Archive for small business success

Jul
30

The Secret to Small Business Success

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Starting a small business is easy, but transforming it into a success is difficult.  Only half of all businesses make it within the first five years.  It is tough.  So here I have devised the top ? tips regarding how to make sure your business flourishes.

Decide on Legal Configuration

Be knowledgeable regarding what type of business is suitable for your company and which one benefits you the most tax wise.  For there are different tax breaks when it comes to Limited Liability Companies (LLC) as compared to a sole proprietorship.  There are also legal specifications when it comes to trading stocks, personal liability protection, and protecting your personal assets from being put at-risk.  Furthermore, find out what state fees are involved in practicing your business.  If you learn about these factors from the beginning of your business, you will avoid trouble later on ensuring lasting power in your industry.

Investigate Locations

Find out what is required to run your type of business in the location chosen.  Are there city permits needed?  Are the customers near your location?  Do zoning laws come into play?  Think about these aspects prior to opening up business doors.

Prepare Financing

When running a business the unexpected occurs.  You need to financially prepare for these “uh-oh” moments.  What if a necessary piece of equipment breaks down and you need to buy one immediately to continue business?  Or what if your normal vendor runs out of product, and you have to switch gears paying more to buy from someone new?  You need to be ready to financially handle these situations.  Keep money stored and available for when emergency happens.  You do not want to be caught into a bind.

These three tips will keep you around a longtime.  To find out more about how to fund your business, talk to a small business loan or a merchant cash advance expert today.

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It is tough to go head-to-head with large business firms when you are running a small, boutique style business.  The big companies have a name attached to their service.  However, the name does not always cut it.  Big companies have no personal attention.  There are long turn-around times for orders, products and/or services.  It is not suitable to people who demand interest.

On the other hand, a boutique business is able to provide personal attention and customer service unmatched by others.  A person is available to speak with you not an answering service located across the ocean far away from the business headquarters.  These are only a few reasons why a small business is able to thrive and surpass big box companies.  Here is a breakdown of additional reasons why running a small business has advantages over the competition.

Small businesses normally house the owner, employees, staff, and everyone under one roof.  Therefore, if a client phones, the client is able to speak with an employee right away.  A customer is not forced to wait for a phone call back.  You are not stuck waiting for a reply for days.  With a small business, you are able to receive replies, responses, and action taken immediately.  You are considered always a priority, whereas with big companies, this type of attention is lost in the big business dynamic.  It does not click with the make-up of a big business.   As a result, small businesses have an advantage over the large corporations.

For instance, let us use the example of a clothing boutique.  If you walk into a large department store, there are tons of people, lots of merchandise, difficult to receive personal attention, hard to find products quickly and it contains a jumbled mess of issues.  Alternatively, if you walk into clothing boutique owned by a local, it is normally much smaller.  It has the same fabulous brands but with an easier means to find the products.  The service is generally very hands-on.  Your questions answered without waiting.  It is an overall better fulfilling customer experience.

If you run a small business and need additional funding, then talk to a boutique style owned lender today.  Find out what unsecured business loan or business cash advance would be most suited to meet your financial needs.

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May
03

Top 3 Reasons Small Businesses Fail

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Searching the internet, conducting research, and configuring numbers on how to create a solid, successful business leaves you with your head spinning.  There is so much information on how to succeed, but what about the tips on how to avoid failure.  I did some research saving you a headache, and I have come up with the top three tactics to avoid ensuring your small business is a prosperous one.

Not Enough Smart Marketing

If you engage in lack of networking, marketing, promotions, and communications with potential and current clients, then you are missing golden opportunities to promote your business.  Do not be fooled that having an excellent product is enough.  You have to work to spread the word about your business.  Competition is tough, and in this recession, you have to quick on your feet and take any selling opportunity available.

Wasting Too Much Time

Watch your time management.  You need to set priorities, decide how much time shall be allocated for each task, and stick to deadlines made.  This will help your business run smoothly and keep things moving as scheduled.  It is essential not to waste time on insignificant duties when pressing responsibilities are waiting.

Taking It on Solo

When embarking on a small business, it is wise to recruit partners, employees, family and friends to help you complete your business goals.  One person cannot do it alone.  In addition, hire outside consultants when needed.  Find a reputable, experienced, and successful bookkeeper to handle your accounting needs.  Perhaps hire a marketing company to send email blasts.  Find ways to accomplish your business goals without running yourself ragged.

These three tips are the most important ideals to remember when running a small business.  If you still need financing contact a small business loan professional or find an unsecured business loan today.

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Categories : small business tips
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