It’s safe to say that the coronavirus pandemic has completely changed the world as we know it. Not only are there the millions of deaths the virus has caused, but there’s the massive impact on the workplace culture to consider as well, with thousands of workers now working from home on a regular basis.
This change demonstrates the growth of technology throughout the years. Going back a few decades ago, being able to seamlessly work from home wouldn’t have been an option – the software and technological infrastructure simply didn’t exist at the time.
Nowadays though, that’s all changed, and more and more industries are now embracing the digital world we live in, utilising an abundance of technological advances in the work they do. From estate agents to construction workers, schools to furniture manufacturers, digital is now – in essence – the thing that makes the world go around.
So, what about the industries which can’t rely on digital advancements in the same way, like the print industry for example? Well, that’s what we’re here to discuss today.
The magazine and newspaper industries have been hit pretty hard by the world’s progressive adoption towards digital, but that doesn’t mean all is lost. In this article, we take a detailed look at how mediums like these can stay relevant in an ever digital world.
The Problem With Print
First things first, in order to understand how to improve the print industry, we need to look at why.
Put simply, the rise of the internet over the years has left the print industry in its wake. As such, content is now created at a faster pace than at any other point in human history.
Coming up with stories, editing them, printing them and distributing them out to avid readers has simply not been able to keep up with the immediacy of the internet. Nowadays, if you want to find an answer to something, you Google it, so there has been a huge dynamic shift in the way people choose to consume content.
To this end, it’s been incredibly difficult for magazines and newspapers to keep up. Thanks to social media, content can now be created in a matter of seconds. If a newspaper or magazine then reports on this content, they’re effectively covering old news and repeating a story everybody may have heard already.
Couple this with the fact our attention spans are now less than a goldfish, our society simply feeds off a need for immediate information. So, what is the print industry supposed to do?
Time For Change
Well, as the old saying goes, if you can’t beat them, join them – and that’s exactly what the print industry needs to do if it’s going to survive.
Print publishers need to connect their printed editions to rich, engaging, exclusive, digital content if they want to remain in the game, and they need to implement improved methods of distributing their work effectively.
Instead, print publishers need to think of ways that offer the best of both worlds to consumers – a printed medium with a digital edge to it. With this in mind, Augmented Reality (AR) is often a good place to start.
The Best Of Both Worlds
Giving publishers the ability to link their physical magazine to engaging content via a smartphone, AR bridges the gap between print and digital, creating a potential stream for advertising revenue in the process as well.
There is so much that goes on behind the scenes of a magazine article, after all. From the photoshoot to the interview itself, all aspects involved with developing a magazine article can create valuable content for a reader to engage with. And now, thanks to augmented reality, consumers can engage with a printed story they’re enjoying, before heading online to discover more.
While the consumer may have initially paid money to consume a magazine’s content, by offering engaging, exclusive digital content on top, they will feel like they’ve received an improved level of value, combining the quality of print journalism with the convenience of digital marketing. Simple.
https://www.strategydriven.com/wp-content/uploads/pexels-britta-jackson-623046.jpg8001200StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2020-09-04 07:00:232020-09-04 00:50:45How To Keep Your Magazine Relevant In An Ever Digital World
With grad school fees on the rise and the level of debt that students end up with mounting, it is no surprise that students are taking a more in-depth and considered approach to picking the right grad school.
Knowing what students are looking for based on both their wants and needs helps grad schools clearly communicate the information that prospective students need to make that all-important decision, and this knowledge can help grad school applicants check that they are asking the right questions.
Read on to find out what today’s prospective grad students are looking for when deciding which grad school to choose.
Return on investment
Because grad school is not a cheap endeavor, students want to know that they will be getting value for money and a significant return on their investment. Prospective students want to be able to apply the skills they learn at grad school directly to their working life the moment they step into it, which means grad schools need to be able to provide learning that is up to date and applicable to real life.
For grad schools, the marketing experts at https://www.sextantmktg.com/ can help make sure the key information students seek is clearly and widely disseminated. Grad school provides excellent progression opportunities in most fields, and students look at these progression opportunities when assessing each course. Grad schools should have clear information on the recent successes of its graduates to help prospective students plan the career they want to follow. Alumni groups can also help prospective students get a better idea of the career trajectories of graduates.
Academic quality
Academic quality is important for grad students. The quality of teaching, course content and teaching materials and access to a network of professionals and support within the chosen subject of study are factors that many prospective students take into consideration.
Tutors who have vast tangible experience within their fields are often preferred, as they will be able to draw on that knowledge to answer students’ questions or concerns.
Flexible learning
Flexibility is an increasingly important criterion that prospective students are looking at because perhaps more than any previous generation, they shoulder a greater range of responsibilities outside of school.
Post-grad students often work full-time jobs to be able to afford to study, and also, more and more students are starting their education journey later in life, due to a change in career path. Rapid advances in technology mean that many workers need to update their skill set to remain competitive in the workplace. This means they may already have children or other responsibilities that require education provision to be flexible.
Flexibility for grad schools should include the option for distance learning as well as in-person study, and also remote access to the resources needed to complete the program.
It is also important to offer courses that take into account students’ varied pace of learning. It is important that learners can take on as little or as much time as they need to complete a program and have access to tutors and course materials that can facilitate that.
https://www.strategydriven.com/wp-content/uploads/pexels-pixabay-267885.jpg8001200StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2020-09-02 20:00:252020-09-02 13:39:15How Do Prospective Students Choose a Grad School?
A Limited Liability Company or an LLC is a company structure that borrows some features from Corporations and others from Partnerships.
Similar to Corporations, LLCs provide you with a huge advantage in the form of limited liability protection. On the other hand, LLCs have a flow-through taxation structure, just like it is in Partnerships.
In a nutshell, LLCs can be considered hybrids.
If you are someone who is looking to form their own LLC, take a step back. First, consider the pros and cons of LLCs carefully.
What Are the Advantages of LLCs?
Let’s first check out the advantages of forming LLCs:
Forming LLCs is easy and also relatively inexpensive.
Because of the limited liability feature of LLCs, none of the members is liable to pay the debts of the LLC personally.
The members of the LLC can decide how they want the profits to be distributed.
You don’t need to maintain formal records of resolutions or meetings for LLCs.
LLCs do not have a double taxation system.
What Are the Disadvantages of LLCs?
While LLCs do offer a lot of advantages for small business owners, they do also have their own drawbacks.
Here are some of the disadvantages of LLCs:
Federal, as well as state-level filings, are required for all LLCs.
You need to pay state filing fees for the year when you form the company, and every year consequently.
An LLC isn’t the best structure for companies with investors who want to make their companies public.
Now that you have a balanced perspective on LLCs, you can make an informed decision. If you are still interested in forming your own LLC, here is what you need to do.
Steps to Form Your Own LLC
The first step to form your LLC is to apply for your LLC EIN (Employer Identification Number). Once you get it, you need to file Articles of Organization with the Secretary of State.
That’s not all.
In addition to this, you are also required to make an operating agreement for your LLC. This agreement should outline the financial as well as functional frameworks for your LLC.
It should also clearly define responsibilities and profit distribution between members. Although creating an operating agreement isn’t a requirement in all states, it is recommended that you make one.
Want to know more about forming LLCs? Check out the infographic below by GovDocFiling.
Brett Shapiro is a co-owner of GovDocFiling. He had an entrepreneurial spirit since he was young. He started GovDocFiling, a simple resource center that takes care of the mundane, yet critical, formation documentation for any new business entity.
https://www.strategydriven.com/wp-content/uploads/GovDocFiling_-_Infographic-01-small.jpg233450StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2020-09-02 19:30:332020-09-09 22:35:07Facts About LLCs All Business Owners Should Know
Many people think about starting a business from home when they are passionate about something and/or have a talent. Working from home and being your own boss is an attractive prospect, but for most, it is certainly not an easy or quick way to make a living.
When deciding whether to start a home-based business, there are two key questions to ask yourself: are you ready to start a business, and are you in a position to run a business from home? The answer is not necessarily a simple yes or no, as there is a lot to consider. This article outlines the key points to examine before you make the decision.
Your personality and talents
We are all born with a predisposition for certain talents and traits, i.e. we are naturally better at some things than others. That is not to say that we cannot learn, diversify, and develop with experience, but often we have the greatest success in what comes naturally and what we enjoy.
Take some time to consider your talents and personality traits which could be assets when running a business, e.g. creativity, self-motivation, communication, resilience, discipline. You may decide that you are not well-suited to running a business and would be better suited to being employed but with more flexible hours/remote working options.
Your skills
While we are born with personality traits and talents, our skills are developed as we go along through experience and training. You might have design skills, organizational skills, writing skills, accounting skills, or people management skills, for example. You can gain and develop new skills as you run your business, but it is best to begin a business which complements what you already have.
Your talents, skills, experience, and interests should all come together to influence your choice of business. Starting a business in an industry in which you have no experience or knowledge is setting yourself up for an uphill battle, so capitalize on your assets. You should begin with a long list of possible ideas before whittling them down to just a handful of options which pique your interest.
Your home
Now that you have some ideas for a business, it is time to consider whether they are likely to function as a home-based business. There are several factors to consider including the location of your home, any local laws or licensing issues, how much space you will need, equipment, utilities, and living arrangements.
If you have a garage or spare room, you may be able to run a business, but if you are restricted on space or need a professional office where you can meet with clients, it may not be suited to a home business. However, if your business can be run from home with the exception of the occasional meeting or day in a professional office, you can make use of serviced offices Belfast as and when you need to.
Your income
Of course, the big question for anyone looking to start a new business is profitability. You may be exceptionally talented and/or skilled, but if people are not going to pay enough for the service or product, it is not a viable business. Can you make and sell enough units of the product to cover your running costs? You need to be sure that there is a market for your business and that you are offering something which other companies are not. Only businesses which can generate profit are worth investing your time and energy into.
https://www.strategydriven.com/wp-content/uploads/pexels-olia-danilevich-4974914.jpg8001200StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2020-09-02 18:00:332020-09-02 13:29:30Are You Ready to Start a Home-based Business?
While many ideas for businesses never fully come to fruition, some entrepreneurs dream big enough to actually put pencil to paper. Though starting a business amidst the current pandemic might feel impossible, over 69% of American entrepreneurs begin their businesses right from the comfort of their own homes. If you’re wondering how to go about making your own entrepreneurial dreams a reality, consider the steps below on how you can start your own business even during these uncertain times.
Have a Concrete Idea
It’s no secret that many business ideas seem good in theory but become much more complex in practice. Whether your idea for your small business is one you have fleshed out on your own, or one you’ve developed with the help of family and friends, make sure it’s a solid one. A good rule of thumb is to start simple. For example, should your dream be to develop an entire clothing line, it’s probably in your best interest to begin with one category of garment at a time, such as blouses and shirts. Focussing your creative energy on one portion of your idea will likely save you money at the beginning of your business venture, and it will also keep you from feeling overwhelmed as you work to get your business off the ground.
Conduct the Proper Research
The nature of the business world is a competitive one and thus requires the right amount of research if you plan on entering it. Conducting market research along with taking the time to do a full competitive analysis as it pertains to your business is vital to the success of your company. As you do your research, use the questions below as your guide:
Is there a demand for the product or service your company offers?
Who is your target consumer?
What is the population size of the consumers you plan to market to?
Does your target audience live in your area or are they elsewhere?
What do you plan on charging for your product or service?
Who else already offers your product/service and what can you do to set yourself apart?
Though your research isn’t required to be limited to the questions above, answering them will give you a starting point for where you stand amongst your competitors and what you’ll have to do to stand out as a business. For more information on market research and competitive analysis, utilize this guide from the SBA.
Develop a Clear Business Plan
It’s important to note that having a business idea is vastly different from having a business plan. There are numerous online resources available that outline the proper steps for developing such a plan. Block out some time in the coming weeks to sit down and write. A simple Google search on how to write a business plan should suffice for the information you’ll need to get things started. If you plan on presenting your finished plan to investors, be sure to keep it concise and to know your audience. However, if you’re composing your plan simply to keep yourself on track, make sure you’re using the future as your guide. Have an emergency fund should things go south, and look for ways your business can adapt should the pandemic continue for longer than expected. Business plans are essential to the overall success of your company and are a perfect guide for you to stay on track and organized.
Know Your Funding Options
Once you have a plan in place for your company and you’ve done the proper research, the final piece to the puzzle is locking down your funding. While there are plenty of options to choose from, make sure you consider non-traditional funding methods such as:
Crowdfunding: As the name suggests, this funding alternative is all about who you know. If you’re a big networker, this may be a great option for you aside from a regular business loan. Take to your social media outlets or even create a GoFundMe page and get the word out. Though those who fund your business are not guaranteed a return, you can always offer them perks when you do get your business off the ground.
Home Equity Loans: While most individuals use home equity loans for affording a college education or for funding a home renovation, they can also be used to cover business expenses. The appeal of a home equity loan comes from it’s low interest rates, making them a stable option long term. If you are unfamiliar with how these loans work, use this home equity loan resource as your guide should you be interested in using one to fund your business.
Microfinancing: This option of funding was developed specifically for entrepreneurs who may not even have the option to go traditional with their funding. Microfinance organizations provide small loans in order to help entrepreneurs get their business off the ground in the beginning. Microfinancing is an option for those who want to achieve their dreams but have no collateral to do so. For more information on microfinancing, consider this article on: what is microfinance?
While traditional business loans are still an option, the unique choices listed above may be more viable funding alternatives during these uncertain times.
As you put the steps above into action, remember to stay focussed on your goals. Starting a business can be overwhelming and discouraging at times, so be sure to maintain a strict budget and use your business plan as your guide when you feel lost. With the right research, a clear plan, and the proper funding, any business dream can be made possible.
https://www.strategydriven.com/wp-content/uploads/pexels-andrea-piacquadio-3769021.jpg8001200StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2020-09-02 17:00:442020-09-02 13:18:53How Can I Start My Own Business?
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How To Keep Your Magazine Relevant In An Ever Digital World
/in Online Marketing and Website Development/by StrategyDrivenThis change demonstrates the growth of technology throughout the years. Going back a few decades ago, being able to seamlessly work from home wouldn’t have been an option – the software and technological infrastructure simply didn’t exist at the time.
Nowadays though, that’s all changed, and more and more industries are now embracing the digital world we live in, utilising an abundance of technological advances in the work they do. From estate agents to construction workers, schools to furniture manufacturers, digital is now – in essence – the thing that makes the world go around.
So, what about the industries which can’t rely on digital advancements in the same way, like the print industry for example? Well, that’s what we’re here to discuss today.
The magazine and newspaper industries have been hit pretty hard by the world’s progressive adoption towards digital, but that doesn’t mean all is lost. In this article, we take a detailed look at how mediums like these can stay relevant in an ever digital world.
The Problem With Print
First things first, in order to understand how to improve the print industry, we need to look at why.
Put simply, the rise of the internet over the years has left the print industry in its wake. As such, content is now created at a faster pace than at any other point in human history.
Coming up with stories, editing them, printing them and distributing them out to avid readers has simply not been able to keep up with the immediacy of the internet. Nowadays, if you want to find an answer to something, you Google it, so there has been a huge dynamic shift in the way people choose to consume content.
To this end, it’s been incredibly difficult for magazines and newspapers to keep up. Thanks to social media, content can now be created in a matter of seconds. If a newspaper or magazine then reports on this content, they’re effectively covering old news and repeating a story everybody may have heard already.
Couple this with the fact our attention spans are now less than a goldfish, our society simply feeds off a need for immediate information. So, what is the print industry supposed to do?
Time For Change
Well, as the old saying goes, if you can’t beat them, join them – and that’s exactly what the print industry needs to do if it’s going to survive.
Print publishers need to connect their printed editions to rich, engaging, exclusive, digital content if they want to remain in the game, and they need to implement improved methods of distributing their work effectively.
While the traditional days of printing bespoke magazines may be fairly outdated, that’s not to say it’s completely dead.
Instead, print publishers need to think of ways that offer the best of both worlds to consumers – a printed medium with a digital edge to it. With this in mind, Augmented Reality (AR) is often a good place to start.
The Best Of Both Worlds
Giving publishers the ability to link their physical magazine to engaging content via a smartphone, AR bridges the gap between print and digital, creating a potential stream for advertising revenue in the process as well.
There is so much that goes on behind the scenes of a magazine article, after all. From the photoshoot to the interview itself, all aspects involved with developing a magazine article can create valuable content for a reader to engage with. And now, thanks to augmented reality, consumers can engage with a printed story they’re enjoying, before heading online to discover more.
While the consumer may have initially paid money to consume a magazine’s content, by offering engaging, exclusive digital content on top, they will feel like they’ve received an improved level of value, combining the quality of print journalism with the convenience of digital marketing. Simple.
How Do Prospective Students Choose a Grad School?
/in Professional Development/by StrategyDrivenKnowing what students are looking for based on both their wants and needs helps grad schools clearly communicate the information that prospective students need to make that all-important decision, and this knowledge can help grad school applicants check that they are asking the right questions.
Read on to find out what today’s prospective grad students are looking for when deciding which grad school to choose.
Return on investment
Because grad school is not a cheap endeavor, students want to know that they will be getting value for money and a significant return on their investment. Prospective students want to be able to apply the skills they learn at grad school directly to their working life the moment they step into it, which means grad schools need to be able to provide learning that is up to date and applicable to real life.
For grad schools, the marketing experts at https://www.sextantmktg.com/ can help make sure the key information students seek is clearly and widely disseminated. Grad school provides excellent progression opportunities in most fields, and students look at these progression opportunities when assessing each course. Grad schools should have clear information on the recent successes of its graduates to help prospective students plan the career they want to follow. Alumni groups can also help prospective students get a better idea of the career trajectories of graduates.
Academic quality
Academic quality is important for grad students. The quality of teaching, course content and teaching materials and access to a network of professionals and support within the chosen subject of study are factors that many prospective students take into consideration.
Tutors who have vast tangible experience within their fields are often preferred, as they will be able to draw on that knowledge to answer students’ questions or concerns.
Flexible learning
Flexibility is an increasingly important criterion that prospective students are looking at because perhaps more than any previous generation, they shoulder a greater range of responsibilities outside of school.
Post-grad students often work full-time jobs to be able to afford to study, and also, more and more students are starting their education journey later in life, due to a change in career path. Rapid advances in technology mean that many workers need to update their skill set to remain competitive in the workplace. This means they may already have children or other responsibilities that require education provision to be flexible.
Flexibility for grad schools should include the option for distance learning as well as in-person study, and also remote access to the resources needed to complete the program.
It is also important to offer courses that take into account students’ varied pace of learning. It is important that learners can take on as little or as much time as they need to complete a program and have access to tutors and course materials that can facilitate that.
Facts About LLCs All Business Owners Should Know
/in Starting Your Business/by Brett ShapiroA Limited Liability Company or an LLC is a company structure that borrows some features from Corporations and others from Partnerships.
Similar to Corporations, LLCs provide you with a huge advantage in the form of limited liability protection. On the other hand, LLCs have a flow-through taxation structure, just like it is in Partnerships.
In a nutshell, LLCs can be considered hybrids.
If you are someone who is looking to form their own LLC, take a step back. First, consider the pros and cons of LLCs carefully.
What Are the Advantages of LLCs?
Let’s first check out the advantages of forming LLCs:
What Are the Disadvantages of LLCs?
While LLCs do offer a lot of advantages for small business owners, they do also have their own drawbacks.
Here are some of the disadvantages of LLCs:
Now that you have a balanced perspective on LLCs, you can make an informed decision. If you are still interested in forming your own LLC, here is what you need to do.
Steps to Form Your Own LLC
The first step to form your LLC is to apply for your LLC EIN (Employer Identification Number). Once you get it, you need to file Articles of Organization with the Secretary of State.
That’s not all.
In addition to this, you are also required to make an operating agreement for your LLC. This agreement should outline the financial as well as functional frameworks for your LLC.
It should also clearly define responsibilities and profit distribution between members. Although creating an operating agreement isn’t a requirement in all states, it is recommended that you make one.
Want to know more about forming LLCs? Check out the infographic below by GovDocFiling.
About the Author
Are You Ready to Start a Home-based Business?
/in Starting Your Business/by StrategyDrivenWhen deciding whether to start a home-based business, there are two key questions to ask yourself: are you ready to start a business, and are you in a position to run a business from home? The answer is not necessarily a simple yes or no, as there is a lot to consider. This article outlines the key points to examine before you make the decision.
Your personality and talents
We are all born with a predisposition for certain talents and traits, i.e. we are naturally better at some things than others. That is not to say that we cannot learn, diversify, and develop with experience, but often we have the greatest success in what comes naturally and what we enjoy.
Take some time to consider your talents and personality traits which could be assets when running a business, e.g. creativity, self-motivation, communication, resilience, discipline. You may decide that you are not well-suited to running a business and would be better suited to being employed but with more flexible hours/remote working options.
Your skills
While we are born with personality traits and talents, our skills are developed as we go along through experience and training. You might have design skills, organizational skills, writing skills, accounting skills, or people management skills, for example. You can gain and develop new skills as you run your business, but it is best to begin a business which complements what you already have.
Your talents, skills, experience, and interests should all come together to influence your choice of business. Starting a business in an industry in which you have no experience or knowledge is setting yourself up for an uphill battle, so capitalize on your assets. You should begin with a long list of possible ideas before whittling them down to just a handful of options which pique your interest.
Your home
Now that you have some ideas for a business, it is time to consider whether they are likely to function as a home-based business. There are several factors to consider including the location of your home, any local laws or licensing issues, how much space you will need, equipment, utilities, and living arrangements.
If you have a garage or spare room, you may be able to run a business, but if you are restricted on space or need a professional office where you can meet with clients, it may not be suited to a home business. However, if your business can be run from home with the exception of the occasional meeting or day in a professional office, you can make use of serviced offices Belfast as and when you need to.
Your income
Of course, the big question for anyone looking to start a new business is profitability. You may be exceptionally talented and/or skilled, but if people are not going to pay enough for the service or product, it is not a viable business. Can you make and sell enough units of the product to cover your running costs? You need to be sure that there is a market for your business and that you are offering something which other companies are not. Only businesses which can generate profit are worth investing your time and energy into.
How Can I Start My Own Business?
/in Starting Your Business/by StrategyDrivenHave a Concrete Idea
It’s no secret that many business ideas seem good in theory but become much more complex in practice. Whether your idea for your small business is one you have fleshed out on your own, or one you’ve developed with the help of family and friends, make sure it’s a solid one. A good rule of thumb is to start simple. For example, should your dream be to develop an entire clothing line, it’s probably in your best interest to begin with one category of garment at a time, such as blouses and shirts. Focussing your creative energy on one portion of your idea will likely save you money at the beginning of your business venture, and it will also keep you from feeling overwhelmed as you work to get your business off the ground.
Conduct the Proper Research
The nature of the business world is a competitive one and thus requires the right amount of research if you plan on entering it. Conducting market research along with taking the time to do a full competitive analysis as it pertains to your business is vital to the success of your company. As you do your research, use the questions below as your guide:
Though your research isn’t required to be limited to the questions above, answering them will give you a starting point for where you stand amongst your competitors and what you’ll have to do to stand out as a business. For more information on market research and competitive analysis, utilize this guide from the SBA.
Develop a Clear Business Plan
It’s important to note that having a business idea is vastly different from having a business plan. There are numerous online resources available that outline the proper steps for developing such a plan. Block out some time in the coming weeks to sit down and write. A simple Google search on how to write a business plan should suffice for the information you’ll need to get things started. If you plan on presenting your finished plan to investors, be sure to keep it concise and to know your audience. However, if you’re composing your plan simply to keep yourself on track, make sure you’re using the future as your guide. Have an emergency fund should things go south, and look for ways your business can adapt should the pandemic continue for longer than expected. Business plans are essential to the overall success of your company and are a perfect guide for you to stay on track and organized.
Know Your Funding Options
Once you have a plan in place for your company and you’ve done the proper research, the final piece to the puzzle is locking down your funding. While there are plenty of options to choose from, make sure you consider non-traditional funding methods such as:
Crowdfunding: As the name suggests, this funding alternative is all about who you know. If you’re a big networker, this may be a great option for you aside from a regular business loan. Take to your social media outlets or even create a GoFundMe page and get the word out. Though those who fund your business are not guaranteed a return, you can always offer them perks when you do get your business off the ground.
Home Equity Loans: While most individuals use home equity loans for affording a college education or for funding a home renovation, they can also be used to cover business expenses. The appeal of a home equity loan comes from it’s low interest rates, making them a stable option long term. If you are unfamiliar with how these loans work, use this home equity loan resource as your guide should you be interested in using one to fund your business.
Microfinancing: This option of funding was developed specifically for entrepreneurs who may not even have the option to go traditional with their funding. Microfinance organizations provide small loans in order to help entrepreneurs get their business off the ground in the beginning. Microfinancing is an option for those who want to achieve their dreams but have no collateral to do so. For more information on microfinancing, consider this article on: what is microfinance?
While traditional business loans are still an option, the unique choices listed above may be more viable funding alternatives during these uncertain times.
As you put the steps above into action, remember to stay focussed on your goals. Starting a business can be overwhelming and discouraging at times, so be sure to maintain a strict budget and use your business plan as your guide when you feel lost. With the right research, a clear plan, and the proper funding, any business dream can be made possible.