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6 Ways to Fund Your Small Business

StrategyDriven Managing Your Finances CentralArticle |Fund your small business|6 Ways to Fund Your Small BusinessStarting a small business comes with many challenges. One of the major things to consider is how you will fund the creation, development, and growth of your business. There are different ways that you can fund a business using some of the below methods.

1. Secure a Business Loan

Business loans are very popular with those looking for initial investment for a new project. Loans designed for small business owners can come with more flexible terms than regular loans. This can help you to budget better and offers more financial freedom and agility when creating a new company. You can use a loan to buy the necessary equipment needed for the business, such as office equipment or security systems from an electrical wholesalers.

2. Ask Family and Friends

It can be much more cost-effective to get your hands on a loan from family and friends rather than a bank. This can allow you to pay back the loan over a longer period of time, or without as much interest. Offer family members or friends a percentage of the business in return for the loan.

3. Try Crowdfunding

While crowdfunding doesn’t work for every business, it is worth considering whether it could benefit your new project. Crowdfunding allows a large number of people to contribute relatively small amounts of money to fund a project. When it is complete, they either receive their money back or are given shares in the business, for example, in return.

4. Find a Private Investor

If taking out a bank loan doesn’t sound right for you, explore investments from private individuals or trusts. Often known as ‘business angels’, they could be exactly the right fit for your business. Working with experienced investors also allows you to benefit from real-life experience and knowledge as well as practical funding. You can secure these investments in the early stages of your business or when looking to grow a company.

5. Sell Business Assets

Once your business is established, selling its assets can be a good way to generate funds when needed. It is particularly useful in situations where you need to upgrade existing assets such as vehicles. You can sell equipment, for example, or trade it in for newer items. Selling assets that are no longer needed can generate funds for other areas of the business.

6. Explore Business Grants

There are a range of government and business grants available depending on which stage you are at with your business. Start-ups can often attract a broader range of grants, but that doesn’t mean existing businesses are completely excluded. Explore what’s available within your sector and see whether any grants might be viable for your business.

Finding ways to fund your small business isn’t always easy, but there are a variety of options to explore. The range of funding options available means you are likely to find something that might work for your business, either alone or as part of a combination of funding streams.

How To Start A Coffee Shop Business

StrategyDriven Starting Your Business Article |Start a Coffee Shop|How To Start A Coffee Shop BusinessMany people try and fail to make a new cafe work. It takes time and patience and above all quality and location. It is a shame that so many fail. There are many reasons for this: a lack of technical and business knowledge, the jungle of authorities disregarded, the café does not generate enough profit quickly enough, and much more. So let’s take a deeper look into how you can potentially make this work as a business idea.

Tip 1: Have Support From Your Family and Partner

A successful start-up is not possible without family and friends. That doesn’t mean that everyone has to stand in the shop or bake cakes on Sundays. But moral support and protection are very important.

  • What is your partner saying? Is he/she behind your plan or not?
  • Does your family understand and support you?
  • Are your friends enthusiastic about your idea too?

It is important that your immediate environment supports your decision. Because in the first three years you will have little time for your loved ones. They have to endure a lot! Your worries, your stress and even your failure. However they also will revel in your success.

Tip 2: Get a Grip on the Jungle of Authorities

A specialty in the food sector is the care with which – despite all the passion – you absolutely have to proceed. There are many requirements, permits and regulations that you have to comply with. The time required for all of these prerequisites should not be underestimated.

Certain hygiene and catering training can last upto three years. It is possible to shorten it under certain conditions. However, it can be a high investment of time and money but will certainly serve you well. Do things by the book and get legal proceedings in order.

Tip 3: Start Researching and Planning in Good Time

Create a timeline – what are the first steps? Who does what with whom? Opening a café or restaurant is complex – a real monster project. There is a lot to consider, especially if you are not alone in the shop later. So structure your thoughts early on with the timeline. The period includes the four to six months before the opening, the opening day and, depending on the concept, several months after the opening.

  • Writing down the countdown: what will be important when?
  • Planning is good. Verification is better. Now it is important to compare the plan with reality in order to minimize errors.
  • Best practices: Talk to 3-5 restaurateurs who have already had an opening behind them. Here you will get a lot of valuable tips for improvement.
  • What will you serve? What will you offer?
  • Will you sell other items. Coffee granules in packets, cakes to take home?

Tip 4: Create a Workable Concept With a Business Plan

The business plan depicts your concept in text and numbers. To get to your concept and figures, you can ask about “best practices” from founders with a similar gastro concept.
You can ask, for example:

  • What was the decisive factor for your success?
  • If you founded a company again today, what would you do differently today?
  • What are your three tips for founders in this area?
  • And then you build your learnings into your business.

Your business plan must include a little bit of everything. Including your hopes and dreams for the business. Will you branch out and sell other things, as previously mentioned? Coffee shops are forever evolving and so is the market. You should look at coffee packaging trends for example.

Tip 5: Be Brave, Confident and Stick With It

Have a lot of courage! Believe in yourself and your idea, because you need that. Many will say without being asked: The concept does not work anyway, your idea is not sustainable etc. Everyone has these doubts, and you are not alone. Business is a scary concept, yet achievable if marketed right and believed in. Treat it with passion and TLC.
Here are a few encouraging tips:

  • Look for supporters in your private environment who think you and your idea are great. They carry you through difficult times too.
  • Internalize your business idea. This is how you shine and ignite your passion in others too
  • Find a mentor
  • Hold on to your business dream

Stay tuned and dare to go through with it instead of listening too much to all the people who know everything better and better and say: It will never work. People don’t always know best and many may be trying to put you down. Eliminate those people from your business journey, because negativity is never good. In business, you have to be smart, positive and realistic, but also passionate.

Tip 6: Have Enough Cash When You Start

Your financing is in place. You order your coffee machine and the kitchen equipment. The electricians are coming in to fit all the wiring and lighting. And then your account is empty. The loan approved by the bank has not yet been paid out. If you do not have equity as cash you will be in trouble, you will not be able to keep to the schedule, etc. That will be really expensive and you must have the cash to be able to keep the business flowing over day to day. If the final financing has already been secured, short-term bridging finance can be the solution. This can be in the following ways:

  • Borrow in a private environment – family, friends & fools
  • Taking out personal loans via online platforms
  • Borrow via your bank or a business loan

A choice of location crucial for your success

An ideal location is an easily accessible place, which is in the roaming area of ??customers, especially in the morning. Before committing to signing a lease, spend time on site and look at who passes by and when. This will help you determine whether there are enough potential customers. And also whether the establishment is visible and how the competition is performing.

Use of Facebook and other social networks to market

Facebook is the dominant social network in the world. Opening a “fans” page for your business (or the site itself), can be a great move to attract potential Facebook surfers, and make them follow any content posted on this fan channel – unique promotions for page fans, announcements about new products, service added or discontinued and the like.

This is actually an online “customer club” , which allows you to keep in touch with the customer at any time. In the news items that appear on the Facebook page, it is possible and desirable to include links to your website. When surfers click on a status, they will be taken to the site to continue reading it. In this way you will also gain visits to the site itself, and at the same time the surfers will also be more accessible to purchase what you offer. Beyond that, Facebook – like Google – also allows you to advertise for a fee in a variety of forms: regular sponsored ads, sponsored stories (influenced by what happens on Facebook pages for businesses) and more. The pay per click is lower than in Google AdWords, making Facebook the second largest advertising platform after Google. Inanimate moves can also be made through Google’s social network (Google Plus) and even via Twitter, as organic marketing channels. Get to know all the subtleties that result from the abundance of channels available for use, and combine it all into one big marketing framework that takes into account your needs and those of the business.

Gain The Funding You Need To Grow Your Business

StrategyDriven Managing Your Finances Article |Funding|Gain The Funding You Need To Grow Your BusinessAre you thinking about growing your business? Growing your business is important and it’s one of the measures of a company to determine whether it is successful. If your business remains stagnant on the market for too long then the longevity of your model will almost certainly be called into question. However, growth does cost money. So, let’s look at some of the ways that you can fund a change like this in your business model.

Self Fund

First, you might want to think about self funding your business growth plan. This could be possible if you have enough money already in your personal accounts. Even if you don’t you might be able to free up some money. For instance, you could sell structured settlement damages that you claimed in a court case. This will provide you with a massive sum of money that you can then inject into your business. There is absolutely no limit on how you use annuity like this. If you want to fund your business with the cash, then you can.

Head To A Tradeshow

You could consider attending a tradeshow to gain the funding you need for your business. Attending a tradeshow will be useful because it means that you will be able to get the interest of investors. Unfortunately, attending a tradeshow is also massively expensive so it does require you to take on quite a lot of risk. You’ll have to spend about a year planning for this type of event and you need to think about ways to ensure that your business does stand out. However, even with these issues attending the right tradeshow can catapult your company to new heights.

Get A Loan

Next, you could think about using a loan to fund the growth of your business. If you are going to get a loan for a company, then you’ll need to ensure that your books are in order. It’s essential to guarantee that you are not in the red or taking on too much risk. Your credit rating can also impact your ability to get a loan for a private company. As such, you might need to improve your credit before you take this action and move forward with this possibility.

Crowdfunding

Of course, you could also look at crowdfunding options as well as a way to get the money that you need to grow your business. This could be a useful option if you are planning to sell a new product or service and you know that there’s already an audience interested in buying. Crowdfunding is a smart choice if you know how to build demand, get people excited and use viral media. However, it’s highly competitive these days and it’s difficult to breakout or get attention unless your company has a hook. There needs to be something unique that makes an audience connect.

As you can see, there are numerous paths that you can choose which will allow you to fund your business growth. It’s just about choosing the right one for your particular business model.

5 Top Tips to Prepare for Your Retail Store Renovation

StrategyDriven Starting Your Business Article |Retail Store Renovation|5 Top Tips to Prepare for Your Retail Store RenovationRenovating your retail space can be key to attracting new customers to your brand, preparing for the future of commerce, and ensuring that your brand is able to remain as competitive as possible. However, before you take the major step towards remodeling your beloved retail space, here are some top tips to help you prepare and ensure that your renovations will run smoothly.

1.Strip the Store of its Original Fixtures

In order to create an innovative and completely reworked retail space, the best action that you can take is to start with a completely blank slate. You will then be able to recreate your ideal store. To enable you to do this, you will have to strip the store of its original fixtures. This may include removing displays, storage facilities, and even walls that are obstructing your floor plan. This will help you see the space that you have to work with and will allow your contractors to more easily work within your building.

2. Hire a Junk Disposal Team

However, completely stripping your store of its original fixtures is a messy business, and you may find that, before long, you have a large amount of waste furniture and fittings that you are not planning to carry over to your new shop. To prevent your waste from obstructing your decorating plans, and to ensure that your customers can return to a clear and attractive retail store once your project is complete, you should hire a junk removal team. They will enable you to have an empty space in no time at all and save you the hassle of finding ways to dispose of the waste yourself.

3. Create a Schedule and Timeline

It is not possible to keep retail stores closed for extended periods of time without it having an impact on your finances, possibly even on your ability to keep afloat. With this in mind, you should create a schedule and timeline for these renovations to ensure that your project is constantly moving forward and to check that your relaunch can happen when it is expected. This will also give you a clear idea for when you come to plan your relaunch. You should also plan ways to keep your business financially viable during the refit, such as doing business online or using your excess cash or a business loan to support your business while it is shut.

4. Develop Your Vision as a Team

One of the most exciting parts of a retail remodel is the fact that you will have the chance to create your dream retail space. However, rather than developing this vision on your own, you should work with your team to create a suitable retail store. This vision can include your displays, fixtures, and your floor plan. Your team will know the shop as well as you do, and you should combine your ideas to create the best vision possible.

5. Plan Your Relaunch

Lastly, once your renovations have been put in motion, it is time to plan your relaunch. To enable you to make a profit on your refit before long, and to once more grab the attention of your customers, you should plan an exciting brand relaunch that can get people interested in your brand. This may include a press release or a large opening party or event.

The Importance Of Personal Loan To Start Or Expand A Business!

StrategyDriven Managing Your Finances Article |Personal Loan|THE IMPORTANCE OF PERSONAL LOAN TO START OR EXPAND A BUSINESS!Throughout all stages of your life, everybody needs more money. Maybe they want to buy their desired items, but because of a lack of funds, they seem unable to buy. The problem here is that someone who has very little resources at a certain point has no obligation to see hopes and aspirations? Is he not allowed in time to meet his wishes?

Does he have to come back to reality? Yes, since these questions are answered. For such reasons just loan services are present.

Loans for those crucial situations that may happen at any moment are handed out to people. Throughout any lifetime there may be a case where you desperately need money. At that same time when you do not want the colleagues to make money.

Every crisis can arise when a great deal of money is needed. There are different kinds of loans, such as home mortgages, personal loans, college loans, corporate loans, etc. Every kind of loan that is required can be taken.

Loans are of various kinds, however, the important ones we are dealing with in this section are personal loans. The various loans are distinct and intended for multiple uses, however, personal loans are sometimes used for commercial reasons. It is, therefore, necessary to realize whether this should be achieved, and whether or not it makes perfect perception to have a personal loan. If you want to

If anyone wants to know what is probably the fastest loan? Click here to find the cheapest and quickest loans in your area. However, the importance of personal loans for starting or expanding a business is mentioned here.

IMPORTANCE OF PERSONAL LOAN FOR A BUSINESS

Take the following into consideration, but keep in mind that the optimal loan service relies on a range of factors, such as the lender’s performance, wages, properties, standard payment period and original intent of line of credit or mortgage.

1- Charges for start-up

Credited resources help to pay investment costs for businesses. Crediting capital is among the most important causes of finance for smaller companies. Tiny management of companies. Even new businesses increase their loans over upfront costs. The reality that the lenders want to depend on loans, deposits and credit cards to finance new business transactions does profit entrepreneurs from the liquidity of entrepreneurs. Consumer loans reduce the individual financial burden that corporate owners carry on at the beginning of a new venture.

2- Support Building

For entrepreneurs, a strong business credit history is beneficial as it improves the reputation and potential of the enterprise to encourage new investors in the prospect. A business loan is a mortgage that only occurs in the original company and is distinct from both the personal loan of the company owner. The loan is generated by the applicant as it makes regular payments to credit companies who provide a credit history for the new company.

3- Specifications are minimal

If the money required is high, a private loan can be allowed. The fee is disbursal and therefore does not involve the same amounts of paperwork as a business loan. It might be all right so that you can get a personal loan if you ever need a couple of short amount of money.

4- Tools for reimbursement

Companies are generally able to repay debt more flexibly than persons. To companies with insufficient liquidity to reimburse money borrowed, this one is important. Some companies pay debts per month, although new companies might have the choice of structuring their expenses so that, if the company becomes less successful, it is smaller at the start. As long as the company earns money, payments continually increase.

5- Deductions on investments

The Financial services authority provides entrepreneurs with the right to subtract justifiable business costs. Owners of businesses can subtract against their income tax report the interest charged on commercial loans. This is good for begin-ups that need to recycle their earnings into the venture.

6- Making Tax Payments

Your projected annual tax contributions cover no rate, quick-term government loans, and state taxes. Why are you making payments on the money that you earn?

Secondly, because it needs the profitability. You may not even have sufficient money inside to make equivalent contributions if you are running an enterprise or sole owner who receives unusual or periodic profits–like a cafe or an accountancy agency that specializes in professional services. You will settle the debt by the complete declaration deadline or immediately thereafter by using credit cards to pay the taxation. Without such a prolonged zero percent APR contract period for several months, however, higher interest rate rates undermine over longer periods the collection of credit card taxes. A personal loan of less value is a much more affordable option.

7- Protection

Personal loans are unprotected in default, implying that, broadly speaking, you do not require protection to enjoy the benefits of them. On the other side, corporate mortgages are often free, so you need to guarantee it. If you don’t have or do not want to have leverage for a loan, revolving credit is a great way to increase funds.

8- Time and return date

If the purpose of a mortgage is to offset an immediate cash deficit a personal loan can be significant. Even though you have unsecured loans to deal with such circumstances, it is appealing because of the relatively easily of accessing a private loan. Furthermore, you may choose a private loan for the company, when you are confident that you would be able to pay back the sum inside the specified period or perhaps even i.e. before-pay the project.

Conclusion

You’ve got opportunities. Assess the personal and business accounts, have your investments to allow your company somewhat more intimate and consult with a mortgage professional to give you some idea if your investment makes complete sense. An actual lender’s credit history is based on a personal loan. You might or could never take a personal loan when you do have debts available now, based on your salary.