might be to take a loss in support of your dreams, if the deal goes sour in some way, it will likely damage the relationship. If in the future, they or other family members mention your failed venture directly or not, they will still serve as a reminder. In the worst case, family gatherings could forever be altered by tension and arguing, which would have never happened if you had just borrowed from a bank or formal investor.
Once you shift your relationship dynamics, even with your friends, you can never go back. While it’s true that some familial partnerships turn out quite successful, it’s a risk to what otherwise might be happy healthy bonds. Even on the simplest levels of doing business together, potentially awkward situations are introduced, for example, one might expect certain discounts, perks, or even a cut. This could also invite one to impose their opinions over your operations after investments have been made, and you can feel somewhat beholden. Traditional lenders won’t be calling after hours, or at the next family function, or the function two years from now. Banks can’t speak to other friends and relatives about you.
There’s also the hazard of worlds colliding and networking gone bad. Once you start mixing your business circles with your personal circles, it’s an opportunity for unnecessary drama. If anything negative happens between a professional associate and a personal friend, you’ll regret ever crossing your lines. It’s wise to proceed with caution when making introductions and playing matchmaker.
When seizing on that golden idea or expanding existing projects, it’s smart to weigh the benefits of asking your family, as organic and obvious as it may seem. Investigate options, talk with someone from the SBA, it might save you a lot of trouble down the road. Even if at first glance the uncertain path to borrowing money may seem the longest, at least you keep the choice of which direction to go along with peace at home.
Owning a small business in today’s competitive world can feel a lot like being a tiny fish in a big pond. How do you get your company noticed among everyone else bidding for the same piece of the market? Here we look at some unique ways to lure potential customers into choosing you and hook them in wanting to return.
Make business fun! Number one way to keep a client returning is to keep them engaged. Run regular contests, games, and promotions. Try flash sales or monthly raffles where customers earn tickets with each purchase. Use humor and imagination when creating your events. If it’s possible, do in-person meet-ups as well as online, but have fun with whatever platform suits your situation. Either way, make sure to maintain an active social media presence if you intend to sustain a strong following, even if it means hiring someone to do it for you.
GIve rewards to clients who give photo or video testimonials of them using your product. Offer customer referral programs and run limited-time bonuses for new referrals. Offer benefits and perks for customer loyalty and incentives for new customer sign ups. Give free trials and samples. Making people feel like their business is truly appreciated is a solid strategy for building long-term relationships. Whenever possible get to know your patrons personally, and remember their preferences.
Give back to the community. Host events that sponsor local groups and organizations, in addition to hosting events for suppliers and customers. We have a wellness-based grocery store in town that, prior to Covid, would hold an annual fest with popular guest speakers and vendor tables set-up to introduce their products to the store’s regular customers, who usually brought with them guests. Everyone left with a big bag of samples and a refreshed addiction to their favorite wellness spot for the year ahead, plus an extended shopping list.
Aim for your customer’s experience with your business to not only be easy, but enjoyable and inspired. Focus attention not only on a fun and engaging customer experience, but ensure it’s also a user-friendly one. Keep your website updated, interesting, and intuitive to navigate. Have a good response time, and communicate extremely personably. Again, use social media to establish a reputation by hosting an interactive page, or even a community forum for information and networking others highly specialized or related to your field. If you’re a hub and source of knowledge for what you practice, then you become a source for everything involved in that practice.
People will also be attracted to your name if they know it stands behind a good cause. “Newman’s Own” Brand offers only high-quality products and donates proceeds to charity. I personally will buy “Newman’s Own” over its competitors nine out of ten times simply for those two reasons alone. Additionally, philanthropy is something to get creative with and make people excited about. Have different promotions supporting a variety of nonprofits, or let your loyal following suggest their favorite causes.
Aside from having astronomically awesome sales, out-of-the-box events, cutting-edge insight, plus a cool and catchy theme for your brand, give your customers the sense of being part of a culture or community. Show your personality and what makes you different in the sea of competitors, and this will create a comfortable environment for your clientele to quickly warm up to and become familiar with. When they know they’re getting a great product or honest service, and that their loyalty is valued, it won’t make sense to shop elsewhere.
With the New Year comes time to review while planning ahead. Checking in on overall operations and financials gives a clear picture on progress towards goals and how to strategize for the upcoming quarters. You also want to make sure your staff and facilities have what they need to produce and grow.
Avoid accidental hiccups with any policies, programs, or subscriptions by making sure everything is up to date. See if your insurance is adequate, or if the companies are offering any bundling rates. Retirement plans are best shopped for early in the year to maximize benefits. Are you getting the best prices and services from your suppliers and vendors? Are there any new companies worth trying out?
Equipment is another area to evaluate. Does the business have what it needs to thrive, and how long can that last? Can the business handle necessary investments or will financing be something to consider? Are there any budget cuts that can be made to support these costs?
Consider your virtual presence and online marketing for the next few months. Is your website running strong or does it need a bit of tweaking? Do you have a social media audience engaged in relevant content? If you haven’t been able to maintain an online following, then it may be worth hiring someone to do it for you.
Covid has no doubt changed the staffing market, in addition to all the adaptations each business has had to make individually. Now may be a time to look at the effectiveness of those efforts, as well as the possible need to expand your team.
As the new year is often the start of a fiscal year, there are certain areas that are best put for review at this time. Fresh looks are due for insurance and retirement plans, vendors and suppliers, equipment, marketing, and staffing. Any adjustments to bring profits and success should now be made or planned for with an eye on the seasons ahead.
Thinking of Starting a New Business?
Now is the time! With our society ready to get back in action (safely), new business concepts are quickly emerging with creative flows for serving the public without the high risk of spreading the virus. Put your innovative business concepts into play, and connect with us to get the funding you need to start your newest venture!
Financial restraints have been a complaint for many of the dreamers, limiting themselves to their immediate funds. There is an alternative. If you have the dreams and decent credit, Small Business Loans and No Doc Loans are available to you. Our goal is to provide you with the knowledge you need and the resources available to make your dream a reality. Give us a call – we have the education and the perspective to help you obtain the loans you need for your small business. Visit our website or give us a call to find out what financial backing is available to make your business soar!
Unsecured Finances has over 10 years in the consulting business! We specialized in educating and assisting clients on acquiring Unsecured Business Loans and Start-Up Business Specialty Loans including; Unsecured No Documentation (No-Doc Stated Income) Loans, Unsecured Business Loans, and Unsecured Start-Up Business Loans and Lines of Credit from $10,000 to $500,000 without Assets.
Apply on our website to find out if you qualify, or call today for a free consultation: 1-888-294-2584
For many small business owners, no matter how much we accomplish, it feels like we could do more. At the end of the week tasks hang unfinished from the list of what we thought would be done and we wonder where the time went. How do we carve out more hours from the month? Since we can’t create more time, we instead find ways to use the minutes we do have most efficiently, and honestly look at where we might be draining the clock.
The easiest way to get anything done is the set-it-and-forget-it method, and it’s worth it to automate processes which will free employees to focus on more complicated projects. Although some jobs will always be better overseen by the human eye, automating things like scheduling, payroll, or anything considered “drone work” is a huge investment in productivity.
Another great contributor to productivity is uninterrupted workflow. Let the daily schedule lend itself to long hours of straight focus with limited distractions. Give workers large chunks of time solely for work to avoid wasted minutes getting back on track after every small derailment. Each notification, memo, meeting, and chat inevitably takes longer than its intent, most of which can be condensed and are’t urgent. Multitasking also leads to diversion, split attention, and a list of almost complete projects that end up taking longer with lower quality results.
Plan shorter meetings, at consistent times and not throughout the day. Meetings should be concise and update everyone in the company with new developments and important information. This is also an opportunity for your team to provide reports and feedback, or communicate anything they need.
Have clearly defined roles for each employee to reduce confusion and backtracking, which then gives them a sense of function. Encourage communication from your team and regularly ask their opinion on how they think things can run smoother. An open environment to express input, without being micromanaged, will let your team think more about creating the best product or providing the best service, than worrying about critique.
Technology can also help keep everyone in the loop, while still maintaining minimal notifications and lagging conversations. Software platforms like Trello or Microsoft Teams put messaging and file-sharing in a single hub to track work progress faster and more streamlined than email.
To start trimming wasted time from the general office routine and boost valuable production hours, automate and give your employees as much for actual work as possible. Cut excessive meetings and reporting, make sure your workers know clearly what is expected, have open communication and always seek new ways to innovate for better efficiency. When your team sees a boost in productivity overall office morale will skyrocket which can only contribute to greater productivity.
Thinking of Starting a New Business?
Now is the time! With our society ready to get back in action (safely), new business concepts are quickly emerging with creative flows for serving the public without the high risk of spreading the virus. Put your innovative business concepts into play, and connect with us to get the funding you need to start your newest venture!
Financial restraints have been a complaint for many of the dreamers, limiting themselves to their immediate funds. There is an alternative. If you have the dreams and decent credit, Small Business Loans and No Doc Loans are available to you. Our goal is to provide you with the knowledge you need and the resources available to make your dream a reality. Give us a call – we have the education and the perspective to help you obtain the loans you need for your small business. Visit our website or give us a call to find out what financial backing is available to make your business soar!
Unsecured Finances has over 10 years in the consulting business! We specialized in educating and assisting clients on acquiring Unsecured Business Loans and Start-Up Business Specialty Loans including; Unsecured No Documentation (No-Doc Stated Income) Loans, Unsecured Business Loans, and Unsecured Start-Up Business Loans and Lines of Credit from $10,000 to $500,000 without Assets.
Apply on our website to find out if you qualify, or call today for a free consultation: 1-888-294-2584
So your business is up and running, you’ve made it through those trying years as a start up and now it’s time to expand. How do you know if you’re ready to ask for a loan, and how do you prepare to apply? First have a plan for the funding, and only borrow when you’re certain greater profits will result. Consult with Unsecured Finances for resources and lenders.
Prepare your business case when approaching lenders. Write a brief statement citing the specific amount requested and exactly what it’s for. Consider crowdfunding as an option as well. It’s helpful to include a thorough business valuation, the same as if you were to sell your business, which shows previous months of strong profits and projections for the months ahead. If previous months do not show strong profits, then explain how more capital would generate more income.
There are a number of times a growing business would require financing whether it’s hiring more employees, building a brick and mortar, improving an existing office or facility, launching a new product, or just preparing for a seasonal cycle, a variety of programs and lenders are ready to spend on a worthy investment. A well-thought plan and clear presentation are the keys to those valuable resources. First just be sure enough in your own rate of growth to confidently borrow.
Thinking of Starting a New Business?
Now is the time! With our society ready to get back in action (safely), new business concepts are quickly emerging with creative flows for serving the public without the high risk of spreading the virus. Put your innovative business concepts into play, and connect with us to get the funding you need to start your newest venture!
Financial restraints have been a complaint for many of the dreamers, limiting themselves to their immediate funds. There is an alternative. If you have the dreams and decent credit, Small Business Loans and No Doc Loans are available to you. Our goal is to provide you with the knowledge you need and the resources available to make your dream a reality. Give us a call – we have the education and the perspective to help you obtain the loans you need for your small business. Visit our website or give us a call to find out what financial backing is available to make your business soar!
Unsecured Finances has over 10 years in the consulting business! We specialized in educating and assisting clients on acquiring Unsecured Business Loans and Start-Up Business Specialty Loans including; Unsecured No Documentation (No-Doc Stated Income) Loans, Unsecured Business Loans, and Unsecured Start-Up Business Loans and Lines of Credit from $10,000 to $500,000 without Assets.
Apply on our website to find out if you qualify, or call today for a free consultation: 1-888-294-2584
Through the SBA your business can apply for fixed-rate 504 loans for things like buying real estate, or investing in equipment. They also offer microloans and a 7(a) Loan Program for new and existing businesses to expand. Each program has different requirements and are suited to specific situations.
Prepare your business case when approaching lenders. Write a brief statement citing the specific amount requested and exactly what it’s for. Beyond the SBA and traditional banks, you can convince crowdfunders or investors to support you. It’s helpful to include a thorough business valuation, the same as if you were to sell your business, which shows previous months of strong profits and projections for the months ahead. If previous months do not show strong profits, then explain how more capital would generate more income.
There are a number of times a growing business would require financing whether it’s hiring more employees, building a brick and mortar, improving an existing office or facility, launching a new product, or just preparing for a seasonal cycle, a variety of programs and lenders are ready to spend on a worthy investment. A well-thought plan and clear presentation are the keys to those valuable resources. First just be sure enough in your own rate of growth to confidently borrow.
hinking of Starting a New Business?
Now is the time! With our society ready to get back in action (safely), new business concepts are quickly emerging with creative flows for serving the public without the high risk of spreading the virus. Put your innovative business concepts into play, and connect with us to get the funding you need to start your newest venture!
Financial restraints have been a complaint for many of the dreamers, limiting themselves to their immediate funds. There is an alternative. If you have the dreams and decent credit, Small Business Loans and No Doc Loans are available to you. Our goal is to provide you with the knowledge you need and the resources available to make your dream a reality. Give us a call – we have the education and the perspective to help you obtain the loans you need for your small business. Visit our website or give us a call to find out what financial backing is available to make your business soar!
Unsecured Finances has over 10 years in the consulting business! We specialized in educating and assisting clients on acquiring Unsecured Business Loans and Start-Up Business Specialty Loans including; Unsecured No Documentation (No-Doc Stated Income) Loans, Unsecured Business Loans, and Unsecured Start-Up Business Loans and Lines of Credit from $10,000 to $500,000 without Assets.
Apply on our website to find out if you qualify, or call today for a free consultation: 1-888-294-2584
So your business is up and running, you’ve made it through those trying years as a start up and now it’s time to expand. How do you know if you’re ready to ask for a loan, and how do you prepare to apply? First have a plan for the funding, and only borrow when you’re certain greater profits will result. Consult with the Small Business Administration (SBA) for resources and lenders. They can help back you with a guaranteed loan if you have trouble getting one from traditional lenders.
Through the SBA your business can apply for fixed-rate 504 loans for things like buying real estate, or investing in equipment. They also offer microloans and a 7(a) Loan Program for new and existing businesses to expand. Each program has different requirements and are suited to specific situations.
Prepare your business case when approaching lenders. Write a brief statement citing the specific amount requested and exactly what it’s for. Beyond the SBA and traditional banks, you can convince crowdfunders or investors to support you. It’s helpful to include a thorough business valuation, the same as if you were to sell your business, which shows previous months of strong profits and projections for the months ahead. If previous months do not show strong profits, then explain how more capital would generate more income.
There are a number of times a growing business would require financing whether it’s hiring more employees, building a brick and mortar, improving an existing office or facility, launching a new product, or just preparing for a seasonal cycle, a variety of programs and lenders are ready to spend on a worthy investment. A well-thought plan and clear presentation are the keys to those valuable resources. First just be sure enough in your own rate of growth to confidently borrow.
hinking of Starting a New Business?
Now is the time! With our society ready to get back in action (safely), new business concepts are quickly emerging with creative flows for serving the public without the high risk of spreading the virus. Put your innovative business concepts into play, and connect with us to get the funding you need to start your newest venture!
Financial restraints have been a complaint for many of the dreamers, limiting themselves to their immediate funds. There is an alternative. If you have the dreams and decent credit, Small Business Loans and No Doc Loans are available to you. Our goal is to provide you with the knowledge you need and the resources available to make your dream a reality. Give us a call – we have the education and the perspective to help you obtain the loans you need for your small business. Visit our website or give us a call to find out what financial backing is available to make your business soar!
Unsecured Finances has over 10 years in the consulting business! We specialized in educating and assisting clients on acquiring Unsecured Business Loans and Start-Up Business Specialty Loans including; Unsecured No Documentation (No-Doc Stated Income) Loans, Unsecured Business Loans, and Unsecured Start-Up Business Loans and Lines of Credit from $10,000 to $500,000 without Assets.
Apply on our website to find out if you qualify, or call today for a free consultation: 1-888-294-2584
